The largest information within the cryptoverse for Sept. 1 contains Michael Saylor disagreeing with allegations of tax avoidance, U.S. probing Binance over AML compliance since 2020, Celsius asking to return $210 million to collectors, and OpenSea supporting solely NFTs on PoS post-merge.

CryptoSlate Top Stories

Saylor respectfully disagrees with DC AG allegations of tax avoidance

Following the tax fraud case filed in opposition to Bitcoin Maximalist Michael Saylor on Aug. 31, he has issued an announcement claiming that he has no tax legal responsibility to the District of Colombia since his residence is in Miami.

The lawsuit had earlier said that Saylor intentionally claimed to be a resident of decrease tax jurisdictions like Miami in order to keep away from paying taxes to the District the place he reportedly has “multiple yachts” and a luxurious penthouse.

Saylor stated in an announcement:

“I respectfully disagree with the position of the District of Columbia, + look forward to a fair resolution in the courts.“

Ethereum POW token may trade for $18, Paradigm predicts

Analysts at Paradigm weighed the difference between ether’s spot and future prices and arrived at a prediction that the Ethereum POW token may trade at $18 post-merge.

It added that ETHPOW would be priced at 1.5% of ETH’s current market cap given that ETH holders currently have a neutral bias toward the futures market.

Babylon Finance to shut down Nov. 15 after failing to recover from Rari/FEI hack

Months after Babylon Finance suffered an $80 million hack, the protocol has announced it will shut down operation effective on Nov. 15.

The effect of the exploit was compounded by the declining market conditions. Consequently, users have exited 75% of the assets locked in the protocol.

The announcement caused the BABL token to crash 92% after dropping from about $5 to as low as $0.218, as per Congecko data.

Creditors file fresh suit against Celsius seeking $22.5M reimbursement

A new group of creditors has filed a lawsuit against Celsius seeking repayment of $22.5 million.

The creditors stated that their funds were held in the custodial account and are redeemable based on the agreed term of service.

The creditors have urged the court to allow Celsius to reimburse their withheld assets.

Celsius wants to return $210 million worth of custody assets

Due to the growing filings by aggrieved creditors, Celsius has filed a motion seeking the court to allow eligible customers to withdraw up to $210 million from the platform.

The crypto lender confirmed that the affected assets are properties of the customers and not part of its bankruptcy estate.

OpenSea to exclusively support Ethereum PoS NFTs following Merge

OpenSea announced it will only support NFTs on the proof-of-stake version of Ethereum immediately after the merge.  Consequently, it will cease trading ETHPoW NFTs on its platform.

Research Highlight

The Fed will huff and puff and blow your house down as it begins quantitative tightening

CryptoSlate’s recent macro analysis reveals that the Fed’s plan to release $35 billion as mortgage-backed securities (MBS) in its effort to curb inflation may lead to another housing market collapse.

Private investors can add up MBS to the portfolio which helps take out money from the economy and expectedly reduce inflation. With mortgage payments 75% higher year-over-year, many people may default on their payments leading to an oversupply of houses and monetary loss for MBS investors.

When housing supplies become excessive, a new housing crisis may occur which would drag financial markets down including cryptocurrencies.

However, with expected currency devaluation in the event of a housing crisis, many people may turn to “hard assets” like crypto to protect their wealth.

Binance USDC withdrawals top $1 billion per day this week

On-chain information analyzed by CryptoSlate reveals that a mean of $1 billion price of USDC left Binance’s sizzling pockets this week, which is per the market development.

USDC Net Change Position

Further evaluation of stablecoin withdrawals throughout different exchanges, reveals that there was a major decline in stablecoin balances typically.

Stablecoin wars heat up as USDC and USDT battle for market share

Premier stablecoins USDT and USDC, which make up 12% of the full crypto market cap, have been battling for dominance in current weeks.

In a interval the place USDT misplaced over $16 billion in market cap, USDC reportedly grew by $4 billion. The warmth of the market downturn in August compelled the tokens to achieve their native low.

Stablecoin dominance

However, the 2 stablecoins are recovering from the elemental tales that contributed to their decline. They are witnessing a resurgence of their crypto market dominance which has boosted by 40% up to now few weeks.

News from across the Cryptoverse

US prosecutors probing Binance on AML compliance

U.S. prosecutors have been investigating Binance since 2020 on measures it has adopted to make sure anti-money laundering and sanctions compliance, Reuters reported.

Binance CEO Changpeng Zhao in a tweet said that the change met the entire regulator’s 2020 calls for.

Binance Chief Communications Officer Patrick Hillmann stated the corporate’s compliance group is comprised of ex-regulators and legislation enforcement brokers to make sure it absolutely complies with all regulatory necessities.

FASB crypto accounting guidelines skip NFTs, some stablecoins

The Financial Accounting Standards Board (FASB) won’t embrace NFTs and some stablecoins in its crypto accounting evaluation, The Wall Street Journal reported,

The scope of the challenge would come with belongings that aren’t distinctive and interchangeable, and additionally intangible and don’t include contractual rights to money flows, items or providers.

Binance introduces free ETH buying and selling

Users buying and selling the ETH/BUSD pair won’t be required to pay buying and selling charges over the following one month.

Binance announced that the transfer is to draw each newcomers and veterans within the Ethereum ecosystem in anticipation of the upcoming Merge,

Cardano is now dwell on Robinhood

As anticipation for the Vasil arduous fork mounts, Robinhood has introduced customers can begin trading Cardano’s ADA token on its platform.

Despite the itemizing information, ADA’s worth has remained secure. On the each day chart, ADA rose to $0.462 simply 9% from its 24 hours low of $0.424.

LG to launch crypto pockets on Hedera

LG Electronics is reportedly launching its crypto pockets “Wallypto” in Q3 of 2022. Wallypto was in-built partnership with Hedera blockchain.

Crypto Market

Bitcoin was up 0.2% on the day, buying and selling at $20,085, whereas Ethereum was buying and selling at $1,586, reflecting a rise of two%

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