Everything in view: The most important crypto news of the week
Bitcoin purchase rumours from Twitter; Cardano mutates into multi-asset network; Fynn Kliemann auctions music as NFT; Ripple CEO with new move and multi-million scam on Binance Smart Chain.
Another exciting week in the crypto space is drawing to a close. A compact overview of the most important events around Bitcoin and Co.
Deal worth billions ahead: Will Twitter become a Bitcoin whale?
Rumours are growing that the short message service Twitter could enter the annals of the Bitcoin standard as the next listed company. This is because, as the company announced in a press release on 1 March, Twitter is issuing US$1.25 billion (USD) worth of corporate bonds due in 2026. According to the company, only institutional investors can Bitcoin Millionaire participate in the capital increase. The bonds are so-called convertible senior notes.
This means that investors can also exchange the securities for Twitter shares or cash before they mature. The company still wants to announce the interest rate. However, it is unclear whether Twitter will really get into Bitcoin. However, part of the proceeds of the 1.25 billion offering will be put into „general corporate purposes, including capital expenditures, working capital and potential acquisitions“. So this is where a BTC investment would be conceivable.
Cardano mutates into a multi-asset network
The Cardano network has taken a significant step towards becoming a multi-asset network with its next hard fork („Mary“). As part of the Goguen rollout, Mary enables the creation of tokens and smart contract applications on the blockchain for the first time. Specifically, users will be able to set up native tokens as well as smart contract applications on Cardano. In this way, the developers are creating the basic framework for a broad DeFi architecture, which is challenging the supremacy of the Ethereum network and also the upstart Binance Smart Chain (BSC), particularly through low fees.
But even though Mary represents an important milestone, Cardano is still at the beginning of the road to a multi-asset environment. Already last July’s hard fork Shelley, with the introduction of staking rewards, was seen as an important door opener for the decentralisation of the network. Now Mary is building on that foundation. But Cardano has not yet reached its goal. With Mary, Cardano is currently in the third of a total of five development phases.
NFT premiere: Fynn Kliemann auctions off crypto music pieces
Fynn Kliemann is a YouTuber, musician and Netflix protagonist. But the trained web designer is also a fan of decentralised crypto technologies. Now Kliemann offers parts of his music as NFT. With Jinglebe, the musician is launching his own NFT sale on Rarible. The concept: from 100 individual and unique jingles, interested parties can choose the one that suits them best, place an offer and, if the sale is successful, call the corresponding NFT their own in the future. The respective jingles are mapped on the Ethereum Blockchain and are tailor-made for every mood. In addition to dreamy „Daydreaming“ or „Layback“ motifs, the portfolio also has a treat in store for Hodler. With „To the Moon“, Bitcoiners get the right melody when the cryptocurrency storms to a record high once again. Fynn Kliemann gave BTC-ECHO an insight into his project.
Ripple CEO Brad Garlinghouse with a new move
The billion-dollar legal battle with the Securities and Exchange Commission (SEC) is going into the next round. Ripple CEO Brad Garlinghouse seems to be playing with the idea of going on the offensive. His lawyers have now written a letter to federal judge Analisa Torres in which they signal the manager’s intention to dismiss the lawsuit filed against him by the US Securities and Exchange Commission in December. This document can be viewed on Ripple’s homepage. In doing so, the defenders argue that even the SEC’s already amended complaint amounts to „regulatory overreach“. The SEC ignores „the economic realities“ of the XRP sales in question. Garlinghouse’s lawyers, meanwhile, argue that it cannot succeed in proving sufficient intent or knowledge of wrongdoing.
Alleged multi-million scam on Binance smart chain
According to consistent US media reports, the DeFi project „Meerkat“ allegedly committed multi-million dollar fraud on the Binance Smart Chain. On the morning of 5 March at 10:00 Central European Time, the company reported in its Telegram group that it had been the victim of a hack – one day after it had joined the BSC. As a result, 13.96 million BUSD and 73,653 BNB tokens disappeared from the platform. Together, this amounts to a total loss of 31 million US dollars.
Now the suspicion is being raised that Meerkat itself could be behind the attack. This was shown by on-chain data. According to this, the attackers used Meerkat’s own developer accounts to make changes to the smart contract. This accusation is strengthened by the fact that the crypto project cut all connections to its social channels shortly after the tokens disappeared. For example, the Twitter account is offline and the website is for sale for US$10,000. The company seems to have lived up to its name and literally disappeared into the hole in the ground.