News of cryptocurrencies of the 3rd week of July 2023

Binance Completes Lightning Network Integration

Binance has announced the completion of the successful integration of BTC into the Lightning Network, providing users with a unique Tier 2 scaling solution for Bitcoin withdrawals and deposits. This significant move was confirmed by Binance itself in their July 17 blog, where it was explained that all users of the platform can now access their BTC deposit addresses on the Lightning network without any problems. Binance hinted at the possibility of integrating the Lightning Network back in May when it temporarily suspended BTC withdrawals due to high network congestion caused by a spike in Ordinals records.

Hackers Hacked Uniswap Creator's Twitter Account

Hayden Adams, the creator of decentralized exchange Uniswap, hacked his Twitter account this week. Leaving a suspicious link, they urged users to go to a phishing site, promising “uni gift tokens” in return, which, of course, did not exist. So the hackers hoped to get the personal data and financial assets of unsuspecting users. A few hours later, Hayden Adams announced that he had regained access to the account.

Uniswap, a decentralized financial service (DEX) for exchanging and trading crypto assets, is known for its software-based smart contracts that bypass the need for a central intermediary, making it attractive to the crypto community.

Journalists received information about the upcoming sale of CoinDesk

Another major development in the crypto-industrial arena, a group of investors are actively engaged in final negotiations for a possible purchase of a major publication CoinDesk for an estimated amount of $125 million.

Although the exact amount of the investment is still a mystery, it is known that Matthew Rojak of Tally Capital and Peter Vessenes of Capital 6 are behind this syndicate. It is interesting to note that in January of this year, Digital Currency Group (DCG), which owns the parent company CoinDesk, was already considering the possibility of selling part or even the entire publication. It is worth recalling that DCG acquired CoinDesk in 2016 for a relatively small amount in the region of $500,000-600,000.

Rumors claimed that offers to buy CoinDesk could reach an impressive $ 200 million, which is not surprising, given the stable financial performance of the publication. Last year, CoinDesk was able to earn $50 million in revenue, which underlines its importance and popularity in the cryptocurrency media market.

If the deal goes through successfully, it could be a lifesaver for DCG, which has recently run into some difficulties. For example, the company was $630 million in arrears related to compensation to users of Gemini Earn on May 22. Thus, the deal with CoinDesk may soften the current situation for DCG.

The SEC hinted at an appeal of the verdict in the case against Ripple

In its lawsuit filed against Ripple in 2020, the SEC accused the company of distributing about $1.3 billion worth of unregistered securities in the form of native XRP platform tokens. However, on July 13, 2023, Judge Analisa Torres issued a decision that held that the sale of XRP to institutional investors was a violation of SEC rules, while offerings to retail investors on exchanges were within the law. Now, in its updated lawsuit against Terraform Labs and its CEO Do Kwon, the SEC is asking the court to disregard the decision in the Ripple case and is expressing its intention to consider an appeal.

Tesla still owns BTC

In the latest financial report, the company explicitly lists $184 million worth of bitcoins. It is important to note that this figure may be significantly underestimated due to the nature of accounting associated with digital assets. In the event of an increase in the value of bitcoins, their current value in the report will not reflect their actual market price until the moment of sale. Therefore, in fact, the amount of bitcoin held by Tesla may well exceed the claimed $184 million.

Vitalik Buterin spoke about the implementation of account abstraction in Ethereum

Vitalik Buterin talked about account abstraction. This feature can attract millions of users to the Ethereum network, but there are a number of implementation problems. According to the developer, by implementing this function, users will be able to pay fees not only with ETH, but also with other coins. And also decentralized applications will be able to sponsor transactions to their customers.

Buterin also shared an idea for another development – signature abstraction. Its implementation will allow compiling signatures, which will significantly reduce gas costs. Despite significant advantages, implementation will be accompanied by many difficulties. Developers will first need to develop and adopt an appropriate EIP. It will also probably be necessary to turn all user accounts into smart contracts, and the function should work in second-level networks. In addition, Buterin noted that there will be problems with integration with biometric technologies and wallets.

Brother of SBF planned to buy the state of Nauru with funds from FTX clients

According to new information from the FTX Group, the brother of former FTX CEO Sam Bankman-Fried (SBF), Gabriel, wanted to turn Nauru into a haven for followers of "effective altruism." Sources indicate that he intended to use clients' funds to purchase this state and create a place for experiments in human genetics, as well as "other things that are useful to do in a sovereign country."

The FTX Group is now trying to recover over $1 billion they claim was illegally transferred or reinvested by SBF and other FTX executives. The details of the lawsuit reveal a number of deals involving members of the SBF family, including some that were previously known. According to the lawsuit documents, SBF's father, Joseph, used part of the $10 million illegally received in a loan from FTX to fund his son's criminal defense.

Attorneys for the FTX Group allege that Gabriel Bankman-Fried transferred $10 million from the FTX US account to his personal account and then transferred the funds to his father's account. Joseph, in turn, transferred $7 million to Morgan Stanley and TD Ameritrade, and the remaining funds were lost as a result of unsuccessful transactions with cryptocurrencies.

The FTX Foundation has also come under fire in a lawsuit accused of being funded by client funds and alleged loans from FTX. A similar approach has been taken by Alameda Research and FTX to support another SBF-founded organization called Guarding Against Pandemics.

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