Hodler’s Digest, May 27–June 2: Top Stories, Price Movements, Quotes and FUD of the Week

Kik has launched a Defend Crypto campaign, while Facebook’s crypto coin could face some demographic challenges.
Coming every week, the Hodler’s Digest will help you track every single important that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.Top Stories This WeekKik Launches $5 Million Crypto Funding Campaign for Lawsuit Against U.S. SECKik, a Canadian tokenized social media startup, has launched a $5 million crypto initiative in order to fund a lawsuit against the United States Securities and Exchange Commission (SEC). Kik CEO Ted Livingstone, also the founder of Kik’s crypto project the Kin Foundation (KIN), announced the formation of the Defend Crypto fund, which plans to legally challenge the SEC to get regulatory clarity surrounding the definition of securities in regard to cryptocurrencies. The fund will use major U.S. crypto exchange and Coinbase’s custody service. The DefendCrypto campaign comes in the wake of the SEC’s actions against Kik’s $100 million initial coin offering (ICO) sale held in 2017, after which the regulator said that it had violated securities laws.Report: Circulation of Facebook’s Crypto Could Face Demographic ChallengesFacebook’s -focused cryptocurrency, reportedly called GlobalCoin, could face demographic challenges, according to from crypto analysis firm Diar. According to Diar, Facebook’s long-rumored native that will reportedly launch in 2020, could face the aforementioned challenges due to the aging demographics of the social media giant’s user base. The older generation that uses Facebook reportedly does not have enough awareness about digital currencies, and Facebook’s younger user base purportedly is not wealthy enough to use the rumored coin in a significant way. Diar also noted that Facebook will need to enter into partnerships with traditional financial institutions.Bitcoin Hits All-Time High Versus Argentine Amid Presidential Election RisksBitcoin (BTC) has hit an all-time high versus the Argentine peso during the ongoing decline of the country’s national currency. According to the Financial Times, bitcoin’s price reached as high as 394,000 pesos ($8,801 at press time) per coin, which are prices that have not been seen since the crypto spike in late 2017. Bitcoin’s all-time high in Argentina comes during a crypto bull market this year, in conjunction with the ongoing depreciation of the Argentine peso against the U.S. dollar. In fact, earlier this year, venture capital billionaire Tim Draper had advised the president of Argentina to legalize bitcoin so that economic situation in the country could improve.North Korea Launched Attacks in Response to Sanctions, Says FBIAccording to a senior FBI official, U.S. sanctions incentivized North Korea to launch cyberattacks involving cryptocurrency. Tonya Ugoretz, deputy assistant director of the FBI’s cyber division, said at an event this week that the financial strain brought on by sanctions meant that North Korean state actors had turned to cybercrime as a way of bringing in money. Cointelegraph has previously reported that Pyongyang is suspected to be behind several major campaigns involving cryptocurrency ransomware and theft

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