Crypto influencer Lark Davis accused of profiting from crypto dumps; Warner Music partners with OpenSea

The biggest news in the cryptosphere for Sept. 29 includes investor Stanley Druckenmiller saying cryptocurrency has a big role to play as trust in central banks declines, ZachXBT alleging that crypto influencer Lark Davis profited over $1 million from dumping low-cap crypto projects and Warner Music teaming up with OpenSea to allow artists extend their fanbase in Web3 through NFTs.

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Druckenmiller sees ‘big role’ for cryptocurrency as central bank trust evaporates

Following the Bank of England’s  £65 billion bond purchase to salvage the U.K. pension schemes, investor Stanley Druckenmiller told CBNC  that the public could turn to cryptocurrency as trust in the banking system declines.

“I could see cryptocurrency having a big role in a Renaissance because people just aren’t going to trust the central banks.

Ooki DAO moves to raise funds to defend against CFTC lawsuit

In response to the CFTC’s complaint against Ooki DAO, community members have unanimously agreed to plans of raising funds to defend the DAO.

Ooki DAO is looking to withdraw some funds from its treasury, submit a Gitcoin grant request for fundraising, and sell NFTs to support its legal defense.

ZachXBT alleges crypto influencer Lark Davis made over $1M dumping crypto projects

On-chain investigator ZachXBT outlined eight instances where Lark Davis allegedly promoted low-cap projects only to dump the tokens on his followers.

10/ On November 9, 2021 Lark Tweeted out he doubled his position in BMI.

While it is entirely possible he has an alt wallet from his main wallet it is clear he did not double his position from his main wallet.

(unfortunately can’t ask him since he blocked me months ago) pic.twitter.com/aTivN16rgd

— ZachXBT (@zachxbt) September 29, 2022

According to the investigation, Lark made over $1 million from promoting low-cap projects between February and November 2021.

Warner Music partners with OpenSea to give artists access to new Drops feature

Warner Music Group has inked a partnership with OpenSea to allow WMG artists to extend their fanbase in Web3 through NFTs.

The selected artists will receive access to “drops product” which will allow them to have personalized landing pages on OpenSea and host their limited-edition projects.

Ethernity up 174% ahead of anticipated announcement at Decentraland meetup

Ethernity chain stood as the outlier in a declining market in the last 24 hours, after its ERN token posted a gain of over 174%.

ERN’s price spike could be linked to anticipations forerunning the unveiling of the Ethernal Labs HQ in the Decentraland metaverse on Sept. 29.

SEC charges Hydrogen for profiting over $2M from market manipulation

Market-making firm Hydrogen is in a legal battle with the SEC for allegedly colluding with South African-based Moonwalker to manipulate the price of its unregistered Hydro token.

The accused is said to have intentionally inflated the trading volume of Hydro, only to cash out over $2 million from investors’ funds.

Crypto’s utility driving adoption in Sub-saharan Africa – Chainalysis

Out of the $100.6 billion worth of crypto transactions recorded in Sub-saharan Africa between July 2021 and June 2022, 80% of the transactions were retail transfers of less than $1000.

Despite having the lowest transfer volume among countries analyzed by Chainalysis, Sub-saharan Africa still has the highest number of small retail payments and use of P2P exchanges.

Sweden’s central bank tests CBDC for retail and international remittance payments

Sweden’s central bank has collaborated with the Bank of International Settlement (BIS), to test its CBDC “e-krona” for cross-border payments across Israel and Norway.

The central banks of Israel and Norway will connect their CBDC system to Sweden’s e-krona platform for the “Project Icebreaker” experiment.

Facebook, Instagram open NFT feature to all US-based users

Meta has finally opened its NFT feature to all US-based users. Creators and collectors can connect their digital wallets to share their NFT collections across Facebook and Instagram.

Cross-posting or sharing of the NFT collections will not attract any fees to the user.

News from around the Cryptoverse

Wells Fargo rates Coinbase as underweight

Wells Fargo has assigned an underweight stock recommendation to Coinbase Global (COIN) shares, CNBC reported.

Analysts at the leading bank predict that the COIN shares will drop below $57 as pressure from the crypto winter and increased competition among crypto exchanges continues.

Amule protocol goes live on Mainnet

Solana-based risk protection protocol Amulet announced the launch of its mainnet today.

The protocol is designed to provide advanced yield protection for digital assets via the Protocol Controlled Reserves (PCR).

Crypto Market

In the last 24 hours, Bitcoin declined by 2.38% to trade at $19,474, while Ethereum declined by -1.17% and is currently trading at $1,333.

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