Market News

US court dismisses a class-action lawsuit against Atomic Wallet due to no jurisdiction

September 11, 2024 1 min read

A federal judge in the United States has dismissed a class-action lawsuit against the Estonian cryptocurrency business Atomic Wallet and its principal individuals, citing insufficient jurisdiction. The lawsuit was initiated in 2023 by users following a $100 million breach in June. The plaintiffs contended that Atomic Wallet had rendered its application accessible for download in Colorado and promoted it on platforms such as X, so establishing jurisdiction. Graham Dickinson, one

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

September 10, 2024 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

Ripple’s legal battle with the SEC persists as the agency considers an appeal

September 9, 2024 1 min read

The legal conflict between Ripple and the US Securities and Exchange Commission (SEC) persists, notwithstanding a pivotal order by Judge Analisa Torres on August 7. Ripple requested an extension for the $125 million penalty for breaching securities regulations, originally scheduled for payment by September 6. The SEC is currently assessing the possibility of contesting the order, and legal commentator Fred Rispoli posits that compelling Ripple to make a payment at

Tether invests $100 million in agricultural firm Adecoagro, marking a strategic shift

September 9, 2024 1 min read

Tether, the USDT stablecoin issuer, has allocated $100 million to Adecoagro, an agricultural enterprise, signifying a strategic initiative to broaden its portfolio outside digital finance. The investment, executed between July 29 and August 16, 2024, entailed Tether acquiring approximately 10 million shares with the company’s working resources. Adecoagro, with a valuation of $1 billion, is a significant entity in the agricultural industry, functioning in Argentina, Brazil, and Uruguay. The company

Japan’s TEPCO plans to use surplus green energy for Bitcoin mining, generating $2.5 billion annually 

September 9, 2024 1 min read

Agile Energy X, a subsidiary of Tokyo Electric Power Company (TEPCO) in Japan, is investigating the utilization of excess renewable energy for Bitcoin mining. The startup is deploying mining machines adjacent to solar farms in Gunma and Tochigi prefectures, with the objective of transforming surplus renewable energy into crypto. A calculation conducted by Agile Energy X indicates that if Japan attains its objective of 50% renewable energy by 2050, around

Binance secures regulatory approval in Kazakhstan

September 8, 2024 1 min read

Binance, the world’s largest cryptocurrency exchange by trading volume, has received approval to operate in Kazakhstan, marking a huge regulatory success for the exchange. The Astana Financial Services Authority’s (AFSA) license enables Binance Kazakhstan to become the country’s first fully regulated Digital Asset Trading Facility (DATF). Binance Kazakhstan will be able to run a virtual asset trading platform, engage in major investing operations, and provide digital asset custody services once

Coinbase executives face accusations of downplaying regulatory dangers to shareholders

September 7, 2024 1 min read

A federal judge has denied Coinbase’s request to dismiss a proposed class action lawsuit filed by shareholders. The lawsuit alleges that the largest crypto exchange in the United States, Coinbase, minimized the possibility of being sued by the US Securities and Exchange Commission (SEC). US District Judge Brian Martinotti determined that stockholders have made sufficient claims that Coinbase and its top executives engaged in fraudulent activities against them. The plaintiffs

India’s Financial Intelligence Unit is set to approve two new offshore crypto exchanges

September 7, 2024 1 min read

The Financial Intelligence Unit (FIU-India) of India is expected to approve two further offshore cryptocurrency exchanges to recommence their activities by the conclusion of the fiscal year 2025, after a comprehensive evaluation of their adherence to anti-money laundering (AML) legislation. The FIU is presently evaluating four fresh requests from four exchanges that were previously prohibited due to their failure to comply with India’s rigorous AML requirements. The agency stressed the

VanEck is closing its Ethereum Futures ETF (EFUT) by September 16, 2024

September 7, 2024 1 min read

VanEck plans to terminate its Ethereum Strategy ETF (EFUT) by September 16, 2024, and expects to complete the liquidation process by September 23. EFUT, which was introduced in October 2023, has faced challenges in terms of limited growth in assets and performance when compared to VanEck’s more prosperous spot Ethereum ETF (ETHV). VanEck’s decision to liquidate EFUT is in line with its continuous evaluation of criteria such as performance, liquidity,

Fidelity’s FBTC sees net outflow totaling $149.49 million

September 7, 2024 1 min read

On Thursday, US spot bitcoin exchange-traded funds experienced net withdrawals of $211.15 million, continuing their seven-day trend of negative flows. The FBTC fund managed by Fidelity experienced the highest outflow, amounting to a total of $149.49 million. BITB, a company owned by Bitwise, incurred a net loss of $30 million. The GBTC ETF managed by Grayscale experienced a net outflow of $23.22 million and an additional outflow of $8.45 million.

Richard Teng says Changpeng Zhao is banned from holding any leadership role at Binance

September 6, 2024 1 min read

Changpeng Zhao, the originator and former Chief Executive Officer of Binance, has received a permanent suspension from the firm as a result of legal infractions. Zhao has been accused by the US Department of Justice of breaching U.S. security laws, notably by failing to uphold an efficient anti-money laundering (AML) program. Binance incurred more than $4 billion in legal liabilities. Zhao resigned as CEO in November 2023, and Richard Teng

Telegram CEO Pavel Durov addresses his arrest in France, defending Telegram’s commitment to privacy

September 6, 2024 1 min read

Pavel Durov, the CEO of Telegram, has made his first public statement after being detained in Paris last week. Durov recounted his experience, revealing that he was detained for a duration of four days, during which he underwent interrogation by French police. The authorities indicated that Durov may potentially face personal liability for the unlawful actions of Telegram users, pointing to the platform’s lack of response to government investigations. Durov