SEC Files Final Response in Ripple XRP Case, Disputes Ripple's Penalty Arguments

This week, the SEC filed a response challenging Ripple's position on penalties in their ongoing XRP case. Grayscale withdrew its application for an Ether ETF, while a dormant Bitcoin address containing $43.9 million worth of BTC from the Satoshi Nakamoto era reactivated after 10 years. FTX proposed compensation for creditors, but some expressed dissatisfaction. Nigerian officials allegedly demanded a $3 million settlement from Binance.

SEC Files Final Response in Ripple XRP Case, Challenging Ripple's Penalty Position

In an ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, the SEC has filed a remedies brief challenging Ripple's position on penalties. The SEC seeks substantial fines against Ripple, arguing that the company violated securities laws by selling XRP, a cryptocurrency that the SEC claims was an unregistered security. Ripple contends that any fines should not exceed $10 million, citing the absence of fraudulent intent. The SEC, however, insists that Ripple misinterpreted the court's order and downplayed its liability. Both parties are now awaiting a final ruling.

Grayscale Withdraws Ether Futures ETF Application, Raising Speculation

Grayscale Investments, a cryptocurrency asset manager, has withdrawn its application for an Ether futures exchange-traded fund (ETF). The withdrawal comes just three weeks before the U.S. Securities and Exchange Commission (SEC) was set to make a decision on the application. The move has sparked speculation that Grayscale may have had ulterior motives for filing the application, such as pressuring the SEC to approve its spot Ether ETF proposal. Analysts believe that the futures ETF application may have been a "trojan horse" to force the SEC into action.

Dormant Bitcoin Address from Satoshi Era Awakens, Sparking Curiosity

A dormant Bitcoin address containing 687 BTC, worth approximately $43.9 million, has awakened after 10 years. The address, dating back to the era when Satoshi Nakamoto was still active, transferred its holdings to two different wallets on May 6, raising curiosity among the crypto community. While speculation links these wallets to Satoshi themself, experts suggest they more likely belong to early miners or buyers. Notably, over 1.75 million Bitcoin wallets have remained inactive for over a decade, holding approximately $121 billion worth of BTC at current prices.

FTX Proposes 'Billions in Compensation,' but Creditors Express Dissatisfaction

FTX, the bankrupt cryptocurrency exchange, has proposed a new plan to compensate creditors affected by its 2022 collapse. The plan offers to repay all claims plus additional compensation for the time value of their investments. This plan, which requires approval from the U.S. Bankruptcy Court in Delaware, offers a 118% recovery for claims under $50,000, covering 98% of its creditors. However, the compensation is based on the value of assets at the time of FTX's bankruptcy in November 2022, not current prices, despite a significant 280% rise in Bitcoin's price since then. The proposal has upset some investors, who are demanding reimbursement at current market prices.

Binance Alleges Pressure from Nigerian Officials for Secret Crypto Settlement

Binance, a leading cryptocurrency exchange, has alleged that it was pressured by Nigerian officials to enter into a $3 million settlement regarding compliance issues. Reports reveal that a Nigerian official demanded crypto payments to resolve matters related to Binance's adherence to Nigerian crypto regulations. The exchange is said to have declined the payment demand and continued the settlement negotiations through its local legal representation. The relationship between the exchange and local authorities has recently escalated with the detention of Binance executives.

Altcoin Market Sees Mixed Performance, with AKASH Network Surging

In the altcoin market, the top three gainers of the week were Akash Network (AKT), Render (RNDR), and Toncoin (TON), with gains of 38.34%, 36.04%, and 23.60%, respectively. On the other hand, the top three losers were Core (CORE), Wormhole (W), and Lido DAO (LDO), with losses of 19.24%, 17.98%, and 15.87%, respectively. The overall crypto market capitalization stands at $2.26 trillion, according to CoinMarketCap.

Crypto Quant CEO Predicts Bitcoin Price to 'Sustain' $265K Level

Ki Young Ju, founder and CEO of on-chain and market analytics firm CryptoQuant, predicts that Bitcoin's price could continue its uptrend and triple its market cap, propelling its price above $260,000. Ju cites the resilience of the Bitcoin network and the increasing hash rate-to-market cap ratio as indicators of a potential increase in market activity and investor interest.

Pseudonymous Trader Loses Millions Due to 0L Network Hard Fork

A pseudonymous trader known as NN has allegedly lost over $1 million in cryptocurrency due to an unauthorized hard fork of the 0L Network. The trader claims that the network team decided to implement a hard fork to address a "rogue core" member, resulting in the destruction of 4% of the total supply and wiping out several wallets, including those containing the trader's 147 million Libra tokens valued at $1.47 million at the time of purchase.

Ex-Digitex Futures Exchange CEO Pleads Guilty to Bank Secrecy Act Violation

Adam Todd, founder and former CEO of Digitex Futures Exchange, has pleaded guilty in federal court to failing to establish an Anti-Money Laundering (AML) program at the firm. Todd admitted to "willfully causing" the exchange to violate the Bank Secrecy Act by operating an unregistered futures platform for U.S. customers between 2018 and 2022 without implementing AML and Know Your Customer (KYC)