The Capital
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The Capital

Weekly Crypto News Digest: TON Investors Looking to Sue the Project, the Post-Halving Value of BTC May Change Market Dynamics, Visa Patenting a Digital Dollar Blockchain with the USPTO

By SwapSpace on The Capital

TON — Pavel Durov’s ambitious crypto-project — announced that it was discontinuing all operations early last Tuesday. Investors were given two options: recover only 72% of their investment straight away (according to an amendment signed in 2019) or lend the money to Telegram for another 12 months and get as much as 110% by next April.

Most investors are, understandably, unhappy with this offer. Although the company spent around $400 million developing the blockchain and the Telegram app, the investors had not received any profit from these expenditures. Vladimir Smerkis, head of Tokenbox and one of TON’s investors, said that as many as half of the other lenders may currently be considering taking Durov to court.

Despite the growth after BTC halving, current BTC prices may not be sufficient for smaller miners

Even with the world’s biggest crypto trading at a whopping $9500 after its third halving, some less-efficient miners may not be getting enough in rewards to continue their operations.

The reward for generating new Bitcoin was cut to 6.25 BTC, making the business of running mining hardware much less profitable than it previously was. Miners leaving the now unprofitable business after a 50% pay cut can and will change the dynamics of the market on the whole.

Users have accumulated over 24,000 Bitcoin since the halving

According to Glassnode, traders had withdrawn over $220 million in Bitcoin from exchanges since the May 11 Bitcoin halving.

Current users appear to be losing trust in exchanges and looking to take more responsibility for their assets. Research also suggests that some investors are turning to BTC as a store of value during these financially uncertain times.

Visa filing to license a digital dollar blockchain with the USPTO

Visa has submitted an application to register a digital currency blockchain with the U.S. Patent and Trademark Office (USPTO) this Thursday.

Visa’s international team of developers is working on producing a central entity computer that receives requests that include the serial code and denomination of a physical bill before creating a unit of digital currency. The patent titled “Digital Fiat Currency” will allow to digitize any physical currency of any central bank. This applies to U.S. dollars, pounds, yen, and euros.

An MMM-like Ponzi scheme is congesting the Ethereum blockchain

The Ethereum blockchain is severely obstructed by thousands of transactions all leading to a single address. That address has been linked to MMM Global — a multi-level Ponzi-like scheme that offers users 1% in daily returns on any investment.

The same MMM Global address currently holds over $5.3 million in Paxos Standard, making it the 7th largest holder of PAX coin on the network.

With the network’s transaction count doubling since the beginning of the year and MMM Global consuming 8.5% of daily gas on Ethereum, the network is slowing to a halt and hiking up the costs.

Passionate about crypto and want to get more news on a weekly basis? Join SwapSpace’s blog! News, price predictions, crypto market explained in one place.

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