Stellar’s XLM Drops After Hyped Announcement
Last week, Stellar’s XLM cryptocurrency saw a 10% rally after a tweet promising “something cool” in ten days. However, when the promised announcement turned out to be a high-budget commercial with Idris Elba, many considered it to be non-news. As a result, XLM’s price dropped 11% since last week, indicating that investors may have sold off their holdings after the hype.
Bitcoin Exchange Swan Targeted in Hack
Bitcoin fan Udi Wertheimer warned customers of Swan to withdraw their funds after discovering that the exchange had been targeted in a hack. This hack potentially explained Ripple’s acquisition of Fortress Trust. However, there seems to be a discrepancy between Ripple’s narrative of funds being lost and Fortress’ claim that no funds were lost.
Binance CEO Donates to Earthquake Victims
CZ, the CEO of Binance, announced a donation of $3 million to Moroccan Binance users affected by an earthquake. The donation was specifically for users who completed their Proof of Address before September 9.
OneCoin Co-Founder Sentenced to 20 Years
Karl Sebastian Greenwood, co-founder of OneCoin—a $4 billion cryptocurrency scam—was sentenced to 20 years in prison for fraud. Journalist Matthew Russell Lee live-tweeted some significant moments from the trial.
Ethereum Spot ETF Applications Continue
According to Bloomberg ETF analyst James Seyffart, there has been a steady influx of Ethereum spot ETF applications. This indicates growing interest in creating exchange-traded funds based on Ethereum.
Google Cloud Collaborates with LayerZero
Google Cloud engineer Sam Padilla shared exciting news about the company’s collaboration with interoperability protocol LayerZero. Google Cloud has become LayerZero’s default oracle operator, ensuring automatic verification of transactions for dApps on the protocol.
Binance Faces Challenges and Layoffs
Binance, currently facing litigation from the SEC, experienced a series of setbacks this week. The CEO of its US arm, Briah Schroder, resigned amid news of layoffs. Norman Reed, a former Ripple/SEC and First Reserve Bank executive, has taken over as CEO.
SuperRare Announces Layoffs
SuperRare CEO John Crain announced that the company had to let go of several team members and friends. This decision was made as part of a restructuring process.
Hot Take: Uncertainty Surrounds Stellar’s XLM Announcement
The highly anticipated announcement from Stellar regarding “something cool” turned out to be a high-budget commercial featuring Idris Elba. However, many saw it as non-news, leading to an 11% drop in XLM’s price. This case highlights the “buy the rumor, sell the news” phenomenon seen in cryptocurrency markets. It serves as a reminder to investors to be cautious and not solely rely on hype when making investment decisions.
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