Illustration: Rebecca Zisser/Axios

On Thursday, Bitcoin Cash, itself a "fork" (or clone) of the original Bitcoin, split into two versions that will go their separate ways, and create their separate sets of headaches for users. But here's what else happened in the industry this week.

Catch up quick: Cryptocurrency scams are thriving on Twitter eight months after it said it was working to eliminate them; two initial coin offering issuers settle Securities and Exchange Commission registration charges; and Nvidia nurses a "crypto hangover" as demand for mining chips evaporates.

Cryptocurrency scams are thriving on Twitter eight months after it said it was working to eliminate them (BuzzFeed)

  • Why it matters: Scammers on social media networks are taking advantage of two weaknesses at the same time. The first is the frenzy and lack of information about cryptocurrencies that are making it easy for people to buy into scams because they believe they can make a quick buck. The second is that social networks like Twitter still have a lot of work to do to keep this type of abuse completely at bay.

Two ICO issuers settle SEC registration charges, agree to register tokens as securities (SEC website)

  • Why it matters: "These are the Commission’s first cases imposing civil penalties solely for ICO securities offering registration violations," the commission wrote in its announcement. It added that both issuers, Airfox and Paragon, conducted their ICOs after the SEC issued its report last year warning the industry that some could qualify as securities.

Nvidia nurses 'crypto hangover' as demand for mining chips evaporates (CNBC)

  • Why it matters: The ups and downs of cryptocurrency prices have business consequences beyond their direct investors, as Nvidia's challenges shows. Similarly, investors had concerns over the valuation of cryptocurrency exchange Coinbase, as Axios previously reported, due to its exposure to digital token prices.

Go deeper

In photos: Thousands evacuated as Southern California fire grows

A plane makes a retardant drop on a ridge at the Apple Fire north of Banning in Riverside County, which "doubled in size" Saturday, per KTLA. Robert Gauthier / Los Angeles Times via Getty Images

A massive wildfire that prompted mandatory evacuations in Southern California over the weekend burned 26,450 acres and was 5% contained by Monday afternoon, the California Department of Forestry and Fire Protection said.

The big picture: As California remains an epicenter of the coronavirus pandemic in the U.S., some 15 separate fires are raging across the state. About 7,800 people were under evacuation orders from the Apple Fire, about 75 miles east of Los Angeles, as hundreds of firefighters battled the blaze. CalFire said Monday that a malfunction involving a "diesel-fueled vehicle emitting burning carbon from the exhaust system" started the Apple Fire.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 18,178,736 — Total deaths: 691,111 — Total recoveries — 10,835,789Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 4,698,335 — Total deaths: 155,331 — Total recoveries: 1,468,689 — Total tests: 57,543,852Map.
  3. Politics: White House will require staff to undergo randomized coronavirus testing — Pelosi says Birx "enabled" Trump on misinformation.
  4. Sports: 13 members of St. Louis Cardinals test positive, prompting MLB to cancel Tigers series — Former FDA chief says MLB outbreaks should be warning sign for schools.
  5. 1 🎥 thing: "Tenet" may be the first major film to get a global pandemic release.

Twitter faces FTC fine of up to $250 million over alleged privacy violations

Photo: Rafael Henrique/SOPA Images/LightRocket

The Federal Trade Commission has accused Twitter of using phone numbers and emails from its users to make targeted ads between 2013 and 2019, Twitter said in an SEC filing published Monday.

Why it matters: Twitter estimates that the FTC's draft complaint, which was sent a few days after its Q2 earnings report, could cost the company between $150 million and $250 million. The complaint is unrelated to the recent Twitter hack involving a bitcoin scam.