Keep up with the top crypto headlines in our weekly recap
Hello Investors ☕
In this edition we explore the false Cointelegraph report, Ferrari crypto payment options, a blockchain recycling program, SBF’s trial and more.
The N+1 Team
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⁉️ False Cointelegraph Report Leads to Bitcoin Pumps
On October 16th, Cointelegraph incorrectly announced that the SEC had approved a spot Bitcoin ETF. Following the announcement, Bitcoin prices shot up. Many lawyers and analysts were quick to respond on X, questioning the source of the information. Cointelegraph has since apologized and released a report detailing what happened. In the report, the company confirmed that the information posted on X had not been fact-checked and had come from a rumour on a Telegraph channel.
🚀 TON to Attempt World’s Fastest Blockchain
The Open Network (TON) is a community-based open internet, blockchain and cryptocurrency designed by Telegram. Recently, TON announced a public network performance test. The test is scheduled for October 31st and will attempt to beat the current world record for the fastest blockchain by conducting the most transactions per second.
🚗 Ferrari Announces Crypto Payment Option
You can now purchase your new Ferrari with crypto! In an interview with Reuters, Ferrari’s sales chief, Enrico Galliera, outlined the company’s aim to connect with a wider range of potential clients. Ferrari is collaborating with BitPay to enable payments and the program is available for customers in the U.S. with plans to expand to Europe. This announcement follows Tesla’s cessation of their crypto payment program back in 2021.
♻️ Dfinity to Attempt Blockchain Based Recycling Incentives
The Dfinity Foundation, a Swiss not-for-profit blockchain research firm, intends to develop a global standard to incentivise recycling using blockchain. The project will be released in collaboration with Roland Berger, a European consultancy. The system intends to offer options to buy, sell and trade credits in order to incentivize recycling.
📢 SBF’s Trial in Summary
Last week marked the second week of Sam Bankman-Fried’s trial. Two key witnesses, Gary Wang and Caroline Ellison, took the stand. Both Wang, former FTX cofounder, and Ellison, SBF’s ex-girlfriend and former CEO of Alameda, testified against SBF. The witnesses detailed operations between Alameda and FTX and outlined the months leading up to FTX’s downfall. The week ended with former CEO of BlockFi, Zac Prince, testifying on his firm’s relationship with FTX. On October 16th, the trial began again with former head of engineering at FTX, Nishad Singh, taking the stand.
📚 N+1 Recommendations
The N+1 reading and media recommendations are sourced from our team of experts and offer weekly suggestions for learning more about blockchain, crypto, finance and technology.
This weeks recommendation: