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Summary of Past Week Articles September 09, 2022

South Korean drug dealers who used Bitcoin to conduct their business were sentenced to prison:

Following a wave of arrests earlier this month, drug dealers who used dark websites to barter narcotics for bitcoin (BTC) were sentenced to prison and suspended in South Korean courts.

Over 200 people have been arrested in two separate crackdowns, one in Seoul and the other in North Gyeongsang Province. They were detained for buying or selling drugs such as ketamine, cannabis, and MDMA (ecstasy) via the Telegram messenger app, bitcoin wallets, and dark web portals that charge users for their services.

The four were fined up to USD 18,000 and ordered to do 40 hours of community service as lessons on drug therapy.

The court heard evidence that the four utilized dead drop techniques. These are methods of drug trading in which buyers pay for their goods in advance.

Officers believe the operators are related to the Seoul nightclub scene and that they particularly like BTC, which they have allegedly adopted as an unofficial currency.

More arrests are expected in the coming weeks as investigators continue their investigations around the country.

Quentin Tarantino and Miramax Reach Settlement in Lawsuit Over Pulp Fiction NFTs:

Source: Adobe/Kate

The artist and movie production company Miramax have settled a lawsuit launched against Tarantino last year, allowing Tarantino’s excursion into the non-fungible token (NFT) realm. They let the director proceed with an offer of handwritten pages from his 1994 smash Pulp Fiction screenplay and related illustrations.

Lawyers for Miramax and Tarantino filed a notice of settlement in a Los Angeles federal court on September 9, according to legal news site Courthousenews.com.

Last November, the firm sued Tarantino to prevent him from selling movie-related goods as NFTs, claiming that Miramax owns the rights to develop, promote, and sell digital assets related to its film catalog.

The latest notification comes less than a week after the two parties alerted the U.S. According to District Judge Fernando Olguin, a recent mediation session did not result in a settlement.

On the other hand, Tarantino feels that the selling of a unique, scanned screenplay extract fits under his screenplay publication’s reserved rights.

The lawyer explained that because Tarantino is selling a single, unique copy of each NFT in his collection, the question arises as to whether selling a single, unique copy constitutes publishing.

More Defendants Named in Elon Musk’s $258 Billion Dogecoin Lawsuit:

The class action lawsuit against Elon Musk, the CEO of Tesla, accused him of running a pyramid scheme to promote Dogecoin (DOGE), was amended this week to include more defendants and plaintiffs.

According to a court filing in the case, seven new angry investors have joined the action, and six new defendants have been added to the list of those charged.

The New England-based electrician claims he is suing Musk and his companies for $258 billion in damages on behalf of investors who have lost money by investing in DOGE since April 2019.

The damages he seeks are determined by tripling DOGE’s all-time high market capitalization of $86 billion in May 2021, when Elon Musk appeared on NBC’s Saturday Night Live Show to discuss Dogecoin.

Despite the lawsuit, Musk remains committed to the Dogecoin blockchain network.

According to CryptoRank, DOGE is currently trading at roughly $0.063.

Bitcoin price rises back to $21,000 as whales make moves and the dollar falls:

The bitcoin price is nearly 8.6% today to $20,963, dragging up the rest of the crypto complex.

Today, ETH has already traded as high as $1,714 and is currently trading at $1,699, up 4.8% in the last 24 hours.

Globally, if the green wave in the Asian stock session continues into the U.S. open and close later today, it will be the first positive week for global equity prices in four.

In that sense, the latest is fund manager Franklin Templeton. However, this follows news today that Singapore’s Whompoa Group is also opening up to crypto, as DBS said earlier this week that it was granting access to digital assets to its wealthiest 300,000 clients.

To summarize the analysis above, the standout data point relates to the U.S. dollar, where we see dollar weakness correlating with bitcoin crypto strength, as the Bloomberg chart shows.

Also, as we reported earlier this week, open interest in crypto futures is rising, particularly in Ethereum, which saw volumes surpass bitcoin for the first time.

But in the BTC perp futures market, we see determined bullish action today, as Kaiko analyst Riyad Carey has pointed out. 

We should also consider how 1k bitcoin whales have been distributing to exchanges since the Luna collapse and how that aligns with local tops.

Bitcoin Skeptics Warn BTC Owners to Jump Ship Before Impending Crash:

Euro Pacific Asset Management’s founder, chief economist, and global strategist, Peter Schiff, has warned investors to sell their Bitcoin holdings (BTC).

The long-time gold-bug and Bitcoin critic turned to Twitter to declare that Bitcoin is a sinking ship and should be abandoned before the bottom crashes.

According to Schiff, the fact that Bitcoin has been trading near $20,000 for the previous 12 days should not confuse investors into assuming that BTC has struck a bottom.

For the previous 12 days, Bitcoin has been trading near $20,000.

As he pointed out in a Tweet, abandoning ship before the bottom falls out is better.

Meanwhile, the price path of Bitcoin in 2022 has provided more reasons for its detractors to be dubious.

NFT Projects’ Discord Servers Are Constantly Hacked – Here’s Why:

In a recent development, non-fungible token (NFT) fraud watchdog Rug Pull Finder (RPF) was successfully targeted by a smart contract exploit that allowed two people to take more than 450 NFTs.

RPF supports its customers, including services linked to the social media site Discord, which hackers increasingly use to steal digital assets. 

They have struck an arrangement with the wallets that used the contract, agreeing to pay them 2.5 ETH to buy the remaining 366 NFTs.

For some consumers, the latest development calls into doubt the value and quality of RPF’s services.

As per a report by blockchain intelligence startup TRM Labs, an analysis of recent breaches targeting NFT projects via Discord shows that many of them are part of a more significant sequence of attacks.

Such attacks have been rising recently, with the entire NFT community losing USD 22 million between May and late July 2022.

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