💰 Crypto Social Platform is printing money

Good morning!

Happy Monday. Are you still with us after the turbulent end of last week?

Today's edition is packed – we have Friend.tech making waves, with significant influencers already joining (and also generating its fair share of criticism). Additionally, following Bitcoin's sharp drop late last week, we take a closer look at what's next for Bitcoin.

Let's dive in. 👇

Markets

Friend.tech Becomes Massive Ether Money Machine as NBA Players, FaZe Clan Join In (3 minute read)
Friend.tech, a social tokenization protocol hailed as the new "killer app," is rapidly gaining traction among developers. This platform, allows prominent X personalities to issue shares through its application, granting access to exclusive group chats. Demonstrating its financial prowess, Friend.tech has generated an impressive $1.04 million in fees within the past 24 hours alone, with fees set at 5% of each transaction's value. DefiLlama's data reveals that after accounting for gas fees and other expenses, the platform's revenue amounted to approximately $709,000 worth of ether. This extraordinary growth trajectory defies even the swift pace typical of the cryptocurrency realm, as Friend.tech's invite-only beta phase, inaugurated on August 10, amassed a staggering trading volume of around 4,400 ETH (equivalent to roughly $8.1 million) on its inaugural day.

Bitcoin Plunged 11% in Worst Week Since FTX’s Collapse. What’s Next for BTC’s Price? (3 minute read)
Bitcoin recorded its most substantial weekly decline since last November's FTX crash, exacerbated by Thursday's crypto market turbulence; however, hopes for a favorable court decision between Grayscale and U.S. regulators, potentially boosting BTC's price, were disappointed when no such outcome materialized on Friday. Friday saw BTC's price slip below $26,000 in the afternoon after a fleeting rally toward $27,000, which aimed to recoup some of Thursday's sharp losses. Bitcoin had plunged to $25,392 on Thursday, hitting its lowest point since mid-June, as a cascade of liquidated leveraged trades added to the downward spiral. With the week's end, BTC's decline totals around 11%, echoing the dismal return witnessed during November's market crash to $15,000, precipitated by the FTX setback by Sam Bankman-Fried.

Bitcoin market reignites with volatility as Grayscale decision drags out (3 minute read)
Last Friday had everyone awaiting the decision in Grayscale Investments' ongoing lawsuit against the Securities and Exchange Commission, a case revolving around plans for a spot bitcoin ETF, yet as the day progressed, the verdict remained elusive, causing ripples of uncertainty. As nerves frayed, over $1 billion in leveraged positions faced liquidation within 24 hours, with the subsequent unwinding of long positions unexpectedly propelling bitcoin's value below the $26,000 threshold, a level unseen for a span of two months. Throughout the course of the day, bitcoin's price exhibited characteristic volatility, maintaining its downward trajectory and ultimately recording a 6.6% decline.

Tech

Tornado Cash Sanctions Affirmed by Federal Court (2 minute read)
In a recent legal development, a federal court has upheld the authority of the Treasury Department to impose sanctions on the cryptocurrency mixer known as Tornado Cash. This decision comes in response to a legal challenge brought forth by Tornado Cash users. U.S. District Judge Robert Pitman has firmly sided with the government, rendering a summary judgment that underscores the Treasury's OFAC rightful citation of Tornado Cash under sanctions statutes. Interestingly, the plaintiffs—comprising six Tornado Cash users—had sought a summary judgment that was ultimately denied. These users had contended that the government's actions infringed upon their First Amendment rights, asserting that their ability to participate in "socially valuable speech" was hindered, given their intention to use Tornado Cash for contributions to important political and social causes. However, Judge Pitman's viewpoint diverged from this argument, as he wrote that the plaintiffs had not substantiated any connection between the government's actions and First Amendment implications.

BNB Chain’s cross-chain bridge exploit shakes crypto community (2 minute read)
The recent attack on BNB Chain's cross-chain bridge has sent shockwaves through the investor and security community, highlighted in a stern advisory by Peckshield, a prominent blockchain security firm. According to Peckshield's investigation, the attacker managed to liquidate approximately 1.1 million $vBNB tokens, valued at around $10.2 million, exposing vulnerabilities in the bridge's security framework and raising significant concerns. Another alarming incident involved an exploiter selling off about 5.6 million $vBNB tokens, totaling an astonishing $52.3 million. These breaches serve as stark reminders of the potential risks faced by traders and investors in the defi landscape, emphasizing the pressing need for bolstered security measures within the industry.

Misc

SEC says recent Ripple ruling could have ‘substantial impact’ on other court cases (2 minute read)
In a legal twist, the SEC has taken an unconventional route by filing a motion seeking permission for an interlocutory appeal in its ongoing lawsuit against Ripple Labs. The SEC's rationale behind this approach is to ensure that the immediate resolution of two key rulings allows for a comprehensive assessment of remedies tied to potential violations by Defendants. This maneuver, as per SEC lawyers, bears significance for an array of pending litigations and holds the potential to reverberate across the legal landscape. Notably, the SEC's docket features ongoing cases related to securities laws involving notable players like Coinbase and Binance, underlining the broader implications of this strategic move.

Checkout.com cuts ties with Binance, which is mulling legal action in response (1 minute read)
Checkout.com, the credit card payments processor, has bid adieu to its service relationship with Binance, the world's leading cryptocurrency exchange, as confirmed by a Binance spokesperson to TechCrunch. Notably, this change won't ruffle any feathers for Binance users, as the exchange assured that its on-and-off ramps will continue operating smoothly. It's reported that Checkout.com, the London-based fintech unicorn valued at $40 billion early last year, concluded this partnership via a pair of letters. Despite attempts to gather a response from Checkout.com by TechCrunch, no reply was received as of the time of reporting. While Binance's spokesperson expressed disagreement with the grounds cited by Checkout.com for the separation and hinted at potential legal actions, they also reaffirmed their dedication to collaborating with global regulators and partners to ensure top-notch services and protections for their users.

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