Stuart Alderoty, the Chief Legal Officer of Ripple Labs, and members of the XRP community have shown their support for United States Securities and Exchange Commission (SEC) Commissioner Hester Peirce’s recent stance against perceived injustices in the LBRY lawsuit.
This support was expressed on the social media platform formerly known as Twitter.
Alderoty conveyed his gratitude to Commissioner Peirce for her outspoken views and suggested that when injustices persist in non-fraud cases, especially when consumers are still awaiting resolutions for fraud cases, it may be necessary to deviate from standard protocols and raise concerns more prominently and promptly.
He even proposed the idea of submitting an amicus brief to address such issues.
Commissioner Peirce issued a dissenting statement regarding the LBRY lawsuit on October 27th.
She emphasized that the SEC had recently initiated numerous enforcement actions against various cryptocurrency exchanges, including Ripple, LBRY, Kraken, Binance, and Coinbase.
Peirce pointed out that the LBRY lawsuit was particularly troubling to her, but she refrained from discussing it further due to the ongoing litigation.
READ MORE: Alameda Research and FTX Transfer Over $10 Million to Exchange Accounts
In July, LBRY, a blockchain-based file-sharing and payment network, was found to have violated Section 5 of the Securities Act of 1933.
As a result, LBRY was permanently prohibited from engaging in unregistered cryptocurrency securities offerings involving its native token, both directly and indirectly.
LBRY initially sought to appeal the judgment by the SEC, with strong support from the XRP community.
However, as the legal battle concluded in favor of the SEC, LBRY made the difficult decision to shut down. The company cited financial burdens and regulatory pressure as the primary reasons for its closure.
Pro-XRP lawyer John Deaton, in response to Commissioner Peirce’s statement, suggested that it might be the right time to submit an amicus brief.
Deaton believes that, just as 75,000 individual holders expressed their views in court during the legal proceedings, it is equally important for someone with insider knowledge to speak out in a court of law.
Deaton had previously expressed his disapproval of the SEC’s actions against the company, attributing them to causing financial distress.
The support from Ripple Labs, the XRP community, and legal experts like Deaton highlights the growing concern over regulatory actions in the cryptocurrency space and the need for a fair and transparent legal process.
Solana, the Layer-1 blockchain platform often seen as a competitor to Ethereum, has been making significant waves in the crypto market recently.
Its native cryptocurrency, SOL, has experienced a remarkable surge, surpassing the $32 mark.
This surge has captured the attention of asset management firm VanEck, which has not only expressed optimism about Solana’s future but has also shared its price predictions.
In a comprehensive report, VanEck has presented various valuation scenarios for Solana, offering a wide spectrum of possibilities.
Their projections range from a conservative estimate of $9.81 to an ambitious target of $3,211.28 by the year 2030.
To put this in perspective, this would signify an astounding 10,600% price increase for Solana over the next few years, making it a formidable contender in the blockchain arena. In comparison, Ethereum’s price target stands at $11,800.
One particularly intriguing aspect outlined in the report is the potential for Solana to become the first blockchain capable of accommodating applications with over 100 million users.
This not only highlights its technical prowess but also its ability to challenge Ethereum’s dominance in the space.
Currently, SOL ranks among the top 10 cryptocurrencies, having exhibited impressive growth, exceeding 200% since the beginning of 2023.
READ MORE: UK Passes Groundbreaking Legislation Allowing Seizure of Cryptocurrencies in Illicit Activities
The Solana ecosystem boasts a total value locked (TVL) of $378 million, further emphasizing its growing influence in the crypto world.
Nevertheless, there is a hint of caution in the air as the daily directional movement index (DMI) suggests an increasing bearish sentiment on the daily chart.
This situation places the onus on the bulls to defend the gains made, especially since Solana’s recent ascent aligned with Bitcoin’s surge to $35,000.
If the bullish momentum falters, there is a possibility of SOL’s price slipping below the $30 mark.
Traders contemplating short positions for SOL might find this situation compelling, as technical indicators show the blue line (+DI) decreasing while the red line (-DI) is on the rise, signaling a potential price decline.
This pattern suggests an elevated bearish influence and the potential for a market downturn, potentially resulting in a 15% drop in Solana’s price from its current valuation of $32.
This decline corresponds with a nearby support level reinforced by the 21-day exponential moving average.
In the dynamic world of cryptocurrencies, vigilance and strategic decision-making remain paramount as Solana’s journey unfolds.
Google has reaffirmed its commitment to advancing artificial intelligence (AI) by injecting an additional $2 billion into Anthropic, an AI startup, according to a recent report.
Google’s initial investment of $500 million in Anthropic, a competitor to OpenAI, has now been followed by a commitment to pay the remaining $1.5 billion over time.
This substantial investment builds upon Google’s earlier $550 million injection into Anthropic earlier in 2023.
Additionally, Google Cloud has entered into a multiyear agreement with Anthropic, valued at over $3 billion, further solidifying their partnership.
This news comes on the heels of Amazon’s substantial $4 billion investment in Anthropic in September.
Anthropic is channeling these substantial funds into the training of its AI systems, notably AI assistant Claude, with the aim of achieving groundbreaking developments in the AI industry.
READ MORE: UK Passes Groundbreaking Legislation Allowing Seizure of Cryptocurrencies in Illicit Activities
In contrast, OpenAI, which has received more than $13 billion in funding from Microsoft since 2019,
ChatGPT gained rapid popularity, amassing over 100 million users within its first two months after launching in November 2022, drawing the attention of venture capital firms worldwide.
Notably, Anthropic’s co-founders, siblings Dario and Daniela Amodei, were formerly associated with OpenAI but departed in 2021 due to disputes with OpenAI’s CEO Sam Altman regarding the safety implications of AI system development.
Prior to the investments from tech giants Google and Amazon, Anthropic relied heavily on funding from Sam Bankman-Fried, the former CEO of FTX, who contributed approximately $530 million to Anthropic in April 2022.
This investment came roughly seven months before FTX’s financial downturn.
Anthropic’s substantial increase in valuation is seen as a positive sign for creditors of FTX, as they hope to be fully compensated through the bankruptcy proceedings stemming from FTX’s financial difficulties.
The infusion of funds into Anthropic not only underscores the importance of AI in today’s tech landscape but also highlights the fierce competition and investments made by major players like Google and Amazon in the race to advance AI technology.
Phishing scammers have devised a cunning scheme to deceive unsuspecting readers by cloning the websites of two prominent crypto platforms, Blockworks and Etherscan.
Their nefarious plot aims to trick individuals into connecting their crypto wallets to a fraudulent source, ultimately resulting in the theft of their digital assets.
The counterfeit Blockworks website took a deceptive approach by displaying a fabricated “BREAKING” news report regarding a supposed multimillion-dollar “approvals exploit” on the decentralized exchange Uniswap.
Users were lured into visiting a counterfeit Etherscan website under the pretense of rescinding approvals related to this purported incident.
This fake news article was disseminated on Reddit through compromised accounts within various crypto-related subreddits, amplifying its reach and potential victims.
The imposter Etherscan website, masked as a token and smart contract approval checker, concealed a treacherous trap: a wallet-draining mechanism.
Beosin, a reputable blockchain security firm, conducted an examination of the drainer’s smart contract.
They discovered that the attacker’s objective was to siphon off wallets holding a minimum of 0.1 Ether, equivalent to $180.
READ MORE: FTX Pursues Investigation into $6.5 Million Payments to AI Safety Nonprofit CAIS Amid Bankruptcy
However, the drainer had a critical flaw; it failed to initiate any phishing transaction after a wallet was connected, undermining its malicious intent.
A closer examination of the fraudulent domains revealed that the sham Etherscan site, approvalscan.io, was registered on October 25th, while the counterfeit Blockworks site, blockworks.media, was registered just a day later.
This quick domain registration turnaround showcased the scammers’ urgency in launching their deceitful campaign.
In an October 25th tweet, Web3’s anti-scam platform, Scam Sniffer, exposed another instance of scammers deploying a wallet-draining mechanism on a cloned website imitating the crypto news outlet Decrypt.
Intriguingly, Scam Sniffer clarified that the phony Blockworks and Decrypt sites were operated by distinct groups of scammers, adding a layer of complexity to their fraudulent operations.
As phishing scams continue to evolve in sophistication, it is essential for users in the crypto space to exercise utmost caution and verify the authenticity of websites and information sources before connecting their wallets or engaging in any transactions.
Vigilance remains the best defense against these cunning cybercriminals seeking to exploit the crypto community’s trust.
On October 25th, Taiwanese lawmakers unveiled the Virtual Asset Management Bill in the country’s unicameral parliament, the Legislative Yuan.
This legislation is designed to enhance customer protection and establish proper oversight within the virtual asset industry.
Spanning 30 pages, the bill puts forth a set of reasonable requirements for virtual asset service providers (VASPs).
These include the segregation of customer funds from the company’s reserve funds, the implementation of an internal control and audit system, and membership in the local trade association.
Notably, the bill currently does not mandate stablecoin issuers to maintain a 1:1 ratio of reserve funds, and it does not address algorithmic stablecoins.
The specific rules governing advertising and marketing activities will be determined by the “competent authority.”
For VASPs operating without a license, the bill proposes fines ranging from a minimum of 2 million Taiwanese dollars (approximately $60,000) to a maximum of 20 million TWD ($600,000).
READ MORE: SEC Chair’s $5 Billion Enforcement Actions Make Waves at 2023 Securities Forum
Existing companies in the Taiwanese market will have a grace period of six months from the bill’s enactment to secure the necessary licenses.
In September 2023, Taiwan’s Financial Supervisory Commission (FSC) also issued industry guidelines tailored to VASPs.
Foreign virtual asset service providers are prohibited from offering their services in Taiwan without obtaining regulatory approvals from the FSC.
These regulatory measures have emerged as prominent cryptocurrency exchanges in Taiwan have taken proactive steps toward self-regulation.
On September 26th, several local exchanges, including MaiCoin, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito, united to establish the Taiwan Virtual Asset Platform and Transaction Business Association.
Their primary objectives are to support the cryptocurrency industry and collaborate closely with regulators to ensure responsible growth.
United Nations Secretary-General António Guterres made a significant announcement on October 26, revealing the creation of a 39-member advisory committee dedicated to addressing global issues surrounding the regulation of artificial intelligence (AI).
The committee’s composition is remarkably diverse, encompassing a wide array of experts from various sectors.
It includes leaders from the tech industry, government officials representing countries like Spain and Saudi Arabia, and scholars hailing from nations such as the United States, Russia, and Japan. Some notable figures among them are Hiroaki Kitano, Sony’s Chief Technology Officer; Mira Murati, the Chief Technology Officer of OpenAI; and Natasha Crampton, Microsoft’s Chief Responsible AI Officer.
Moreover, the committee members come from six different continents, representing a rich tapestry of backgrounds and perspectives, ranging from AI expert Vilas Dhar in the United States to Professor Yi Zeng from China and Egyptian lawyer Mohamed Farahat.
In his official statement, Secretary-General Guterres acknowledged the profound positive impact of AI, but also highlighted the potential for malicious use that could erode trust in institutions, weaken social cohesion, and even threaten democracy.
READ MORE:Alameda Research and FTX Transfer Over $10 Million to Exchange Accounts
This recognition of AI’s dual nature underscores the urgency of addressing its governance on a global scale.
The surge in interest and concern surrounding AI’s societal implications, especially following the introduction of technologies like ChatGPT by OpenAI, has prompted researchers and policymakers worldwide to advocate for enhanced international cooperation.
Many governments are actively working on legislation to regulate AI, further emphasizing the need for global collaboration in this realm.
The United Nations is taking proactive steps in this direction. It plans to release preliminary recommendations by the end of the year, with comprehensive guidelines scheduled for the summer of 2024.
Immediate priorities include fostering a global scientific consensus on potential AI-related risks and challenges while bolstering international cooperation in AI governance.
The inaugural meeting of the advisory committee is scheduled for October 27, signifying the organization’s commitment to addressing the complex issues surrounding AI regulation on a global scale.
Binance co-founder and CEO, Changpeng “CZ” Zhao, has experienced a significant reduction in his net worth, amounting to a staggering $11.9 billion, largely attributed to declining trading volumes on the Binance exchange.
On October 26, the Bloomberg Billionaires Index revised down Binance’s revenue estimates by 38% due to a slump in exchange volumes, causing Zhao’s ranking on the list of the world’s wealthiest individuals to plummet to the 95th position.
Zhao’s current net worth stands at $17.3 billion, marking an astonishing 82% decline from its peak of $96.9 billion in January 2022, when he held the 11th position on the global rich list.
The decline in Zhao’s wealth correlates with the downturn in the cryptocurrency market, where Binance played a significant role.
Bloomberg’s index calculated Binance’s revenues by analyzing data from crypto data aggregators CoinGecko and Coinpaprika, focusing on spot and derivatives trading.
Notably, Binance’s spot trading market share experienced a continuous decline for seven consecutive months, plummeting to 34.3% as of September, compared to over 55% in January.
This decline in trading volumes was also observed at Binance.US, the United States-based arm of the exchange.
READ MORE: $1M Crypto Drop: Celebrate BetFury’s 4th Anniversary
Zhao’s financial setbacks have been further exacerbated by legal challenges.
The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) both filed lawsuits against Zhao, Binance, and Binance.US.
The SEC accused the exchanges of operating illegally, selling unregistered securities, and mishandling customer assets, designating Zhao as the “controlling person.”
Meanwhile, the CFTC alleged that Binance failed to properly register with the regulator. In response, Zhao and Binance have vehemently denied these allegations and are actively seeking to dismiss both lawsuits.
Comparatively, the decline in Zhao’s wealth is reminiscent of his former rival, Sam Bankman-Fried, who faced a massive loss of his $16-billion fortune in November 2022.
This financial crisis was triggered by CZ’s announcement that Binance was selling its FTX Token (FTT) holdings, prompting a rush of withdrawals from FTX.
Although Zhao initially attempted to acquire FTX, he withdrew from the deal within 48 hours.
Bankman-Fried, on the other hand, found himself in the midst of a criminal trial, where he has pleaded not guilty to two counts of fraud and five counts of conspiracy, underscoring the tumultuous nature of the cryptocurrency industry.
Google searches for “buy Bitcoin” have experienced a global surge amidst a significant crypto rally, with the United Kingdom witnessing an astounding 826% increase in searches over the past week, according to research by Cryptogambling.tv.
This remarkable surge in the UK, coupled with the cryptocurrency’s resurgence, reflects the growing interest and potential impact of traditional financial institutions’ engagement in digital assets.
While the UK led the way in this search frenzy, a notable rise in Bitcoin-related queries was observed worldwide.
In the United States, searches for “should I buy Bitcoin now?” spiked by over 250%, and more niche inquiries like “can I buy Bitcoin on Fidelity?” saw an astonishing 3,100% surge in the past week.
A broader perspective reveals that the global search term “Is it a good time to buy Bitcoin?” witnessed a 110% increase.
READ MORE: FTX Pursues Investigation into $6.5 Million Payments to AI Safety Nonprofit CAIS Amid Bankruptcy
Concurrently, searches for “BlackRock Bitcoin ETF” soared by 250%, indicative of widespread enthusiasm for information related to BlackRock’s pending spot Bitcoin exchange-traded fund (ETF).
This sudden surge in interest coincides with a sharp increase in Bitcoin’s price over the past fortnight, briefly exceeding $35,000 on October 24, marking its first climb to such heights since May 2022.
This excitement appears closely tied to the anticipation of a spot Bitcoin ETF’s approval, a development that many experts believe will trigger a fresh wave of institutional buying.
Senior ETF analysts Eric Balchunas and James Seyffart have expressed confidence in a 90% probability of approval by January 10, 2024.
Notably, at the time of this report’s publication, Bitcoin has gained over 27% in value over the past two weeks, as per TradingView price data.
In conclusion, Google searches for “buy Bitcoin” have surged dramatically, highlighting the global interest in cryptocurrency, especially in the United Kingdom.
This fervor is intertwined with the recent uptick in Bitcoin’s price and the anticipation of a spot Bitcoin ETF’s approval, indicating a shifting landscape in the world of digital assets and traditional financial institutions’ increasing involvement.
Nym Technologies, a leading blockchain privacy firm, is taking a bold step forward in bolstering the security-focused infrastructure of the decentralized internet.
The company recently unveiled the Nym Innovation Fund, a substantial $300 million funding initiative with the primary goal of providing financial backing to projects dedicated to enhancing privacy within the Web3 ecosystem.
This ambitious endeavor has attracted investment from prominent venture capitalists like Polychain, KR1, Huobi Incubator, and Eden Block.
Their collaboration with Nym Technologies underscores the industry’s recognition of the critical importance of privacy in preserving the integrity of a decentralized internet and avoiding the pitfalls associated with the previous Web2 generation.
Harry Halpin, co-founder, and CEO of Nym Technologies, emphasized the central role of privacy in safeguarding the decentralized internet against censorship and other threats.
He expressed his optimism, stating, “This program will ensure the health of the privacy ecosystem but it will also advance the Web3 industry as a whole, providing mentorship and funding during this difficult macroeconomic climate.”
Halpin further revealed that prospective projects seeking funding would be considered both by Nym’s fund and its venture capital partners.
The selection process will involve Nym reviewing the applications and then presenting suitable candidates to the investors, who will decide the amount of funding to allocate.
READ MORE: Ripple’s Legal Victory: Slim Odds for SEC’s Appeal in Ongoing Lawsuit
The Nym Innovation Fund is slated to kick off in November 2023, with an initial focus on projects related to Web3 wallets and applications designed to store private keys and manage access to decentralized applications (DApps).
Additionally, the fund aims to support remote procedure call (RPC) protocols capable of interacting with blockchain networks and facilitating transactions for DApps.
Furthermore, it will provide backing to public good services, including essential resources, tools, infrastructure, and open-source projects.
Complementing the Innovation Fund is the launch of the Nym Grants program.
This initiative will extend additional funding opportunities to developers, offering mentorship, marketing support, community engagement, and operational guidance.
Lior Messika, managing partner at Eden Block, emphasized their commitment to supporting builders and entrepreneurs within the Nym ecosystem.
He highlighted the significance of Nym’s core technology in enabling various applications and privacy use cases, reaffirming Eden Block’s dedication to supporting the fund’s mission.
The Nym Innovation Fund and Nym Grants program share a common mission: prioritizing projects and services that enhance user privacy, promote open-source collaboration, and engage the community in shaping the future of a more secure and private Web3 ecosystem.
Other Stories:
Cryptocurrency Lawyer John Deaton Questions Lightning Network’s Security Amidst Growing Concerns
Uniswap Founder Burns 99% of HAY Token Supply, Shaking Crypto Markets
Fight Me: Triumphia Origins NFTs mint out in under 2 minutes ahead of the Fight Me game launch
The market for FTX creditor claims is experiencing a surge in activity, with some claims now fetching prices exceeding 50 cents on the dollar.
Thomas Braziel, a partner at 117 Partners, a firm specializing in crypto bankruptcy claims, revealed this development.
He disclosed that a recent claim worth over $20 million was sold for between 52 and 53 cents at an auction held on October 20th.
However, Braziel pointed out that only the highest-quality claims command such prices.
Smaller claims in the range of $500,000 to $800,000 and above have also seen an uptick in value, trading between 30 and 40 cents.
Again, Braziel emphasized that these prices are reserved for the most pristine claims with the right buyer.
The increase in the value of creditor claims appears to be tied to recent clawback efforts by the bankrupt crypto exchange and capital-raising activities of a company in which it had invested.
In April 2022, Anthropic secured $580 million in a Series B funding round led by Sam Bankman-Fried, the former CEO of the now-defunct FTX.
Subsequently, Amazon announced a $4 billion investment in Anthropic on September 25th, potentially valuing the company at $30 billion.
This development could have a positive impact on FTX creditors, potentially making them whole.
READ MORE:Bitcoin Rockets to $30,000 Amidst Strong Market Sentiment
Despite the growing enthusiasm for FTX claims, Braziel cautioned that certain concerns, particularly related to KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance, still needed to be addressed.
However, the overall trend of increasing claim valuations bodes well for creditors.
Braziel highlighted the significance of a settlement and plan support announced by the ad hoc committee of non-U.S. FTX customers on October 18th.
A key component of this amended support plan is the “shortfall claim,” which estimates that customers of FTX.com and FTX US would collectively receive 90% of distributable assets, with an estimated value of approximately $8.9 billion for FTX.com and $166 million for FTX US.
This development is particularly beneficial for trading firms seeking to sell their claims.
Since filing for Chapter 11 bankruptcy protection on November 11, 2022, the FTX Debtors’ estate, led by new CEO John Ray III, has undertaken various measures to recover lost assets.
These measures include selling FTX holdings and initiating significant clawbacks from other crypto firms and former-FTX seigniorage.
The market for FTX creditor claims is evolving rapidly, offering both challenges and opportunities for stakeholders in the crypto landscape.
Other Stories:
Ripple Scores Legal Victory, But LBRY’s Closure Raises Questions About SEC’s Approach
Former FTX CEO Sam Bankman-Fried Faces Legal Scrutiny Over Alleged $8 Billion Financial Discrepancy
Binance Expands Euro Services with New Fiat Partners Post-PaySafe Departure