Crypto.com Wants $10.M Sent To Wrong Address Back

Bitcoin expected to become a zero-emission network. Yeah, right. A Forbes contributor says bitcoin is destined to $12,000. Predictions are like armpits—even the shaved ones smell bad.

Number of Ethereum addresses with a loss hit a new high. 3 reasons why Ethereum PoW tokens will never gain traction. I highlighted one of those reasons myself.

Crypto.com accidentally transfers $10.5 million to an Australian woman’s wallet and doesn’t notice for seven months. Now her assets are frozen. This could set a terrible legal precedent. If you or I accidentally sent money to the wrong wallet, we’d be told to “suck it up.” However, if Crypto.com is successful in recovering this money through civil litigation, it could open the floodgates of all kinds of legal wrangling over people trying to get their Big Mac money back because they “accidentally” sent it to a lollipop dealer called Bonsai.

The Wall Street Journal published an article saying Tether is technically insolvent. Tether punched back. Pass the popcorn, please.

CB Insights does a deep dive into Web3, and it’s not all pretty. This is a must-read. What I like about this is its balance. It doesn’t gloss over the downsides, but it doesn’t hype the upsides. In classic CB Insights fashion, this analysis does a good job of presenting an overview of Web3 protocols, some important platforms, and challenges of the space. If there is any criticism, I’d say it doesn’t go deep enough. What you really need to know about Web3.

Coming soon! A podcast on decentralized social media.

September 15 will be upon you before you know it. Put this on your calendar: Put Your Content to Work at Read.Cash/Noise.Cash. Are you an influencer on Read.Cash/Noise.Cash? I’d love to have you on stage. Comment with how I can reach you or subscribe to Cryptocracy and reply to an email. Alternatively, you can reach me through Taylored Content.

Congress asks Coinbase, FTX, Binance.us, KuCoin, and Kraken what they are doing about crypto fraud. Responses to a congressional committee query could be used to craft legislation that would apply to all crypto exchanges and several federal agencies. I’ve said it before, I prefer a legislative approach to crypto regulation rather than an executive approach that attempts to use existing laws to sideline crypto businesses—essentially a square-peg-in-a-round-hole approach.

Nexo commits $50 million to buyback program.

The recent market turmoil highlights the risk of leveraged crypto trading.

Facebook and Instagram users can post NFTs. Well, isn’t that nice? There are still more drawbacks to Facebook than benefits, especially for crypto lovers.

Why Americans aren’t convince about cryptocurrencies.

The FBI says crooks are using these DeFi flaws to steal your money.

Is the NFT market headed for new highs? Report says 2 percent of global NFT trades are manipulated. How to get a free Reddit NFT.

Tribe DAO votes for suicide option and not to repay debt.

Cabin wants to help your squad co-buy property.

Head of the IMF sees the end of banking and the triumph of cryptocurrencies.

Crypto begets excitement with fear.

Debate on the digital dollar shifts as the world embraces CBDCs.

The world’s first digital university with NFT-based access has launched—in Romanian.

Russia says “yes” to crypto for cross-border payments.

Iran is saying “yes” to crypto for imports.

Singapore grants Hodlnaut interim protection.

Citizens of the Mendoza Province in Argentina can now pay taxes in crypto.

African CIOs can serve as agents of digital currency adoption.

Snark and commentary in italics. My wife, my van, and I are in South Carolina—for now.

Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.

First published at Cryptocracy. Not to be construed as financial advice. Do your own research.