Jerome Powell’s latest speech is a few days old and the crypto caravan moves on. Bitcoin has bounced above US$20k and Ethereum’s finding some resilience, but Avalanche has a few issues…
There’s been some controversy circulating about the Avalanche layer 1 protocol, which sent the AVAX token crashing yesterday…
now that’s what I call an avalanche pic.twitter.com/f1Hc9bwhOa
— zach (@smolzachxbt) August 29, 2022
Things have picked up a bit since then, but the token is still down close to 15% on the week.
So what happened? In some sort of nutshell, this…
• Self-described crypto “whistleblower” website Crypto Leaks published a report this week alleging Ava Labs had paid law firm Roche Freedman to sue Avalanche’s competitors.
• Crypto Leaks also posted a series of covertly recorded videos, with no attribution, that showed lawyer Kyle Roche apparently detailing his relationship with Ava Labs’ top execs.
• The report insinuates the law firm was paid by the Avalanche creators to hurt competitors, including major rival Solana, and help distract regulatory scrutiny away from Avalanche.
Kyle Roche @ Roche Freedman, the secret #Avalanche law firm
RF litigates against Ava Labs competitors, to draw the SEC & CFTC to them, and away from Ava Labs
Roche ensures there’s “no such thing as regulation for what they [Ava Labs] want to do”👀
See https://t.co/6iK3R72VfM pic.twitter.com/AN0RpRVm49
— Crypto Leaks (@CryptoLeaksInfo) August 28, 2022
• Kyle Roche has since said that the statements he made related to Ava Labs were “obtained through deceptive means” by an employee of Avalanche rival Dfinity’s founder Dominic Williams.
My statement concerning the Crypto Leaks story:https://t.co/wGGR8GCHZc
— Kyle Roche (@KyleWRoche) August 29, 2022
• The same Crypto Leaks report also implicated Ripple Labs’s CEO Brad Garlinghouse with similar Roche Freedman-associated, competitor-targeting…
![Anticipation for Ethereum [ETH] 2.0 rises as metric reaches all-time high](https://crypto.newswireservice.net/wp-content/uploads/2023/01/ethereum-wale-1000x600-350x250.jpg)
