John P. Njui

Summary: Elon Musk has filed a countersuit against Twitter over the now uncertain $44 billion deal. The lawsuit was filed late Friday, July 29th, a few hours after a Judge set October 17th as the beginning of Twitter's case against him. Tesla's CEO and SpaceX founder, Elon Musk, has counter-sued Twitter amidst the ongoing court battle that the social media company lodged to...

Summary: The CoinFLEX team has announced that it has laid off a significant portion of its team to cut operational costs by 50 to 60%. CoinFLEX has also made cuts in non-staff costs. The team explained that the cost-cutting was meant to transform the exchange into a leaner business. The CoinFLEXCoinFLEX Resumes Crypto Trading With Limited Withdrawals of Up to 10% of User...

Summary: Ethereum Classic's metrics have seen a significant increment this month due to Ethereum's merge being scheduled for mid-September. Ethereum Classic hashrate has increased by 23.90% since the beginning of July. Its daily transactions have also increased by 62.90%. Ethereum Classic's price has also increased by over 200% in July. Ethereum Classic continues to be the sole beneficiary of Ethereum's ongoing transition from...

Summary: A digital wallet belonging to Axie Infinity CEO allegedly moved $3 million worth of AXS to Binance before the announcement of the $600 million exploit on the Ronin Bridge. Crypto Youtuber, Asobs, was the first to spot the significant AXS transaction from the wallet. Sky Mavis' spokesperson has explained that the AXS was moved to ensure short sellers would not front-run the...

Summary: Harmony founder, Stephen Tse, has responded to community concerns over the recent reimbursement proposal involving the minting billions of ONE. Mr. Tse states that he has noted the community's suggestions and met with the team to discuss a way forward. The Harmony team will return to the drawing board to develop additional proposals. The team at Harmony (ONE) has announced via Twitter...

Summary: Ripple's General Counsel, Stuart Alderoty, has stated the Securities and Exchange Commission is bullying the crypto markets by filing unproven allegations masquerading as regulation. According to Mr. Alderoty, there is an urgent need for sensible crypto legislation from Washington, DC. Ripple's Chief lawyer, Stuart Alderoty, has pointed out that the US Securities and Exchange Commission is bullying the crypto markets through its...

Summary: The Harmony Protocol team has proposed a reimbursement plan that involves hard-forking the chain. The plan involves two options: minting 4.97 billion ONE for full reimbursement or 2.48 billion ONE for 50% reimbursement. The minted ONE will then be distributed within three years. The team at Harmony protocol has proposed a reimbursement plan to make whole its community members affected by the...

Summary: Algorand's CEO, Steven Kokinos, has left the blockchain project to pursue other interests. Mr. Kokinos will stay on at Algorand as a senior advisor until mid-2023. Algorand's current COO, Sean Ford, will serve as interim CEO effective today, July 27th. Algorand's (ALGO) CEO, Steven Kokinos, has left the blockchain project to pursue other interests. Mr. Kokinos' role at the helm of Algorond...

Summary: KuCoin CEO, Johnny Lyu, has announced that the exchange will launch an anti-FUD fund. The fund will focus on educating the global community on how to spot FUD. The focus will also be on motivating industry leaders and influencers to provide trusted information. The anti-FUD fund will be used to trace FUDers and take legal actions against them. KuCoin will soon launch...

Summary: South Korean authorities have launched a probe into the Bitcoin 'Kimchi Premium.' The investigations cite that the Kimchi Premium was used to make profits that were transferred abroad through illegal remittances. Authorities in South Korea have launched investigations into the famous Bitcoin 'Kimchi' premium. According to local reports, the Seoul Central District Prosecutor's Office has launched a new probe into the Kimchi...

Summary: Ethereum's Vitalik Buterin has suggested that the Ethereum Classic community will definitely welcome proof-of-work fans after the Merge. He points out that Ethereum Classic is 'totally fine chain.' ETC's price has benefited from the speculation that the Ethereum Classic network will absorb some of Ethereum's ecosystem in terms of miners and dapps post-Merge. Ethereum's co-founder, Vitalik Buterin, has pointed out that anyone...

Summary: Arthur Hayes has forecasted that Bitcoin's most recent low, around $18k, could constitute a bottom. According to his analysis, a classic bottom is usually tested before a bull market begins, and $18k is no different. He sees the rally from $18k levels to $24k as a potential 'short covering.' He anticipates a proper Bitcoin bottom before the US Fed or Treasury announces...

Summary: FTX is reportedly in talks to acquire the South-Korea based Bithumb crypto exchange. The Sam Bankman-Fried-led crypto exchange was reported to be raising funds earlier this week after carrying out a shopping and bailout spree in the last few weeks. The Sam Bankman-Fried crypto exchange FTX is reportedly in talks to acquire the South Korean platform of Bithumb. According to Bloomberg, the...

Summary: Twitter has posted a $270 million quarterly loss in its first earnings report since Elon Musk expressed interest in buying the company. Twitter cites a weak ad market and Elon Musk's one-eighty-degree turn on the $44 billion acquisition deal as the main reasons for the negative earnings. Social media behemoth Twitter posted a lower-than-expected quarterly earnings report early Friday. Twitter Blames a...

Summary: Coinbase has filed a petition requesting the Securities and Exchange Commission to start rulemaking on digital asset securities. Coinbase states that existing rules for traditional securities do not work for digital assets. The exchange requests the SEC to develop a workable regulatory framework guided by formal procedures and public notice-and-comment processes rather than arbitrary enforcement. Coinbase's petition comes on the same day...

Summary: The SEC has gone after a former Coinbase employee accused of insider trading, filing a complaint against him, his brother, and his friend with the US District Court Western District of Washington, Seattle. The complaint describes digital tokens as being crypto asset securities. Nine tokens mentioned in the complaint include AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, and KROM. The US...

Summary: The US Attorney's Office of the Southern District of New York has charged a former Coinbase employee with insider trading. The Coinbase employee allegedly tipped off his brother and friend on new crypto listings on Coinbase's exchanges. He is being charged alongside his brother and friend. A former Coinbase employee is being charged in what might be the first case of insider...

Summary: Coinbase has stated that it has no financial exposure to Three Arrows Capital, Celsius Network, Voyager Digital, or any crypto company that has collapsed in the last few months. Coinbase points out that these crypto firms' issues were 'foreseeable' as they were overleveraged. The crypto exchange has pointed out that it 'stress tests its exposures' through Monte Carlo Simulations. The San-Francisco-based crypto...

Summary: Bitcoin has broken above the 50-day moving average with its push above $24k. BTC could rally another 18% before reaching the next level of significant resistance, around $28k. Capitulation by Bitcoin investors and miners could also be slowing down. Bitcoin has had an eventful first few days of the week, having punched through the $22k resistance level early Monday and breaking the...

Summary: Polygon has unveiled zkEVM, a layer 2 scaling solution that users zero-knowledge proofs to scale and reduce transaction costs on Ethereum. Polygon's co-founder, Mihailo Bjelic, has described zkEVM as the 'holy grail of Web3 infrastructure.' Polygon zkEVM is estimated to reduce Ethereum fees by 90% compared to current costs on Ethereum's layer 1. The Polygon (MATIC) team has unveiled a revolutionary way...