As a seasoned crypto enthusiast with over a decade of experience navigating the digital asset landscape, I find myself constantly intrigued by the dynamic nature of this industry. Last week’s court decision against FTX and Alameda Research is yet another reminder that the regulatory environment remains a critical factor in the success or failure of these platforms.
As another week unfolds, here we bring you fresh updates on the ever-evolving world of cryptocurrencies. Last time, our discussion revolved around Bitcoin‘s price, NFTs, Do Kwon, and other significant developments within various crypto projects. This week, however, brings exciting new announcements and long-anticipated decisions shaping the industry.
So, let’s see what happened in crypto last week.
Top Cryptocurrency News
Bitcoin Volatility Hits 20-Month High
Summary
Bitcoin experienced a 19% high-low spread, the highest level since FTX’s collapse in 2022.
Details
On August 5, 2024, the volatility of Bitcoin during the day significantly increased, marking its peak since the fall of crypto exchange FTX in 2022. This surge in volatility represents Bitcoin’s most dramatic price fluctuations in approximately 20 months.
During the recent worldwide market downturn, the difference between Bitcoin’s high and low prices reached approximately 19%, as reported by analysts Vetle Lunde and David Zimmerman from K33 Research. In their words, Bitcoin’s trading activity on August 5 was characterized as “busy” and “chaotic.”
Source: Decrypt
Authorities Found Ripple Labs Liable for $125 Million Penalty in SEC Case
Summary
Ripple Labs will have to pay $125 million in penalties in a case filed by the US SEC.
Details
A Manhattan court judge mandated Ripple Labs to compensate the U.S. Securities and Exchange Commission (SEC) around $125 million as a penalty for allegedly selling XRP inappropriately. The final verdict, however, is much less than the SEC’s initial demand of imposing $2 billion in fines and penalties on Ripple Labs.
Brad Garlinghouse, CEO of Ripple, expressed in a tweet that Ripple “appreciates the court’s verdict and now has clear guidance to keep expanding.” In response, a representative from the SEC also commented on the ruling: “Time and again, courts have affirmed that securities laws are applicable when businesses issue and sell investment contracts, regardless of the technology or terminology employed.”
Source: Reuters
NY Judge Approved a $12.7 Billion Settlement Between FTX, Alameda, and CFTC
Summary
FTX and Alameda settled with the US CFTC for $12.7 billion, which will be paid to FTX creditors.
Details
As a crypto investor, I’m excited to share the news about the recent development involving FTX, the defunct exchange, and the Commodity Futures Trading Commission (CFTC). In a court order signed by District Judge Peter Castel, both parties have agreed on a settlement. This settlement is significant because it means that approximately $12.7 billion will be returned to the creditors of FTX. The details of this settlement were officially disclosed in a filing published on August 7, 2024. This is certainly a step forward for restoring trust and confidence within our crypto community.
On July 12, 2024, FTX and its affiliated company Alameda initially reached a settlement agreement; however, this resolution was yet to be officially endorsed by the court. Last week, District Judge Peter Castel granted the final approval for the settlement.
The order additionally prohibits FTX and Alameda Research from engaging in activities that could be considered as deceiving or swindling their commodity clients, participating in deals related to “virtual commodity assets,” and transacting in these assets as proxies for third parties.
Source: Cointelegraph
Top Crypto News – DeFi
Ronin Network Was Exploited for $9.8 Million in ETH
Summary
Ronin Network suffered a security breach that resulted in $9.8 million of ETH in lost funds.
Details
A prominent blockchain for gaming, Ronin Network, suffered a major security incident resulting in the theft of around $9.8 million in ETH. This incident involved the stealing of 3,996 ETH tokens. It’s suspected that this attack was carried out by an ethical hacker, known as a white hat hacker, who uncovers vulnerabilities within crypto protocols with the aim of enhancing security.
Based on subsequent reports, it appears that the issue was related to an MEV (Maximal Extraction Value) automated program. This tool, used by validators, searches for profitable arbitrage chances spread across Decentralized Finance (DeFi) systems.
Source: The Crypto Times
Robinhood Suspended 24-Hour Trades for 8 Hours
Summary
Robinhood temporarily halted their 24-hour trading service because they encountered an issue with the external platform where they process trades.
Details
On August 5, 2024, Robinhood shared via Twitter that they would temporarily halt overnight trading because of a problem at their partner, Blue Ocean ATS, who momentarily stopped their after-hours trading platform.
Representing Blue Ocean ATS, we’ve shared that last night, the company faced some challenges with its capacity, which unfortunately required the cancellation of a minimal number of trades. On a positive note, in the upcoming weeks, Blue Ocean ATS plans to transition to a fresh technology system.
Source: CNBC
Top Crypto News – Technology
Vitalik Buterin Unveiled a Plan to Solve Cross-Chain L2 Interoperability
Summary
As an analyst, I’ve just learned about Vitalik Buterin’s latest proposal for enhancing interoperability across Layer 2 solutions within the Ethereum ecosystem. This exciting roadmap is my focus right now, as it promises to streamline interactions between various Layer 2 platforms on Ethereum, ultimately fostering a more seamless and efficient user experience.
Details
As a researcher delving into the intricacies of blockchain technology, I’m excited to share that Vitalik Buterin, co-founder of Ethereum, has outlined an extensive strategy to enhance cross-chain interoperability between Ethereum Layer 2 (L2) networks. Initially, he sketched the blueprint in a series of insightful tweets, offering a glimpse into his vision for a unified, user-friendly Ethereum ecosystem.
Vitalik Buterin’s plan primarily emphasizes a series of proposals designed to enhance interoperability between various Ethereum Layer 2 solutions. A notable aspect of this roadmap is EIP-3370, an innovative proposal that introduces a fresh standard for Ethereum addresses.
Source: Blockonomi
Top Crypto News – NFT
Immutable Will Shut Down Its NFT Marketplace
Summary
In the upcoming days, Immutable Network has decided to close their Non-Fungible Token (NFT) marketplace in order to concentrate on different objectives they have set for themselves.
Details
As a researcher delving into gaming and blockchain technology, I’m sharing news about Immutable, a notable player in this sphere. They recently announced their decision to close down their NFT (Non-Fungible Token) marketplace. Instead, they aim to channel their efforts towards broadening their ecosystem via strategic partnerships. The wind-down of the marketplace’s operations is scheduled for August 13, 2024.
It’s clarified that users’ possessions stay accessible since they are part of the blockchain. Moreover, it was noted that the Immutable Marketplace employs a universal order book, meaning that other marketplaces connected to the same order book will display comparable listings for purchasing or selling goods.
Source: Cointelegraph
Top Crypto News – Regulation
BitGo Got a Payment License in Singapore
Summary
BitGo secured an MPI license in Singapore, making it one of the 27 licensed platforms in the region that utilize Multi-Party Computation technology.
Details
After securing the Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS), BitGo intends to broaden its international operations. With this license, crypto-related firms can offer a variety of payment services, such as digital token transactions, without the typical transaction limitations typically imposed on smaller entities.
Source: The Paypers
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2024-08-13 14:28