Craig Wright At It Again, Crypto Exchange Cobinhood Alleged Of Exit Scam And Tether Controversy Continues- The Crypto2Cash Chronicle
Today’s most important, market moving and interesting crypto news brought to you by the Crypto2Cash Team
Craig Wright At It Again
Craig Wright has once again managed to anger the cryptocurrency world as a collective. This time, the controversial early crypto adapter decided to try and patent the whole Bitcoin Whitepaper. Wright is planning to assign the copyright registration to the Bitcoin association, a global industry organization that supports Bitcoin SV. While registration does not directly imply ownership, it means that, if granted, it can be used for lawsuits associated with ownership. However the copyright office does not investigate the validity of claims, meaning that literally anyone could also file for the Bitcoin Whitepaper. After the announcement, the price of Bitcoin Cash skyrocketed and on some exchanges saw gains of over 100 percent. Since then it calmed down and the price is currently up by a little under 70 percent.
Crypto Exchange Cobinhood Alleged Of Exit Scam
Cobinhood, a well known Taiwanes crypto exchange, that recently filed for bankruptcy, is now being alleged of running an exit scam. The news comes, just a month after the exchange’s associated company, the Dexon Foundation, raised $3.5 million for their DXN Token. On May 20, investors should have received their bought tokens, however this never happened and the company dumped a large amount of their own tokens, causing the price to flash crash by over 60 percent. After news of this hit, the exchange’s native token COB also crashed by over 50 percent.
Tether Controversy Continues
According to a court transcript obtained by “The Block”, Tether has admitted to investing some of their Fiat reserves into Bitcoin and “other assets”. Not only is this controversial because the company once said that it only invested in cash reserves, it also doesn’t seem add up with the business model of the company. Tether once was created to protect cryptocurrency users from the volatility of the assets, by providing a stable digital currency. To then go out and invest some of your cash reserves into Bitcoin, one of these volatile assets, is very risky and illogical and this could further damage the repute of the company.
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