Look Back on Crypto Market (Week of May 15-21) - Look at the most important moves and news in crypto over the last week.

    TORN plummeted as Tornado Cash suffered governance attack

    The crypto market was in shock with the news that Tornada Cash has been hijacked by hackers. The attacker floated a malicious proposal that hid a code function that granted them fake votes that can be used to handle some aspects of Tornado Cash. TORN price plummeted after this news.

    Robert F. Kennedy Jr claims to be the first presidential candidate to accept Bitcoin donations

    US presidential candidate Robert F. Kennedy Jr. said his campaign will be the first in American history to accept Bitcoin (BTC) donations. “Today we show the world the power and the durability and the flexibility of Bitcoin”, he said.

    $3 million worth of customer funds swiped via alleged swaprum DEX rug pull

     The decentralized exchange on Arbitrum, Swaprum, has allegedly conducted a rug-pull on its users, with $3 million worth of customer deposits being swiped from the platform.

    HashKey Fund seeks to raise $100-200 million at $1 billion valuation

    Asia-based HashKey is planning to raise $100-200 million with an estimated valuation of $1 billion.

    Bug in Aave V2 polygon caused some assets to become stuck in contracts

    A bug in an older version of crypto lending protocol Aave is blocking users from interacting with Wrapped Ether (WETH), Tether (USDT), Wrapped Bitcoin (WBTC) or Wrapped Matic (WMATIC) pools on Aave v2 Polygon, preventing assets from being withdrawn from them.

    BIT (BitDAO) will rebrand BIT token to Mantle

    The BitDAO community has officially approved the BIP-21 proposal which aims to unify the BitDAO ecosystem under the principle of “one brand, one token”. Thereby, all parts in the old ecosystem from BitDAO to Treasury will be merged with Mantle.

    Justin Sun wants to revitalize Huobi and Poloniex with memecoin

    Episode 48 of Season 5 of The Scoop was recorded with The Block’s Frank Chaparro and Tron Founder Justin Sun. In this episode, Justin Sun reveals Huobi’s and Poloniex’s procedure for listing new memecoins and explains why the crypto market has grown too big for any single exchange to service effectively.

    Optimism’s Bedrock upgrade set for June 6

    Layer 2 scaling solution Optimism is set to undergo its highly anticipated Bedrock upgrade on June 6. The move is expected to result in significantly reduced transaction fees, provide greater network security and enhanced compatibility with Ethereum.

    US Department of Justice will strengthen the crackdown on crypto projects

    Eun Young Choi, director of the National Cryptocurrency Enforcement Team said the Department of Justice (DoJ) is targeting crypto exchanges that allow “criminal actors to easily profit from their crimes and cash out”, as a means of fighting crypto crime which has grown significantly in the last four years.

    The reason why XRP spiked on May 17

    XRP price noticeably jumped when former defense attorney James K. Filan tweeted a copy of a May 16 judgment concerning the legal battle between Ripple and the SEC.

    U.S. District Judge Analisa Torres denied the SEC’s motion to seal the agency’s internal communications that occurred after a speech by its former chairman, Willian Hinman, in June 2018. In that speech, Hinman argued that Ethereum’s Ether token is not a security asset. The judgment could push Ripple toward a legal win, given its ability to prove that XRP is not a security.

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