News - Optimisus

1 year ago 1 min read

Ripple’s CEO Says Global Regulatory Progress is “Inspiring”

Ripple CEO Brad Garlinghouse has called the recent regulatory developments in the cryptocurrency industry “energizing.” In a series of tweets, Garlinghouse highlighted the steps being taken by various countries, such as Dubai releasing a comprehensive set of rulebooks for crypto market participants. In addition, he mentioned about Australia’s Treasury seeking public input on updating licensing and custody for cryptocurrencies, the UK government’s intention to establish a clear framework balancing innovation and financial stability, and South Korea’s publication of guidelines to differentiate between security and payment tokens. Garlinghouse said that these regulators are providing leadership and doing the work that is

1 year ago 1 min read

Cardano Unveils Ethereum-compatible Sidechain Prototype

Input Output Hong Kong (IOHK), the team behind smart contract platform Cardano (ADA), has launched a new sidechain proof of concept that is compatible with Ethereum (ETH). The public testnet uses components of the sidechain toolkit and is compatible with the Ethereum Virtual Machine (EVM). The aim of the project is to expand the Cardano blockchain’s utility. IOHK has not given a specific time frame for the testnet but has encouraged developers and validators to use both the toolkit and sidechain. Recently, crypto analytics platform Santiment found that whale activity on Cardano has been spiking, which previously led to a

Legal Battle Brewing Over SEC's Classification of 9 crypto as Securities

1 year ago 1 min read

Lawyers Fight SEC’s Attempt to Regulate 9 Cryptocurrencies as Securities

A former Coinbase manager is challenging the SEC’s classification of nine cryptocurrencies as securities. Ishan Wahi, who has been accused of insider trading, is arguing that the SEC is trying to establish authority over the crypto asset sector by setting precedents through the courts, rather than obtaining it from congress. The lawyers representing Wahi claim that the cryptocurrencies involved in the alleged insider trading scheme, including AMP, RLY, POWR, and LCX, are not securities and therefore no securities laws were violated. According to the filing, the value of the tokens at issue derives mostly from market fluctuations and not from

1 year ago 1 min read

OpenSea in Hot Water as User Files Lawsuit for $500,000

A prominent NFT creator and collector, Robert Acres, has accused OpenSea, the leading NFT marketplace, of negligence and extortion. Acres was the victim of an NFT phishing attack that resulted in the theft of two NFTs, which were then sold on OpenSea. Acres alleges that instead of promptly helping him retrieve his property and prevent resale by the thieves, OpenSea locked him out of his account for three months, causing him significant losses on the remaining 58 NFTs in his account. Furthermore, he estimates his losses to be as much as $500,000 and is suing OpenSea to make good those

This the first time that Kraken exchange has faced scrutiny over its securities offerings by SEC

1 year ago 1 min read

Kraken Under Investigation by SEC Over Unauthorized Securities Offerings

In the past, Kraken has had several run-ins with regulators, including the Commodity Futures Trading Commission (CFTC) and the New York Attorney General’s office. However, the recent investigation by the SEC is the first time that the exchange has faced scrutiny over its securities offerings. Despite calls from the SEC for crypto exchanges to register, Kraken CEO Dave Ripley has been vocal about his stance against such a move, arguing that the company’s operations are already subject to strict regulations from other agencies. The outcome of the SEC investigation is yet to be seen, but it could potentially lead to

Robinhood Markets Inc. intends to buy back 55 million of its shares

1 year ago 1 min read

Robinhood Plans to Purchase Seized Shares from FTX Failure

Robinhood Markets Inc. intends to buy back 55 million of its shares from Emergent Fidelity Technologies, which had acquired the shares with loans from Alameda Research, the brokerage arm of FTX. The shares, valued at over $550 million, are the subject of a creditor dispute in the FTX bankruptcy case. The U.S. Department of Justice has seized the shares and Robinhood is in discussions with the DOJ about the proposed purchase. Robinhood expressed confidence in its business in its earnings report and stated that the proposed purchase “underscores the confidence the Board of Directors and management team have in our

In the case of Municipal Councillor Quentin Feres

1 year ago 1 min read

French Politician Falls Victim to XRP Twitter Scam

While the latest XRP scam is far from the first to target Twitter users, it’s a stark reminder of the risks posed by hackers and the need for heightened security measures on social media platforms. In the case of Municipal Councillor Quentin Feres, it’s unclear exactly how the hackers gained access to his Twitter account. However, it’s widely known that password reuse and weak passwords are common sources of vulnerabilities. As such, politicians and other public figures must take extra care when it comes to securing their social media accounts. One simple solution is to use unique, complex passwords for

1 year ago 1 min read

Bank of America Embraces Decentralized Finance, Plans for Future Growth

Bank of America (BAC) has stated in a recent research report that the recent correction in digital asset markets led to a shift in focus and capital from speculative trading to projects with actual functionality. However, the bank believes that decentralized finance (DeFi) currently only “barely scratches the surface.” According to the report, platforms like Gauntlet are driving the evolution of DeFi applications, but regulatory barriers, poor user interfaces, and limited functionality may prevent mainstream adoption in the short term. The inability to perform AML/KYC requirements, access credit scores, and identify users are some of the key challenges that DeFi

Binance is taking an active role in forming a consortium of crypto

1 year ago 1 min read

Binance Leads Effort to Restore Confidence in Crypto: Report

Binance, the world’s leading cryptocurrency exchange, is taking an active role in forming a consortium of crypto companies with the aim of restoring trust in the crypto industry and influencing regulatory efforts. The consortium, which will include a variety of crypto-related entities such as individual projects, exchanges, and blockchain analytics firms, will operate in a decentralized manner, aimed at aligning with the crypto community. The current state of the global crypto industry, facing increasing regulation following a wave of retail losses and failed companies, has driven Binance to join efforts in promoting self-regulation. This is not the first time an

1 year ago 1 min read

Bankrupt FTX Faces Huge Bills for Legal and Consulting Services

FTX, the troubled crypto exchange, and its affiliated companies have incurred more than $20 million in legal and consulting fees since filing for bankruptcy protection in November. The company, which has since installed a new CEO and retained three law firms and two consulting firms, is undergoing a complex and expensive wind-down process. The initial bills highlight the cost of FTX’s bankruptcy case and could reduce the amount of return creditors will receive. According to FTX’s new leadership, the exchange and other entities in Chapter 11 bankruptcy in the US held approximately $1.4 billion as of December 31, primarily with

The verdict in the Hermès vs. Rothschild NFT trial has been reached

1 year ago 1 min read

Hermès Secures Victory in Trademark Dispute Against MetaBirkins NFTs

The verdict in the Hermès vs. Rothschild NFT trial has been reached, and the French luxury brand has come out on top. A nine-person jury ruled in favor of Hermès, awarding $133,000 in damages and determining that Rothschild had indeed profited from the brand’s goodwill by producing NFTs based on its Birkin bags. This case sets a powerful precedent for NFT creators and will have a lasting impact on intellectual property (IP) law as it relates to digital creations. Rothschild’s NFT collection, MetaBirkins, was at the center of the lawsuit. The jury decided that the NFTs were not protected under

1 year ago 1 min read

Venture Capital Firm Aptos Labs Invests in Web3 TikTok Alternative Chingari

Aptos Labs, a blockchain company, is making its move into web3 social media by investing in Chingari, a short video app. With five million daily active users and over 200 million videos watched daily, Chingari has established itself as a popular platform for users to upload and share short videos, similar to TikTok. As a result of the investment, Chingari will now be powered by the Aptos blockchain. The Aptos network offers speed, safety, and scalability, which will support Chingari’s growing number of users and its plans to onboard even more in the future. Chingari initially started as a web2