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Today's Top Crypto Headlines:
Vitalik Buterin Denies Accusations | Brazilian Judge Suspends X | Justin Sun Taunt | Binance Supports Cardano and more...
King Fatrick Gil Añasco
September 02, 2024
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Vitalik Buterin Denies Accusations: Ethereum co-founder Vitalik Buterin has refuted accusations that he sold millions of dollars worth of Ether (ETH) for personal gain.
Brazilian Judge Suspends X: A Brazilian Supreme Court justice has ordered the suspension of X (formerly Twitter) after Elon Musk failed to appoint a legal representative for the platform in Brazil.
Justin Sun Taunt: Tron founder Justin Sun took to social media to taunt critics of his SUN token after it saw a 240% price surge. Sun challenged skeptics by offering to buy as much SUN as they were willing to sell.
💡Feature of the Day - Binance to Support Cardano: Binance has announced its support for Cardano's (ADA) upcoming network upgrade and the Chang hard fork, marking the start of the Voltaire era of decentralized governance on the Cardano blockchain.
All this and more in today’s headlines!
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📰 News Highlights:
Ethereum co-founder Vitalik Buterin has addressed allegations that he sold millions of dollars worth of Ether (ETH) for personal gain.
vitalik.eth(@VitalikButerin) transferred 800 $ETH($2.01M) to a multisig wallet again 40 minutes ago.
The multisig wallet swapped 190 $ETH for 477K $USDC later.
On Aug 9, #Vitalik also transferred 3,000 $ETH($8.04M) to this multisig wallet.
etherscan.io/address/0xfeb0…
— Lookonchain (@lookonchain)
6:33 AM • Aug 30, 2024
On August 30, a crypto community member accused Buterin on X of offloading over $2 million worth of ETH after making a bullish tweet. Lookonchain, an on-chain analytics firm, suggested that a wallet linked to Buterin received 3,000 ETH earlier in the month.
I haven't sold and kept the proceeds since 2018. All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity (eg. biomedical R&D)
— vitalik.eth (@VitalikButerin)
8:40 AM • Aug 31, 2024
Buterin refuted the claims on August 31, stating that he hasn't sold any ETH for personal profit since 2018. Instead, he clarified that all sales were made to fund various initiatives within the Ethereum ecosystem and broader charitable efforts, including biomedical research.
I watched the recent SteadyLads episode with Kain and I have to admit I had no idea that vitamin and the EF dislike DeFi…
It almost feels hard to believe in a sense.
The overwhelming majority of ETH’s value comes from its use as collateral in DeFi, why on earth would you want… x.com/i/web/status/1…
— MilliΞ (@llamaonthebrink)
1:59 PM • Aug 24, 2024
His statement was met with support from the community, with many encouraging him to continue using his resources as he sees fit.
A Brazilian Supreme Court justice has ordered the suspension of X, formerly known as Twitter, after Elon Musk failed to appoint a legal representative for the social media platform in Brazil.
Justice Alexandre de Moraes issued the order on August 30, following through on his earlier warning that X’s operations in Brazil would be halted if Musk did not comply with the directive by August 29.
Soon, we expect Judge Alexandre de Moraes will order X to be shut down in Brazil – simply because we would not comply with his illegal orders to censor his political opponents. These enemies include a duly elected Senator and a 16-year-old girl, among others.
When we attempted… x.com/i/web/status/1…
— Global Government Affairs (@GlobalAffairs)
11:14 PM • Aug 29, 2024
The justice is currently investigating the spread of misinformation during the tenure of former Brazilian President Jair Bolsonaro.
Alexandre de Moraes is an evil dictator cosplaying as a judge.
— Elon Musk (@elonmusk)
12:03 AM • Aug 30, 2024
Musk responded defiantly, with X’s Global Government Affairs team stating that the platform would not comply with what they called Moraes' "illegal orders to censor his political opponents."
Free speech is the bedrock of democracy and an unelected pseudo-judge in Brazil is destroying it for political purposes
— Elon Musk (@elonmusk)
8:56 PM • Aug 30, 2024
Musk has publicly criticized Moraes, labeling him as a "dictator" for his alleged role in political censorship.
Earlier this week we received an order from Brazil’s Supreme Court Justice @alexandre de Moraes that freezes Starlink’s finances and prevents Starlink from conducting financial transactions in that country
— Starlink (@Starlink)
8:23 PM • Aug 29, 2024
Despite the suspension order, Brazilian users reported that they could still access X as of the latest updates.
Tron founder Justin Sun has taken to social media to taunt critics of his newly launched SUN token following a remarkable 240% rally in its price.
For the haters and those who deliberately spread rumors against us, I'll buy as much SUN has you have, right now, at $0.03. Sell me all you want. Then go fk off.
— H.E. Justin Sun🌞孙宇晨(hiring) (@justinsuntron)
5:58 AM • Aug 30, 2024
On August 30, Sun challenged the skeptics by offering to buy as much SUN as they were willing to sell at $0.03, telling them to "go fk off" if they doubted the token's potential.
This bold move mirrors a similar statement made by now-bankrupt FTX founder Sam Bankman-Fried in 2021 regarding Solana (SOL) when its price was just $3.
The SUN token’s price increased to $0.036 as of August 30, representing a year-over-year gain of over 580%.
Sun's post has drawn parallels to Bankman-Fried's famous challenge, which preceded Solana’s meteoric rise to an all-time high of $259 in November 2021.
💡 Feature of the Day:
Binance has announced its support for Cardano's (ADA) upcoming network upgrade and the Chang hard fork, which marks the beginning of the Voltaire era of decentralized governance on the Cardano blockchain.
Originally scheduled for August 27, the upgrade was postponed to September 1 after Cardano founder Charles Hoskinson stated that crypto exchanges, including Binance, needed more time to prepare for the transition.
The magic of deadlines is that people who aren't taking upgrades seriously suddenly say damn we got to get moving. When they get moving, we converge quickly.
It looks like Binance and a few others need more time to get their houses in order, so the rocket is going to wait on… x.com/i/web/status/1…
— Charles Hoskinson (@IOHK_Charles)
3:54 PM • Aug 23, 2024
To ensure a smooth upgrade, Binance will suspend deposits and withdrawals on the Cardano network starting at 20:45 UTC on September 1.
The exchange has assured users that it will handle all necessary technical requirements and will resume operations once the network is stable.
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Jonathan Gibson
UseTheBitcoin.com