Bitcoin maximalist Saylor getting sued for tax fraud, volatility expected ahead of Ethereum’s Merge

The biggest news in the Cryptoverse on Aug. 31 included US Congress asking five cryptocurrency exchanges to explain how they are combating cryptocurrency fraud, Michael Thaler鈥檚 tax evasion in Washington and Christopher Hamilton being extradited to the United States for trial for OneCoin fraud.

CryptoSlate Top Stories

US Congress Sends Letter To 5 Major Crypto Exchanges Asking How They Are Fighting Crypto Fraud

In an effort to bring clearer regulation to the crypto industry, the U.S. Congress has issued letters to Coinbase, FTX, Binance.US, Kraken, and KuCoin detailing the efforts they have taken to identify and combat crypto fraud. issued.

Congress also asked what tools and mechanisms exchanges have implemented to limit the risk of fraudulent activity on their platforms. As expected, the exchange needs him to respond to the letter by September 12th.

Cryptocurrency Markets Are Trading Flat as Eurozone Inflation Hits Record 9.1%

Eurozone inflation hit a record high of 9.1% in August, according to Eurostat data. As a result, the European Central Bank (ECB) is expected to aggressively raise interest rates. September 8th.

However, the cryptocurrency market did not react much to the news.Bitcoin is up 0.1%, Ethereum is up 0.25% at the time of writing

Bitcoin Mining Difficulty Rise Over 9%, Highest Since January

Glassnode data analyzed by CryptoSlate shows that the difficulty of mining Bitcoin (BTC) has spiked by 9.26%. It’s the highest since January 2022. Data suggests that more miners are joining the network.

Further analysis of Bitcoin’s average hash rate shows that it increased to 224.7 EH/s (exahashes per second) on August 30, compared to 197.7 EH/s observed on August 16. shown.

Combining data points, Bitcoin mining difficulty and hashrate spikes are a result of more miners returning to work after surviving crackdowns in Europe and North America, market sources noted. .

Helium Developer Suggests Migration to Solana

A recent HIP 70 proposal to the community revealed that Helium developers are looking to migrate to the Solana network to improve network efficiency.

Developers argued that the migration would open up access to Solana developer tools and features that would help Helium address data flow and accounting issues.

Responses from community members indicate that migration ideas may face difficulties in gaining approval due to Solana’s frequent network outages.

Michael Thaler, MicroStrategy sued for tax evasion in Washington

Bitcoin Maxi Michael Saylor and his company MicroStategy will face lawsuits in Washington for alleged tax evasion.

The lawsuit against him alleges Thaler, who has lived in Washington for more than a decade, conspired with his company to help him evade taxes.

UK Judge Set Rules to Extradite Christopher Hamilton to US for One Coin Scam Trial

British man Christopher Hamilton, who was indicted in the $4 billion OneCoin scam of 2014, will be extradited to the United States following a British court ruling.

Although the defendants had previously filed to avoid trial in the United States, District Court Judge Nicholas Rimmer said in his ruling that Hamilton must be tried in the United States, where the victim is based. rice field.

research highlights

Survey: Expected volatility ahead of liquidation, Ethereum merger as leverage, open interest and short selling hit record highs

On-chain dataset analyzed by crypto slate It shows that Ethereum mergers can be accompanied by high volatility.

Using the estimated leverage ratio (ELS) by Glassnode, we observed that the amount of leverage reached an all-time high of 0.28.

Estimated leverage ratio Ethereum

The funding rate has been very negative since the beginning of August, suggesting more short positions are in play.

for open interest. The Ethereum futures market shows that open interest continues to rise as he reached a record high of 5 million ETH in August.

44% Increase in Retail Crypto Investors in the US Despite Market Downturn

Bitstamp’s research reveals that despite the unfavorable market conditions, interest and trust among Americans has increased significantly.

61% of US-based respondents made their first investment in Q2 2022, indicating a 44% increase in interest from new investors in Q1.

Respondents indicated a high level of trust in cryptocurrencies as trust rose from 61% in Q1 to 73% in Q2 2022.

News around Cryptoverse

FTX Helps South Korean City Build Crypto Exchange

The South Korean city of Busan has signed a Memorandum of Understanding (MoU) with FTX to provide technical and infrastructure assistance as the city works to build a local crypto exchange.

FTX has also hinted at opening a South Korean office in Busan to facilitate adoption in the city designated as a blockchain regulation-free zone in Asia.

Ticketmaster partners with Dapper Labs on NFT event tickets

Ticketmaster today announced that it will continue to issue NFT tickets created on the Flow blockchain by Dapper Labs. The formal partnership comes six months after the ticket platform has created over 5 million NFTs on Flow.

Users can connect their wallets to access Ticketmaster’s marketplace where they can easily view and trade NFT tickets.

Power capacity of Russian crypto farms reaches 85MW

A cryptocurrency mining farm in a Russian oilfield consumes 85 megawatts of electricity, representing 23% of the total energy produced by burning associated petroleum gas (APG), according to Vygon Consulting analysis .

The research also shows that APG miners are still profitable despite deteriorating market conditions. Miner’s median income is around $6.6 million, and he is projected to make $79 million next year.

crypto market

Bitcoin rose +1.19% on the day, trading at $20,154, while Ethereum traded at $1,566, reflecting a +1.3% gain.

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