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Legal Battle Intensifies Over Alleged Fraud in the Crypto Industry Digital Currency Group (DCG) and its top executives, CEO Barry Silbert and former Genesis CEO Soichiro “Michael” Moro, are making a final push to dismiss New York Attorney General (NYAG) Letitia James’ civil fraud lawsuit. Filed last Friday, their court documents counter allegations of a fraudulent conspiracy involving the now-bankrupt Genesis and crypto exchange Gemini. Background of the Case The lawsuit stems from the collapse of Singapore-based crypto hedge fund Three Arrows Capital (3AC), which left a $1 billion hole in Genesis’ balance sheet. NYAG James alleges that DCG and…

Architect Partners Report Highlights Significant Growth in Digital Assets The digital asset industry is experiencing a significant growth phase, adding over $750 billion in value in the first half of this year, according to a quarterly report by investment bank Architect Partners. The report indicates that the industry is in a much stronger position than it was two years ago. Key Drivers of Growth Architect Partners attributes this growth to several factors: Surge in Crypto Token Values: The value of crypto tokens surged by more than $700 billion. Successful Launch of Spot Bitcoin ETFs: The launch of spot Bitcoin (BTC)…

F2Pool Data Highlights Mining Challenges Amid Market Downturn As Bitcoin (BTC) prices drop to $54,000, only five mining rigs are profitable for their operators, according to data from mining giant F2Pool. This market condition could signal a “local bottom,” impacting the profitability and operations of Bitcoin miners. Current Mining Profitability At an electricity rate of $0.08 per kilowatt-hour (kWh), mining rigs less efficient than 23 watts per terahash (W/T) are now operating at a loss, as indicated by F2Pool’s graph released on Friday. A kWh measures the energy usage of electrical devices, which is crucial for calculating mining costs. F2Pool’s…

Defunct Crypto Exchange Begins Long-Awaited Repayment Process Mt. Gox, once the world’s leading crypto exchange, has started repaying customers in Bitcoin (BTC) and Bitcoin Cash (BCH). This comes nearly ten years after a 2014 hack led to its bankruptcy, causing significant losses and affecting many users. Start of Repayments Last month, Mt. Gox announced it would begin repayments in July. On Friday, the exchange confirmed it had started this process, marking the end of a nearly decade-long wait for many users. The repayment news has exerted additional selling pressure on Bitcoin and the broader cryptocurrency market. Impact on Bitcoin Prices…

President’s Odds Steady Despite Recent TV Appearance U.S. President Joe Biden’s recent televised interview showed him in a more coherent light compared to his previous debate performance. However, his chances of reelection remain largely unchanged, as reported by traders on Polymarket, a crypto-based prediction market platform. Polymarket’s Presidential Predictions Following Biden’s interview with George Stephanopoulos on ABC News, shares predicting his win in the upcoming November election were trading at 11 cents. This represents an 11% probability of Biden securing reelection. These shares saw a slight decrease from their pre-interview price of 12 cents. In this prediction market, each share,…