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Peter Davis

An writer at FOMOdrive

  • Nov 06, 2023
  • 3 min read

Elon Musk and the chatbot Grok provoked the emergence of hundreds of crypto tokens

There has been a renewed surge in investments into crypto funds.

Ethereum has garnered the attention of investors.

The co-founders of Ethereum were accused by the lawyer of engaging in fraudulent activities.

Arthur Hayes perceived a potential danger in the institutional involvement with Bitcoin.

Approximately $600,000 was stolen from Ledger users as a result of a scam application.

Last week, CoinShares reported a significant increase in crypto fund investments, totaling $261 million. This marks the sixth consecutive week of inflows. Of this amount, Bitcoin investments rose by $229 million, Ethereum by $18 million, and Solana by $11 million. Additionally, funds that allow for shorting Bitcoin saw an increase of $5 million.

Following weaker-than-expected macro data and the increasing possibility of US spot ETFs, Ethereum experienced its biggest inflows since August 2022. Bitcoin was the main contributor to the investment, with year-to-date inflows reaching $842 million, according to CoinShares. This was despite outflows of $107 million.

Arthur Hayes, the former CEO of the BitMEX crypto exchange, expressed his concern about institutional interest in Bitcoin. He believes that large companies such as BlackRock are "agents of the state" and that if the BlackRock ETF becomes too large, it could "kill BTC".

The Securities and Futures Commission (SFC) of Hong Kong is contemplating granting retail investors access to spot crypto ETFs. If a crypto ETF is launched in Hong Kong, it could expedite the authorization of similar funds in the United States.

Steven Nerayoff, a lawyer, has publicly accused Ethereum co-founders Vitalik Buterin and Joseph Lubin of fraudulent activity that is said to have been a contributing factor to the collapse of the FTX cryptocurrency exchange. Nerayoff claims that "a small group of ETH investors control around 75% of the protocol's total assets" and that much of the trading on exchanges is "fake or fictitious".

Charlie Munger, Vice Chairman of Berkshire Hathaway, has expressed his worries about the expansion of Bitcoin, claiming that the original cryptocurrency is creating a perplexity between fiat currencies and conventional assets.

Approximately 16.8 BTC, worth almost $600,000, was stolen from users of the Ledger hardware wallet after they downloaded a fraudulent version of the Ledger Live app from the Microsoft App Store.

After Elon Musk's xAI company announced the launch of a chat bot, hundreds of GROK tokens appeared on the network. The market capitalization of these coins has already surpassed tens of millions of dollars.

On November 6, an individual was able to purchase 108 million GROK tokens for only $73, and the value of their investment skyrocketed, as the token's price had multiplied by the time of the exchange rate. This resulted in the individual's investment being worth $96 thousand.

With a bit of technical know-how and a way to ensure initial liquidity, anyone can create their own token and list it on decentralized exchanges.

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