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Suit against Coinbase for $5 million, claiming securities violations and exchange crashes

Hi there!

We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Is Ethereum Merge having issues? Before the scheduled upgrade, developers discover bugs

A glitch that leads to a corrupted state has been discovered, according to a Twitter post by Ethereum (ETH) software developer Péter Szilágyi. He clarified that it was most likely one of the pull requests for the merged online pruner or new storage model.

In a recent update, the developer stressed that users of the version would probably experience database corruption and data loss due to the issue. He further explained that the data loss problem occurs at shutdown, which is why their testing failed to detect the defect.

Despite the problems, within a day, the developers were able to offer a remedy. To solve the problem, Go Ethereum published a hotfix. In addition, the team recommended people who upgraded go back and try again to ensure everything was operating as it should.

Szilágyi recommended the community hold off until the builders were complete. Then, once the patch is ready to release, everyone should ensure they are using the “good version.”

Leaked data indicate that FTX revenue reportedly increased by 1000% in a single year

According to CNBC, who claimed access to the data, the audited financials for FY 2020–2021 show FTX experiencing a 1000% rise in sales, rising from $90 million in 2020 to $1.2 billion in 2021.

According to the revenue breakdown, FTX’s operating income rose by 1842.85% in just one year, from $14 million to $272 million. In addition, the cryptocurrency exchange generated $388 million in net profits, a 2182.35% rise from $17 million the previous year.

According to reports, FTX generated $270 million during the first quarter of 2022. The exchange’s performance during the crypto winter has not yet been made public. Despite the outstanding first quarter results, the prolonged crypto winter and its repeated market collapses have affected the growth trajectory.

Jitters is a situation where an existing trade order gets delayed to allow the completion of future trades. It has recently been brought up by Binance CEO Changpeng “CZ” Zhao as a source of concern.

Although CZ did not specifically mention FTX throughout the discussion, the crypto community on Twitter thought it was. “All of you guys knew and didn’t say anything. We need to fight the bad players,” he continued.

Suit against Coinbase for $5 million, claiming securities violations and exchange crashes

A Coinbase user is suing the San Francisco-based exchange for $5 million, claiming, among other things, that it violated federal securities laws and neglected to safeguard its users’ accounts adequately.

The biggest cryptocurrency exchange in the US is accused of financially affecting customers by locking them out of their accounts for extended periods, according to a complaint filed last week on behalf of over 100 individuals.

Contrary to its representations, Coinbase does not properly employ standard practices to keep consumers’ accounts secure,” the lawsuit says. “And Coinbase improperly and unreasonably locks out its consumers from accessing their accounts and funds, either for extended periods of time or permanently.”

What’s happening with the hard fork of Vasil and the Cardano testnet?

Hoskinson expressed his dissatisfaction with some of the videos asserting Cardano’s testnet has a “catastrophic” problem. The videos resulted from a Friday thread from Cardano ecosystem engineer Adam Dean.

The developer stated that a previously unknown problem in Cardano’s Node v 1.35.2 that generates incompatible forks — which managed to slip under the radar of the earlier testing — is to blame for the testnet being “catastrophically broken.”

In response to the issue, Cardano released Cardano Node v1.35.3 on two testnets.

Dean pointed out that v1.35.3 is likewise “incompatible and incapable of syncing” with the original testnet and that the two testnets are “without a block history” because the bulk of operators switched to v1.35.2 to mimic the Vasil hard fork.

However, Hoskinson has stated that the coding flaw discovered in that node version had been fixed in the 1.35.3 upgrade, expressing his irritation that additional testing would cause the hard fork to be delayed further.

How Do You Create A Scalping Trading Strategy With A Bot?

CTB_6

Scalping bots that can pick up signals from sophisticated technical indicators are necessary for developing a trustworthy scalping trading technique.

For instance, the top scalping bots frequently generate buy and sell signals using the 50-period exponential moving average (50 EMA) on a 15-minute chart. In this example, the scalping cryptocurrency bot receives a buy signal when a candle crosses the EMA upward. The crypto scalping bot receives a sell signal if it crosses it downward.

The stochastic RSI (convergence and divergence) and the MACD (based on the histogram) are two additional prominent indicators for scalping trading techniques.

To know even more about various bots and strategies you can use with them, read this article!

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Top Crypto Meme of the Week

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We hope this digest was valuable and informative for you! If you want to be the first one to receive new crypto insights and stay up-to-date with the market, follow us on Twitter or Telegram. Become a better trader with the Good Crypto App!

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August 25, 2022

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