Bring Back Tone Vays: Bitcoin volatility, SEC loses in court, PEPE scam
“Bring back Tone Vays” — a news podcast with the ForkLog editors and friends about the main industry events of the week.
The topics for the new episode: sanctions by leading exchanges against Russian citizens, Grayscale’s victory in the case against SEC, the death of the Friends.Tech social network and the drop in PEPE’s price amid scam suspicions.
Participants: Lena Jess, Vasily Smirnov.
Special guest: Gleb Jout, Head of Growth in the CIS region at the Bitget exchange.
Host: Aremefe.
SEC and Bitcoin volatility
On August 29, the U.S. court granted Grayscale Investments’ motion in the case against the SEC, after which the price of Bitcoin rose by almost 6%. Analysts greeted Grayscale’s victory with optimism: Bloomberg valued the probability of approval for spot ETFs at 75%.
The rally proved short-lived: on August 31 the agency postponed decisions on applications to launch spot Bitcoin ETFs, causing a plunge in Bitcoin’s price by 4.6%. The overall drop in Bitcoin’s price for August was 11%.
Against the Commission’s actions, criticism of its chair Gary Gensler has grown louder: in the U.S. Congress proposed to remove the head of the SEC from office.
P2P restrictions for Russians
On August 26, Binance barred Russian citizens from transacting in any fiat currencies other than the ruble.
Last Sunday, August 27, OKX users began to complain about the absence of Sberbank, Alfa-Bank and Tinkoff as payment methods. Later, the ability to P2P-trade through these banks disappeared on other major exchanges, including KuCoin and ByBit.
Friend.Tech update
Less than three weeks after launch, activity metrics for the new Web3 social network Friend.Tech, which we discussed in detail in the previous episode, sharply declined. Community members stated the project’s “death”.
According to the Dune dashboard, the number of Friend.Tech operations declined by more than 90% — from 525,000 to 51,000.
PEPE accused of scam
On August 25, on-chain researchers noted that the multisignature wallet of PEPE multisignature reduced the required confirmations from 5 to 2 and moved more than 15.7 trillion coins to major exchanges. After that, the meme token’s price collapsed by 20%. The sole remaining developer of Pepe reduced to state that the theft of coins worth about $15 million was carried out by three former members of the project team.
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