Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Logan Paul Sues Coffeezilla: Influencer Logan Paul has filed a defamation lawsuit against Stephen Findeisen, known as Coffeezilla, over claims about his failed CryptoZoo NFT project. Filed on June 27 in a San Antonio, Texas District Court, the suit alleges that Coffeezilla published false statements accusing Paul of operating a scam.

2. Biden-Trump Debate: Crypto Unmentioned: In the first debate between President Joe Biden and Donald Trump on June 27, cryptocurrency was notably absent from the discussion. Despite significant financial influence from the crypto industry in the election cycle, neither candidate mentioned crypto during the 90-minute debate.

3. 📈Technical Analysis Masterclass - Meme coins can be extremely volatile, and their prices often fluctuate based on market sentiment rather than fundamental value. Watch UseTheBitcoin’s latest Youtube video “Book of Meme (BOME): Is it Still Safe to Buy Now?“ to learn more about BOME or join our Official Discord Channel for more alpha!

4. Coinbase Won't Handle AI Token Merger ASI: Coinbase announced it will not facilitate the upcoming token merger for the Artificial Superintelligence Alliance (ASI), requiring users to manage the process independently.

5. CoinStats Hack Cause: CoinStats recently experienced a hack affecting 1,590 crypto wallets, attributed to a socially engineered attack on an employee. The hack, discovered on June 22, led to a loss of $2 million. The attacker compromised the company's AWS infrastructure through malicious software. CEO Narek Gevorgyan expressed empathy for affected users and assured support for victims.

6. 💡Feature of the Day - Worldcoin’s World ID Expands to Solana: Worldcoin’s World ID will expand to the Solana blockchain, facilitated by a $70,000 grant to Wormhole Labs from the Worldcoin Foundation.

   
   All this and more in today’s headlines!

📰 News Highlights:

Logan Paul Sues Coffeezilla [Source][Source]

Influencer Logan Paul has filed a defamation lawsuit against Stephen Findeisen, known as Coffeezilla, over claims about his failed CryptoZoo NFT project. Filed on June 27 in a San Antonio, Texas District Court, the suit alleges that Coffeezilla "maliciously and repeatedly" published false statements accusing Paul of operating a scam with CryptoZoo.

Coffeezilla's series of YouTube videos, starting in late 2022, described CryptoZoo as "Logan Paul’s biggest scam," suggesting Paul defrauded his fans by failing to deliver on promises related to the project.

Paul argues that Coffeezilla intentionally omitted critical information that demonstrated his commitment to CryptoZoo’s success. According to Paul, he was deceived by trusted advisers who turned out to be conmen.

The lawsuit mentions Eduardo “Eddie” Ibanez, who allegedly lied about his credentials, and adviser Jake Greenbaum, who reportedly prioritized personal profit over the project's integrity. Paul initially considered suing in late 2022 but chose to focus on a $1.5 million recovery plan for CryptoZoo. After these efforts failed, Paul bought back NFTs worth $1 million, despite not earning from the project.

Seeking damages exceeding $75,000 plus interest and legal fees, Paul’s lawsuit aims to hold Findeisen accountable for harming his reputation.

Biden-Trump Debate: Crypto Unmentioned [Source][Source][Source][Source]

In the first head-to-head debate between U.S. President Joe Biden and presidential hopeful Donald Trump on June 27, cryptocurrency was notably absent from the discussion. Despite the crypto industry's significant financial influence in the current election cycle, neither candidate mentioned crypto during the 90-minute CNN-hosted debate.

The debate covered topics like the economy, abortion rights, immigration, and foreign policy, as well as the candidates' ages and mental capabilities.

Crypto lobbyists have raised millions this election cycle, with three crypto-backed super political action committees (PACs) collectively raising $202.8 million and spending $93.6 million to influence the 2024 elections.

Trump has pledged to end Biden's alleged "war on crypto" and has shown support for Bitcoin miners. Meanwhile, Biden has been perceived by some industry insiders, like Kraken CEO Dave Ripley, as softening his stance on crypto.

However, regulatory actions by Biden's administration have been criticized by others in the crypto community.

📈Technical Analysis Masterclass:

Book of Meme (BOME): Is it Still Safe to Buy Now?

The Book of Meme (BOME), a token on the Solana blockchain, has gained attention from investors and meme enthusiasts. However, its current price action and resistance levels raise questions about whether it is still a safe buy.

Current Market Analysis

• Resistance Levels: BOME is encountering resistance, indicating potential downward price movements. Buying at high levels may not be advisable as prices could dip without increased buying pressure.

Ideal Buying Range

• Optimal Range: Using Fibonacci retracement levels, the ideal buying range for BOME is between $0.0090 and $0.0097. Waiting for prices to retreat to these levels can enhance the chances of a profitable investment.

• Fibonacci Retracement: This tool helps identify potential support and resistance levels, guiding traders on where prices might reverse.

Support Levels and Moving Averages

• 20-Day Moving Average: BOME is trading above its 20-day moving average, which often acts as dynamic support. This suggests sufficient buying interest to prevent a significant price drop and helps gauge the short-term trend.

Strategic Buying Points

• Target Points: Aim for specific buying points, identified as letters A, C, and E on technical charts, where prices might consolidate and stabilize. This strategy can reduce the risk of buying at a peak and increase the likelihood of benefiting from a price increase.

While BOME offers intriguing opportunities, it comes with significant risks. By waiting for the ideal buying range and monitoring support levels, investors can potentially enter the market at a more favorable time. Prudent risk management is essential due to its speculative nature. Invest responsibly and stay informed about the latest market trends and analysis.

Coinbase Won't Handle AI Token Merger ASI [Source][Source][Source]

Coinbase has announced that it will not facilitate the upcoming token merger for the Artificial Superintelligence Alliance (ASI), requiring users to manage the process independently. The ASI merger involves combining the tokens of Ocean Protocol (OCEAN), Fetch AI (FET), and SingularityNET (AGIX).

Although mechanisms for swapping tokens will be available, Coinbase users will need to use a self-custody wallet, such as Coinbase Prime Web3, to migrate their tokens.

Coinbase's decision comes as the ASI Alliance prepares to finalize the merger on July 1, after an initial delay from June 13. Despite Coinbase's non-participation, trading support for FET and OCEAN will continue until further notice.

The merged token, FET, will become the official ASI token, with OCEAN and AGIX being phased out. Fetch AI CEO Humayun Sheikh confirmed that the merger would proceed as planned and reassured users of a seamless transition.

CoinStats Hack Cause [Source][Source]

CoinStats recently experienced a hack affecting 1,590 crypto wallets, which was attributed to a socially engineered attack on an employee. The hack, discovered on June 22, led to a temporary suspension of services and resulted in a loss of $2 million.

According to CEO Narek Gevorgyan, the attacker compromised the company's AWS infrastructure through malicious software downloaded by an employee.

Social engineering is a tactic where hackers manipulate individuals into divulging confidential information or performing actions that compromise security. While CoinStats has not explicitly promised refunds for all affected users, the company is conducting a thorough investigation and plans to provide a detailed action plan soon.

Gevorgyan expressed empathy for those who lost money and assured that CoinStats would support the victims.

💡 Feature of the Day: 

Worldcoin’s World ID expands to Solana [Source][Source]

Worldcoin’s World ID will expand to the Solana blockchain, facilitated by Wormhole Labs, which received a $70,000 grant from the Worldcoin Foundation. Worldcoin, co-founded by Sam Altman, gained significant attention last summer, with rapid user enrollment.

The Worldcoin Foundation has launched a grants program worth $830,000 in WLD tokens to fund various projects, including this integration with Solana.

World ID is central to Worldcoin, using biometric data to verify users' identities. Users receive an IrisCode by scanning their eyes with Worldcoin’s Orbs, proving their “personhood” and ensuring they are not robots.

This system is designed to counteract the rise of artificial intelligence (AI). Verified users can access the World App, which allows for private data sharing and functions as a crypto wallet for Bitcoin, Ethereum, and USDC.

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com