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Cryptocurrency News Articles
Is Ether a Security or an Investment? SEC Investigates
Mar 24, 2024 at 05:34 am
The Securities and Exchange Commission investigates whether Ether, the cryptocurrency, is an investment or security. This inquiry could impact digital asset regulation. Subpoenas have been issued to companies, including the Ethereum Foundation, indicating possible SEC involvement in the investigation.
Is Ether an Investment or a Security?
The Securities and Exchange Commission (SEC) is reportedly investigating whether Ether, the native cryptocurrency of the Ethereum blockchain, should be classified as a security. The investigation could have significant implications for the regulation of digital assets.
The SEC has issued subpoenas to several companies as part of its investigation, including the Ethereum Foundation. The Foundation has suggested that it may be under investigation by a state authority, but has not confirmed the SEC's involvement.
Celsius Aims to Claw Back $2 Billion in Withdrawals
Bankrupt crypto lender Celsius is seeking to recover $2 billion from customers who withdrew funds from the platform shortly before its bankruptcy in July 2022. The Celsius bankruptcy oversight committee has begun contacting customers who withdrew more than $100,000 prior to the collapse.
The committee is offering clawback-affected customers a "favorable rate" if they agree to settle, with the threat of litigation if funds are not returned. Customers who settle will have their notional digital assets adjusted based on their July 2022 value, near the nadir of the crypto bear market.
SEC Sanctioned for "Gross Abuse of Power"
A United States district court has imposed sanctions on the SEC for its "gross abuse of power" in a lawsuit it brought against Debt Box. The SEC initially filed a motion to dismiss without prejudice, but this was denied by Judge Robert J. Shelby, who accused the regulator of intentionally lying to the court about evidence it obtained to secure a temporary restraining order and freeze of Debt Box's assets.
Shelby concluded that the SEC misrepresented evidence and that a $720,000 transfer, which the SEC claimed was sent overseas, was instead sent within the United States.
Binance Offers Reward for Insider Trading Tip-Offs
Crypto exchange Binance has announced that it will offer a reward of $100,000 to $5,000,000 for information on potential insider trading or corruption within the exchange. The move comes after a community discussion about a large purchase of a memecoin prior to its listing on Binance.
Binance has stated that it takes insider trading and corruption very seriously and is committed to maintaining a fair and transparent platform.
SBF's 50-Year Sentence Proposal: "Medieval" and "Depraved"
Lawyers representing former FTX CEO Sam "SBF" Bankman-Fried have argued that a proposed maximum sentence of 50 years in prison is "medieval" and does not accurately reflect the severity of his crimes. They claim that the government's sentencing proposal is based on a distorted view of reality and casts Bankman-Fried as a "depraved super-villain."
Winners and Losers in the Crypto Market
At the end of the week, Bitcoin (BTC) is trading at $65,744, Ether (ETH) at $3,516, and XRP at $0.64. The total market cap is at $2.51 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Ondo (ONDO) at 37.73%, Jupiter (JUP) at 35.27%, and Fantom (FTM) at 33.59%. The top three altcoin losers of the week are Bonk (BONK) at -31.09%, dogwifhat (WIF) at -27.28%, and Near Protocol (NEAR) at -26.12%.
Most Memorable Quotations
"Customers still will never be in the same position they would have been had they not crossed paths with Mr. Bankman-Fried and his so-called brand of 'altruism.'" - John Ray III, restructuring officer and CEO of FTX
"Am I sorry for a company going bankrupt? No. Like, companies go bankrupt all the time." - Kyle Davies, co-founder of Three Arrows Capital
"People can do what they want with their money but sending money to a 'memecoin presale' that has a 99.9% chance of rugging is actually just dumb as hell." - Anthony Sassano, independent Ethereum educator
"I guess it's that time of the cycle where everyone freaks out about Cardano's potential and roadmap, so they throw a wave of FUD at us." - Charles Hoskinson, founder of Cardano
"Dogecoin's enduring popularity and the active community support suggest that it has transcended its origins as a meme to become a staple of the cryptocurrency world." - Coinbase, cryptocurrency exchange
"It will be interesting to watch what, if any, excuse the SEC uses if it were to delay or deny an ETH ETF, given it has already informed the market on ETH being outside its jurisdiction." - Brian Quintenz, former commissioner of the CFTC
Prediction of the Week: Ether Price Could Reach $5.4K in 2024
According to a technical price indicator, Ether's price could reach $5,400 in 2024. The Mayer multiple oscillator, which compares Ether's current price with its 200-day moving average, suggests that Ether could surpass $5,400 in the high-risk scenario.
FUD of the Week: Hacker Moves $10M from Phishing Incident to Tornado Cash
A hacker has moved $10 million from a phishing incident in September 2023 to Tornado Cash, a cryptocurrency mixing service that allows users to hide their transactions. The funds were taken from a crypto whale who lost $24 million in staked ETH in the phishing attack.
Scam Sniffer: Old Dolomite Exchange Contract Exploited for $1.8M
An old contract previously used by the Dolomite crypto exchange has been exploited for approximately $1.8 million. The exploit affected users who had previously authorized approvals to the contract. The development team has recommended revoking approvals to the Ethereum Dolomite address that begins with 0xe2466.
Top Magazine Pieces of the Week
- Bitcoin ETFs make Coinbase a 'honeypot' for hackers and governments: Trezor CEO
- Why boomers 'like' AI pics on Facebook, mind-reading AI breakthrough: AI Eye
- Web3 Gamer: Gods Unchained app drops crypto, Kings of Fighters Arena review
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