Musk’s Alleged Price Manipulation, Satoshi AI Chatbot & More: Hodler’s Digest, May 28-June 3

Top news this week

Dogecoin investors accuse Elon Musk of inside trading in amended class action lawsuit

A group of Dogecoin investors has requested permission to amend a class-action lawsuit against tech entrepreneur Elon Musk, claiming he is responsible for DOGE’s insider trading and stating that the token is a security under Securities and Security regulations. Exchange Commission of the United States. According to the complaint, Musk profited from trading DOGE at the expense of other investors by driving up the price of the token through actions including changing the Twitter logo to Dogecoin’s logo. As one of the richest people in the world, the Twitter CEO has made frequent statements about Dogecoin to his millions of followers since 2019, often causing the token’s price to spike.

Satoshi Nak-AI-moto: The Creator of Bitcoin Became an AI Chatbot

Satoshi Nakamoto may have actually disappeared over 12 years ago, but two AI amateurs are trying to revive the ability to chat with the famed creator of Bitcoin. The model, essentially, is OpenAI’s ChatGPT trained on a limited dataset, including Nakamoto’s public emails and forum posts, as well as other Bitcoin sources. During tests, the chatbot generates responses that are typically uncertain about the future of fiat currencies and confident about Bitcoin. Its goal is to demonstrate that AI tools could potentially be used in education, said one of the creators.

Buying a bank won’t solve Binance CEO’s cryptocurrency debanking problem

Binance CEO Changpeng CZ Zhao has been considering acquiring a bank amid the ongoing debanking of crypto companies around the world. However, according to CZ, regulatory complexity and capital requirements make it unwise for Binance. Reality is far more complex than concept, said the cryptocurrency executive. Binance recently lost its fiat on-ramp and off-ramp partner in Australia due to difficulties finding a banking partner in the US earlier this year. The company has been looking for a new payment service provider in the country.

Crypto.com has licensed a major payment institution for Digital Payment Token Services (DPT) in Singapore. With the license, the cryptocurrency exchange is now allowed to offer its DPT services to clients in the country. The latest announcement adds to Crypto.com’s track record of obtaining regulatory licenses. The exchange has also obtained registration and/or licenses in France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece and Cyprus.

Web3 Magic developer raises $52 million in funding led by PayPal Ventures

Wallet-as-a-service provider Magic has raised $52 million in a strategic funding round led by PayPal Ventures. The funding round also featured venture capital firms Cherubic, Synchrony, KX, Northzone, and Volt Capital, bringing the total funds raised by Magics to more than $80 million. Magics software is currently used by retail, music, fashion and gaming brands, including Mattel, Macys, Xsolla and Immutable. Founded in 2020, Magic has generated over 20 million unique wallets to date.

Winners and losers

At the end of the week, Bitcoin (bitcoins) it’s at $27,160Ether (ETH) TO $1,903 AND XRP TO $0.52. The total market capitalization is a $1.15 trillion, according to CoinMarketCap.

Among the 100 biggest cryptocurrencies, the top three altcoin gainers of the week are Injective (INJ) to 22.67%, amount (QNT) at 18.60% XDC Network (XDC) at 15.92%.

The top three altcoin losers of the week are Pepe (PEPPER) to -14.26%, Kava (KAVA) at -11.13% and Flare (FLR) to -10.80%.

For more information on cryptocurrency prices, be sure to read Cointelegraphs’ market analysis.

The most memorable quotes

The bear phase is over. […] I think we will see new highs probably in the second half of 2024, 2025. […] Well, it probably hit 6-8 trillion [in market capitalization].

Dan Tapierofounder of 10T Holdings and 1RoundTable Partners

Are the creators of AI responsible for creating the tool used to infringe copyright, or are the people who actually use it to infringe copyright?

Andrea Petaletrademark attorney at Y Intellectual Property

The debt ceiling deal once again highlights the usefulness of Bitcoin because it is essentially a break with the traditional financial system.

Josh Gilbertmarket analyst at eToro

While Ethereum doesn’t have the largest market cap compared to Bitcoin, I think Ethereum is the frontrunner in terms of driving adoption around the world.

Roger Verearly Bitcoin investor and proponent of Bitcoin Cash

Cryptocurrencies, like the internet before it, have the potential to modernize finance and numerous other industries, [] offering a faster, cheaper, more private and accessible platform.

Brian ArmstrongCEO of Coinbase

By combining the power of cryptography with the power of a decentralized cryptographic network like Bitcoin, we can bring costs and consequences to cyberspace.

Michael Saylorexecutive president of MicroStrategy

Prediction of the week

Bitcoin drops to $26.5K, but trader sees a chance for a bullish surprise

On Bitstamp, the BTC/USD pair made a low of $26,519 this week, showing little signs of a trend change as the standoff between bulls and bears continued to produce little volatility.

Analyzing the current setup, pseudonymous trader Crypto Ed looked at the upside potential at $27,500. I think we go lower, but until we break above that $26,000, there is a chance for a bullish surprise, he said.

To break the current impasse, Crypto Ed continued, Bitcoin would still need to face the area above $27,600. I now think we will bounce towards the $27,500 resistance of the previous range top and from there I will possibly look shorts towards $25,000, he said.

FUD of the week

The missing Bitcoin millionaire and the co-creator of the ONFO coin have been found dead

The co-founder of cryptographic project ONFO coin was found dead of an apparent gunshot wound about a week after he went missing. John Forsyth, a cryptocurrency advocate and emergency room doctor, was reported missing by relatives after failing to show up for his shift at a Missouri hospital. The ONFO coin project allows users to earn coins by referring others to the platform, a term it calls network mining. Forsyth joins a list of cryptocurrency supporters and founders who have died under mysterious circumstances.

Protocol Jimbos offers $800,000 bounty to public after hacker ignores deal

DeFi platform Jimbos Protocol offered the public 10% of the leveraged funds after giving the hacker several days to respond to the deal. The Arbitrum-based DeFi app was exploited on May 28 due to a lack of slippage control over cash conversions, allowing the exploiter to seize approximately $7.5 million worth of assets. The team behind the exploited protocol attempted to negotiate with the hacker by offering a quick payday of $800,000 in exchange for 90% of the funds being returned. Now, the protocol has extended the bounty offer to the general public.

Multichain team fails to locate CEO, cuts service for affected chains

Cross-chain protocol Multichain revealed that its team was unable to contact its CEO, Zhaojun, fueling rumors that the protocols leadership may have been arrested in China due to ongoing technical issues. The protocol has been experiencing technical issues over the past week, with transactions being delayed across multiple cross-chain bridges. After failing to contact the CEO and lack authorization to address the issue, the team suspended services for over 10 chains on May 31, including KeKchain, Public Mint, DynoChain, Redlight Chain, Dexit, Ekta, High Performance Blockchain, Onus, Omax, Findora and Planq.

Cointelegraph’s best features

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