Crypto and Tech: The Big Talking Points
Twitter rebrands, more court cases ensure in a noisy weekend for cryptocurrency.
Elon Musk Officially Rebrands Twitter To “X”
In a surprising announcement, Elon Musk, the owner of Twitter and the official Twitter support handle revealed a comprehensive overhaul of the popular social media platform. The new domain, X.com, has replaced the current Twitter domain, with redirection already underway.
The bird logo has equally been changed to Musk’s proposed X logo with immediate effect.
Bankman-Fried’s Post Apocalyptic Plans Uncovered
Former FTX CEO, Sam Bankman-Fried and his brother Gabriel, are reported to have planned the purchase of a safe haven in preparation for a potential global catastrophe.
The Bankman-Fried brothers scheme involved purchasing the Island Nation of Nauru using funds from FTX treasury. They planned to transform the island into a safe haven by building bunkers to serve as shelter, anticipating a global catastrophic event.
‘X’ Altcoin Explodes 1,000% Following Elon Musk Twitter Rebrand
Following Elon Musk’s announcement on July 23, a token known as “X,” which was previously associated with a now-closed NFT marketplace, has experienced an astonishing surge of over one thousand percent in value.
The news of Musk’s impending overhaul of Twitter appears to have ignited significant interest in the token, leading to a remarkable price surge that has caught the attention of the crypto community.
SEC Indicates Intent to Challenge Crypto Ripple Ruling on Appeal
SEC seeks to appeal parts of recent Ripple Labs case ruling, claiming inconsistency with securities laws.
Ripple XRP achieved a significant win in its SEC lawsuit as the judge ruled it as not a security. Sales to institutional investors were deemed problematic, but offerings to retail investors on exchanges were considered acceptable.
Ripple Applies for UK Crypto License
Ripple, the payment protocol company, has recently taken significant steps in its expansion efforts by applying for a registration as a crypto asset firm with the United Kingdom’s Financial Conduct Authority (FCA).
This comes on the heels of a partial victory against the United States Securities and Exchange Commission (SEC) over the classification of its XRP token as a security.
Indonesia Launches Its Crypto Exchange
Indonesia has launched its anticipated Cryptocurrency exchange, which has been in the books since last year. Baappebti, the country’s trade regulatory body announced this on 20th July alongside the formation of a futures clearing house.
It has been reported that Bappebti would restrict cryptocurrency sales to local transactions while keeping them in line with international market developments. Licensed traders will have one month to join the exchange.
Dormant Bitcoin Wallet Wakes Up After 11 Years, Transfers $30M+
On July 22, an inactive Bitcoin wallet holding 1,037 BTC worth $31 million at the time suddenly became active after 11 years. The entire stash was transferred out at a Bitcoin price of $29,956 during block height 799701 at approximately 10:51 am UTC. This means at the time; the stash was only worth around $5,108.
