Crypto.com sued a lady they sent $10 million instead of $100

Crypto.com are a huge crypto exchange well known for their crypto debit cards, huge advertising spends and Matt Damon. Back in 2021 an Australian lady requested a $100 refund on the platform. Instead, she was mistakenly sent $10 million USD. The lady then went on to do what we all would have done, let crypto.com know about the serious err….im kidding. She spent $1.35 million of it on a luxury home and sent the rest to a savings account.

Crypto.com is now having to sue the lady and demand that the home be sold in order to recover the full amount. The craziest part of this story is that it took the exchange nearly 7 months to uncover the error, only doing so when having an internal audit. RIP intern.

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Turkish exchange founder ran away with $2 billion, arrested

The Turkish crypto trading community is huge, part of this reason is because of the crazy devaluation of their national currency (Turkish Lira) which has lost most of its value in the last decade. As a result, people look to park their money in alternative assets, one of those being crypto.

Users of Thodex, one of the largest crypto exchanges in Turkey had been left in the dark and uncertain of the status of their funds as the founder disappeared and all trading and withdrawals were halted in April of 2021. User deposits totalled to around $2 Billion USD. This week, Turkish authorities revealed the founder had been found in Albania and is now in custody.

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Binance Delisted USDC and are Converting it to BUSD

Here are the top 5 stablecoins ranked by market cap:

1. USDT - $67 Billion

2. USDC - $51 Billion

3. Binance USD - $19 Billion

4. DAI - $6 Billion

5. TrueUSD - $1 Billion

As a refresher, stablecoins are tokens that try to maintain a fixed value of $1 USD, they can do this in a number of ways but they are either usually backed by other real world assets or designed in a way that algorhymically adjusts the supply of the token to keep the price at $1.

This week Binance announced they would be converting all USDC into its own stablecoin (Binance USD) in an effort to enhance liquidity on the platform. This is surprising primarily because USDC has nearly twice the market cap of Binance USD and USDC is often regarded as being one of the safer stablecoins due to it being regulated. Its also a pretty ballsy move as USDC is issued by Circle and would technically be a competitor to Binance on the stablecoin front. That being said, it likely won’t have too big of an impact as USDC traded pairs are not too popular.

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Nike Made $185 million from NFTs

In December 2021, Nike made their stance on NFTs clear as they acquired RTFKT, the NFT shoe project. Being the owners of the RTFKT collections, Nike earns royalties on secondary marketplaces like OpenSea whenever an item is sold. RTFKT sneaker NFTs have been hugely successful. However, Nike also teamed up with well renowned Japanese artist Takashi Murakami to make “CloneX”, a series of NFT avatars. CloneX is still one of the most popular NFT collections having done 229,000 ETH in volume on OpenSea. All of this success in the NFT space led Nike to generate $185 Million from NFTs, outperforming other big brands like Tiffany, Gucci and Adidas.

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The Ethereum Merge is underway!

The Ethereum merge is part of Ethereums move from Proof of Work to Proof of Stake, its called the merge as the Ethereum mainnet blockchain will soon “merge” into the blockchain that has been built alongside Ethereum. This near blockchain (the beacon chain) is the one with the new proof of stake consensus rules.

Once this transition is complete, Ethereum will no longer require people with computers to mine Ethereum. Instead, people can lock up or “stake” their ETH tokens to secure the network and process blockchain transactions.

We are now witnessing the final stages of the merge, as Ethereum underwent the “Bellatrix Hardfork” which as Vitalik put it “*prepares* the chain for the merge. Still important though”. The merge is set to happen next week on the 15th September and will reduce Ethereum’s energy usage to near nothing.

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TWIC