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5,000 Bitcoin 7 to 10 Years Old On The Move – Here Are The Possible Implications

Mark Brennan
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5,000 Bitcoin 7 to 10 Years Old On The Move – Here Are The Possible Implications

 

Dormant Bitcoin of over seven years is on the move for the fourth time this year.


 

Crypto analysis firm, CryptoQuant, in its on-chain analysis Quicktake, shared today, reveals that 5,000 BTC with an age of approximately 7 to 10 years was spent in a single block, noting that this move could lead to further downside or consolidation in the market.

As highlighted by CryptoQuant, it bears mentioning that this is the fourth time such a transaction has happened this year. Notably, there was a Bitcoin price correction each time, with the price ranging for a month first before moving lower after a similar transaction in May.

According to the analysis, on 29 March, 10,328 BTC were moved from a static address. At that time, BTC Price was trading at $47700. Later, this movement proved that Bitcoin was at a local high, resulting in a retrace.

Maartun, the CryptoQuant Analyst, compares the latest 5k BTC transaction that happened yesterday, 28th august, to May, which saw 2,800 BTC moved. However, the author notes that, unlike the transaction in May, the latest transaction has not been sent to an exchange. Notably, at press time, a poll by CryptoQuant reveals that 92% of investors see the news as bearish.

“… it’s hard to say what impact it will have on the market. It is definitely not a bullish sign, but I’m not sure if we will see further downside or just consolidation,” CryptoQuant analyst Maartun writes.

On 20 July, 1,105 BTC were moved by the dormant address.

Weekend Panic

It is worth noting that the crypto markets had a rough weekend, first showing signs of significant weakness after Fed chair Jerome Powell revealed plans to continue to raise rates. Additionally, rumors that the now-defunct Bitcoin exchange Mt. Gox was preparing to release about 137k BTC into the markets in client repayments further heightened the market panic.

For the uninitiated, Mt. Gox, over a decade ago, was a leading crypto exchange that handled 70% of all Bitcoin transactions over a decade ago. However, it all came crashing down when the exchange lost about 850k BTC in a hack in 2014. As part of a lengthy legal procedure to repay creditors, with about 140k BTC recovered, Nobuaki Kobayashi, the rehabilitation trustee, revealed in July that preparations are being made to repay creditors, giving the end of August as a tentative date for payments to kick off.

The potential release of such a large cache of Bitcoin has made the markets uneasy. The prevailing speculation is that the creditors are likely to sell their holdings as their original investments in 2014 have grown about 42x at current prices. However, one of the creditors, Eric Wall, has noted that the rumors of the repayments are false, noting that the repayments system has not been launched yet.

Market Outlook

It is worth noting that, as highlighted by CryptoQuant going into the weekend, Bitcoin is once again below its realized price of $21,700. While the analytics firm notes that it is a good zone for accumulation, it warns that the market is yet to form a bottom as certain, albeit positive, metrics are yet to mature.

Meanwhile, Santiment Feed noted that we could see a market bounce as shorts pile up. 

Bitcoin is trading at the $19,783.30 price point, down 1.08% in the last 24 hours and 7.79% during the previous seven days.

 

Partisia Blockchain Foundation Shows Momentum With Polygon Integration, New COO

Andrew MacGill
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Partisia Blockchain Foundation Shows Momentum With Polygon Integration, New COO

Partisia Blockchain Foundation brings multi-party, zero-knowledge computation to Polygon via its unified smart contract-technology, enabling developers to build new blockchain-based use cases. This comes on the heels of its appointment of former Cardano Foundation executive, Hinrich Pfeifer, as COO.

Partisia Blockchain Foundation, an independent non-profit supporting the development of the world’s ultimate zero-knowledge blockchain, announced the completion of its Mainnet v3.0 integration into Polygon, an Ethereum scaling protocol onboarding millions to web3. The completion came just days after it announced its appointment of Hinrich Pfeifer to the position of Chief Operations Officer.

Existing smart contracts, starting from the very first smart contract in 2009 with the launch of Bitcoin, have been isolated into two separate and vastly different types —public and private— limiting the expansion of blockchain applications. The more common type, Public, or visible, smart contracts provide weaker privacy posing a problem for use cases that require maintaining discreet health or financial records. Whilst, private smart contracts protect against outside interference or malicious activity, but they cannot be easily audited or verified by third parties.

The Foundation’s mainnet v3.0 integration unlocks Partisia’s privacy-preserving computation infrastructure and a new type of smart contract — allowing Polygon developers to build use cases that require data confidentiality and privacy while using a public blockchain.

“This technology will drastically transform the way businesses and individuals interact with each other,” said Brian Gallagher, Co-Founder of Partisia Blockchain.

This technology, leveraging Partisia Blockchain’s unified private and public smart contracts and zero-knowledge multi-party computation, is certain to play a role in the industry’s future as developers gain the potential to build hundreds of Polygon-powered use-cases. This opens the door to numerous opportunities, including:

  • Management of private documents and contents – The ability to keep aspects of the contract private while still allowing for public verification is crucial in cases such as medical and health data, financial identity or credit scores etc.
  • Decentralized search engines – Today, advertising-based search engine models expose users to a bad experience, and to the risk of falling victims to click-bait, fake news, scams, and other malware. As an alternative, the “Better Internet Search” initiative has integrated Partisia Blockchain’s unified smart contract to serve a new, ads-free experience, and produce search results without collecting users’ private data. Encrypted data never gets decrypted, and any product information provided has been computed with MPC to be as relevant to the user’s experience without personal data ever being decrypted – this is the power of zk computation.
  • Monetizable data on decentralized social networks – In the short run, the better data protection of zero-knowledge MPC makes use of users’ most valuable but sensitive data in a sound and regulatory-compliant way. In the long run, this has the potential to change the power structures operating in the internet economy of today and allow for more competition on the application and service levels. A good example is the “Data for Good” platform designed to allow anyone to donate data without disclosing personal information, using MPC and blockchain to strike the right balance between confidentiality and transparency.
  • Trade Finance industry and decentralized exchanges – The first large-scale and commercial use of MPC was a decentralized exchange conducted in 2008 by the team behind Partisia Blockchain followed by a number of MPC based auctions within energy, finance and telecoms. Partisia’s initial focus is on bridging different blockchains and allowing users to seamlessly move data and tokens from one blockchain and security paradigm to another. The aim is to increase participation in existing DeFi solutions and to lower the barrier to bringing DeFi to traditional markets.
  • Private Auctions – With increasingly complicated supply chains and niche products, price setting and auctions are becoming an integrated part of many markets. In a unified smart contract, it is possible to keep track of buyers and sellers and the resulting trades while the bids remain confidential. Furthermore, the privacy aspect zero-knowledge MPC brings can also assist in eliminating the possibility of shill bidding, the practice of artificially boosting the price of an item through dishonest bids.

“The integration of Partisia Blockchain’s unified smart contracts based on zero-knowledge, multi-party computation opens up countless new and exciting possibilities for all Polygon developers,” says Antoni Martin, Polygon Enterprise Lead.

This integration and recent COO appointment join Partisia Blockchain Foundation’s momentum, as the Foundation doubled its headcount over the past year, with senior hires like Iulia Mihailescu (CMO), and Jennifer de Broglie (Director of Thought Leadership).

Hinrich brings with him his vast expertise as the Cardano Foundation’ General Secretary, and in the development of both the Cardano Foundation’s global team and its protocol and blockchain adoption. Alongside its co-founders, Hinrich will oversee the Partisia Blockchain Foundations operations, strategy and vision, as the Foundation scales blockchain expansion and its on-chain solutions to issues of counterfeiting, digital identity and trade finance gaps.

Hinrich’s appointment compliments the Foundation’s progress as he spearheads the Foundation’s rapid expansion to “deliver the promises that multi-party computation offers to different industries.”

Chains.com Partners With Indacoin To Add Visa And MasterCard As Payment Options

Andrew MacGill
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Chains.com Partners With Indacoin To Add Visa And MasterCard As Payment Options

Chains.com, a developer of a stack of interconnected cryptocurrency and NFT products for retail users and SMBs, has announced a strategic partnership with Indacoin, the international fiat-to-crypto exchange company. As part of the collaboration, Chains now accepts major credit cards Visa and Mastercard as payment options for its native platform, expanding the availability of its $CHA token to millions of cardholders globally.

Joining forces with Indacoin allows Chains to boost its fiat payment capabilities. By enabling credit card payment options directly on the platform, Chains brings the total number of supported payment methods to thirteen. Chains Launchpad already supports BTC, ETH, BNB, TRON (TRX), MATIC, USDT, USDC, and DAI. In addition, SHIB, ApeCoin, and DOGE are accepted through the CoinBase payment gateway.

“We at Indacoin are delighted to team up with a visionary team like Chains.com,” says Anvar Sidorov, Partnerships Director at Indacoin. “Their incredible user uptake shows that they are meeting a real demand through their innovative platform, and we’re thrilled to be part of the journey.”

“Allowing our users to purchase cryptocurrency using credit cards on the Chains Launchpad has always been a priority for us,” says Anderson Mccutcheon, Founder and CEO of Chains, “Indacoin is a great partner to work with, and we’re looking forward to using their payment system during the $CHA token sale.”

The number of users in the crypto market doubled over the past year, showing clear signs that the industry is only in its infancy and constantly evolving. Chains.com already boasts 500 thousand registered users in over 100 countries and is designed to allow users to participate in blockchain-based products (CeFi, NFT, and DeFi) without having to understand the underlying technologies. With over 60 thousand users applying to its $CHA token whitelist during the presale phase, token holders benefit from increased referral rewards, fee rebates, discounts on token sales, as well as exclusive staking-based access to features and events taking place on the platform. 

Founded and backed by cryptocurrency industry pioneers, the Chains.com is part of NVIDIA Inception, Amazon’s AWS Activate, and Microsoft Founders startup programs. Recently launching its $CHA token sale to the public, token holders receive flat reduction of transaction fees during payment, compounding fee reduction based on the amount of $CHA staked, subsidies when utilizing $CHA as a payment method, launchpad whitelist access, and more.

Empower Oversight Calls for Investigation into Hinman’s Alleged Conflict of Interest in Ripple vs. SEC Lawsuit 

Lele Jima
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Empower Oversight Calls for Investigation into Hinman’s Alleged Conflict of Interest in Ripple vs. SEC Lawsuit 

The independent corruption watchdog mounts pressure on the SEC to investigate Hinman’s conflict of interest during his time at the agency.  

Empower Oversight, a leading non-profit corruption watchdog, is calling for an investigation into the ethics failure of a former employee of the Securities and Exchange Commission’s Ethics office that allegedly caused severe losses to many. 

William Hinman, the former director of SEC’s Corporate Finance, has been accused of having a conflict of interest while he worked at the commission. 

According to documents published by Empower Oversight, Hinman was alleged to have a financial interest in a law firm Simpson Thatcher, a partner at Enterprise Ethereum Alliance (EEA), during his time at the SEC. 

EEA is a company created to market Ethereum as an enterprise solution. 

Hinman’s Controversial 2018 Speech

Empower Oversight noted that Hinman flouted the SEC’s Ethics office instruction by failing to name Simpson Thatcher as a member of EEA during his 2018 controversial speech, where he declared Ethereum as a non-security. 

“Based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions,” Hinman was quoted as saying in a statement issued in 2018. 

It is worth noting that Hinman was instrumental in the ongoing lawsuit between Ripple and the Securities and Exchange Commission. 

Hinman Played Major Role in Ripple Lawsuit

Prior to Hinman’s speech, Ripple was in close competition with Ethereum over which cryptocurrency would become the second-largest digital currency after Bitcoin. 

Moments after Hinman’s speech, many investors believed that the SEC does not consider Ethereum as a security, thus prompting the widespread adoption of ETH, while XRP’s adoption plummeted. 

The development hinted that it was only a matter of time before the SEC would charge Ripple.  

In December 2020, XRP investors’ fear came to pass as the SEC officially charged Ripple for allegedly offering an unregistered securities offering in the United States.  

Several XRP holders have slammed Hinman’s controversial speech, with many calling on the agency to probe the former SEC exec. 

Interestingly, Empower Oversight has joined the many aggrieved XRP investors to request that the SEC’s office of the inspector general investigate Hinman’s alleged ethics violations during his tenure at the agency. 

Meanwhile, the development was retweeted by attorney John Deaton, the lawyer representing 72,500 XRP holders in a class action suit against the SEC. 

Peter Schiff Trolls His Son And BTC Holders As Bitcoin Crashes Again

Mark Brennan
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Peter Schiff Trolls His Son And BTC Holders As Bitcoin Crashes Again

Peter Schiff does not mind trolling his son for his Bitcoin interest on his birthday.



Peter Schiff took to Twitter today to troll his son and Bitcoin holders as Bitcoin crashes on his son’s birthday, saying he hopes his son does not buy the dip, warning that those who do will pay the price for doing so by saying “no matter how low the price, sats will always be expensive.”

“It’s not looking good HODLers. I don’t think my son @SpencerKSchiff wished for a Bitcoin crash for his birthday. Hopefully he doesn’t make the mistake of assuming the crash is a birthday gift to buy some cheap sats. No matter how low the price, sats will always be expensive,”  Schiff wrote.

It is worth noting that Schiff’s son Spencer Schiff, unlike his father, is ironically a Bitcoin lover, and this is not the first time his father has called him out on it. Notably, in a tweet in January, Spencer noted that in the future, Bitcoin would be worth at least 10,000 times an ounce of gold, to which Peter responded that Bitcoin would be worthless in the future, urging him to sell his Bitcoin to purchase gold.

Meanwhile, in response to his father’s comments today, Spencer asserted that even if Bitcoin falls below 10k, it does not affect the long-term bullish outlook, highlighting that BTC was $3k in 2020.

It bears mentioning that Peter Schiff is a respected legacy finance investor who is said to have predicted the 2008 financial crisis. However, in recent years, Schiff has dedicated his tweets to promoting gold and trolling Bitcoin and other cryptocurrency investments.

Unsurprisingly, there is no love lost between Schiff and the crypto community, most of which are always quick to point out times when his predictions have fallen flat. Consequently, several people in the comments have expressed the sentiment that Schiff’s statements will not age well.

It is worth noting that Schiff this year has argued that Bitcoin has peaked at $69k and is not likely ever to revisit this high. According to Schiff, the gains of the asset last year were driven by hype alone. Schiff, in a chart analysis of the asset on August 14, predicts that the asset is going below $10k.

Bitcoin is trading at the $20,283.33 price point, down 5.34% in the last 24 hours. Notably, the asset saw a steep plunge following statements from Fed chair Jerome Powell on Friday.

Shiba Inu Gaming Consultant William Volk Reveals Launch Date for Shiba Eternity And It’s Closer Than Expected

Lele Jima
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Shiba Inu Gaming Consultant William Volk Reveals Launch Date for Shiba Eternity And It’s Closer Than Expected

 

The wait is almost over for the official rollout of the Shiba Inu collectible card game – Shiba Eternity.



The full rollout of the long-awaited Shiba Inu card collectible game (CCG), Shiba Eternity, is around the corner. Veteran game developer William Volk confirmed this during the just-concluded 2022 Gamescom event, the world’s biggest video game conference.

Volk noted that Shiba Eternity might be rolled out globally in September 2022. 

“It will come out in September for other regions, and we’ll have a download day where we intend to get the ShibArmy to all download it,” Volk made this known during the event. 

Volk: Massive Testing Required Before Full Roll Out

According to Volk, who was named the consultant of Shiba Eternity, before Shiba Eternity is rolled out to the public, intensive testing will be conducted to ensure the game is free from technical glitches. 

“Before we do the worldwide launch, we’re going to make sure it’s fully tested, and that includes handling a volume of users playing together,” Volk said. 

The expected launch date of Shiba Eternity matches similar speculation made by Shiba Inu lead developer Shytoshi Kusama. 

Recall that the Shiba Inu team had rolled out Shiba Eternity for its first round of testing in Vietnam. The game received a good reception in the country as it has so far gotten more than a thousand downloads since its launch. 

The Shiba Eternity consultant stated that testing had gone relatively, with good performance and response time. 

At the time, Volk stressed the need to increase the Shiba Eternity server by 50x in order to cater to demands that may arise after it goes public. Meanwhile, during the Gamescom event, Volk disclosed that the team needed to boost the game’s server by 100x. 

Volk Shares Other Shiba Eternity Details

Aside from the launch date of Shiba Eternity, Volk also shared interesting details about the game. 

Volk noted that aside from SHIB, Shiba Eternity was also inspired by Hearthstone, a game he described as the finest collectible card game. He added that the development team wants to extend beyond the 10,000 Shiboshi characters used in the game. 

“We wanted to do it in 3D and look good on mobile as well as other devices. We tried to be clever with the cards to make them fit the world and the mythology of the Shiba world,” Volk added. 

Cardano’s Charles Hoskinson Says, Crypto is The way Out As “Central Banks Can’t Be Trusted With Monetary Policy”

Albert Brown
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Cardano’s Charles Hoskinson Says, Crypto is The way Out As “Central Banks Can’t Be Trusted With Monetary Policy”

 

Hoskinson says crypto is the way out.


Cardano founder Charles Hoskinson warned that tough times lay ahead, calling out the Fed for their poor decision-making in previous years that have led to the current macroeconomic conditions for which the people are paying the price; he said people could not trust central banks with monetary policy. Notably, according to Hoskinson, crypto is the way out.

“Cryptocurrencies are the way out of this madness. Central Banks can’t be trusted with monetary policy. They work for the political process and gave two generations of politicians a blank check that we now have to cover. It’s going to get worse before it gets better,” the Cardano founder tweeted.

Notably, Hoskinson’s tweets come in response to statements from Fed chair Jerome Powell during the annual policy speech at Jackson Hole, Wyoming. Powell revealed the Fed has no plans to make a U-turn in its hawkish stance, noting that it plans to raise rates till price stability is achieved. According to Powell, while its stance will cause some pain, he believes it is a better outcome than what lies ahead should inflation be allowed to rise unchecked.

As reported by The Crypto Basic, following Powell’s speech, the crypto markets plunged. Notably, over $70 billion was wiped off the crypto market cap.

It is worth noting that in the early days of crypto, enthusiasts often argued that cryptocurrencies like Bitcoin were resistant to the policy changes of central banks. However, that has not been the case recently, as Bitcoin has become increasingly sensitive to rate hikes from the Fed.

In response to this trend, Hoskinson says it is all “smoke and mirrors.” According to Hoskinson, it results from institutional money manipulating the market.

BONE Shibaswap Up 10% As Singapore-Based Top Exchange Becomes 3rd Largest Bone Holder Adding 11M Coins

Zabi
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BONE Shibaswap Up 10% As Singapore-Based Top Exchange Becomes 3rd Largest Bone Holder Adding 11M Coins

 

Singapore-Based Top Exchange Adds 11.63 Million Bone ShibaSwap (BONE).



Singapore-Based Global Cryptocurrency Exchange MEXC Global Accumulated 11.63 Million Bone ShibaSwap (BONE) and has launched a Prize Event Exclusively for BONE.

The leading Singapore-based cryptocurrency exchange, MEXC Global, launched an Exclusive “Sign up, Deposit & Trade Event” in collaboration with Bone ShibaSwap (BONE), the governance token of the Shiba Inu Ecosystem. The leading cryptocurrency exchange is offering a 5,555 BONE Prize Pool for new traders. The event will end on August 30, 2022

The sponsorship event is a “Win-Win” for MEXC Global and Bone ShibaSwap. Through this event, MEXC Global will be able to attract new signups, whereas BONE will find new investors.

MEXC Global Becomes 3rd Biggest Holder of BONE:

MEXC Global accumulation made her the third biggest holder of BONE. Etherscan.io data shows that MEXC Global now holds a total of 11,633,237 (11.63M) BONE, worth $12,098,566 ($12.09M) in its wallet.

MEXC Global x BONE
MEXC Global x BONE

Impact on BONE Price:

Soon after the event, BONE experienced a spike in its demand, reclaimed the $1 mark, and then surged 30% to $1.14. At press time, BONE is trading at the price of $1.03, up 10.38% over the last day, with a 24-hour trading volume of $17,486,901 ($17.48M).

Founded in 2018, MEXC Global is a leading Singapore-based global cryptocurrency exchange. The exchange right now boasts over 6 million registered users from over 200 countries across the globe. In 2021, MEXC Global was awarded “Best Crypto Exchange Asia” at the Crypto Expo Dubai.

Cardano Founder Laments the Massive Increase in Bot Activities on Twitter

Albert Brown
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Cardano Founder Laments the Massive Increase in Bot Activities on Twitter

Hoskinson is worried about the spike in bots’ activities on Twitter.


Charles Hoskinson, the founder of the leading blockchain project Cardano, has questioned the Twitter cryptocurrency community about increased bot activities on the microblogging platform. 

In a recent tweet today, Hoskinson asked whether his followers had also observed a massive increase in bots’ comments on tweets in recent times. 

“Has anyone noticed a big increase recently of bots commenting on tweets?” Hoskinson quizzed his followers. 

Twitter Users’ Reaction

Hoskinson’s question has attracted a lot of engagement from his followers and other Twitter users. The majority of Twitter users who commented on the development answered in the affirmative. 

A Twitter user who goes by the username @CardanoNoodz said: 

“They instantly respond and then paired bots post responses directly after. In other words, scams are beginning to scale.”

Other Twitter user @Hammy_ada said. 

“Not just your tweets; these bots just raid any accounts associated with Crypto.”

Massive Spike in Bot Activities on Social Media Platforms

This is not the first time people have complained about increased bot activities on various social media platforms, especially Twitter. 

Bots have been used by malefactors to automatically generate tweets and like and comment on other users’ tweets in the interest of the bot owners. The illicit practice has defrauded many unsuspecting social media users of their funds, running into millions of dollars. 

Musk’s Intention to Combat Twitter Bot Activities Halted 

As reported by TheCryptoBasic, Elon Musk, the CEO of American electric car company Tesla, stated his interest in purchasing Twitter for several reasons, including combating increased bots’ activities on the platform. 

“If our Twitter bid succeeds, we will defeat the spam bots or die trying,” Musk said. Hoskinson favored the idea of Musk eliminating Twitter spam bots, as he shared a gif in the comment section, which has the caption: ‘Hell yeah.” 

Meanwhile, Musk’s bid to eliminate Twitter spam bots also lured Andreessen Horowitz (a16z) to pledge a $400 million investment toward the world’s richest man’s Twitter takeover. 

Unfortunately, Musk announced last month that he had pulled out of the deal due to the company’s failure to meet contractual terms on providing data on spam activity on the platform. 

“It seems Twitter is ‘dramatically’ understating the proportion of spam accounts represented in active user count. Twitter has either ignored or rejected requests for further information,” Fox Business Journalist tweeted following Musk’s refusal to continue with the deal. 

Meanwhile, the Twitter board revealed it would take legal action to compel Musk to close the transaction on the price and terms agreed. 

Possible Miscommunication Gives Rise To Speculations That Bitboy Lied About Dropping Lawsuit Against Atozy

Mark Brennan
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Possible Miscommunication Gives Rise To Speculations That Bitboy Lied About Dropping Lawsuit Against Atozy

 

Bitboy receives backlash as Atozy’s lawyers receive a “return of service” filing.



Outrage erupted on Twitter after crypto YouTuber Erling Mengshoel Jr. (Atozy) revealed that his lawyers had received a return of service filing from fellow Youtuber Ben Armstrong (Bitboy) after the latter had disclosed on Wednesday that he would be dropping the defamation lawsuit against Atozy. However, it appears to be a misunderstanding as Bitboy reveals he has started the process to drop the lawsuit.

Atozy sparked speculation that Bitboy may have lied about dropping the lawsuit with a Tweet on Friday revealing that his lawyer received a return of service filing.

“Bad news. The Bitboy situation is not over. Received this from my lawyer just now…,” Atozy wrote.

Unsurprisingly, the tweet generated outrage from the crypto community, speculating that Bitboy had lied about dropping the case. Notably, several detractors of the popular YouTube in the comments revealed that they were unsurprised by the apparent turn of events.

However, Bitboy responded an hour later, revealing that he had scheduled a meeting with his lawyers to facilitate the case withdrawal. According to Bitboy, he expects the case to be officially dropped early next week, as all that was left was for him to put pen to paper, going on to reiterate that “it is over.”

Additionally, Bitboy shared a screenshot of an email conversation with his lawyer from Thursday, showing that he had indeed made arrangements to sign paperwork to drop the case on Friday.

Notably, Atozy seems to have received the message, as he noted in a follow-up tweet that Bitboy is currently working to resolve the matter.

The defamation lawsuit against Atozy from Bitboy first came to light on August 15, when Law 360 reported the details of the case. Notably, Bitboy had filed the case against Atozy in response to a video by the latter from November 2021 alleging that Bitboy scammed his audience by promoting dodgy projects.

However, after Atozy raised about $200,000 from supporters for his legal defense, Bitboy revealed Wednesday that he would be dropping the lawsuit. While many in the space who believed Bitboy should never have sued in the first place received the news positively, Ripple Attorney Jeremy Hogan expressed his belief that the move was a misstep by the YouTuber. Hogan believes that Bitboy could have easily come to some settlement with Atozy, who did not want a legal battle that could have helped him save face.

Notably, Atozy has revealed that he would refund all those that donated to his defense once the case is officially dropped.

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