The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 20, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets. Original
Thor Technologies and its founder and former CEO, David Chin, have faced a legal setback in an ongoing dispute with the United States Securities and Exchange Commission (SEC) over the unapproved sale of $2.6 million in crypto asset securities. On Oct. 19, the SEC announced its victory after a default judgment was issued against Chin and Thor by the U.S. District Court for the Northern District of California, San Francisco, on Wednesday, Oct.18. A default judgment is a legal ruling issued by a court when one party in a lawsuit…
Ripple’s new win in the legal battle against the United States securities regulators has been marred for crypto enthusiasts by news of the blockchain platform LBRY shutting down operations, which has triggered the community to react. The U.S. Securities and Exchange Commission (SEC) announced its intention to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen on Oct. 19. The event marked a significant legal win for Ripple in the civil case filed by the SEC in late 2020. On the same day, LBRY, a major…
LBRY announced that all of its executives, staff members, and board directors had resigned. According to LBRY’s statement, the company will now focus on addressing any remaining legal obligations before completely ceasing operations. Cryptocurrency firm LBRY has announced that it will cease operations and shut down following a legal battle with the Securities and Exchange Commission (SEC). LBRY was sued by the SEC in 2021 for allegedly conducting an unregistered securities offering by selling its LBRY Credits (LBC) cryptocurrency. The final ruling was in SEC’s favor as a US judge…
The court has barred Thor and Chin from participating in any crypto asset securities offering and ordered a disgorgement of $744,555 with prejudgment interest of $158,638.06. The order does not prevent Chin from purchasing or selling securities, including crypto-asset securities, for his own personal account. Source
XRP gained 6.5%, the biggest single-day percentage rise since July 13. Source
Blockchain company LBRY Inc. — the creators of the LBRY blockchain — has issued its final message to the crypto, citing “several million dollars” of debts that have now made it impossible for the firm to continue. “This will be our last post,” said the LBRY Inc. team in an Oct. 20 statement on Odysee, a LBRY-powered video-sharing website, which was also shared on X. LBRY Inc. is winding down. The LBRY network is unaffected. Odysee and other assets will undergo a legal process to satisfy debts, but Odysee has…
Lawyers representing the United States Securities and Exchange Commission announced they will seek to dismiss all claims against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. In an Oct. 19 filing in U.S. District Court for the Southern District of New York, the SEC notified the court the parties involved in its case against Ripple “have stipulated to the dismissal with prejudice”, suggesting there was no need to schedule an upcoming trial. The filing did not state that the SEC was dropping its civil case against Ripple itself, first filed…
Lawyers representing the United States Securities and Exchange Commission announced they will seek to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen. In an Oct. 19 filing in U.S. District Court for the Southern District of New York, the SEC notified the court the parties involved in its case against Ripple “have stipulated to the dismissal with prejudice”, suggesting there was no need to schedule an upcoming trial. The filing did not state that the SEC was dropping its civil case against Ripple itself, first…
The regulator had included them as defendants in securities violation case, and the agency now says it’s just pursuing Ripple for damages. Source