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BitClout founder Nader Al-Naji has been charged by the SEC and DoJ with wire fraud and securities violations, Compound Finance has been embroiled in a $24 million governance attack controversy, and the US government has moved $2 billion worth of Bitcoin, causing its value to drop 4%. Let’s take a closer look.
Bitcoin
Just two days after presidential candidate Donald Trump said at the Bitcoin 2024 conference that he would not move the US Silk Road $BTC, the government did just that, moving $2 billion worth of it to a previously unknown wallet. The news sent Bitcoin’s value down 4%.
At the Bitcoin 2024 conference, Cantor Fitzgerald announced plans to launch a $2 billion Bitcoin funding initiative that would provide leverage and security to Bitcoin holders.
Defi
A controversial proposal to allocate $24 million from Compound Finance’s treasury has raised suspicions of a governance attack by a small number of token holders, raising concerns about the protocol’s decision-making integrity.
technology
Polkadot’s governance mechanism allows the protocol to evolve over time while maintaining stakeholder expectations, ensuring that most stakeholders have control over the network.
business
Polkadot is the title sponsor of Coinfest Asia 2024, Asia’s largest Web3 festival, which will take place on August 22nd and 23rd, 2024 in Bali, Indonesia, with over 6,000 attendees and 250 speakers. Several teams from the Polkadot ecosystem will be attending the event, including Mandala Chain, Scytale Digital, Bifrost Omnichain, Kilt Protocol, and The Kusamarian.
Web3
Manchester United, one of the world’s biggest football clubs, has teamed up with Tezos to launch the Premier League’s first Web3 fantasy football game. Built on the Tezos blockchain, the game allows fans to virtually manage Manchester United players, and aims to increase fan engagement through interactive collectibles.
Decentralized Security Layer Karak has announced a partnership with Space and Time (SxT), a verifiable computing layer that powers indexing across the blockchain ecosystem. Through this partnership, Karak will leverage SxT as a zero-knowledge co-processor solution to build a trustless slashing and reward system for Karak’s decentralized security services.
Rule
BitClout founder Nader Al-Naji has been charged with wire fraud and securities law violations by the SEC and DoJ for misusing $257 million in investor funds. The SEC alleges Al-Naji misused investor funds, spending more than $7 million on personal expenses, including renting a Beverly Hills mansion and lavish gifts for his family.
The Montenegrin appeals court has ruled to extradite Terraform Labs founder Do Kwon to South Korea, rejecting a U.S. request to do so. But no extradition date has been set.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
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