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Terraform Labs to Pay $4.47 Billion in Fine Bankrupt cryptocurrency firm Terraform Labs has agreed to pay a $4.47 billion fine to the SEC. In May, a jury found Terraform Labs and its former director, Do Kwon, guilty of a major securities fraud. The collapse of digital assets Terra (LUNA) and TerraUSD (USTC) in 2022 led to losses for the crypto community of over $64 billion. To resolve the conflict with the SEC, Terraform Labs agreed to the following terms: -
Pay $4.47 billion. - To oblige Kwon to pay a fine of $204.3 million and transfer at least $204.3 million to the bankruptcy fund to compensate the affected investors.
Crypto consultant deceived investors of 3 million rubles
A 22-year-old guy from St. Petersburg was accused of fraud related to courses on investing in crypto. He claimed to have developed a unique technique for making a profit. On social networks he shared photographs of an elite apartment and expensive cars, demonstrating successful investments. All the luxury was rented, and the rest of the materials, including videos of successful trades and customer reviews, were created using simulation programs.
At least 45 people became victims of his actions, losing a total of 3 million rubles.
The police opened a criminal case for fraud on a particularly large scale.
Binance co-founder demands action from Musk against scammers
Yi He called on Elon Musk to deal with crypto scammers on Platform X. Fraudsters created fake He accounts and offered to participate in the pre-sale of digital assets, which led to the theft of cryptocurrencies from users.
I have not released any new meme tokens. Clicking on the link will lead to your money being stolen. This hacker has deceived many people who have suffered great losses today. Is there any way to solve this problem, Elon Musk? — wrote He.
Musk has not yet responded, although he previously promised to fight spam and bots. According to Scam Sniffer, scammers on X steal about $50 million every month by posing as famous people.
Fraudsters are trying to rip off players in the token clicker Hamster Kombat
One of the fraudulent schemes involves mass mailing of phishing links to launch the Hamster Kombat bot on Telegram. When users click on links, attackers gain access to their accounts.
Сейчас более двухсот сайтов предлагают участникам «игры в хомяка» услуги по зачислению внутриигровых бонусов через привязку к специальному мобильному приложению. Это приложение позволяет киберпреступникам получить полный контроль над активами клиентов Hamster Kombat.
U.S. Debate Will Cause Political Memecoin Spikes, Bitfinex Forecast Exchange analysts call Politifi tokens the main "beneficiaries" of the Biden-Trump debate. Among them are Super Trump and Maga tokens on Ethereum, as well as Doland Tremp and Jeo Boden on Solana.
"There may be significant movement in Politifi tokens during and after the debate, depending on their effectiveness and spectacle. These tokens have turned into speculative assets in terms of election results. One of the most interesting issues may be the issue of taxation of income from crypto trading and general policy issues in relation to this area," Bitfinex analysts said.
The capitalization of political memecoins is $998 million, down 10.6% over the past day.
Bitfinex experts note that Donald Trump positions himself as a "crypto president", attracting the crypto community. Recently, it was reported that Trump received $2 million in bitcoins for the election campaign from the founders of the Gemini exchange.
Hashrate is falling: How mining will change in 2024
Adam Ortolf told his X followers that the hash value on the Bitcoin network has dropped by 52%, approaching a record low. He believes this is due to negative news, including the upcoming compensation payments from the Mt. Gox worth over $8.6 billion in Bitcoin in July, putting pressure on the market.
Ortolf noted that mining has become a “game of survival.” But despite the block reward being reduced to 3.25 BTC after the halving, mining remains profitable. Mining difficulty has decreased by 5%, and the average hashrate is now 574.04 EH/s.
According to him, miners will have to adapt to current conditions in order to maintain minimal profits, otherwise they will have to sell equipment and cease operations. Previously, Glassnode's James Check said that although miners have not yet capitulated, they are in a difficult situation.
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The UAE Central Bank has adopted new rules requiring payment tokens to be linked to the dirham, effectively banning the use of cryptocurrencies for payment.
Experts believe that this contradicts the UAE’s strategy to attract investment and could negatively affect the development of Web3 and crypto trading in the country.
NFT Sales Drop 44% Due to Meme Coin Frenzy In the second quarter, sales of non-fungible tokens (NFTs) decreased by 44%, Apollo Crypto investment director Henrik Andersson told Cointelegraph. NFT sales fell from $4.14 billion in the first quarter to $2.32 billion in the second, according to CryptoSlam.
Andersson noted that Bitcoin fell by 15%, and many altcoins performed worse. Meme tokens have gained attention by stealing market share from NFTs.
The top manager emphasized that Ordinals also took away some of the popularity from NFTs. In the long term, Ordinals will take market share, especially with the development of layer 2 solutions for Bitcoin. However, activity in the Ordinals and Runes segment also declined, with sales totaling $116 billion in June, $191 billion in May, and $708 billion in April. The largest NFT collection remains Bored Ape Yacht Club (BAYC) with a capitalization of $344 million, followed by Mad Lads on Solana ($146 billion) and Milady Maker on Ethereum ($201 billion). More news in our channel: