Crypto Weekly Roundup: BitClout Founder Faces Charges, Compound Faces Governance Attack, & More

BitClout founder Nader Al-Naji faces SEC and DoJ charges for wire fraud and securities violations, Compound Finance is embroiled in a $24 million governance attack controversy, and the US government moved $2 billion worth of Bitcoin, causing a 4% drop in its value. Let’s find out more

Bitcoin

Only two days after presidential hopeful Donald Trump said at the Bitcoin 2024 conference that he would not move the US Silk Road $BTC, the government did just that, transferring $2 billion worth to a previously unknown wallet. Bitcoin lost 4% in value on the news.

At the Bitcoin 2024 conference, Cantor Fitzgerald announced plans to open a $2 billion Bitcoin financing initiative that will offer leverage and security to Bitcoin holders. 

DeFi

A controversial proposal to allocate $24 million of Compound Finance’s treasury has sparked allegations of a governance attack by a small group of token holders, raising concerns over the protocol’s decision-making integrity. 

Technology

Polkadot’s governance mechanism allows the protocol to evolve over time while staying in line with its stakeholders’ expectations, ensuring that most of the stakeholders command the network. 

Business

Polkadot is the title sponsor for Coinfest Asia 2024, the largest Web3 festival in Asia, which is scheduled to take place on August 22nd and 23rd, 2024, in Bali, Indonesia, with over 6,000 participants and 250 speakers. Several teams from the Polkadot ecosystem will attend the event, including Mandala Chain, Scytale Digital, Bifrost Omnichain, Kilt Protocol, The Kusamarian, and more. 

Web3

Manchester United, one of the world’s biggest football clubs, has partnered with Tezos to launch the Premier League’s first Web3 fantasy football game. The game, developed on the Tezos blockchain, allows fans to manage Manchester United players virtually and aims to enhance fan engagement through interactive collectibles. 

Decentralized security layer Karak announced a partnership with Space and Time (SxT), a verifiable computing layer that enhances indexing across the blockchain ecosystem. The partnership will see Karak leverage SxT as a zero-knowledge co-processor solution to power a trustless slashing and rewards system for Karak’s Distributed Secure Services.

Regulations

BitClout founder Nader Al-Naji has been charged by the SEC and DoJ with wire fraud and securities violations for allegedly misusing $257 million in investor funds.  The SEC alleges that Al-Naji misappropriated investor funds, spending over $7 million on personal expenses, including rent for a Beverly Hills mansion and lavish gifts to family members. 

The Appellate Court of Montenegro has decided to extradite Terraform Labs founder Do Kwon to South Korea, rejecting a competing request from the United States. However, an extradition date has not been set.  

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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