This Week In Cryptocurrency – Friday, August 17

Tough Week for Ethereum

Last week, the total cryptocurrency market cap plunged 14.33%, largely as a result of the SEC postponing its decision on a Bitcoin-ETF proposed by CBOE, VanEck, and SolidX.

This week, the cryptocurrency market slid another 5.7%, which isn’t as bad when you factor in the steep drop Wednesday, hitting around $189,666,000,000, its lowest market cap since early November 2017.

Bitcoin is actually up 1.35% and its overall market dominance is up to 52.31%, its highest before sliding December 18th, 2017.

Vitalik Buterin’s brainchild Ethereum is down 16.90%, its lowest since early November 2017.

Ripple is down 5.12%, and a total of 91.46% down from its all-time high on January 4th, 2018.

Bitcoin Cash and EOS are down 8.42% and 11.46% respectively.

Domestic News

Bitangels Co-Founder Slaps AT&T with $224 Million Lawsuit:

Michael Terpin, cryptocurrency investor and co-founder of the first angel investor group focused on Crypto BitAngels, issuing telecom giant AT&T due to hacks that were enabled by AT&T’s SIM swap fraud. Terpin claims to have lost $24 million in cryptocurrencies to hackers and believes that his phones were exposed by an AT&T employee(s) collaborating with hackers. Terpin is also seeking $200 million in punitive damages. The complaint notes, “What AT&T did was like a hotel giving a thief with a fake ID a room key and a key to the room safe to steal jewelry in the safe from the rightful owner.”

SEC Fines and Bans 76 Year Old Fraudulent Oil ICO Founder:

The U.S. Securities and Exchange Commission (SEC) announced that it has taken action against a David Thompson Laurence and his oil and gas exploration company Tomahawk Exploration LLC. David Thompson Laurence, a 76-year-old California resident, is the sole managing member of the company.

Although the ICO failed to raise money, the SEC found issue with the tokens issued as part of the token sale’s bounty program and considers them securities. Laurence consented to a cease and desist order, an officer and director bar, a penny stock bar, and a $30,000 penalty.