Cryptopolitan

Kamala Harris shared her plans for America’s economy: - She rejects Trump’s idea that presidents should control the Federal Reserve. - She promises the Fed will stay independent if she’s elected. - Her economic plan is to lower costs and boost the economy.

When you realize memecoins outperformed your entire portfolio:

𝗖𝗲𝗹𝘀𝗶𝘂𝘀 𝗩𝗦 𝗧𝗲𝘁𝗵𝗲𝗿 (𝗨𝗦𝗗𝗧) $𝟮,𝟰 𝗕𝗜𝗟𝗟𝗜𝗢𝗡 𝗟𝗮𝘄𝘀𝘂𝗶𝘁 Celsius, a bankrupt crypto lender, is taking Tether to court, demanding the return of $2,400,000,000 worth of Bitcoin. Here's what happened: Celsius was once a promising crypto lending platform, allowing users to earn interest on their digital assets. They used customer funds to gamble and invest in risky assets. And when the crypto market crashed in 2022, Celsius found itself in deep trouble, unable to cover its debts as Bitcoin's price dropped. The company paused withdrawals, scamming millions of people, and eventually filed for bankruptcy in 2022. Celsius VS Tether story starts back in 2022 when Tether provided USDT (Tether’s stablecoin) to Celsius. In return, Celsius put up Bitcoin as collateral. But as Bitcoin’s price dropped, things took a turn for the worse. Celsius claims that Tether sold off their Bitcoin in a "fire sale" after issuing a demand for more collateral. They say Tether didn’t follow the rules of their agreement and liquidated their Bitcoin too soon, costing them a lot. Tether reportedly demanded more collateral late at night and started selling Celsius’s Bitcoin just hours later. Tether, however, isn’t backing down. They called the lawsuit “baseless” and accused Celsius of trying to shift the blame for its own financial mess. Celsius is now seeking to recover over $2 BILLION worth of Bitcoin, claiming Tether’s actions were fraudulent. Will Celsius recover its billions, or will Tether come out on top?

2024 Presidential election winner chances: Donald Trump: 46% Kamala Harris: 51% (on Polymarket)

VanEck – one of the world's top investment firms Just released its 2050 Bitcoin price predictions: Bear case – $130K Base case – $2,9M Bull case – $52M

Weekly Web3 News Here's what happened this week: August 10 >>> FTX to distribute $12.7B in settlement with CFTC August 9 >>> Bitcoin stabilizes around 60K August 8 >>> Putin legalizes crypto mining and cross-border payments in crypto August 7 >>> News breaks out that Donald Trump may launch his own coin! August 6 >>> Jump Trading moves $274M in Ethereum to exchanges August 5 >>> Bitcoin goes under $50,000 because of fear of WW3, increased chances of Kamala Harris winning the election, Genesis and Mt Gox distribute $7B in crypto for repayments August 4 >>> Bank of Japan raised rates on government bonds from 0% to 0.25% causing a massive crash in all markets

𝗙𝗧𝗫 𝗦𝗲𝘁𝘁𝗹𝗲𝗺𝗲𝗻𝘁: 𝗘𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝗬𝗼𝘂 𝗡𝗲𝗲𝗱 𝘁𝗼 𝗞𝗻𝗼𝘄 FTX will distribute $12.7B in settlement with CFTC Here's the full story 👇 FTX was a crypto exchange that failed and scammed many people by investing customers' funds through Alameda Research. We will explain this later, let's first see who was behind this. This massive scam was performed by 2 well-known people in the Web3: - Sam Bnakman Fried - FTX CEO - Caroline Ellison - Alameda Research CEO They were in a relationship until their scam was uncovered. Then, they turned on each other and cut all contacts. But how did they scam everyone? FTX misused customer funds by funneling them into its sister company, Alameda Research. This was done without customer consent. Alameda used these funds for risky investments and market manipulation, even pumping FTX's native token, FTT. This created a false sense of security and profitability, encouraging more deposits. When the market crashed in 2022, Alameda's investments failed, leading to FTX's collapse and massive losses for customers. Because of this huge fraud, Sam Bankman Fried got arrested and now he serves his sentence in jail. He got 25 years behind bars still left. Today, The US Commodities Futures Trading Commission (CFTC) has settled with FTX and Alameda Research. They will have to compensate creditors with a massive $12.700.000.000 This compensation includes $8.7B in restitution and $4B in disgorgement. Unlike typical cases, the CFTC will not retain the disgorgement payments but will instead use them to cover the losses of FTX’s creditors. Unfortunately, there's still no official schedule for when customers will be repaid. We will make a new post for when we finally get that information, so make sure to follow us! But wait! There's more! The $12.7B settlement won't conclude all legal matters. This isn't the end. The CFTC is still investigating FTX's commingling of assets and risky allocations to tokens and NFTs. Rumors also spread that former FTX team members control secret wallets. A recent leak suggests one holds 8% of the SOL supply. Insiders deny access to these wallets, but why should we trust them? 🤔 Thanks for reading! 🫶

Bitcoin just went under $60,000 again 😭

BITCOIN JUST HIT $60,000

𝗣𝘂𝘁𝗶𝗻 𝗟𝗲𝗴𝗮𝗹𝗶𝘇𝗲𝘀 𝗖𝗿𝘆𝗽𝘁𝗼! Here's how Russia went from banning crypto to becoming a huge supporter in just 2 years 👇 Russia has had a rollercoaster relationship with crypto. In 2022, the Bank of Russia proposed an outright ban on crypto for payments and investments. Then Putin signed a law that added to a previous prohibition against crypto payments in the country. This was the final nail in the crypto coffin, or was it? Recently Russia passed a new crypto law to dodge Western sanctions by allowing cross-border settlements and trading in crypto. This was like Russia saying, "We'll use crypto, but only on our terms, thank you very much." Vladimir Putin also signed a new bill today legalizing crypto mining in Russia. TLDR: Russia is going full crypto 🔥