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Winklevoss and Gemini Threatens to Sue DCG

Winklevoss and Gemini Threatens to Sue DCG

Uncover Winklevoss' billion-dollar ultimatum to DCG, BTC forming a 'Bull Flag,' and Ethereum-based NFTs by Credit Suisse.

Hello everyone! Welcome to another edition of the Datawallet newsletter. On the 4th of July, as usual, we will be covering news from the crypto sphere, so regardless of your knowledge level, we’re sure you will find something interesting in our newsletter. So, read on!

Today’s drop will cover these key daily news items:

Winklevoss and Gemini threatens to sue DCG

On Monday, Cameron Winklevoss issued an ultimatum to Barry Silbert in a public letter shared on Twitter, cautioning him of potential legal action against both Silbert and his company, Digital Currency Group, if they fail to reach an agreement by 4 pm ET on July 6.

The proposed settlement from Winklevoss entails a cumulative payment of $1.465 billion. This amount is expected to come from the insolvent lending division of DCG, Genesis, and will be paid in installments at varying times, including a forbearance payment due on July 21. The payments will be made in BTC, ETH, and U.S. dollars.

In the letter, Winklevoss stated explicitly, "I want to make it clear that your time of playing games has ended. Not only have you prolonged the settlement, but you have also escalated professional fees to over $100 million, which has been paid to lawyers and consultants at the cost of creditors and users of Earn."

Luminex introduces a new BRC-69 standard

Luminex, the launchpad for Bitcoin Ordinals, has unveiled a groundbreaking BRC-69 standard for the development of Recursive Ordinals. 

Recursive Ordinals is an advancement of the Bitcoin Ordinals idea, which allowed users to fully record files on the Bitcoin blockchain. Nevertheless, the present Ordinals protocol is capable of accommodating 4 MB of data on its network.

Bitcoin forming a 'Bull Flag' on price

"Bitcoin is currently in a phase of assimilating its earnings, potentially forming a bullish flag which would be confirmed if there's a breakout above the weekly [Ichimoku] cloud around $31,900," was the message conveyed by analysts at Fairlead Strategies, a technical analysis research firm, to their clients on Monday. The bull flag is made up of a pole and a flag. The pole corresponds to the initial price surge, while the flag denotes the ensuing consolidation due to a temporary depletion of bullish momentum and lack of significant sell-off pressure.

Credit Suisse issues Ethereum NFTs

Credit Suisse, a banking establishment, has collaborated with the Swiss Football Association to release non-fungible tokens (NFTs) on Ethereum, aimed at backing the women's team. 

The NFTs, accumulating to 756, will correlate with digital art depictions of players from the Swiss women's national football squad. Taurus, a digital asset venture funded by Credit Suisse, has provided assistance with the infrastructure.

Poly Network hacked again

Poly Network, a well-known cross-chain bridging protocol that endured the second biggest DeFi breach ever recorded, was once again compromised on Sunday. A hacker pinpointed a weakness in Poly Network's contract that permitted them to generate what appears to be an endless quantity of tokens, inclusive of 10M BUSD and nearly 10M BNB tokens on Metis, close to 100T SHIB on Heco, and a range of tokens on Polygon, Avalanche, and BNB Chain.

Other breaking news

  • Archway L1 official goes live
  • stUSDT launches as the first RWA platform on Tron.
  • Yearn preparing for yETH launch
  • SwissOne IOTA Shimmer Opportunities Fund launched
  • Voyager creditors billed $5.1 million

Wrapping up

That’s all for today! Poly network suffers its second hack, while Winkelvoss look to sue the Digital Currency Group. Credit Suisse issues NFTs, and BTC is apparently forming a bull flag, as seen on the charts. Stay informed and ahead of the game with our daily crypto scoop. See you tomorrow!