JP Morgan says to dump crypto, Colorado gas companies are mining Bitcoin and Crypto.com issues $10 million refund by mistake. These stories and more this week in crypto.
JPMorgan Strategist Bearish on Crypto
David Kelly, JPMorgan’s chief global strategist, says investors should sell their crypto, according to a new Bloomberg report. Kelly is convinced that the persistence of the US Federal Reserve will mean more problems for digital assets, expecting more volatility and a high risk of recession.
Colorado gas companies are mining Bitcoin
Colorado Sun reporter Mark Jaffe has found numerous Colorado oil and gas companies that are teaming up with miners to use excess energy to mine bitcoins. There are at least half a dozen refiners using gas-to-bitcoin torsion mitigation systems in the natural gas-rich state of Colorado, even though the state’s regulatory watchdog has banned natural gas torsion in the past
Saylor is facing a tax fraud lawsuit
Michael Saylor, a prominent Bitcoin advocate, is facing a tax fraud lawsuit. The District of Columbia Attorney General announced a lawsuit against Saylor alleging that he illegally avoided $25 million in taxes by posing as a resident of other jurisdictions, specifically Florida, which has zero income tax staff The lawsuit also named Saylor’s company, MicroStrategy, as a defendant for allegedly conspiring to help Saylor.
Celsius is looking to reopen withdrawals
Court documents show Celsius wants to deliver about $50 million in funds to select customers. The debtors’ motion seeks to reopen withdrawals for certain customers with respect to assets held in the custodial program by granting the lien release. Celsius filed for bankruptcy on July 13, after the company stopped all account withdrawals a month earlier.
Facebook to support NFTs
Less than a month after expanding its NFT functionality on Instagram to 100 more countries, Meta has announced that Facebook will now also support NFT. 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.
The Indonesian government plans to establish a crypto stock exchange by the end of 2022. The exchange will include companies in the digital asset industry, including some of the 25 exchanges authorized 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’s Flow blockchain and Dapper Labs now allows event organizers to issue non-fungible tokens (NFTs) before, during and after live events. NFTs will serve as a shareable form of digital memorabilia that offers fans a unique opportunity to extend their live event experience through digital memorabilia.
Crypto.com makes an expensive mistake
Crypto.com is recovering from a costly mistake after accidentally refunding an Australian woman $10 million instead of $100. By the time Crypto.com discovered the bug 7 months later, the lady had already put the money into a multi-million dollar mansion. The exchange now demands the return of the funds.
That’s what happened this week in crypto, see you next week.