Article written by Judith Faith

Bitwise's XRP ETF Faces Roadblocks: SEC Appeal and Political Landscape

Bitwise’s XRP ETF Faces Roadblocks: SEC Appeal and Political Landscape

1 min read

Bitwise recently filed for an XRP ETF, sparking discussions among industry experts about how the upcoming US election might impact its approval. The SEC’s ongoing appeal against Ripple Labs adds uncertainty, potentially delaying the ETF’s fate. Bitwise’s filing, along with another from Canary Capital, highlights a growing interest in direct crypto asset funds, although regulatory clarity remains a challenge. XRP, valued at $33 billion, is seen as a key player

FTX creditors to recover just 10-25% of their funds as the restructuring plan faces legal hurdles

FTX creditors to recover just 10-25% of their funds as the restructuring plan faces legal hurdles

2 mins read

As the FTX saga continues to unfold, creditors of the beleaguered cryptocurrency exchange are holding their breath, hoping for restitution following the platform’s dramatic collapse in November 2022. Recent insights from creditor activist Sunil Kavuri suggest that affected parties might expect to recover between 10% to 25% of their holdings. This estimation comes as stakeholders grapple with the ongoing restructuring process and the impending court hearing scheduled for October 7,

The US SEC reveals that nearly all of TrueUSD's reserves were invested in a risky offshore fund

The SEC reveals that nearly all of TrueUSD’s reserves were invested in a risky offshore fund

1 min read

The U.S. Securities and Exchange Commission (SEC) has determined that TrueCoin LLC and TrustToken Inc., the developers of the TrueUSD (TUSD) stablecoin, allocated nearly all of their reserves to a high-risk offshore fund. The companies inaccurately asserted that TUSD was entirely backed by U.S. dollars, deceiving investors on the security of their capital. Between November 2020 and April 2023, they marketed TUSD via its TrueFi lending platform, promoting it as

The SEC postpones its decision on options trading for several Ethereum ETFs

The SEC postpones its decision on options trading for several Ethereum ETFs

1 min read

The U.S. Securities and Exchange Commission (SEC) has deferred its judgment regarding options trading for several spot Ethereum ETFs until November 2024. The postponement ensues after the SEC sanctioned options trading for BlackRock’s spot Bitcoin ETF, accompanied by stringent rules to mitigate market manipulation. The SEC has extended the deadlines for these funds to November 10 and 11, 2024, in accordance with Section 19(b)(2) of the Securities Exchange Act. In

AAVE price reaches highs of $173 on Monday, its highest level since April 2022

AAVE price reaches highs of $173 on Monday, its highest level since April 2022

1 min read

Aave (AAVE), a distributed finance technology, has seen its native currency’s price surge to levels not seen since April 2022. The spike to above $173 marks the highest price level since April 2022. AAVE experienced a steep decline after reaching an all-time high above $670 in May 2021. AAVE has since experienced a major accumulation phase that lasted nearly two and a half years. This rebound is occurring at a

The Ethereum Foundation sells a total of 950 ETH worth over $2.2 million in the past three weeks

The Ethereum Foundation sells a total of 950 ETH worth over $2.2 million in the past three weeks

1 min read

The Ethereum Foundation has sold 300 ETH worth over $760,000, a 5% increase from intraday lows of $2,440. The foundation has been selling Ether every four to seven days, with a total of 950 ETH sold since September, totaling over $2.2 million. The foundation has previously sold 1,000 ETH for over $3 million in May 2024, with year-to-date totals reaching 1,766 ETH sold for over $4.8 million. The latest dump

Sui Network (SUI) increases by over 43% in a month following USDC integration

Sui Network (SUI) increases by over 43% in a month following USDC integration

1 min read

The SUI token of Sui Network has experienced a 6.5% price increase in the last 24 hours, exceeding memecoin PEPE and Monero in critical metrics such as market capitalization, trading activity, and volume-to-market cap ratio. The daily trading volume of the cryptocurrency rose by more than 15%, reaching $561 million. The price increase results from a notable event concerning Circle, the entity responsible for USD Coin (USDC), which is set

Binance alerts users to the rising threat of Clipper malware

Binance alerts users to the rising threat of Clipper malware

1 min read

Binance has issued a worldwide alert over an escalating threat to cryptocurrency users, especially those using Android devices, posed by “Clipper malware.” This malware captures wallet addresses during transactions and diverts cash to accounts managed by hackers. Since August 27, 2024, the exchange has experienced a notable rise in instances related to Clipper malware, primarily affecting Android users. iOS users are vulnerable, as Clipper malware can disseminate via unapproved applications

A UK court officially recognizes Tether's USDT as property

A UK court officially recognizes Tether’s USDT as property

1 min read

The High Court of Justice in England has classified Tether’s stablecoin, USDT, as property, representing a crucial development for both institutional and retail investors. Crypto pundit GS posits that this verdict may facilitate increased adoption of USDT by establishing a clearer regulatory framework, thus diminishing regulatory ambiguity and enhancing its attractiveness to investors pursuing stability and legitimacy in their crypto assets. It may establish a global precedent for other nations,

US Spot Bitcoin ETFs See Over $39 Million Net Inflows This Week

US Spot Bitcoin ETFs See Over $39 Million Net Inflows This Week

1 min read

Spot bitcoin exchange-traded funds in the United States saw daily net inflows of $39.02 million on Thursday, following negative flows the day before. Ark & 21Shares’ ARKB saw the greatest net inflows, with $18.34 million entering the fund. Fidelity’s FBTC received $11.47 million, with Grayscale’s Bitcoin Mini Trust receiving $5.18 million. VanEck’s fund received $4.95 million, Franklin Templeton’s bitcoin fund received $3.38 million, and Bitwise’s BITB saw positive flows of

Indonesian crypto exchange Indodax has incurred substantial financial losses up to $15 million due to a recent cyberattack

Indodax exchange loses $15 million in crypto to hackers

1 min read

Indonesian crypto exchange Indodax has incurred substantial financial losses up to $15 million due to a recent cyberattack. The site encountered a substantial capital outflow, amounting to around $15.7 million, distributed across other blockchain networks, such as Ethereum, Polygon, and Optimism. The misappropriated assets are currently stored in designated addresses throughout various networks, with Ethereum possessing approximately 5,204.3 ETH, Polygon holding 6,843,716.17 POL, and Optimism containing over 380 ETH. SpotonChain

Five US states, including Texas, have reached a settlement with the operators of a purported $1 billion fake crypto operation. The case pertained to tokenized investments, encompassing fractional ownership of a skyscraper. The Texas State Securities Board disclosed particulars of the settlement concerning Josip Heit and his firm, GSB Group. The offerings were crypto-backed real estate ownership, metaverse investments, and a token allegedly associated with gold awards. The fraud impacted "hundreds of thousands" of investors in the U.S. and Canada. Investors will obtain complete refunds, excluding any withdrawals they may have executed. The settlement seeks to provide restitution to all impacted clients, including those who invested in GSB's diverse products, including as crypto, educational programs, and tokenized assets. The settlement procedure is anticipated to commence shortly, with authorities from Texas, Alabama, Arizona, Arkansas, and Georgia collaborating on the case. The principal objective is to contact as many impacted investors as feasible and assist in the restitution of their capital.

Five US states reach a settlement in a $1 billion crypto fraud case

1 min read

Five US states, including Texas, have reached a settlement with the operators of a purported $1 billion fake crypto operation. The case pertained to tokenized investments, encompassing fractional ownership of a skyscraper. The Texas State Securities Board disclosed particulars of the settlement concerning Josip Heit and his firm, GSB Group. The offerings were crypto-backed real estate ownership, metaverse investments, and a token allegedly associated with gold awards. The fraud impacted

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