🦎🚀 SEC vs Ripple: Who came out on top? ⚖️

Thursday, August 8, 2024

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Hope you've had time to touch some grass, Geckos!

Will Solana continue its pace, or is ETH waiting to make a comeback?

In today's news:

From $2B to $125M 👩‍⚖️
Let it burn 🔥

Read on!

24h Hot Searches Worldwide 🔥

YAWN (+87.9%)
Toncoin (+9.9%)
Ginnan The Cat (+8.9%)
AIT Protocol (-11.9%)
XRP (+19.2%)
Solana (+0.7%)
Ondo (-3.5%)

Worst Daily Crypto Corrections Each Year

From 2014 to date, the worst single day crypto market correction is 2020's -40% Covid-19 crash.

While the most recent sell off saw 4 consecutive day-over-day declines, none of the decreases have been large enough to qualify as a market correction.

From $2B to $125M 👩‍⚖️

Following a recent court ruling, Ripple Labs, the company behind XRP, has been ordered to pay a 9-figure civil penalty as part of their case with the SEC.

According to the presiding Judge Analisa Torres, Ripple Labs is liable for over $125M, to be paid to the SEC in 30 days.

Additionally, the firm will be 'permanently restrained and enjoined' from violating of US securities laws.

The decision was made after the 2 parties had gone back and forth with competing motions, with the SEC claiming that the firm should pay a $2B fine, while Ripple argued for a maximum of $10M.

Despite the hefty penalty, Brad Garlinghouse, the CEO of Ripple Labs, regarded the ruling as a 'victory for XRP' since the court had reduced the proposed penalty by 94%.

Since the ruling went public, the price of XRP has surged by 24% from $0.50 to $0.62.

Want to gauge market sentiment better? Watch this to learn about open interest, and how it differs from volume.

Watch now

Let it burn 🔥

After a recent attack on the DeFi protocol Nexera, the project has decided to remove over 32M NXRA tokens that were affected during the exploit.

Over $1.7M worth of funds were stolen, including 47M NXRA, but the estimated loss is around $1.5M.

However, the hacker was only able to transfer approximately $440K worth of NXRA before the remaining assets were frozen.

As such, the tokens in the attacker's wallet are effectively burnt since they cannot be sold or transferred back into circulation.

Since the exploit took place, the price of NXRA has fallen by 63.3% from $0.06 to $0.02.

Formerly known as Consensys zkEVM, Linea is an Ethereum zk-rollup Layer 2 (L2) developed by the Web3 giant Consensys (developers of MetaMask). The Linea airdrop presents a unique opportunity as it is potentially the first airdrop directly tied to the multi-billion valued company.

Learn more

In Other News...

A Worthy Opponent. Betting odds on Polymarket shows that the presidential candidates Kamala Harris & Donald Trump now tied at 49%.
Goodbye Pacman Hello Solana. Blast's leading memecoin, Pacmoon, is migrating to the Solana network and will be rebranded as ARMY. Pacmoon's 'lamboland' laments the lack of community support on Blast as one of the main reasons for the migration.
Stripe x Bitstamp. EU citizens can now easily on-ramp fiat to crypto. Stripe developers can now embed a customizable widget into their product to enable instant settlement crypto conversions.
Exploiters in Shambles. A report from the New York Fed reveals that the privacy functions of Tornado Cash have deteriorated due to US sanctions.
Brazilian SEC Approves Solana ETF. Brazil joins Switzerland as one of the few nations with approved Solana-based ETF products.
Give Me Money To Buy Bitcoin. Japanese venture firm Metaplanet is looking to raise $68M, disclosing that most of it will be used to buy Bitcoin.

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