INCOMING AVALANCHE FOR… AVALANCHE?
Is the Avalanche in the center of conspiracy…or the real deal? Bitcoin and altcoins are all down.
Coo! Rise and shine, my friends! I’m waking you up with the freshest news from around the crypto world. Let’s see what happened during the weekend and today, shall we?
On Today’s Menu:
🍯 OATMEAL WITH PEANUT BUTTER AND BERRIES: Avalanche’s Drama
🥚 HARD-BOILED EGGS WITH AVOCADO TOAST: BTC And Altcoins Falling Down
🍩 AMERICAN DOUGHNUTS: More Crypto News Around The Web
AVALANCHE’S DRAMA - IS IT ALL JUST A CONSPIRACY?
It is believed that Ava Labs - a company responsible for a promising blockchain project Avalanche - made a deal with the lawsuit firm Roche Freedman to make harder days for their competitors to live.
But let’s take a look at this story step by step.
Roche Freedman is respectively young lawsuit firm that started activities in 2019. The firm is well known for the cases related to crypto - for example, Roche Freedman recently sued Binance.US (for Terra’s dramatic collapse) or filed suit against Solana Labs and its coin SOL as “illegal security”. As they say on their website, Roche Freedman “specializes in complex disputes, and is known for its unique approach to balancing creative legal strategies”. The question that naturally comes to me is - what is that “unique approach”?
A few recently leaked videos reveal some delicate and not very convenient for Ava Labs information. In these videos, we can reportedly see Roche Freedman’s co-founder Kyle Roche; however, what he says is not that nice to hear, though.
According to Kyle, in 2019, Ava Labs (Avalanche) made a deal with the lawsuit company; there is a possibility (based on his telling) that this deal was supposedly not very legal.
Videos reveal that Ava Labs CEO Emin Gün Sirer and Kyle Roche knew each other for a long time, even before Roshe created the lawsuit firm; Kyle mentions that he was the first investor in Avalanche alongside Andreesen Horowitz;
Kyle says he is “biased” and has “an interest in Ava Labs”; after they both made an agreement, Gün Sirer and Roche are “both on the token and on the equity,” and Kyle’s stake is “a big one”, but we do not hear numbers;
Nonetheless, this stake was “a big one” for a reason - Kyle Roche says he was paid for supporting Ava Labs and “he helps” (meaning, attacks?) with its competitors (for example, Solana or Dfinity). That’s his words: “Because I sue half of the companies in this space, I know where the market is going”. Well… if I were an Ava Labs competitor, I would not feel safe. It really sounds like a bad case.
We can hear in one of the videos that Kyle sees himself as “a problem solver”; He says about Avalanche: “I deal with making sure that the SEC and the CFTC have other magnets to go after”; such a hero, and a friend, isn’t he?
“I ensured that there is no such thing as regulation for what they want to do” - Kyle adds about “helping” Ava Labs - “they haven’t been sued yet, and there is a reason for that.” Hmm… great?
The cherry on top is that Kyle enjoys doing his job: he talks about how other lawyers aim to work the case and settle, but he’s not: “I don’t f*cking care about settling; I’m just a crazy motherf*ucker, and I have resources, and I’ll take you to the end”. That’s the spirit.
Ava Labs CEO Emin Gün Sirer defends himself and his company - he says that all of this is just a conspiracy.
But… is it? Could these videos be just a revenge montage?
One way or another, the crypto community reacted to the news quickly:
BTC AND ALTCOINS FALLING DOWN
This is sad.
Another week as Bitcoin closed lower than 20k. And with that, we’re all getting closer to seeing the worst Bitcoin performance since the 2015 bear market. Back then, Bitcoin dropped to 18,67%, and now it is down 14.86%. You can see all those reds here:
Some people guess that September could be even worse because that’s what happens historically.
The crypto community even has a name for it:
So, are we going to witness “Septembear”? As you know, September is full of events that might have more or less influence on crypto markets (the Merge, FOMC meeting, etc.). That’s why everybody’s so tense…
Also, everybody guesses whether Bitcoin might end under 20k this month or not. Well… we have a few days to see. The massive sell-off could start if that happens - then Bitcoin (with all other altcoins) could drop drastically.
Talking about altcoins during this weekend:
ETH dropped to around $1,460;
XRP fell to around $0,330;
ADA dropped to around $0,44;
SOL - down to $31
Meme coin DOGE slipped to around $0,062;
So, lot’s of downs.
MORE CRYPTO NEWS AROUND THE WEB
Singapore Monetary Authority Sends Questionnaires to Selected Crypto Firms
MakerDAO Co-Founder Rune Christensen to Suggests DAI-USD Detachment
Looks bare: OpenSea turns into NFT ghost-town after volume plunges 99% in 90 days
MONDAY FACT
I’ll give you some massive numbers: the top 100 richest Bitcoin addresses hold 2,970,378 BTC worth $59,4 Billion.
There you go.
Oh… and by the way, to lift your mood:
Hopefully, the Merge will be better than Vitalik’s dancing and singing skills.
GRAPE JUICE
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Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your research and act responsibly with your profits.