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Top news stories of this week
Dogecoin investors accuse Elon Musk of insider trading in amended class-action lawsuit
A group of Dogecoin investors has requested a leave to amend a class-action lawsuit against tech entrepreneur Elon Musk, alleging he is responsible for insider trading of DOGE and pushing the token to be a US security. and is a security under Exchange Commission regulations. According to the complaint, Musk profited from DOGE trading at the expense of other investors by driving up the token’s price through actions including changing the Twitter logo to the Dogecoin logo. As one of the richest people in the world, the Twitter CEO has made frequent statements about Dogecoin to his millions of followers since 2019, often driving the coin’s price higher.
Satoshi Nak-AI-moto: Bitcoin’s creator turned AI chatbot
Satoshi Nakamoto may have effectively disappeared 12 years ago, but two artificial intelligence dabblers are seeking to revive the ability to chat with the famed bitcoin creator. The model is, essentially, OpenAI’s ChatGPT trained on a limited data set, which includes Nakamoto’s public emails and forum posts, as well as other bitcoin sources. In testing, the chatbot generated responses that were generally uncertain about the future of fiat currencies and optimistic about bitcoin. Its goal is to show that AI tools could potentially be used in education, said one of the creators.
Buying Banks Won’t Solve Crypto’s Debanking Problem – Binance CEO
Binance CEO Changpeng “CZ” Zhao has considered acquiring a bank amid the ongoing debanking of crypto firms around the world. However, according to CZ, regulatory complexity and capital requirements make it unwise for Binance. “The reality is far more complex than the concept,” said the crypto executive. Binance recently lost its fiat on-ramp and off-ramp partner in Australia, following difficulties finding a bank partner in the United States earlier this year. The company is looking for a new payment provider in the country.
Crypto.com has been granted a Major Payment Institution license for Digital Payment Token (DPT) services in Singapore. With the license, the crypto exchange is now authorized to provide its DPT services to clients in the country. The latest announcement adds to Crypto.com’s track record of securing regulatory licenses. The exchange has also been granted registration and/or license in France, United Kingdom, Dubai, South Korea, Australia, Italy, Greece and Cyprus.
Web3 Developer Magik Raises $52M in Funding Led by PayPal Ventures
Wallet-as-a-service provider Magic raises $52 million in strategic funding round led by PayPal Ventures. The funding round also saw participation from venture firms Cherubic, Synchrony, KX, Northzone and Volt Capital, bringing Magic’s total funding to over $80 million. Magic’s software is currently used by brands in retail, music, fashion and gaming, including Mattel, Macy’s, Xsola and Immutable. Founded in 2020, Magik has created over 20 million unique wallets to date.
winners and losers
bitcoin at the end of the week ,B T c, is on $27,160ether ,ETH, But $1,903 And XRP But $0.52, stands at total market cap $1.15 trillion, According For Coinmarketcap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are injective (inj) At 22.67%, Quant (qnt) 18.60% on XDC Network (XDC) at 15.92%.
The top three altcoin losers of the week are Pepe (PEPE) At -14.26%, Kava (To move a horse around in a circle) -11.13% and on Flair (FLR) at -10.80%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
read this also
features
Wall Street Loses Fear of Bitcoin as the Money Printer Goes Brrrr
features
‘Moral Responsibility’: Can Blockchain Really Increase Trust in AI?
most memorable quotes
“The bear phase is over. (…) I think we will probably see new highs in the second half of 2024, 2025. (…) We will probably reach 6 to 8 trillion (in market capitalization).”
Dan TapieroFounder of 10T Holdings and 1Roundtable Partners
“Are the creators of the AI responsible for creating the tools used to infringe copyright, or are the people who are actually using it to infringe copyright?”
Andrew PetaleTrademark Attorney at Y Intellectual Property
“The debt ceiling deal once again highlights the utility of bitcoin as it is essentially decoupled from the traditional financial system.”
josh gilbertMarket Analyst at eToro
“Even though Ethereum does not have the largest market cap compared to bitcoin, I think Ethereum is going to be the frontrunner in terms of worldwide adoption.”
roger verBeginner bitcoin investor and bitcoin cash advocate
“Crypto, like the internet before it, has the potential to modernize finance and many other sectors, (…) by providing a faster, cheaper, more private and accessible platform.”
Brian ArmstrongCoinbase CEO
“By combining the power of cryptography with the power of a decentralized crypto network like bitcoin, we can bring cost and consequence to cyberspace.”
Michael SaylorExecutive Chairman of MicroStrategy
week forecast
Bitcoin drops to $26.5K, but traders eye out for ‘bullish surprise’
On Bitstamp, the BTC/USD pair hit a low of $26,519 this week, showing little signs of trend change as the standoff between the bulls and bears continues to generate minor volatility.
Analyzing the current setup, trader with the pseudonym Crypto Ed considers the possibility of topping $27,500 on the upside. “I think we are headed down, but unless we break that $26,000, there is potential for a bullish surprise,” he said.
To break the current impasse, Crypto Ed continued, bitcoin will still need to deal with the area above $27,600. “Now I see a bounce back towards $27,500 – the resistance of the previous high – and from there I would look for shorts towards $25,000 possibly,” he said.
FUD of the week
Missing ‘Bitcoin Millionaire’ and ONFO Coin Co-Creator Found Dead
Jimbos Protocol Offers $800K Bounty to the Public After Hacker Negotiates Deal
DeFi platform Jimbos Protocol has offered 10% of the exploited funds to the general public after giving the hacker several days to respond to the deal. The Arbitrum-based DeFi app was exploited on May 28 for lacking slippage controls on liquidity conversions, allowing exploiters to seize approximately $7.5 million in assets. The team behind the exploited protocol attempted to negotiate with the hacker, offering a “fast $800k payday” in exchange for a 90% refund. Now, the protocol has extended the bounty offering to the general public.
Multichain team could not locate CEO, halted service for affected chains
Cross-chain protocol MultiChain revealed that its team has been unable to contact its CEO, Zhaojun, fueling rumors the protocol’s leadership could be arrested in China amid ongoing technical issues. The protocol has experienced technical issues in the past week, with transactions delayed at several cross-chain bridges. After failing to contact the CEO and the lack of permission to resolve the issue, the team suspended services for more than 10 chains on May 31, including Keckchain, Public Mint, Dinochain, Redlight Chain, Dexit, Ekta, High Performance Blockchain, Onus, Omaxe, Findora. and Planck.
Best Cointelegraph Features
Bitcoin on a collision course with ‘net zero’ promises
Every year countries are pressured to increase their climate change commitments at the COP conference – and bitcoin mining is an easy target.
Mad Scientist’s NFTs decrease when they are traded: 0xDEAFBEEF, NFT Creator
Self-proclaimed tinkerer 0xDEAFBEEF has hit it big with an audiovisual NFT that gradually degrades in quality every time it is traded.
AI Eye: 25K traders bet on ChatGPT’s stock picks, AI sucks at dice throws and more
Decentralized ledger technology is arguably everything AI is not: transparent, traceable, trustless, and free from tampering. Can it overcome the opacity of black-box solutions to AI?
subscribe
The hottest reads in blockchain. Offered once a week.
[ad_1]
Top news stories of this week
Dogecoin investors accuse Elon Musk of insider trading in amended class-action lawsuit
A group of Dogecoin investors has requested a leave to amend a class-action lawsuit against tech entrepreneur Elon Musk, alleging he is responsible for insider trading of DOGE and pushing the token to be a US security. and is a security under Exchange Commission regulations. According to the complaint, Musk profited from DOGE trading at the expense of other investors by driving up the token’s price through actions including changing the Twitter logo to the Dogecoin logo. As one of the richest people in the world, the Twitter CEO has made frequent statements about Dogecoin to his millions of followers since 2019, often driving the coin’s price higher.
Satoshi Nak-AI-moto: Bitcoin’s creator turned AI chatbot
Satoshi Nakamoto may have effectively disappeared 12 years ago, but two artificial intelligence dabblers are seeking to revive the ability to chat with the famed bitcoin creator. The model is, essentially, OpenAI’s ChatGPT trained on a limited data set, which includes Nakamoto’s public emails and forum posts, as well as other bitcoin sources. In testing, the chatbot generated responses that were generally uncertain about the future of fiat currencies and optimistic about bitcoin. Its goal is to show that AI tools could potentially be used in education, said one of the creators.
Buying Banks Won’t Solve Crypto’s Debanking Problem – Binance CEO
Binance CEO Changpeng “CZ” Zhao has considered acquiring a bank amid the ongoing debanking of crypto firms around the world. However, according to CZ, regulatory complexity and capital requirements make it unwise for Binance. “The reality is far more complex than the concept,” said the crypto executive. Binance recently lost its fiat on-ramp and off-ramp partner in Australia, following difficulties finding a bank partner in the United States earlier this year. The company is looking for a new payment provider in the country.
Crypto.com has been granted a Major Payment Institution license for Digital Payment Token (DPT) services in Singapore. With the license, the crypto exchange is now authorized to provide its DPT services to clients in the country. The latest announcement adds to Crypto.com’s track record of securing regulatory licenses. The exchange has also been granted registration and/or license in France, United Kingdom, Dubai, South Korea, Australia, Italy, Greece and Cyprus.
Web3 Developer Magik Raises $52M in Funding Led by PayPal Ventures
Wallet-as-a-service provider Magic raises $52 million in strategic funding round led by PayPal Ventures. The funding round also saw participation from venture firms Cherubic, Synchrony, KX, Northzone and Volt Capital, bringing Magic’s total funding to over $80 million. Magic’s software is currently used by brands in retail, music, fashion and gaming, including Mattel, Macy’s, Xsola and Immutable. Founded in 2020, Magik has created over 20 million unique wallets to date.
winners and losers
bitcoin at the end of the week ,B T c, is on $27,160ether ,ETH, But $1,903 And XRP But $0.52, stands at total market cap $1.15 trillion, According For Coinmarketcap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are injective (inj) At 22.67%, Quant (qnt) 18.60% on XDC Network (XDC) at 15.92%.
The top three altcoin losers of the week are Pepe (PEPE) At -14.26%, Kava (To move a horse around in a circle) -11.13% and on Flair (FLR) at -10.80%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
read this also
features
Wall Street Loses Fear of Bitcoin as the Money Printer Goes Brrrr
features
‘Moral Responsibility’: Can Blockchain Really Increase Trust in AI?
most memorable quotes
“The bear phase is over. (…) I think we will probably see new highs in the second half of 2024, 2025. (…) We will probably reach 6 to 8 trillion (in market capitalization).”
Dan TapieroFounder of 10T Holdings and 1Roundtable Partners
“Are the creators of the AI responsible for creating the tools used to infringe copyright, or are the people who are actually using it to infringe copyright?”
Andrew PetaleTrademark Attorney at Y Intellectual Property
“The debt ceiling deal once again highlights the utility of bitcoin as it is essentially decoupled from the traditional financial system.”
josh gilbertMarket Analyst at eToro
“Even though Ethereum does not have the largest market cap compared to bitcoin, I think Ethereum is going to be the frontrunner in terms of worldwide adoption.”
roger verBeginner bitcoin investor and bitcoin cash advocate
“Crypto, like the internet before it, has the potential to modernize finance and many other sectors, (…) by providing a faster, cheaper, more private and accessible platform.”
Brian ArmstrongCoinbase CEO
“By combining the power of cryptography with the power of a decentralized crypto network like bitcoin, we can bring cost and consequence to cyberspace.”
Michael SaylorExecutive Chairman of MicroStrategy
week forecast
Bitcoin drops to $26.5K, but traders eye out for ‘bullish surprise’
On Bitstamp, the BTC/USD pair hit a low of $26,519 this week, showing little signs of trend change as the standoff between the bulls and bears continues to generate minor volatility.
Analyzing the current setup, trader with the pseudonym Crypto Ed considers the possibility of topping $27,500 on the upside. “I think we are headed down, but unless we break that $26,000, there is potential for a bullish surprise,” he said.
To break the current impasse, Crypto Ed continued, bitcoin will still need to deal with the area above $27,600. “Now I see a bounce back towards $27,500 – the resistance of the previous high – and from there I would look for shorts towards $25,000 possibly,” he said.
FUD of the week
Missing ‘Bitcoin Millionaire’ and ONFO Coin Co-Creator Found Dead
Jimbos Protocol Offers $800K Bounty to the Public After Hacker Negotiates Deal
DeFi platform Jimbos Protocol has offered 10% of the exploited funds to the general public after giving the hacker several days to respond to the deal. The Arbitrum-based DeFi app was exploited on May 28 for lacking slippage controls on liquidity conversions, allowing exploiters to seize approximately $7.5 million in assets. The team behind the exploited protocol attempted to negotiate with the hacker, offering a “fast $800k payday” in exchange for a 90% refund. Now, the protocol has extended the bounty offering to the general public.
Multichain team could not locate CEO, halted service for affected chains
Cross-chain protocol MultiChain revealed that its team has been unable to contact its CEO, Zhaojun, fueling rumors the protocol’s leadership could be arrested in China amid ongoing technical issues. The protocol has experienced technical issues in the past week, with transactions delayed at several cross-chain bridges. After failing to contact the CEO and the lack of permission to resolve the issue, the team suspended services for more than 10 chains on May 31, including Keckchain, Public Mint, Dinochain, Redlight Chain, Dexit, Ekta, High Performance Blockchain, Onus, Omaxe, Findora. and Planck.
Best Cointelegraph Features
Bitcoin on a collision course with ‘net zero’ promises
Every year countries are pressured to increase their climate change commitments at the COP conference – and bitcoin mining is an easy target.
Mad Scientist’s NFTs decrease when they are traded: 0xDEAFBEEF, NFT Creator
Self-proclaimed tinkerer 0xDEAFBEEF has hit it big with an audiovisual NFT that gradually degrades in quality every time it is traded.
AI Eye: 25K traders bet on ChatGPT’s stock picks, AI sucks at dice throws and more
Decentralized ledger technology is arguably everything AI is not: transparent, traceable, trustless, and free from tampering. Can it overcome the opacity of black-box solutions to AI?
subscribe
The hottest reads in blockchain. Offered once a week.
