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Monero [XMR] stays strong in a bearish market, surges by 14.46%

Akash Anand

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Monero [XMR] stays strong in a bearish market, surges by 14.46%
Source: Unsplash

Tuesday, 4th September saw a mixed market with some coins still languishing in the bearish atmosphere while others enjoyed surprising surges. One of the biggest gainers is Monero, gaining at a steady rate of 14.46%.

At the time of writing, Monero [XMR] was trading at $138.67 with a market cap of $2.270 billion. Monero [XMR]’s peak had come earlier in the day when the coin was trading at $139.60 which propelled the cryptocurrency to the 10th position on the cryptocurrency charts. 4th September gave Monero quite the push with the cryptocurrency opening at $133, after which the coin only saw a slow and steady rise.

Monero 1-day chart | Source: CoinMarketCap

Monero 1-day chart | Source: CoinMarketCap

Monero’s claim to fame is its features that protects its users from piracy and keeps safety and security as its prime objective. The organization’s USP is that they do not disclose the information of any parties involved in a transaction.

Monero has been in the news quite a lot over the past few weeks with numerous hacks and attacks being tied to the cryptocurrency. Coinhive, Monero’s mining protocol was the main accused in all the infringements with the company defending it.

Coinhive is a mining service that uses preinstalled code on existing websites to complete its duties. The code basically uses the computing power of the particular browser that the users is on, thereby allowing them to mine Monero.



The latest victim of hacks on the Monero network is Oatmeal, an online comic portal. The ransomware attack that was conducted during the hack demanded users to deposit $300 dollars to an unmarked account, thereby sparking an outrage online. Mathew Inman, the Founder of Oatmeal had announced on Twitter, saying:

“Hey everyone, my site is still down from the DDOS attack. I just received this email, which is attempting to extort me for money to stop the attack. I’m still figuring out what to do, but I might end up having to switch hosts. Thanks for being patient.”

Monero also caused a stir in the cryptosphere when it was announced the cryptocurrency is going to be added onto Mobi Wallet. This was a follow up to its previous wallet add-ons when Monero gave its full support for the Ledger wallet.





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Altcoins

FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer

Priya

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Source: Unsplash

Stephen Palley, a prominent lawyer at Anderson Kill, spoke out about the FLiK token case via his official Twitter handle. Notably, unlike most tokens in the space, FLiK made headlines because of its celebrity backing.

Towards the end of last year, it was reported that the US Rapper Clifford Joseph Harris Jr., who goes by the stage name T.I. and T.I.P., was sued for $5 million over the alleged failure of the token promoted by him and his partner, Ray Felton. The rapper was being sued by a group of 25 individuals who claimed that that they invested around $1.3 million in the tokens.

Additionally, there were allegations that the rapper used the raised money to increase the token’s value, following which the duo sold their holdings after the coin crashed. Other well-renowned celebrities such as Kevin Hart and Mark Cuban were also reportedly associated with this project.

On the recent developments surrounding the case, Stephen Palley stated,



“Utility tokens” take another hit in case allegedly involving rapper TI. Court says FLiK ICO tokens = securities under Howey Test, for motion to dismiss purposes. That they offered some functionality ≠ relevant given buyers’ expect of profits solely from efforts of others. 1/4″

Source: Twitter

Source: Twitter

Source: Twitter
The lawyer further stated that,”use of funds” was already determined by the defendants, “per the FLiK token whitepaper.” He went on to state that there was a time problem, adding that Federal Law rules that “unregistered sale” of security tokens were supposed to be reported within 12 months after the violation.

The lawyer concluded by tweeting,

“ps — form was never going to be exalted over substance, so none of this is a huge surprise. Also, this is a ruling on Rule 12(b)(6) motion to dismiss so the Court takes the allegations as true for purposes of ruling. The merits still have to be litigated.”





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