JPMorgan claims crypto, Colorado gas companies are mining bitcoin, and Crypto.com mistakenly refunds $10 million. These stories and more this week in crypto.
JPMorgan Strategist Bearish on Crypto
David Kelly, chief global strategist at JPMorgan, says investors should sell their crypto, according to a new Bloomberg report. Kelly is confident that the US Federal Reserve’s continued tightening will create more trouble for digital assets and expect more volatility and higher volatility.
Colorado gas companies are mining bitcoin.
Colorado Sun reporter Mark Jaffe has discovered that several Colorado gas and oil companies are partnering with miners to use bitcoin for mining power. There are at least a half-dozen refineries in the natural gas-rich state of Colorado that use gas-to-bitcoin flare mitigation techniques, even though the state’s regulator has previously banned natural gas flaring.
Saylor was charged with tax evasion
High-profile Bitcoin proponent Michael Saylor is facing tax fraud charges. The Attorney General of the District of Columbia sued Saylor for illegally evading $25 million in taxes, claiming that residents of other states, such as Florida, owed personal income taxes. The indictment also names Saylor’s company MicroStrategy as a defendant, accused of conspiring to help Saylor.
Celsius wants to reopen the exit
Court documents show Celsius is seeking to release nearly $50 million to select customers. The debtors’ petition seeks to reopen withdrawals by granting deposit relief to certain customers with assets held in the protection program. Celsius filed for bankruptcy on July 13, after the company temporarily suspended all accounts receivable a month earlier.
Facebook to support NFTs
Less than a month after expanding its NFT functionality on Instagram to 100 more countries, Meta has announced that Facebook now supports NFTs as well. According to the social media giant, its estimated 2.9 billion users can now link their digital wallets and share their NFTs on the company’s two main social media platforms, Facebook and Instagram.
Indonesia to Establish ‘Crypto Stock’ Exchange
The Indonesian government plans to establish a crypto stock exchange by the end of 2022. The exchange will list companies in the digital asset industry, including some of the 25 exchanges licensed by Indonesia’s financial regulatory authority. The Indonesian government sees the exchange as a way to protect consumers.
Ticketmaster issues NFTs
A new partnership between Ticketmaster and Dapper Labs’ Flow blockchain now allows event organizers to issue non-fungible tokens (NFT) before, during and after live events. NFTs serve as sharable digital memorabilia, giving fans a unique opportunity to extend their live event experience with digital memorabilia.
Crypto.com makes an expensive mistake
Crypto.com is reeling from a costly mistake after it accidentally returned $10 million to an Australian woman instead of $100. When Crypto.com discovered the error 7 months later, the woman had put the money into a multi-million dollar house. The exchange is now suing her for a refund.
That’s what happened in crypto this week, see you next week.