Month: July 2023

Crypto exchanges relist XRP amid Ripple’s partial victory in US

Coinbase, Kraken, and other centralized exchanges in the United States are relisting XRP following Ripple’s ‘partial’ victory over the SEC. In what has been described as a huge landmark and watershed moment for the crypto verse, Judge Analisa Torres of the Southern District Court of New York ruled on July 13 that XRP cannot be entirely considered a security. The ruling is not a clear-cut victory for Ripple. The judge made it clear that the company’s sale of XRP to institutional investors can be considered an investment contract under the…

Multichain halts operations following CEO arrest in China, lost access to servers

Multichain will be shutting down services as a result of the CEO “being taken away by the police” and the issues the team has faced afterwards. Multichain unable to access funds Multichain, a cross-chain protocol formerly known as Anyswap, took to Twitter on July 14 to reveal a rundown which began with the arrest of CEO Zhaojun by Chinese authorities on May 21, stating that the company has been unable to communicate with Zhaojun since his arrest.  1. On May 21, 2023, Multichain CEO Zhaojun was taken away by the…

Master ETC Mining: The Premier Ethereum Classic Mining Pool

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Hiveon is a highly regarded participant in the cryptocurrency space. Transforming the way people perceive and interact with digital assets. With a forward-thinking approach, Hiveon’s goal is to establish a decentralized and inclusive financial ecosystem that empowers individuals to have complete control over their wealth and transactions. At the core of this ecosystem lies Ethereum Classic (ETC), a well-known blockchain platform. ETC is a variation of the widely recognized Ethereum network, embodying the principles of transparency and immutability. It upholds the very essence of blockchain technology. ETC boasts a significant…

Crypto lending protocol Geist Finances ceases operations after Multichain shutdown

Geist Finance has decided not to reopen after Multichain’s confirmation that the funds will remain unrecoverable. The unavailability of accurate valuation for Multichain assets due to the Chainlink oracles tracking real USDC, USDT, WBTC, or ETH values, has further contributed to this outcome. Resume borrowing activities Geist, a lending protocol operating on the Fantom (FTM) network, had over $29 million worth of cryptocurrency assets locked in its contracts before the Multichain hack. The platform allowed users to utilize bridged tokens from Multichain, such as USD coin (USDC), tether (USDT), bitcoin…

It’s time for the SEC to settle with Coinbase and Ripple

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In every major litigation, there comes a moment when you realize it’s time to settle. A ruling doesn’t go your way, a juror gives your legal team the side eye, the judge makes it clear it’s time for a settlement conference. After Judge Analisa Torres’ decision in SEC v. Ripple, the time has come for the United States Securities and Exchange Commission to settle the remainder of its case against Ripple Labs — as well as its case against Coinbase. The SEC’s attack on crypto has used a flexible legal…

Former Celsius CEO Mashinsky to be released on $40m bail

Alex Mashinsky, the former CEO of Celsius Network, is set to be released on bail following his arrest and fraud charges on Thursday, July 13. Mashinsky has agreed to a $40 million personal recognizance bond, which must be signed by his wife by Friday, July 14, and by another financially responsible individual before July 21, who is yet to be identified. A release based on promise Following his arrest, a U.S. district court judge granted Mashinsky bail. In the agreement, Mashinsky must surrender his travel documents to authorities and is…

Coinbase pauses staking services in four US states following regulators’ orders

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United States-based cryptocurrency exchange Coinbase has announced it will be temporarily stopping customers from staking additional assets in four states amid legal proceedings from local regulators. In a July 14 blog post, Coinbase said users in California, New Jersey, South Carolina, and Wisconsin would be restricted from using certain staking services until further notice. Following the U.S. Securities and Exchange Commission filing a lawsuit against the crypto exchange in June for offering unregistered securities, regulatory bodies in 10 U.S. states started their own legal proceedings, prompting the suspension of certain…

Token hoarders defeat the purpose of most DAOs: Study

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A pair of researchers from the University of Texas at Austin and Princeton University conducted a study to determine how tokenization affects decentralization in decentralized autonomous organizations (DAOs). Their findings indicate that many of the challenges to autonomy are related to the reasons individual users have for participating.  According to their research, the larger a DAO grows, the more incentive participants have to consider DAO tokens investments: “The presence of investors diverts the subsidy away from users and thus harms their participation. More importantly, investors may even take a majority…

Cardano price turns bullish, but is there substance to the ADA rally?

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Cardano experienced a remarkable price surge of 23.9% on July 13, leaving investors curious about the potential for further gains. This significant rally comes on the heels of a favorable judicial decision regarding XRP (XRP), leading many to question if Cardano (ADA) has what it takes to break above the $0.40 mark. Cardano 1-day price in USD at Coinbase. Source: TradingView There are three reasons to support Cardano’s bullish momentum, including its potential to integrate other blockchains, increased activity in decentralized applications (DApps) and the decreased regulatory risk, although the latest XRP…