This Week in Crypto – Tron Founder Justin Sun Sues Bloomberg Over Misinformation

If you are wondering what crypto stories have made headlines over the last few days, then this article is for you. Here is a recap of those stories.

Justin Sun Takes Bloomberg to Court

Last Monday, Justin Sun, the founder of Tron, one of the largest blockchain networks, sued Bloomberg for allegedly publishing false and confidential financial information in the media outlet’s Billionaires Index.

His attorneys told the court that the published information was “inaccurate and dangerously misrepresented his assets.” According to the lawsuit, Sun is also seeking a restraining order that prevents Bloomberg from publishing his “sensitive, confidential, and private financial information.”

SharpLink Reports $103M Loss in Q2 Following a Drop in Its ETH Holding Value

The second-largest institutional Ethereum holder, SharpLink Gaming, has revealed that it incurred a $103 million loss in the second quarter (Q2), primarily due to a decline in the value of its ETH treasury. However, since the gaming company did not sell any of its 521,900 ETH, its holding is now in profit, considering Ethereum is trading at $4,300, above the average purchase price of $3,634.

US Federal Reserve to End Supervision Program for Banks Serving Crypto Clients

The American Central Bank has announced plans to end its oversight program created two years ago to supervise banks offering services to crypto companies. The regulator says it will now monitor those banks through the standard supervisory process. The Federal Reserve’s move comes two weeks after Trump signed an executive order instructing relevant regulators to identify and charge banks that deny services to crypto companies.

Full-Scale Altseason is Coming, Says Coinbase

The crypto market conditions are suggesting that a possible investor shift from Bitcoin to altcoins is imminent, according to US-based exchange Coinbase. The company’s head of research, David Duong, claims that utility altcoins could outperform Bitcoin for three consecutive months if the US Federal Reserve starts cutting rates in September. He says rate cuts will ease access to capital, thus allowing retail investors to participate in the crypto markets.

Beware of Fictitious Law Firms, FBI warns Scam Victims

The American Federal Bureau of Investigation has cautioned crypto scam victims against accepting legal assistance from “crypto recovery law firms” that request payment in digital assets. The authority claims these companies are non-existent and only want to steal from the public. It urges scam victims to report their cases to relevant agencies.

Ethereum’s Price Chart Flashes Signs of a Bullish Move to $6,000

Ethereum rose to $4,791 on Thursday for the first time since November 2021. Its continued stay above the $4,000 support has now validated a bullish pattern, according to CoinTelegraph analysts, who now anticipate a rally to $6,000 if Ethereum breaks and closes above its all-time high of $4,858.

BtcTurk Poses Crypto Withdrawals as Hackers Steal $48 Million

On August 15th, users of Turkish crypto exchange BtcTuck saw their withdrawal requests temporarily denied as the trading platform’s hot wallets came under attack, which was detected by cybersecurity company Cyvers. The hackers behind the incident managed to steal and swap crypto assets worth $48 million.

This isn’t the first time that BtcTurk has been attacked. In June 2024, the exchange suffered a $55 million breach but managed to recover only $5 million worth of the stolen assets. At the time, BtcTurk also halted withdrawals.

Value for ETH Stolen From Radiant Capital Skyrockets to $103M as the Coin crosses $4K

The hacker who stole 21,957 ETH from lending protocol Radiant Capital in 2024, when the coin’s price was $2,300, has seen the value of their illegally gotten Ethereum rise to $103 million after the asset rallied above $4,000. At the time of the cyberattack, the stolen Ether was valued at roughly $58 million.

Winners and Losers

The top three gainers over the past seven days, according to data from CoinMarketCap, are Aerodrome Finance (15%), Lido DAO (17.3%), and OKB (92%). On the other hand, SPX6900 leads the losers after a 21% drop, followed by Monero and Conflux, which have plunged 17.7% and 16.3%, respectively.