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Dogecoin

Dogecoin-Themed Pack Of Hot Dogs From Oscar Mayer Fetches $15,000 In Auction – eBay (EBAY), The Kraft Heinz Company (KHC)

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Kraft Heinz Co. (NASDAQ:KHC) subsidiary Oscar Mayer’s Dogecoin (CRYPTO: DOGE)-themed hot dogs has sold for $15,000 in an auction on eBay Inc. (NASDAQ:EBAY).

What Happened: Oscar Mayer said on Twitter that a single pack of “Hot Doge Weiners” was sold for $15,001 and the auction has closed. According to the Guinness Book of World Records, the most expensive hot dog was previously sold for $169 in 2014.

The winner of the auction will receive the “one-of-a-kind,” 10-pack of hot dogs featuring the Shiba Inu image and the cash equivalent of 20,000 dogecoins – worth about $4,800 at the time of writing. A total of 76 bids were received in the auction, which was announced by Oscar Mayer last week.

See also: How To Buy Dogecoin (DOGE)

All proceeds from the sale will go to the hunger relief organization Feeding America as part of eBay’s Auctions for Charity.

Why It Matters: Oscar Mayer is the latest company to ride the dogecoin hype.

Consumer packaged goods company Conagra Brands Inc. (NYSE:CAG) and candy bar Snickers have used the joke cryptocurrency for marketing purposes earlier this year.

See Also: This Reddit-Based Cryptocurrency Is Outpacing Dogecoin Gains Over Past Month

Dogecoin’s acceptance as a payment option by companies has also gained momentum this year.

It was reported in July that Burger King Brazil is now accepting the meme cryptocurrency as a payment method for the purchase of Dogpper, a dog snack it recently introduced. The “Burger King” brand is owned by Restaurant Brands International Inc. (NYSE:QSR).

Price Action: Kraft Heinz shares closed 0.7% higher in Friday’s trading at $37.20.

Dogecoin is down 4.8% during the last 24 hours, trading at $0.2411 at press time.

Read Next: Ethereum, Bitcoin, Dogecoin Turn Red As Weekend Rally Simmers Down

Photo: Courtesy of Oscar Myer



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DOJ reportedly probes crypto company Tether for possible bank fraud

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A smartphone shows the Tether market worth on the by way of The Crypto App.

Guillaume Payen | SOPA Pictures | LightRocket | Getty Pictures

The Justice Division is investigating doable financial institution fraud by executives of Tether Ltd. stemming from actions throughout the early days of its stablecoin cryptocurrency, in keeping with Bloomberg Information.

The probe has implications for the cryptomarket. Tether’s stablecoin is the third largest digital asset by market cap, at $62.3 billion, in keeping with CoinGecko, and merchants usually use it as a substitute of {dollars} or different fiat cash to purchase bitcoin and different cryptocurrencies. Tether offers customers a strategy to transfer funds between exchanges shortly and gives some degree of safety from different cryptocurrencies’ value volatility.

The DOJ’s investigation is concentrated on exercise from Tether’s early days, probing whether or not the corporate misled banks by hiding the truth that transactions have been linked to cryptocurrency, Bloomberg reported Monday, citing three individuals with direct data of the matter who requested to not be named as a result of the probe is confidential. Federal prosecutors have despatched letters in latest months to people alerting them that they’re targets of the investigation and {that a} determination on the probe may very well be made quickly, in keeping with the information company.

The Justice Division declined a CNBC request for remark.

Tether dismissed the report in an emailed assertion, saying it is “enterprise as ordinary” on the firm and that it is decided “to stay leaders in the neighborhood.”

It additionally stated: “Tether routinely has open dialogue with legislation enforcement businesses, together with the U.S. Division of Justice, as a part of our dedication to cooperation, transparency, and accountability. We’re happy with our function as {industry} leaders in selling cooperation between {industry} and authorities authorities within the U.S. and all over the world. We stay dedicated to our prospects and the industry-leading know-how and transparency that has led to our development.”

Relying on the result of the investigation, it might result in stricter oversight of stablecoins by regulators and extra transparency in how digital property are backed, transacted, and traded, in keeping with Jesse Proudman, co-founder of crypto robo-advisor Makara Digital.

Tether was created in 2014 in response to one of many greatest challenges for crypto start-ups on the time: financial institution de-risking. Most companies dealing with cryptocurrencies had problem acquiring financial institution relationships as a result of the extremely regulated monetary establishments feared doing enterprise with corporations that might probably be tied to illicit actions.

Tether has long been controversial due to issues it does not all the time have sufficient reserves to justify its peg to the U.S. greenback.

Stablecoins, digital currencies designed to be extra secure than cryptocurrencies as a result of the peg their market worth to an out of doors asset just like the U.S. greenback, are within the regulatory sizzling seat as they develop in recognition. Final week, Treasury Secretary Janet Yellen and the President’s Working Group on Monetary Markets mentioned stablecoins’ potential function within the monetary system.

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