The crypto market is in much better shape than a month ago. Indeed, it looks like the asset class is finally reaching a turning point after cutting $1 trillion from its total market capitalization. But although we see the market slowly entering a state of regeneration, uplifting news is hard to come by. Much of the major crypto news this week is not very positive.
Much of the week was dedicated to market policy and regulation. Of course, this talk is justified by a series of bearish events: hacks, disclosures, and government investigations are sapping much of the crypto information bandwidth. So while market losses appear to be bottoming out, there is still adversity to catch up. Here’s what to know about this week’s top crypto news.
Top Crypto News of the Week
Binance is targeted by SEC and Reuters accusations
Binance (BNB-USD) is probably scrambling backstage to get good PR this week. Previously, the exchange was accused by the Securities and Exchange Commission (SEC) of launching its crypto BNB in 2017. The agency claims the coin is a security rather than a currency; as such, it should have registered the initial coin offering (ICO) with the SEC before launch. In addition, the company is honored in a long Reuters article accusing him of handling billions of dollars in illicit transactions. Specifically, it relies on trading at the Russian darknet drug market Hydra and the North Korean state-funded hacker group. Lazarus.
Optimism Network Faces More Adversity After Big Content Market Mistake
The Optimism (OP-USD) network came into the spotlight last week after its turbulent OP crypto airdrop. Yes, shame on the network for not properly accommodating the many investors looking to claim the token. However, the network’s suffering this week is not his fault. Optimism developers attempted to distribute 20 million OP tokens to the market maker Winter Mute; however, Wintermute employees provided the Wrong wallet address. The 20 million OPs were sent to an unregistered wallet, which a bad actor quickly claimed for himself. The thief now controls all tokens, giving them significant governance power over the fledgling network.
Hacker Bored Ape highlights security issues with notable NFT project
Collecting non-fungible tokens (NFTs) Bored Ape Yacht Club is one of the largest in the world, with a collection totaling several billion dollars. But if the project is certainly lucrative, it turns out to be far from safe. A hack from last weekend is the third community hack this year. A thief managed to infiltrate the community discord, taking control of a community manager’s account and using the account to run a phishing scam. Assets stolen through this scam total nearly $360,000. Investors are criticizing the project for not taking the improved steps to secure its official social media channels.
Layoffs and Trade Terminations Show Companies Are Financially Stranded
The leveling of the market seen this year is starting to affect even the biggest players in the industry. This is proven by the recent trend of layoffs among major exchange companies. Double-backed Winklevoss Gemini is one of the first to reduce its workforce, laying off 10% of its employees. Coinbase (NASDAQ:PIECE OF MONEY), meanwhile, cause even more trouble; leaked responsible emails that the company promised not to cancel offers to new employees, just days before it was canceled everything of its offers to new hires.
Bipartisan crypto bill introduced in Congress is one of the most high-profile yet
Perhaps the biggest crypto bill to date just hit the House this week. Drafted by Republican Senator Cynthia Lummis and sponsored by Democratic Senator Kirsten Gillibrand, the bill is one of the first bipartisan pieces of the crypto legislature. The bill is particularly notable for removing much of the SEC’s authority over crypto assets. Instead, he grants the Commodity Futures Trading Commission (CFTC) regulatory authority. It also seeks to offer tax exemptions for small winnings. Moreover, it paves the way for new research on the environmental consequences of the industry.
Consensus 2022 kicks off in Austin, Texas
One of the biggest crypto conferences of the year begins this week in Texas. From Thursday to Sunday, some of the biggest names in the industry will be at Consensus 2022. Notably, the meeting is a forum through which these influencers can talk about industry regulations and other major issues. Speakers at the event range from Senators Gillibrand and Lummis, to leaders like Binance founder Chanpeng Zhao, to free speech advocates like Edward Snowden. The event signs are already turning to the headlines. Investors can watch the event through and the official stream on the CoinDesk website.
As of the date of publication, Brenden Rearick had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.
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Top Crypto News: This Week’s Biggest Cryptocurrency Headlines
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