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PeckShield says that $ 15 million. lost on, Tesla accepts doge

After a tough start to the year, the price of bitcoin has been roughly flat for the last seven days. The largest cryptocurrency by market value is currently trading at $ 41,671, according to Coin Metrics.

Ether, the second largest, has risen about 2% in the same time frame. It is now priced at $ 3,113.

Other top coins had a better week. Cardano, Terra and Dogecoin, for example, jumped over the last seven days, Coin Gecko data shows.

Along with price movements, here are six important things that happened in the crypto space last week.

1. Kim Kardashian and Floyd Mayweather sued by investors for alleged crypto-fraud

In June Kim Kardashian posted an Instagram story promoting a cryptocurrency called EthereumMax.

"Are you into crypto ???" she wrote. "This is not financial advice, but to share what my friends told me about the Ethereum Max token!" Kardashian included the hashtag "#ad", which indicates that the post was paid for as promotional content.

A class action lawsuit in the U.S. District Court for the Central District of California was then filed on January 7, in which Kardashian and other celebrities, such as Floyd Mayweather, were accused of "making false or misleading statements" about EthereumMax for allegedly raising the price.

Ryan Huegerich, a New York resident, filed a lawsuit on behalf of himself and other investors who purchased EthereumMax between May 14, 2021 and June 17, 2021. The lawsuit alleges that Huegerich and others lost money on their investments.

Representatives of Kardashian and Mayweather were not immediately available for comment when contacted by CNBC. A spokesman for EthereumMax told CNBC that the trial was "full of misinformation" and disputed allegations that it was a scam.

2. Jack Dorsey sets up a legal defense fund for bitcoin developers

On Wednesday, Twitter and Block founder Jack Dorsey announced plans to set up a "Bitcoin Legal Defense Fund."

"The Bitcoin Legal Defense Fund is a non-profit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects," Dorsey wrote in an email.

The fund will defend bitcoin developers from lawsuits, "including finding and retaining defense attorneys, developing litigation strategy and paying legal bills," with volunteer and part-time attorneys, he wrote.

Block will build a bitcoin mining system

On Thursday, Dorsey confirmed that Block, formerly known as Square, will be "officially." to build an open bitcoin mining system, "he said tweeted on Thursday. The company first announced that it was considering the project in October.

Bitcoin operates on a proof of work (PoW) model, where miners must compete to solve complex puzzles to validate transactions. The process is not easy: it requires a lot of energy and computing power, which is not cheap. The computers themselves, along with other equipment, can also be very expensive.

With these types of difficulties in mind, the project's goal is to make the mining of bitcoin, the largest cryptocurrency by market value, "more distributed and efficient." tweeted Thomas Templeton, the company's general manager for hardware.

Templeton mentioned that there are a number of "customer pain points" and "technical challenges" in the mining community that Block hopes to address, including mining rig availability, high cost, reliability and power consumption.

4. Cash App integrates with Lightning Network

5. Tesla accepts dogecoin for merch payments

6. users report "suspicious activity"


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