Shytoshi Kusama Reveals New Horizons for TREAT, SEC Targets Unicoin and CyberKongz with Wells Notices, and GBTC Posts $21 Billion in Outflows

It may only be Tuesday, but today's recap is packed with explosive Web3 news you wouldn't want to miss. Highlighted in today's headlines are

Shiba Inu (SHIB) Lead Visionary Shytoshi Kusama has unveiled a new use case for the TREAT token in collaboration with Oogwai, a project focused on fully homomorphic encryption (FHE) and longevity research. This partnership will utilize TREAT for efficient data processing, a crucial application in Oogwai's initiatives. Highlighting the initiative in a tweet, Kusama stated, “Finally, a new use case for $TREAT.” Oogwai has described the initiative as an innovative social experiment that will leverage advanced scientific research.

This initiative marks a significant step in expanding the use cases and applications of the SHIB ecosystem tokens, a development that has been highly anticipated by the Shib Army and the broader Web3 community.

As we approach the end of 2023, let's stay tuned for more updates on this exciting partnership and its potential to drive new possibilities for the SHIB ecosystem in the coming year.

Unicoin and CyberKongz Receive Wells Notices from SEC

The U.S. Securities and Exchange Commission (SEC) has reportedly issued a Wells notice to cryptocurrency investment firm Unicoin, indicating the SEC's intention to file a civil action against the company for fraud and selling unregistered securities. In response to this development, Unicoin CEO Alex Konanykhin stated that the SEC had sent subpoenas in May regarding Unicoin's primary offering, which is backed by substantial real estate assets. Konanykhin's legal team is preparing a response that must be submitted by December 24. Notably, the CEO expressed his belief that the SEC's actions are politically motivated and aim to block the company's initial coin offering (ICO) plans.

In another Wells notice issued by the SEC, the agency has targeted CyberKongz, a prominent NFT project, over its ERC-20 token, which the SEC argues should be registered as a security due to its use in a blockchain game. However, CyberKongz maintains that the SEC seems to misunderstand blockchain technology and that this move could set a bad precedent for Web3 gaming. The project is determined to challenge the SEC's position and push for clearer regulations for digital assets, garnering support from its community on X.

Grayscale Bitcoin Trust (GBTC) Outflows Reach $21 Billion

The Grayscale Bitcoin Trust (GBTC) has seen outflows of $21 billion since a U.S. spot Bitcoin ETF was launched in January 2024. It is the only ETF of this type to report negative flows. Over the past 11 months, the trust has seen an average daily outflow of $89.9 million.

Meanwhile, other U.S. spot Bitcoin ETFs have seen inflows totaling $20.737 billion. BlackRock's iShares Bitcoin Trust (IBIT) has been a major contributor to the positive performance in the market.