This Week in Crypto – Ronaldo, KyberSwap, and Bitcoin Mining

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This week in the crypto world we saw Ronaldo hit with a $1 billion lawsuit over Binance, the KyberSwap hacker going crazy, and Bitcoin mining debated again.

A whole swimming pool, really?

Ronaldo Sued for $1 Billion Over Binance Promotion

Soccer legend Cristiano Ronaldo was this week revealed to be at the center of a massive class-action lawsuit in the US, with plaintiffs seeking damages exceeding $1 billion over his promotion of Binance. The claimants allege that Ronaldo’s endorsement of the exchange, which was made during the launch of his NFT collection last November, led to investments in what they term “unregistered securities.”

They lay the losses at the feet of Ronaldo, alleging that the Al Nassr striker should have known he was promoting unregistered securities and is seeking the massive payout in damages.

Yeah, let’s blame the footballer, not the idiots who do everything he says. Honestly.

KyberSwap Hackers Asks for the Moon on a Stick

It was all going so well. DeFi protocol KyberSwap was hacked for about $50 million, got about $5 million back, and then revealed it was in negotiations with the hacker for the rest. And then it all went mental.

The hacker came back this week with a list of demands, including full control of the protocol, company, and governance mechanism; all documents and information related to the company and its operations; and all company assets. Not satisfied with this, the hacker said that, when he takes the reins, he will sack all executives, give all other staff a 100% payrise, and conduct a full makeover of the protocol. 

He then gave the directors until December 10 to make a decision, saying that the deal would be dead if he received word that the police were after him.

Popcorn, bro. Popcorn.

Bitcoin Mining and Swimming Pools

Bitcoin mining was back in the news this week when two studies on the subject were released, one of which made headline news in mainstream media and one that didn’t. See if you can guess:

One study, which has since been heavily debunked, suggested that each Bitcoin transaction uses a swimming pool’s-worth of water.

The other study said that if renewable energy companies implement Bitcoin mining in the time between new systems going online and them being connected to the power grid they could make the most of wasted energy.

Of course, how did you know?