Market update

Cointree Crypto Market Update - August 14th 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$91,331, moving +6.26% at the time of writing. Meanwhile, Ethereum ends at AU$4,8070 moving +8.42% week-on-week. On the Altcoin side, Solana is steadies with a -1.72% change, Cardano +0.43%, and Pepe +4.19%.

🗞 What’s happening in the news?

As the market recovers from last week's blood bath, news in the world of crypto is still as busy as ever. Here's whats been going on this week in crypto...

💸 Canadian Exchange Gambles Away $14.6 Million of Customers’ Bitcoin and Ether

In a shocking revelation, the founder of the now-defunct Canadian crypto exchange, EzBtc, was found guilty of defrauding customers of approximately $14.6 million (AUD). The British Columbia Securities Commission uncovered that David Smillie, the man behind the exchange, diverted 935 Bitcoin and 159 Ether from customer funds—nearly one-third of all assets on the platform. These funds were used for personal indulgence, including gambling on sites like CloudBet and FortuneJack.

“We find that in aggregate, 935.46 Bitcoin and 159 Ether were transferred by ezBtc to Smillie’s exchange accounts and/or to CloudBet and FortuneJack,” the panel disclosed.

The consequences for investors were severe, as the platform went offline in 2019, leaving customers unable to withdraw their assets. Sanctions against Smillie are expected by September 24th, and they may include hefty fines and bans on market participation.

🏦 Australian Jailed After Accidentally Receiving AU$10.47 Million from Exchange

Imagine waking up to find $10.47 million accidentally deposited into your bank account. It sounds like a dream, but for Jatinder Singh and his partner, it quickly turned into a nightmare. The couple received the windfall due to a clerical error from Crypto.com when Singh attempted to deposit $65 USD into his account.

What followed was a flurry of spending—luxury goods, property in Melbourne, and even a $1 million gift to a friend. But the joyride didn’t last long. Crypto.com and Commonwealth Bank quickly caught on and attempted to reclaim the funds. Singh, however, ignored these efforts, mistaking them for scams. By the time authorities stepped in, much of the money was gone.

“At least reckless,”

said Judge Martine Marich during sentencing, highlighting the gravity of Singh’s actions.

Singh is now serving a three-year sentence, and his partner Manivel was also sentenced but has since been released under community corrections.

🕹️ Hamster Kombat Turns Down Venture Capital Amid Web3 Gaming Success

If you haven’t heard about Hamster Kombat yet, here’s a quick rundown: imagine a game where hamsters battle it out in an arena, using crypto-tech, and attracting millions of players worldwide. Yes, it’s as wild as it sounds, and it’s making serious waves in the Web3 gaming community.

With over 300 million users, Hamster Kombat has shattered records, but what’s even more impressive is its commitment to players. The team behind the game recently turned down multiple offers from top venture capital firms, choosing instead to focus on delivering a meritocratic experience.

“We’ve turned down every single one [of the VC offers] to ensure that our players remain the primary beneficiaries of our success,” said the Hamster Kombat team.

The developers are also teasing what could be the “largest airdrop in crypto history,” with 60% of the upcoming HMSTR token reserved for players. But with great success comes great responsibility—Hamster Kombat has also become a target for scammers. Fake HMSTR airdrops and phishing attacks have plagued the community, prompting the developers to issue warnings on Telegram.

So, whether you’re a seasoned player or just hamster-curious, keep an eye out for the official HMSTR token launch and be wary of too-good-to-be-true offers!

📖 What we’ve been reading

Senate proposal for crypto tax exemption is long overdue

“Four senators are fighting to exempt low-value crypto transactions from federal taxation. Congressional approval for their proposal is long overdue.”