Faze Clan is in hot water and Elon Musk publicly states his crypto portfolio

Despite the slump that has occurred this past quarter with blockchains and cryptocurrencies, blockchain start-ups raised a record $4.38 billion in the second quarter, according to data from analytics firm CB Insights. Connor Kolb, Secretary of UMBCC, commented on this stating how big this is for the community given the slump in the market. This is crucial for start-ups to work moving forward and being able to overcome adversity. The ability to raise this much despite the slump in the market is huge for start-ups.

Faze Clan (Esports team) found themselves in hot water after promoting a crypto scam. Three members were supporting a coin called Save The Kids, which was intended to go to charity. After their mass following put huge investments into it, the three members dumped their positions. Coming on top with ginormous gains, all three members were removed from Faze Clan. The famous pump and dump scheme has become a cornerstone for these fake cryptocurrencies. Members who participated in this could be jailed following fraudulent scheme.

Elon Musk spoke at the Bitcoin conference talking about the importance of decentralization. Elon publicly stated the following, “SpaceX, Tesla, and I own Bitcoin. We’re not selling any Bitcoin, nor am I selling anything personally or nor is SpaceX selling any Bitcoin.” Elon less than two months ago retracted his position on Bitcoin by stating Tesla will no longer accept it as a form of payment. Since then, Bitcoin's price has dropped to around 30k. Now, Elon looks to promote bitcoin and build it back up. He stated, "I might pump but I don’t dump. I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.” Elon also stated how he owns Ethereum and Dogecoin. He chimed in the SpaceX owns some Bitcoin and he does not plan on selling it. With Tesla accepting Bitcoin again, there could be a bump in Bitcoin's price in the upcom

Bo Bennett