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Top 5 Crypto Stories You Should Know About This Week

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By Augustine Mbam - - 5 Mins Read
Credit: Pexels |

The court is wide open in the crypto industry as many parties will receive bad news during the weeks, and others who play their cards well will go home happy. It will be a bittersweet week in the crypto community as Sam Bankman-Fried might lose access to his encrypted messages, letting the public know exactly what happened during the FTX scandal. 

On the good side, one of the crypto stories to watch out for this week is the newly launched video game within the Bored Ape ecosystem. Like their other projects, many of their community members already expect the project to be a success for the ecosystem. 

Continue reading as we will share some of the top developing crypto stories you might want to follow in the new week. 

Sam Bankman-Fried Woes Continues 

After heading the collapse of the FTX crypto exchange, Sam Bankman-Fried was finally arrested and taken to court based on fraud and theft charges. Recently, there was a new development that Sam Bankman-Fried has been holding several conversations with the prosecutor's witnesses to woo them into speaking according to his terms. 

Sam Bankman-Fred after a cout hearing
Sam Bankman-Fred after a court proceeding (Source: AP)

Sam Bankman-Fried also reportedly messaged Ryne Miller, the current general counsel of FTX US, who might also serve as a witness to the case. In his current situation, Sam Bankman-Fried can talk with anyone he wants using any means of communication. However, the case's prosecutors are trying to get a ruling that will prevent him from using encrypted communication channels. 

Assuming he wants to communicate with anyone, it will be done using channels whose messages can easily be retrieved by the court. 

Tron to be Legalized in at least Five Countries 

Tron founder Justin Sun has recently claimed that his company and cryptocurrency (Tron) are looking forward to being legal tender in at least five countries in 2023. In a tweet, the TRX network founder said that one of his goals in the new year is to promote blockchain technology, and he can do that by making TRX a legal tender in different countries. 

According to Justin Sun, taking on this project will help drive the adoption of cryptocurrencies outside the United States. He also mentioned that it would help create trust within the Tron Network. This is a bold claim from Justin Sun, and he will need to do more than just brand ranting on Twitter to achieve this objective. However, this is one of the blockchain technology stories you should keep an eye on, as anything can happen. 

Bored Ape Holders in a Jolly Mood 

Those who are holders of any assets within the Bored Ape ecosystem are living the best of their lives as Luga Labs are set to launch their new game, which is expected to bring more profit to asset holders. The new game name is Dookey Dash, allowing players to go down a kind of sewage pipe and avoid obstacles from hitting them. 

To play the game, the players need a Sewage Pass as an NFT that can be bought in NFT marketplaces. Thus Sewage Pass is also available at secondary NFT marketplaces such as Opensea.io.

Within a short period since it was launched, the game is already getting devoured by fans and NFT enthusiasts. It has been played 4 million times, and its NFTs have reached about $40 million in total volume. 

Is LUNC Recovering? 

Luna Classic, also known as LUNC, is the failed token of the Terra ecosystem, which was one of the contributors to the severe bear market of 2022. Shortly after its failure, the FTX collapse happened, making the whole crypto industry go down the drain. 

However, it seems like the failed cryptocurrency might be returning, as it has increased by 18 per cent in the last 30 days. That is a huge feat because it is a failed coin which only a few people believe. 

Public Secret Drama 

A crypto community known as the Secret Community is currently experiencing a rift among them concerning how the platform is run and how funds are appropriated. Secret Labs accuses Secret Foundation and its founder Tor Bair of mismanagement of funds in the community. They have made certain things that should stay secret within the organisation to be known to the public.

In an accusation, it was alleged that Tor Bair took millions of dollars from the company's account without informing anyone. Tor Bair has accepted this accusation as true, and both parties will work on the company's financial structure to prevent such an occurrence from happening again. Together with the millions that were taken from the company's account, about $250k was also reported to be missing from the company.