Bitcoin Price: US$ 62,912.87 (+1.84%)
Ethereum Price: US$ 2,465.21 (+3.81%)
A Texas federal judge dismissed Consensys’ lawsuit against the SEC, ruling that the enforcement actions regarding MetaMask were not final agency actions and the Wells notice did not impose legal consequences. Consensys acknowledged that the SEC had dropped its Ethereum investigation after approving Ether ETFs, though the court didn’t address their claims. In a separate case, Terraform Labs received court approval to wind down its operations after its 2022 collapse due to the failure of its algorithmic stablecoin UST. Terraform suggested payments between $185 million and $442 million, though total losses are difficult to estimate, with founder Do Kwon awaiting extradition for criminal charges. Meanwhile, Dfinity and Cambodia signed an agreement to advance smart city innovation using blockchain technology, supporting Cambodia’s digital transformation and its ambition to lead in emerging technologies by integrating decentralised cloud computing through Dfinity’s Internet Computer Protocol.
U.S. prosecutors filed a motion opposing Avraham Eisenberg’s request for acquittal in the Mango Markets case, stating that his fraud conviction was backed by substantial evidence under the Commodities Exchange Act. Eisenberg, who drained $100 million from Mango Markets in 2024 by exploiting a price oracle, was found guilty of fraud and market manipulation and now faces up to 20 years in prison. Meanwhile, Harvard students launched the “New Bretton Woods Project” to combat the global debt crisis by creating Bitcoin-backed stablecoins on the Bel2 network, aiming to merge Bitcoin’s security with the liquidity of stablecoins. The U.S. national debt hit $35 trillion in July 2024, with some policymakers like Senator Cynthia Lummis proposing Bitcoin as a potential asset to address the issue. Additionally, Blockdaemon, a Web3 infrastructure provider, is considering an IPO in 2026 and prefers to list in Hong Kong due to the regulatory environment in the U.S. The company, which supports institutional clients with blockchain infrastructure, has grown significantly and is backed by major Wall Street firms as cryptocurrency investment products continue to gain approval from regulators.
The SEC has requested a four-month extension until February 2025 to produce documents in its case against Coinbase, citing the need to review over 133,000 unique documents after Coinbase’s partial victory in a motion to compel discovery; if granted, this extension could delay potential jury trials until 2025 as the SEC seeks to comply with the court’s order regarding its application of securities laws to tokens. In a separate incident, users of the Telegram trading bot Banana Gun lost nearly $2 million in a coordinated attack by at least 11 hackers, affecting around 36 victims, and while this hack does not seem to involve a broader smart contract vulnerability, it raises concerns amid a recent string of high-profile crypto breaches, including the significant WazirX hack. Meanwhile, North Korean hackers, including the Lazarus Group, are reportedly shifting their focus to U.S.-based Bitcoin exchange-traded funds (ETFs) as indicated by recent FBI warnings about potential attacks on these lucrative targets, and Puma has partnered with the Web3 mobile game UNKJD Soccer to integrate Puma-licensed content, marking a pivotal moment for mainstream crypto adoption as established brands enter the blockchain space.
K33 Research predicts that Sui Network could soon challenge Solana as a leading alternative to Ethereum due to its recent price surge and strong transaction capabilities, although its long-term success hinges on token supply and adoption. The upcoming release of Sui’s gaming console, SuiPlay0x1, may further boost its ecosystem, but analysts believe Ethereum will remain secure in its top spot. In Louisiana, the state accepted its first-ever cryptocurrency payment via Bitcoin’s Lightning Network, marking a significant step toward modernising payment options to reduce fraud and increase convenience, as crypto payments are converted to fiat, shielding the state from cryptocurrency volatility. Meanwhile, Bitwise’s chief investment officer argues that despite Ethereum’s current unpopularity, it remains a dominant force in blockchain, comparing it to “the Microsoft of blockchains”; while Ethereum’s price is stagnant compared to Bitcoin and Solana, its strong developer activity and role in decentralised finance highlight its ongoing relevance in the space.
Source: https://cointelegraph.com
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