Crypto News Roundup: August 6, 2023 👀

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6 Aug 2023

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Welcome to the Crypto News Roundup, where I bring you the latest and most exciting developments in the world of cryptocurrency and blockchain.

Today, I have some amazing stories to share with you, from Elon Musk’s generous offer to fund legal bills of X users, to Tether’s new mining software that promises to boost efficiency and capacity. Let’s dive in!

Elon Musk To Fund Legal Bill of People Treated Unfairly Due to Posting On X ⚖️

Elon Musk, the visionary entrepreneur and founder of Tesla, SpaceX, and Neuralink, has made a bold move to support the freedom of speech and expression of X users. X is a decentralized social media platform that runs on the Ethereum blockchain and allows users to create, share, and monetize content without censorship or intermediaries.

In a post on X yesterday, Musk announced that he would be funding the legal bills of any user who faces unfair treatment from their employer for posting or engaging with content on X. He also stated that there was no limit to the funding, and that he was doing this to protect the rights of X users and promote a more open and democratic internet.

Musk’s post received an overwhelming response from the X community, with more than 300K likes and thousands of comments. Many users thanked him for his generosity and courage, while others shared their stories of facing discrimination or harassment for using X. Some users also asked him about his views on other crypto-related topics, such as NFTs, DeFi, and Dogecoin.

Musk is not the only prominent figure who supports X. Other celebrities, such as Jack Dorsey, Kanye West, and Paris Hilton, have also joined the platform and expressed their appreciation for its innovative features and vision. X claims to have over 10 million users and 500 million posts as of August 2023.

Source: Business Standard

Tether Unveils Mining Software to Boost Efficiency and Capacity 🚀

Tether, the leading stablecoin issuer and one of the most influential players in the crypto space, has revealed its latest innovation: a mining software that can improve the performance and scalability of Bitcoin mining hardware.

According to a tweet by Tether CTO Paolo Ardoino, Tether’s development team has created cutting-edge JavaScript libraries that can enable the transmission of commands and signals to various types of Bitcoin mining equipment, such as WhatsMiner, AvalonMiner, and Antminer. These libraries can help miners optimize their hash rate, power consumption, temperature, and other parameters, resulting in higher efficiency and capacity.

Ardoino also hinted that some parts of the mining software could be made available on open-source platforms in the future, allowing other developers and miners to benefit from Tether’s technology. He said that this was part of Tether’s commitment to supporting the Bitcoin network and ecosystem.

Tether is best known for issuing USDT, the most widely used stablecoin in the crypto market. USDT is pegged to the US dollar and backed by reserves held by Tether. USDT is used for various purposes, such as trading, hedging, arbitrage, remittance, and payment. As of August 2023, there are over 100 billion USDT in circulation across different blockchains.

Source: CoinTelegraph

OPNX Exchange Touted by Three Arrows Founders Bids for Ailing Crypto Lender Hodlnaut 🧐

OPNX, a digital-asset exchange linked to the founders of Three Arrows Capital (a leading crypto hedge fund), has made a bid to acquire Hodlnaut (a troubled crypto lending platform) for $30 million worth of FLEX tokens. FLEX tokens are the native utility tokens of OPNX that can be used for various functions on the exchange.

Hodlnaut is a Singapore-based crypto lending platform that allows users to earn interest on their crypto assets by lending them to other users or institutions. However, Hodlnaut has been facing financial difficulties since April 2023, when it was sued by Craig Wright (the controversial self-proclaimed inventor of Bitcoin) for defamation. Wright accused Hodlnaut of being part of a campaign that called him a fraud and a liar for claiming to be Satoshi Nakamoto (the anonymous creator of Bitcoin).

The lawsuit has caused Hodlnaut to lose customers and funds, as well as incur legal fees and damages. Hodlnaut has been unable to repay its creditors and has been seeking a buyer or investor to rescue it from bankruptcy.

According to a term sheet seen by Bloomberg News, OPNX has offered to inject $30 million worth of FLEX tokens into Hodlnaut in exchange for a 75% ownership stake in the company. The FLEX tokens will be used to fund a partial creditor payout to finalize claims. If creditors approve the plan, they will receive 30% of their claims in FLEX and other tokens, or a pro-rata payment of up to 95% of the total available corporate asset pool, whichever is higher.

OPNX is a new crypto exchange that was launched in June 2023 by Su Zhu and Kyle Davies, the co-founders of Three Arrows Capital. OPNX aims to provide a fast, secure, and user-friendly platform for trading various crypto assets, including spot, futures, options, and perpetual contracts. OPNX also offers features such as margin trading, leverage, liquidity mining, and staking.

Source: Bloomberg

FBI Warns of Phishing Scams and Social Media Account Hijackers ❗️

The FBI has issued a public service announcement on August 4, warning people to be vigilant of phishing scams and social media account hijackers that target NFT (non-fungible token) developers and collectors. NFTs are unique digital assets that represent ownership of various forms of art, music, games, and collectibles on the blockchain.

The FBI said that it has received multiple reports of “criminal actors posing as legitimate NFT developers” who lure victims into clicking on phishing links that direct them to spoofed websites that look like genuine extensions of certain NFT projects. The spoofed websites then ask the victims to enter their private keys, passwords, or recovery phrases, which are then stolen by the criminals. The criminals then use the stolen information to access the victims’ crypto wallets and NFT accounts and transfer their funds and assets to their own accounts.

The FBI also warned that some criminals may gain direct access to NFT developers’ social media accounts or create almost identical accounts to promote fake or fraudulent NFT releases. The criminals may use phrases like “limited supply” or “surprise mint” to create a sense of urgency and entice the victims to buy the NFTs. The victims may end up paying for worthless or non-existent NFTs or lose their crypto in the process.

The FBI advised people to take precautions to protect themselves from these scams, such as:

Verify the identity and reputation of the NFT developer or project before engaging with them or buying their NFTs.
Do not click on links or attachments from unknown or suspicious sources.
Do not provide your private keys, passwords, or recovery phrases to anyone.
Use strong and unique passwords for your crypto wallets and NFT accounts and enable two-factor authentication.
Monitor your crypto wallets and NFT accounts regularly for any unauthorized transactions or activities.

Source: CoinTelegraph

Conclusion 🙏

That’s all for today’s Crypto News Roundup. I hope you enjoyed reading the stories and learned something new. Stay tuned for more updates and insights from the crypto world. And remember, always do your own research before investing in any crypto project or asset. Happy trading! 😊

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