SEC - Page 133

Dabba, a decentralized physical infrastructure network (DePIN) aiming to connect underserved and unconnected populations with cheap wireless data, unveiled the launch of the purchase of Wi-Fi hotspots, making them available for users to buy worldwide. This will be the second campaign, following a successful testnet that saw over 1,500 hotspots distributed to rural and semi-urban areas in India. 

The latest campaign will make over 10,000 Dabba Lite hotspots available for purchase across the globe, with a goal of selling over 100,000 in 2024. With the launch of the second season, Dabba is aligning its goals towards its vision to provide cheap and accessible internet services to underserved regions globally, the team statement reads. 

Following the purchase, the hotspots can be deployed by network partners across India, expanding decentralized internet connectivity across the country and providing cheap internet access across rural and semi-urban areas. Moreover, the DePIN service helps in reducing data congestion in regions with high data demand. 

According to the team statement, users can start purchasing the hotspots following the live launch of its DePIN service on May 23, 2024 – ahead of the planned token generation event (TGE) scheduled for July on the Solana blockchain. 

The token will support the creation of a two-sided marketplace between data consumers and providers responsible for building and maintaining internet infrastructure. The token will power the Dabba ecosystem and also reward contributors and stakeholders helping the ecosystem run seamlessly. 

Dabba is focused on India, a country that boasts the second-highest number of internet users, but only 44% of its residents have internet access. Most of the rural and semi-urban areas are underserved by incumbent data solutions. With their experience in offering internet services to underserved regions, Dabba selected India as their starting point for supplying decentralized internet services. 

This follows previous roles for the company in the country such as powering Google’s public wifi deployments and a partnership with the  Indian government to ensure the legislation is in place to support the rollout of its demand-based DePIN.

Fast progress in offering cheap internet 

Since its launch, Dabba has been at the forefront of offering users fast and accessible internet services. The first season (its trial campaign) saw the company sell all 1,000 Dabba Lite hotspot devices within days following the launch. Via its DePIN infrastructure, millions of citizens across India have had access to affordable internet. 

Since then, the company has sold and deployed 500 more hotspots and more than 15,000 unique devices connected in the process. Additionally, the hotspots have provided more than 390 TB of data via the DePIN infrastructure and grossed more than $4,500 in revenue from their customers. This aims to reduce data congestion and meet the growing demand for wi-fi users across the world’s most populous democracy.

In tandem with the season two rollout, Dabba users can now discover current data hotspots and view current network performance via the newly launched explorer. The explorer initially provides data for the Dabba testnet, which has been operational for the past two months.

Dabba elects to solve real-world problems

The launch of Dabba hotspots aims to solve the problem of a lack of accessible and affordable wireless data. With Dabba, users will have access to DePINs, which provide wireless data and access to Web 3 features such as tokenization. The latest tokenization features will open up the ecosystem to more users, ensuring a genuine demand for its service and a viable business model that can scale to match demand.

To bootstrap adoption to the platform, Dabba is incentivizing early users (those who join before the TGE event) with enhanced Genesis rewards. Additionally, the platform will empower over 150,000 Local Cable Operators (LCO) that operate as micro-ISPs across India, providing an unrivalled high-speed network across the country.

U.S. authorities have apprehended two individuals accused of orchestrating a significant money laundering operation.

This scheme allegedly funneled over $73 million through American financial institutions, ultimately converting the funds into the cryptocurrency Tether (USDT).

The U.S. Justice Department reported that Daren Li was arrested at Atlanta’s airport in Georgia on April 12, while Yicheng Zhang was taken into custody in Los Angeles on May 16.

The indictment against the pair, unsealed in a California court on May 16, details their purported involvement in the scheme.

Li, Zhang, and their associates are accused of managing an international criminal network that laundered millions of dollars from “pig butchering” crypto scams.

In these scams, fraudsters build victims’ trust, persuade them to invest large sums, and then abscond with the money.

The defendants allegedly directed accomplices to open U.S. bank accounts under shell company names.

Victims were tricked into transferring millions into these accounts, which were then used to launder the illicit proceeds.

The DOJ explained that the money was dispersed to various domestic and international accounts, stating:

“The fraud scheme involved more than $73 million laundered through U.S. financial institutions to bank accounts in the Bahamas and converted to the virtual asset USDT, or Tether.

“A cryptocurrency wallet involved in the scheme received more than $341 million in virtual assets.”

Li and Zhang face charges of conspiring to launder money and six counts of international money laundering.

If convicted, they each could face up to 20 years in prison for each count, amounting to a potential total of 140 years.

READ MORE: Bitcoin Eyes New Highs as Analysts Spot Imminent Golden Cross on Lower Timeframes

Deputy Attorney General Lisa Monaco recognized the challenges posed by cryptocurrency fraud but emphasized the commitment to hold offenders accountable.

Pig butchering scams have become increasingly profitable for cybercriminals.

In November 2023, the DOJ seized $9 million from a similar scheme that victimized over 70 Americans.

The rising frequency and severity of such scams have alarmed lawmakers and regulators.

Regulators have intensified efforts to combat crypto scams, as seen in new regulations and industry guidelines.

While these measures aim to protect investors and safeguard digital assets, some fear they may hinder the sector’s growth.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Phantom Wallet has achieved the third position in the utility category on the Apple App Store, trailing only behind Google and Google Chrome.

This surge has ignited speculation among crypto enthusiasts that it could be a bullish signal for Solana’s token, as Phantom Wallet originally launched exclusively as a Solana wallet.

“Seems like the SOL season is going to be Big! What SOL coins shall I buy?” crypto entrepreneur Evan Luthra asked his 413,900 X followers on May 19.

“Phantom wallet is the 3rd top utilities app I’m so bullish on crypto and Solana,” added crypto influencer Borovik.

This comes after Phantom Wallet reached seven million monthly active users, according to an April 29 post on X.

The crypto community often views a rise in any crypto wallet’s monthly users as a sign of broader adoption.

In the overall Apple App Store, Phantom Wallet now holds the 32nd spot across all categories, behind X and the AI chatbot, ChatGPT.

Initially a Solana-only wallet, Phantom has expanded its support to include Bitcoin, Ethereum, and Polygon blockchains as well.

As of this publication, Solana is trading at $174.11, marking a 25.13% increase over the past 30 days, according to CoinMarketCap.

READ MORE: Australian Man Pleads Guilty to Promoting BitConnect

Crypto trader Shear suggests that if Coinbase — currently ranked 288th — and Phantom Wallet both reach the top 10 on the Apple App Store, it could indicate a market peak.

“These are my favorite indicators, I will be selling everything when they are both top 10,” Shear stated in a May 18 post.

An app’s ranking on the App Store depends on various factors, not just download numbers.

Despite MetaMask holding the 75th position in the same category, it reported 10 million monthly active users as of February 2024.

Rankings also consider factors such as monthly uninstalls, in-app transactions, and user sentiment in reviews.

Phantom Wallet, being a self-custodial wallet, allows users to maintain control over their keys.

This feature offers an alternative to storing assets on exchanges, a shift potentially driven by the high-profile collapse of the crypto exchange FTX in November 2022, prompting users to seek more secure storage options for their crypto assets.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

The number of transactions on the XRP Ledger (XRPL) more than doubled from the fourth quarter of 2023 to the end of the first quarter of 2024, while the average transaction cost nearly halved, according to Ripple’s Q1 2024 XRP Markets Report.

On-chain transaction activity on the XRPL surged by 108% during Q1 of 2024, reaching approximately 251.39 million transactions compared to 121.03 million in Q4 of 2023, as noted in the report published on May 17.

Additionally, the average cost per transaction fell by 45%, amounting to approximately $0.000856.

“As such, the decrease in average cost per transaction indicated a reset and that no network congestion occurred in the quarter,” the report states.

The distribution of XRP trading volume among cryptocurrency exchanges remained stable in the first quarter.

Binance, Bybit, and Upbit together accounted for over 70% of the total traded volume.

During this period, the proportion of volume traded via fiat pairs decreased from 15% in Q4 to 11%. Currently, most XRP trading occurs against Tether.

READ MORE: Crypto Personality Thomas John Sfraga Pleads Guilty to $1.3 Million Ponzi Scheme

The report also addressed the ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple.

The SEC filed the lawsuit in December 2020, alleging that Ripple’s executives conducted an initial public offering of XRP, which it considered an unregistered security during the capital-raising period.

On April 22, Ripple responded to the SEC’s request for $2 billion in remedies, disagreeing with the demand.

Ripple argued that the law doesn’t permit the SEC to demand disgorgement or interest on disgorgement unless they can prove someone was harmed.

“In terms of next steps, both parties will wait for the Judge to make a determination on the final remedies – likely in the coming months,” Ripple explained.

“Ripple remains confident that the Judge will approach the remedies phase fairly,” it added.

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A former employee of memecoin creation and trading platform pump.fun, alleged to have carried out a recent $1.9 million exploit, claims he was arrested and is now on bail in the United Kingdom.

On May 16, the X user “STACCoverflow,” who revealed his identity as Jarett Dunn, took responsibility for the attack.

Pump.fun alleges Dunn exploited a “privileged position” to access a “withdraw authority,” compromising the protocol’s systems.

In a series of posts on a different X account on May 18, Dunn claimed he “spent overnight in custody” and was charged with “theft from employer” for $2 million and conspiracy to steal an additional $80 million.

He added he was “released on bail and mental health sectioned.”

Dunn stated he is currently in a hospital, posting from an iPad provided to him.

He mentioned his mental health “was taken into question,” making him likely “unfit for [police] interview.”

This interview may occur after his bail if he is deemed fit for questioning.

A Canadian national, Dunn said the local embassy emailed his family “a list of lawyers,” but he is “not able to communicate with them” until he retrieves his devices, of which “2/5 are seized.”

READ MORE: Notorious Crypto Drainer Pink Drainer Retires After Stealing Over $85 Million

He mentioned he still has his passport and was not informed that he could not leave the country.

In a message to another X user, The Rollup, Dunn reportedly said he must return to a police station on August 15. The account also claims a private intelligence company was hired to locate Dunn in London.

In another X post, Dunn urged U.K. citizens to file charges against a locally-based company he claimed was a pump.fun entity.

He said his bail conditions prohibit him from communicating with the firm and its CEO.

Pump.fun did not respond to a request for comment.

The private intelligence firm allegedly involved in locating Dunn did not immediately respond to a request for comment.

London’s Metropolitan Police Service told Cointelegraph it does not name people who may or may not have been arrested.

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Ethereum-based memecoin Pepe surged 27% to a new all-time high over the past 24 hours, fueled by speculation surrounding the potential approval of spot Ether exchange-traded funds (ETFs) in the United States.

“PEPE is probably the best memecoin play for the ETH ETF,” crypto trader Matthew Hyland claimed in a May 21 X post.

Pseudonymous crypto trader “Kaleo” noted the irony in how ETH is moving, and PEPE has become one of the most obvious hindsight trades out there.

Ether has risen 23.28% over the past two days, reaching $3,785, amid renewed hope that the U.S. Securities and Exchange Commission (SEC) may approve spot Ether ETFs by a May 23 deadline.

This unexpected development has caught analysts and the crypto industry by surprise.

Pepe (PEPE) is currently trading at $0.00001387, up 23.48% over the past 24 hours, according to CoinMarketCap data.

Pseudonymous crypto trader “Plazma” believes PEPE’s upward trend will continue but anticipates brief periods of volatility.

READ MORE: Kraken Affirms No Plans to Delist Tether in Europe Amid MiCA Compliance Review

“PEPE price discovery should continue for the next few weeks with some normal breaks for a few days and the usual pullbacks.

“We will be at 2x-3x in just a few weeks,” they wrote in a May 21 X post.

Meanwhile, PEPE’s open interest (OI) — the total value of all outstanding PEPE futures contracts across crypto exchanges — increased 40% to $172.96 million over the past 24 hours, according to CoinGlass data.

An OI rise typically indicates traders are more confident in entering future positions on a cryptocurrency, with data showing a significant number in long positions.

If PEPE’s price drops 6%, it would liquidate $10 million in long positions.

PEPE led price growth among the top 10 memecoins by market capitalization over the past 24 hours, but other top memecoins also saw significant price increases over the past week.

Bonk (BONK) rose 40.80%, Floki (FLOKI) increased 21.94%, and Book of Memes (BOME) climbed 25.04%.

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Former United States House of Representatives Speaker Nancy Pelosi is reportedly considering supporting the Republican-led crypto bill, the Financial Innovation and Technology for the 21st Century Act (FIT21).

According to U.S. political magazine The American Prospect, Pelosi, now Speaker Emerita and no longer in the Democratic Party leadership, may endorse the bill that could be voted on in the House on May 22.

FIT21 aims to clarify the division of authority over crypto assets between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

If enacted, the bill would revise the 90-year-old Howey test, which determines what assets are considered securities, and would largely remove crypto from SEC oversight.

The crypto industry has welcomed FIT21, as many believe it clarifies the currently ambiguous regulatory framework for digital assets.

Mark Hays, a senior policy analyst on fintech with Americans for Financial Reform, stated to The American Prospect that “the bill delivers what the industry has sought for some time: a regulatory regime mostly dominated by the CFTC, which has been far more accommodating of the industry.”

If Pelosi backs the bill, she would be opposing key Democrats like Maxine Waters and David Scott, who both stand against it.

However, leaked emails indicate they will not rally House Democrats to vote against it.

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Pelosi’s potential support for the pro-crypto bill is part of a broader trend among some Democrats warming to crypto, with analysts suggesting this may be an effort to gain support from pro-crypto voters.

For instance, a possible SEC U-turn on spot Ether fund approvals is seen as part of this effort.

Nevertheless, financial reform groups and anti-crypto Democrats argue that the bill would dismantle decades of financial regulations to favor the crypto industry.

“This is not about supporting crypto; this is about trying to navigate the threat of promises from super PACs,” said Hays.

The crypto industry has leveraged super PACs—political action committees that can raise unlimited funds—to back pro-crypto candidates in the upcoming U.S. elections.

Opposing Democrats, such as Senator Elizabeth Warren, view these super PACs as a significant threat as crypto gains influence in this year’s elections.

On May 21, North Carolina Representative Wiley Nickel urged lawmakers to support FIT21 to prevent the SEC from “turning cryptocurrency regulation into a political football.”

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.