“The first draft of the audit report is with me. I’ve asked for more clarity and context in several parts, but progress is being made swiftly,” stated Hoskinson in a recent X post.

Provided there are no unanticipated delays and the work maintains its current momentum, Hoskinson is optimistic about a mid-August release.

Back in May, Hoskinson had promised to release an audit report of IOG’s treasury holdings after refuting claims that $600 million in Cardano (ADA) had been misappropriated. He expressed his disappointment with the community’s mistrust following these allegations.

“IOG never took 350 million unclaimed ADA for itself. This is a falsehood. The majority was claimed, and the remaining that was forfeited after a seven-year waiting period was given to Intersect,” Hoskinson clarified in a May 6 X post.

The allegations came under the spotlight from several community members, including NFT artist Masato Alexander, who accused Hoskinson of manipulating the Cardano ledger with a “genesis key to rewrite it and gain control” of $619 million in Cardano during the 2021 Allegra hard fork.

Hoskinson confirmed that he would offer a detailed explanation of the audit via a livestream when the report is released. “I will walk through the entire report on a livestream once it’s out,” he said, adding that a special website will host the report along with “other historical artifacts from the sale.”

He also hinted at possible legal action against those who made the allegations, saying, “I’m meeting with a defamation law firm next week to discuss our strategy and potential actions.”

The post Hoskinson’s Audit Report Preps for August Reveal Amid Allegations appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The accusation was put forth by crypto influencer Matt Wallace, who affirmed that emerging evidence points towards Coinbase being the “unidentified” source behind negative reports aimed at both Trump’s project and Binance. Wallace claimed that Coinbase’s higher-ups were apprehensive that if Trump regained power and potentially pardoned CZ, it could pave the way for Binance to resume operations in the U.S.

At present, Binance continues to be the leading cryptocurrency exchange globally. A legal resurgence in the U.S. could drastically diminish Coinbase’s market presence. Wallace insinuated that due to Coinbase’s elevated trading fees and customer service glitches, the company feared losing its footing to Binance if the competition was fair.

What’s causing a stir is the allegation that Coinbase was prepared to undermine Trump’s crypto initiative as part of its scheme to thwart Binance. The supposed action has been termed “anti-American” by Wallace, who also questioned if Coinbase would concede to these deeds if evidence were to emerge.

@iampaulgrewal, Chief Legal Officer at Coinbase, promptly dismissed these allegations on social media, terming them as absolute misinformation. He stated, “We certainly did not contribute to this story. We do not target competitors and welcome any businesses that share our objective of expanding the crypto market.” Grewal also suggested those seeking the actual story source to “continue their search”.

The post Coinbase Accused of Sabotaging Trump’s Crypto Venture and Binance; Company Refutes Allegations appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The user, known as “silverfang88”, also claimed that Bybit was using key opinion leaders (KOLs) to quell student voices who had received trial contracts through the platform’s Campus Ambassador program. Ben Zhou, the CEO of Bybit, has called these allegations baseless and requested the accuser to produce evidence to substantiate his claims. Zhou added that groundless rumors are contributing to the chaotic state of the crypto space.

In a response to Cointelegraph, a spokesperson from Bybit clarified the prerequisites for listing on their platform. According to the spokesperson, projects need to fulfil three requirements: a promotion budget, a security deposit, and an evaluation process. The spokesperson explained, “Projects are anticipated to set aside promotional funds for user engagement activities, although legal restrictions prevent exchanges from directly handling tokens.”

Bybit requires a deposit ranging from $200,000 to $300,000 in stablecoins to ensure promotional objectives are met. If these targets are unmet, penalties could apply. The exchange’s listing process involves form submissions, internal voting, research, and a listing review meeting. The spokesperson emphasized that, “Assessments focus on fundamentals and risk management, including on-chain data, address authenticity, use cases, user distribution, project value, token valuation, value-capture mechanisms, and team credentials.”

In addition to the listing fee allegations, the user also accused Bybit of offering trial contracts to students under its 2024 Campus Ambassador program and using KOLs to suppress any grievances. The user linked the issue to the trading platform’s Campus Ambassador program in 2024. In response, Zhou reiterated his call for evidence, asking the user to prove any wrongdoing on Bybit’s part. At the time of writing, the exchange has not specifically addressed the allegations relating to its ambassador program.

The post Bybit Refutes Accusations of $1.4M Token Listing Fee and School Promotion appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.