Teererai Mukonavanhu
I'm a crypto, blockchain, and tech writer. I spend my time researching and writing about cryptocurrency, NFT, AI, and new technology.
Articles by Teererai Mukonavanhu
11 months ago
2 mins read
Ripple, the blockchain company currently facing a lawsuit by the Securities and Exchange Commission (SEC), has called for an investigation into the actions of former SEC official Bill Hinman. In 2018, Hinman gave a speech in which he said that Ethereum, the underlying blockchain for the cryptocurrency XRP, was not a security. However, the SEC has since filed a lawsuit against Ripple, alleging that XRP is indeed a security. Ripple’s Chief Legal Officer, Stuart Alderoty, has said that the release of public emails and drafts of Hinman’s speech has raised “serious concerns” about Hinman’s actions. Alderoty has also said that
11 months ago
1 min read
A Delaware Court of Chancery judge has dismissed a lawsuit filed by digital asset custodian BitGo against crypto investment firm Galaxy Digital. The lawsuit stemmed from Galaxy Digital’s decision to drop its $1.2 billion acquisition of BitGo in August 2022. In his ruling, Vice Chancellor J. Travis Laster said that Galaxy Digital had a “clean termination right” under the terms of the acquisition agreement. Laster also found that BitGo had not presented any evidence that Galaxy Digital’s decision to terminate the agreement was motivated by anything other than BitGo’s failure to provide certain financial information. BitGo has said that it
11 months ago
1 min read
Ethereum (ETH) whales are defying market uncertainty by expanding their holdings. Despite recent price drops and regulatory concerns, one whale wallet has withdrawn nearly 39,300 ETH from Binance, the world’s largest cryptocurrency trading platform. This surge in whale activity suggests a shift in investor sentiment, with funds potentially being moved to safer havens amidst eroding confidence in centralized entities. On-chain analytics firm Lookonchain highlighted the significant withdrawals in a series of transactions over the past month. Each withdrawal followed a price drop, and the total accumulated ETH in the whale’s wallet exceeds $70 million at the current market price. Notably,
11 months ago
1 min read
The United States Securities and Exchange Commission (SEC) has been cracking down on unregistered securities, and the crypto market is feeling the effects. In its highly publicized case against Binance, the SEC classified tokens like Cardano as unregistered securities. This has led to mounting pressure on crypto exchanges operating within the United States, and some platforms have already begun to delist these tokens. Robinhood Delists Cardano On June 9, popular investing app Robinhood announced its intention to delist three tokens, namely Solana (SOL), Cardano (ADA), and Polygon (MATIC), effective June 27. Robinhood will allow users to continue buying and selling
11 months ago
2 mins read
Ethereum co-founder, Vitalik Buterin, has joined forces with India-based crypto fund Crypto Relief and Polygon co-founder Sandeep Nailwal to contribute $100 million towards COVID-19 research and medical infrastructure development in India. In a significant move, Buterin and Nailwal will receive $90 million in USD Coin (USDC) from Crypto Relief, while Buterin himself will contribute an additional $10 million. Collaboration for COVID-19 Relief Vitalik Buterin and Sandeep Nailwal have come together to support COVID-19 research and medical infrastructure in India. Crypto Relief, a community-run fund in India, will transfer $90 million in USD Coin (USDC) to Buterin, ensuring compliance with local
11 months ago
2 mins read
The European Union’s Markets in Crypto-Assets (MiCA) regulation has reached a significant milestone as it was published in the Official Journal of the European Union (OJEU) on June 9. This publication initiates a countdown for the law to come into effect starting on December 30, 2024. The regulations, which were signed into law on May 31, aim to establish a consistent regulatory framework for crypto assets across EU member states. Creating a Harmonized Regulatory Environment The primary objective of the MiCA legislation is to create a uniform regulatory framework for cryptocurrencies within the European Union. By implementing consistent rules and
12 months ago
1 min read
Binance has requested that the Securities and Exchange Commission (SEC) recuse its Chair, Gary Gensler, from the ongoing investigation into the exchange. In a letter filed with the court, Binance’s lawyers allege that Gensler has a conflict of interest in the case due to his previous involvement with Binance. In particular, the lawyers allege that Gensler offered to serve as an informal advisor to Binance in 2019 and that he shared a draft of his testimony before Congress with Binance for feedback. The lawyers also allege that Gensler has made public statements that have been critical of Binance and other
12 months ago
1 min read
United States Treasury Secretary Janet Yellen reiterated her call for more regulation of cryptocurrencies on Wednesday, saying that she sees “some holes in the system where additional regulation would be appropriate.” Speaking to CNBC’s Squawk Box, Yellen said that the Treasury Department has “identified a number of risks” relating to cryptocurrencies, including their potential to be used for money laundering and terrorist financing. She added that she would “like to work with Congress to see additional regulation pass.” Yellen’s comments come as the cryptocurrency industry is facing increased scrutiny from regulators around the world. In recent months, the U.S. Securities
12 months ago
1 min read
A California judge has ruled that a class-action lawsuit against Kim Kardashian, Floyd Mayweather Jr., and Paul Pierce can proceed. The lawsuit alleges that the celebrities promoted the EthereumMax (EMAX) cryptocurrency without disclosing that they were being paid to do so. In his ruling, Judge Michael Fitzgerald said that the plaintiffs had sufficiently alleged that Kardashian, Mayweather, and Pierce made false or misleading statements about EMAX. He also said that the plaintiffs had sufficiently alleged that the celebrities’ actions caused them to lose money. The lawsuit was filed in January 2022 by investors who lost money when the price of
12 months ago
1 min read
The United States Securities and Exchange Commission (SEC) has taken further action in its ongoing lawsuit against Binance.US, raising concerns about the safety of investors’ funds. In a filing submitted on June 5, the SEC alleges that the defendants, including Binance CEO Changpeng Zhao and Binance Holdings Ltd., have “enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk.” The SEC claims that the defendants deliberately sought to circumvent U.S. regulatory oversight while providing securities-related services to U.S. users, thereby jeopardizing billions of dollars of U.S. investor capital. CNBC reports that the SEC’s estimation of the
12 months ago
1 min read
The crypto market faced a sharp decline, with a 3.6% drop in total market capitalization, following the announcement of a new lawsuit by the United States Securities and Exchange Commission (SEC) against Binance, a prominent cryptocurrency exchange. In the lawsuit, the SEC alleges that Binance and its CEO, Changpeng Zhao, failed to comply with regulations by allowing U.S. users to access Binance.com, engaging in unregistered crypto offerings and sales, and operating as an unregistered exchange, broker, and clearing house. The SEC’s Director of Enforcement, Gurbir S. Grewal, emphasized that the alleged actions put customers and investors at risk while prioritizing
12 months ago
1 min read
The United States Securities and Exchange Commission’s (SEC) lawsuit against Binance, the world’s largest cryptocurrency exchange, has had a negative impact on the crypto market. According to data from crypto analytic firm Nansen, Binance saw negative netflows of $778 million on the Ethereum blockchain in the 24 hours following the SEC’s announcement of the lawsuit. This means that more Ethereum tokens were withdrawn from Binance than deposited into the exchange during this period. The outflow of funds from Binance has also had a negative impact on the price of Bitcoin and other cryptocurrencies. Bitcoin, for example, fell by more than
