Exodus Newsdrop - September 2nd 2022

Exodus Newsdrop - September 2nd 2022

Exodus Newsdrop - September 2nd 2022

A roundup of the week’s crypto news, with a government law suit announced against Microstrategy, controversy for Avalanche and Ava Labs, OpenSea adding full support for Polygon, and Crypto.com mistakenly gifting a customer $10.5 million dollars.

    More legal troubles for centralized crypto firms

    It was a tough week for crypto, as macro-economic conditions drove down prices, and the District of Columbia announced a tax fraud lawsuit against BTC perma-bull Michael Saylor and his company Microstrategy, which allegedly owe the state of Washington $25 million in taxes.

    AVAX in particular took a tumble as hidden video footage seemed to imply that a law company hired by the project was suing the competition in order to distract the SEC. The law firm, Roche Freedman, was also apparently working on a litigation platform which would be built on Avalanche.

    Reports also emerged that Alecksey Pertsev, the alleged developer of Torando Cash that was arrested in Amsterdam, may have historical ties to the Russian FSB, having worked as an information security specialist for Russian entity Digital Security OOO.

    This week in Web3 and dev news

    In Web3 and dev news, OpenSea’s Seaport protocol has added support for Polygon, with other EVM-compatible chains to follow. Polygon support is now live, having commenced on August 30th.

    The “decentralized wireless network” Helium is proposing a rare move away from its own custom blockchain in favor of a move to Solana, to facilitate faster transactions and serve more users.

    And the risks of DeFi were laid bare once again this week, as a programmer at OptiFi exchange input the wrong code during an update, resulting in a permanent shutdown of the program, and a loss of 661k’s worth of USDC. The OptiFi team took to Twitter to digest some hard lessons, imploring others not to rush their work.

    And finally…the hand that giveth

    And finally… a woman in Australia found herself with a $10.5 million windfall after centralized exchange Crypto.com botched a $100 refund transaction. The woman elected to stay quiet, treating herself to a four-bedroom house in Melbourne whilst Crypto.com staff remained unaware of the mistake for 7 months.

    Once discovered, the exchange obtained a court order to have the woman’s bank accounts frozen, in true CeFi style.

    What one hand giveth, the other taketh away, with an additional $27,000 in costs.

    If you’re a fan of true crypto crime, check out our article on the top 5 countries worldwide from which hackers and scammers operate.

    This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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