Today in crypto, Ethereum gaming network Xai claims Elon Musk’s AI firm xAI has caused market confusion and reputational harm, rising social media attention on the Federal Reserve could signal a warning for the crypto market. Meanwhile, Aav…
Today in crypto, Ethereum gaming network Xai claims Elon Musk’s AI firm xAI has caused market confusion and reputational harm, rising social media attention on the Federal Reserve could signal a warning for the crypto market. Meanwhile, Aave token stumbles on rumors of different token allocation from World Liberty Financial.
Ethereum gaming network Xai sues Musk’s xAI for trademark infringement
Ethereum-based gaming network Xai has filed a lawsuit against Elon Musk’s artificial intelligence company xAI, accusing it of trademark infringement and unfair competition.
The complaint, lodged in the Northern District of California on Thursday, claims Musk’s xAI company has created widespread market confusion, damaging Xai’s brand.
Ex Populus, the Delaware corporation behind Xai, said it has used the XAI trademark in US commerce since June 2023, including through its blockchain gaming ecosystem and the $XAI token. “This is a classic case of trademark infringement that requires the Court’s intervention to remedy,” the filing said.
Ex Populus operates the Xai ecosystem, which includes a blockchain-powered network designed for video gaming and digital transactions, offering infrastructure to support game logic, AI-driven decisions, rewards and data management across multiple applications, per the filing.
Rising Fed rate chatter may be a red flag for crypto: Santiment
The surge in social media chatter around the highly anticipated US Federal Reserve September interest rate decision could be a warning sign for crypto, says sentiment platform Santiment.
It comes after the crypto market rallied on Friday and market sentiment returned to greed following Fed Chair Jerome Powell’s dovish remarks at the annual Jackson Hole economic symposium. He hinted that the first rate cut of 2025 could come in September.
“Historically, such a massive spike in discussion around a single bullish narrative can indicate that euphoria is getting too high and may signal a local top,” Santiment said in a report on Saturday. The firm said that social media mentions of keywords tied to the Fed and interest rate cuts have jumped to their highest level in 11 months.
“While optimism about a rate cut is fueling the market, social data suggests caution is warranted,” Santiment said.
Aave token falls on World Liberty Financial allocation rumors
Decentralized finance (DeFi) protocol Aave’s token (Aave) fell by over 8% on Saturday, after rumors began circulating on social media that the protocol would receive a different token allocation from DeFi platform World Liberty Financial (WLFI).
The rumors started after blockchain reporter Colin Wu said that spokespeople from WLFI told him that news of the deal was “fake,” which sent the price of the Aave token tumbling by over $30 before the price rebounded to current levels.
A proposal was submitted to the WLFI community forum in October 2024 outlining a deal that would see the AaveDAO, which manages the Aave protocol, receive 7% of the WLFI circulating supply and 20% of platform revenues from WLFI.
Decentralized finance has come into sharper focus as institutional involvement in the sector grows. The total value locked (TVL) within DeFi protocols is over $168 billion at the time of this writing, according to DeFiLlama.
