The crypto market is always changing, and it can be hard to keep up without proper information. So, check out this daily crypto digest update!
Prices can go up and down, and news can be confusing.
But don’t worry anymore. Our daily crypto digest is here to help.
We break down the latest news and trends, so you know what’s happening.
Stay informed and make better decisions with the updates below.
Daily Crypto Digest: Summary of the Market
- The government of Argentina is working with El Salvador to learn from its experience with Bitcoin and other cryptocurrencies. Argentina hopes to understand the benefits and challenges of using Bitcoin on a national level.
- A private investigation found that FTX’s lawyer didn’t know the company was in big financial trouble before it went bankrupt.
- American media figure Caitlyn Jenner posted on X about a crypto asset called “JENNER”. This makes people wonder if someone has hacked the X page.
Argentina Plans to Follow El Salvador’s Footstep in Bitcoin Acquisition
In the latest happening in the crypto market, Argentina is teaming up with El Salvador to gain insights into Bitcoin and other digital assets.
Source: Argentina.gob
Argentina’s CNV announced that it held a meeting with El Salvador’s National Commission of Digital Assets (CNAD) to discuss cryptocurrency adoption and regulation.
During the meeting on May 23, CNV president Roberto Silva, and two other important persons talked about El Salvador’s decision to use Bitcoin as the official currency.
They discussed how El Salvador was the first country to do this and what they learned from the experience.
Also, they shared their experiences and strategies for using cryptocurrencies in global economies, paying special attention to El Salvador’s Bitcoin journey.
In a related development, Argentina’s foreign affairs minister, Diana Mondino, stated in late 2023 that the government is planning to issue a decree to legalize Bitcoin and other cryptocurrencies.
This collaboration and potential policy shift signify Argentina’s efforts to explore and possibly embrace the use of digital currencies.
Investigation Reveals FTX Lawyer Not Part of Exchange’s Fraud
A recent investigation found that the law firm (Sullivan & Cromwell) that handled FTX’s bankruptcy didn’t know about the exchange’s big fraud before it went out of business.
Former US prosecutor Robert Cleary who carried out the investigation stated that Sullivan & Cromwell made untrue statements about FTX.
According to him, the firm made a false statement because the exchange tricked them into doing so.
When the entire issue escalated, the firm released a press statement:
“Sullivan & Cromwell remains confident in our pre-petition work for FTX and the commencement of the Chapter 11 cases, and we welcome the examiner’s findings to date rejecting various baseless allegations about our work for FTX.”
In addition, Sullivan & Cromwell face criticism from FTX creditors for overseeing the bankruptcy proceedings.
Crypto Influencers Fall Victim to Widespread X Account Hacks
Most crypto influencers and famous people got their accounts hacked recently.
These hacked accounts were used to promote different digital assets, including well-known ones like Luna2 and ORDI, as well as new ones based on celebrities.
One of the people who got their account hacked is Gigantic-Cassocked-Rebirth (GCR).
GCR is known for making smart trades and having unique strategies in the world of cryptocurrency.
GCR’s X account got hacked on May 26. The particular post about ORDI and Luna2.0, made their prices go up by 6% and 274%.
But, GCR’s hack is just one part of a bigger attack on celebrity accounts, as the crypto community has warned.
Further, the account of US rapper Rich The Kid (Dimitri Leslie Roger), with 2.3 million followers, was also compromised.
Notably, this X account was used to promote a new token called “RICH,” that is launched on the Solana memecoin creator tool, pump.fun.
Simultaneously, a newly created memecoin named “JENNER” was promoted through the hacked X account of US media personality Caitlyn Jenner.
According to data from DEX Screener, the coin that was launched only eight hours ago, already amassed an impressive $27.1 million market cap.
This widespread hack has raised concerns within the crypto community about the security measures in place for high-profile accounts.
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