Month: August 2023

Pro-XRP lawyer urges Clayton, Hinman testimony

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Pro-XRP attorney John Deaton says that the United States Securities and Exchange Commission (SEC) erred in filing aiding and abetting allegations against Ripple’s CEO Brad Garlinghouse. Deaton highlighted that testimony from former SEC officials Bill Hinman and Jay Clayton during the SEC vs. Ripple Labs case would have categorized XRP (XRP) as a non-security early on, but the agency deliberately disregarded this information for an extended period. On X (formerly Twitter), user Digital Asset Investor.XRP said if it were his choice, he would have summoned a16z attorneys Lowell Ness and Chris Dixon as initial…

Hashdex joins race for spot Bitcoin ETF with unique strategy

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Crypto asset management company Hashdex has joined the competition for a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States. The firm has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin futures ETF that will hold spot Bitcoin.  ETFs are investment funds that trade on a stock market, with their value derived from an underlying basket of assets such as stocks, bonds, commodities and other financial instruments. Similarly, Bitcoin ETFs track BTC’s value and trade on traditional stock exchanges rather than crypto exchanges.…

Rogue Pepecoin team members blamed for $16M PEPE multsig withdrawal

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The circumstances behind the mysterious $16 million withdrawal from the Pepecoin (PEPE) project’s multisig wallet have seemingly been revealed, with the finger being pointed at three ex-team members who went rogue. On Aug. 24, the price of PEPE plunged by roughly 15% amid fears of a potential rug-pull after the community spotted that $16 million worth of PEPE was withdrawn from the Pepe multisig wallet and sent to several exchanges. 1/4 1 hour ago, the Pepe multisig wallet, changed the amount of signatures required on their multisig from a 5/8…

US drug regulator mistakenly sent $55k to scammer

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied US Drug Enforcement Administration (DEA) mistakenly transferred $55,000 to a crypto scammer, exposing vulnerabilities even amidst high-security operations. The scam was uncovered when the US Marshals Service detected the incident. However, the funds were already removed. According to Forbes, the agency seized over $500,000 in Tether stablecoin in May. The amount was derived from two Binance accounts that had aroused suspicions of being conduits for the illicit proceeds of the drugs trade. The details of this…

Prime Trust’s parent company reports $8m loss due to TerraUSD investments

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Prime Core Technologies, the parent entity of crypto custodian Prime Trust, reports an $8 million shortfall from TerraUSD investments. The loss was disclosed in an Aug. 24 filing with the Bankruptcy Court for the District of Delaware in the United States. The company revealed it incurred losses of $6 million in client funds and $2 million in treasury funds through USTC investments under previous management. “Although crypto winter was not the precipitous event leading to the Receivership and…

Crypto builders should ‘give up’ serving US customers for 5 to 10 years — dYdX founder

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Antonio Juliano, the founder of decentralized exchange dYdX thinks that crypto builders should forget about serving customers in the U.S. over the next five to 10 years, experiment in other markets and then return once the time is right. In an Aug. 25 X (Twitter) thread, Juliano argued that builders should prioritize markets outside the U.S., as they will face fewer hurdles as they focus on platform growth and user adoption. Juliano’s comments were particularly focused on startups as opposed to fully established platforms/businesses, as he emphasized that they could…

JPMorgan forecasts stability in crypto markets

JPMorgan predicts the ending of the recent crypto market selloff, forecasting limited downside and potential stability in the near term. The latest downturn in the cryptocurrency markets seems to be approaching a conclusion, according to a new analysis by JPMorgan Chase & Co. The firm argues that long-position liquidations in the crypto world are mostly resolved and that further sharp declines are unlikely. While still echoing, the crypto markets’ recent behavior suggests that the market’s unwinding phase is near its end. Open interest in the futures contracts of Bitcoin (BTC)…

Pepe coin loses 20% one week amid rug-pull concerns

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Pepe Coin’s price plunged 20% in one week as substantial token transfers by the developer team to exchanges ignited fears of rug-pull, shaking investor confidence. Pepe Coin, once a celebrated deflationary meme coin, has found itself at the center of investor anxiety. The developer team’s sudden movement of an immense number of coins to centralized exchanges has ignited fears of a potential rug-pull scenario. This development could have devastating consequences. Quick thread on what just happened…

ARK Invest and 21Shares join forces for crypto ETFs

ARK Invest and 21Shares have jointly applied for two futures exchange-traded fund (ETF) products involving ether (ETH) and bitcoin (BTC).  The applications lodged with the Securities and Exchange Commission (SEC) by Empowered Funds, the investment advisor for the products, on Aug. 24 detail two ETFs: the ARK 21Shares Active Ethereum Futures ETF (ARKZ) the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY). Unlike direct investment in digital assets or spot products, these ETFs will focus on cash-settled futures contracts traded on registered commodity exchanges like the Chicago Mercantile Exchange (CME).…

Top US Crypto Exchange Coinbase Says It Will Axe Trading Support for Multichain (MULTI) and Five Other Altcoins

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Leading US-based cryptocurrency exchange Coinbase will suspend trading for the crypto asset of the bridging platform Multichain (MULTI) effective September 6th. The decision comes after Multichain advised its users to stop using its services. Earlier this year, the protocol announced that its team members couldn’t find the project’s CEO, Zhao Jun, amid technical issues. “The team has done everything possible to maintain the protocol running, but we are currently unable to contact CEO Zhaojun and obtain the necessary server access for maintenance.” Cybersecurity firm PeckShield also revealed last month that…