“Bring Back Ton Weiss” is a news podcast with the editors and friends of ForkLog about the main industry events of the week.
Topics of the new issue: sanctions of the leading exchanges against citizens of the Russian Federation, Grayscale’s victory in the case against SECthe death of the Friends.Tech social network and the fall in the price of PEPE amid suspicions of a scam.
Members: Lena Jess, Vasily Smirnov.
Special guest: Gleb Jout, director of development in the CIS countries of the Bitget exchange.
SEC and bitcoin volatility
On August 29, the US court granted the petition of Grayscale Investments in the case against the SEC, after which the quotes of the first cryptocurrency grew by almost 6%. Analysts greeted Grayscale’s victory with optimism: Bloomberg estimated the probability of approval of spot ETFs at 75%.
The growth turned out to be short-lived, on August 31, the agency postponed the decision on applications for the launch of spot bitcoin ETFs, which caused a collapse in the bitcoin rate by 4.6%. The final drop in the price of digital gold for August was 11%.
Against the backdrop of the actions of the Commission, criticism of its chairman Gary Gensler is becoming more and more active: the US Congress proposed to remove the head of the SEC from his post.
P2P restrictions for Russians
On August 26, Binance banned citizens of the Russian Federation from transactions with any fiat currencies, except for the ruble.
Last Sunday, August 27, users of the OKX exchange began to complain about the lack of Sberbank, Alfa and Tinkoff banks as payment methods. Later, the possibility of P2P trading through these banks disappeared on other major exchanges, including KuCoin and ByBit.
Less than three weeks after its launch, the trading activity of the new Web3 social network Friend.Tech, which we covered in detail in the previous issue, has plummeted. Community members announced the “death” of the project.
According to Dune’s dashboard, Friend.Tech’s operations have dropped over 90% from 525,000 to 51,000.
PEPE accused of scam
On August 25, on-chain researchers noticed that the PEPE multisig wallet reduced the number of required confirmations from 5 to 2 and transferred more than 15.7 trillion coins to major exchanges. After that, the rate of the meme-token fell by 20%. Pepe’s only remaining developer toldthat three former members of the project team are behind the theft of coins worth ~$15 million.
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