JP Morgan says to dump crypto, Colorado gas firms are mining Bitcoin and Crypto.com issues a $10 million refund by mistake. These stories and more this week in crypto.
JPMorgan Strategist Bearish on Crypto
David Kelly, chief global strategist at JPMorgan, claims that investors should sell their crypto, according to a new Bloomberg report. Kelly is convinced that the persistent hawkishness of the U.S. Federal Reserve will spell more trouble for digital assets, expecting more volatility and a high risk of a recession.
Colorado Gas Firms Are Mining Bitcoin
Colorado Sun reporter, Mark Jaffe, has found numerous Colorado gas and oil companies teaming up with miners to use excess energy to mine bitcoin. There are at least a half dozen refiners using gas-to-bitcoin flare mitigation systems in the natural gas-rich state of Colorado even though the state’s regulatory watchdog has banned natural gas flaring in the past.
Saylor Faces a Tax Fraud Lawsuit
High-profile Bitcoin proponent Michael Saylor is facing a tax fraud lawsuit. The District of Columbia’s attorney general announced a lawsuit against Saylor alleging that he illegally avoided $25 million in taxes by pretending to be a resident of other jurisdictions, namely Florida, which has zero personal income tax. The lawsuit also named Saylor’s company, MicroStrategy as a defendant for allegedly conspiring to help Saylor.
Celsius Seeks to Reopen Withdrawals
Court documents show that Celsius is looking to release roughly $50 million in funds to selected customers. The debtors’ motion seeks to reopen withdrawals for certain customers with respect to assets held in the custody program, granting relief from withholding. Celsius filed for bankruptcy on July 13, after the company paused all withdrawals from accounts a month earlier.
Facebook to Support NFTs
Less than a month after expanding its NFT functionality on Instagram to a 100 more countries, Meta has announced that Facebook will now also support NFTs. According to the social media giant, its estimated 2.9 billion users will now be able to connect their digital wallets and share their NFTs on the company’s two main social media platforms, Facebook and Instagram.
Indonesia to Establish a ‘Crypto Stock’ Exchange
Indonesia’s government plans to establish a crypto stock exchange by the end of 2022. The exchange will list companies in the digital asset industry, including some of the 25 exchanges licensed by Indonesia’s financial regulatory authority. The Indonesian government sees the exchange as a means of protecting consumers.
Ticketmaster Issues NFTs
A new partnership between Ticketmaster and Dapper Labs’ Flow blockchain now enables event organizers to issue non-fungible tokens (NFT) before, during and after live events. The NFTs will serve as a shareable form of digital memorabilia providing fans with the unique opportunity to extend their live event experience through digital keepsakes.
Crypto.com Makes an Expensive Mistake
Crypto.com is reeling from an expensive mistake after accidentally refunding an Australian woman $10 million instead of $100. When Crypto.com discovered the mistake 7 months later, the lady had already put the money into a multi-million dollar mansion. The exchange is now suing her for the return of the funds.
That’s what’s happened this week in crypto, see you next week.
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