Top news this week
SEC Files Final Response in Ripple XRP Case
The U.S. Securities and Exchange Commission (SEC) filed a relief brief challenging Ripple’s position on the fine in the ongoing legal battle. SEC imposes significant fines on Ripple following Judge Torres’ ruling that XRP is not a security for programmatic selling. Ripple argues that the fine should not exceed $10 million, citing a lack of fraudulent intent. On the other hand, the agency claimed that Ripple misinterpreted the court order and downplayed its responsibility. Currently, both sides are awaiting the final ruling. Stuart Alderoty, Ripple’s chief legal officer, criticized the SEC, claiming its reputation continues to decline.
Grayscale withdraws application for Ether futures ETF
Grayscale withdrew its 19b-4 application for an Ethereum futures exchange-traded fund just three weeks before the U.S. Securities and Exchange Commission made a decision on it. On May 7, the cryptocurrency asset manager filed a notice of withdrawal from the Grayscale Ethereum Futures Trust with the SEC, with a decision scheduled for May 30. After this announcement, traders rushed to sell Ethereum. Analysts believe the futures ETF application is a “Trojan horse” to trick institutions into approving the spot Ether ETF proposal. As May 23 approaches, analysts are becoming more skeptical about the SEC’s approval of a spot Ether ETF.
Satoshi-era dormant Bitcoin address awakens after 10 years
A dormant Bitcoin address containing 687 BTC ($43.9 million) from the days of Satoshi Nakamoto was awakened for the first time in 10 years. On May 6, he transferred his holdings to two different wallets, sparking curiosity in the cryptocurrency community. Although speculation suggests that this wallet is often linked to Satoshi himself, experts believe it is more likely that an early miner or buyer owns it. In particular, 1.75 million Bitcoin wallets have remained inactive for over a decade and hold approximately $121 billion worth of BTC at current prices.
FTX offers ‘multi-billion dollar compensation’, but not everyone is happy.
FTX has proposed a new plan to compensate creditors harmed by the 2022 collapse, with additional compensation for all claims and the time value of their investments. The plan, which requires approval from the U.S. Bankruptcy Court in Delaware, provides for a 118% recovery for claims under $50,000, including 98% of creditors. However, compensation is based on the asset value at the time of FTX’s bankruptcy in November 2022, not the current price, even though the price of Bitcoin has risen significantly by 280% since then. The proposal has angered some investors, who argue for repayment at current market prices.
Binance CEO claims that Nigerian officials offered secret cryptocurrency payments.
Binance was reportedly pressured by Nigerian officials to enter into a $3 million settlement related to compliance issues. According to reports, Nigerian officials have demanded cryptocurrency payments to resolve issues related to Binance’s compliance with Nigerian cryptocurrency regulations. It is reported that the exchange refused the payment request and continued settlement negotiations through a local legal representative. The recent detention of Binance executives further deteriorated the exchange’s relationship with local authorities.
winners and losers
Bitcoin this weekend (BTC) It’s in $60,848ether (ETH) In ~ $2,932 And XRP (XRP) In ~ $0.49. The total market capitalization is $2.26 $1 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Akash Network. (AKT) At 38.34%, rendering (RNDR) 36.04%, Toncoin (ton) 23.60%.
The top three altcoin losers this week are Core. (main point) -19.24%, wormhole (W) -17.98% and Lido DAO (LDO) -15.87%.
For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
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most memorable quotes
“Cryptocurrencies are a small part of our overall market. But that is a very small part of the problem, the scams and scams in our market.”
Gary GenslerChairman of the U.S. Securities and Exchange Commission
“Digital assets have emerged as an important issue in this election.”
Christine SmithChairman of Blockchain Association
“If you had asked me 20 years ago whether the central bank business model was destructible, I would have said no. “I’m not sure anymore.”
Joachim NagelBundesbank President, European Central Bank Member
“The same goes for the SEC. Instead of faithfully applying the law, they try to fool the judges.”
Stuart AlderottiChief Legal Officer at Ripple
“We are pleased to be able to propose a Chapter 11 plan that contemplates returning 100% of the bankruptcy claim amounts plus interest to non-governmental creditors.”
John J. Ray IIIChief Restructuring Officer and CEO of FTX
“The (digital) asset industry must act together and adapt to the laws that apply to it, not the other way around.”
john reed starkFormer U.S. SEC official
This week’s predictions
Bitcoin price ‘maintains’ $265K level after tedious consolidation — Analyst
According to Joo Ki-young, founder and CEO of CryptoQuant, an on-chain and market analytics company, the price of Bitcoin could continue its upward trend and triple its market capitalization to over $260,000.
Youngju Joo explained in a post on
Youngjoo Joo referred to a chart comparing the price of BTC and its associated hash rate to market cap ratio, emphasizing the cryptocurrency’s continued volatility and the resilience of the Bitcoin network.
The chart shows that Bitcoin’s hash rate relative to its market cap has increased significantly in 2024, suggesting that market activity and investor interest are likely to increase.
FUD of the week
Traders lose 7-digit amounts due to 0L network hard fork
An anonymous trader known as NN reportedly lost over $1 million in cryptocurrency due to an unauthorized hard fork in the 0L network. According to a May 8 post by X, the trader claimed that the team behind the network decided to implement a hard fork to address “rogue core” members. This action destroyed 4% of the total supply and wiped out several wallets, including those of traders like NN, who had purchased 147 million Libra tokens worth $1.47 million in February 2023.
Former Digitex Futures Exchange CEO pleads guilty to violating Bank Secrecy Act
Adam Todd, founder and former CEO of Digitex Futures Exchange, pleaded guilty in federal court to failing to establish an anti-money laundering (AML) program at the company. The U.S. Attorney’s Office for the Southern District of Florida announced May 7 that Todd admitted that he “intentionally caused” the exchange to violate the Bank Secrecy Act. Todd, who was indicted in February, operated an unregistered futures platform for U.S. customers from 2018 to 2022 without implementing AML and know-your-customer (KYC) programs. He could face up to five years in prison and a $250,000 fine.
Ethereum L2 Eclipse CEO resigns amid sexual harassment claims
Neel Somani, founder and CEO of Ethereum layer 2 blockchain Eclipse, announced that he was “temporarily scaling back” his role as the public face of the company due to sexual harassment allegations. He denied the charges, claiming in a post posted on X on May 9, “I have never sexually assaulted or harassed any woman.” Somani said Eclipse’s leadership will work to clear its name while managing responsibility.
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Best magazine articles of the week
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‘Sic AI works together’ to address artificial intelligence threats: Author David Brin
bump and postman Author David Brin has devised a clever plan to prevent AI from behaving maliciously. But can we do it?
Buy altcoins now, but sell them before ‘mid-2025’: Charles Edwards, X Hall of Flame
The start of this cycle “played out like a textbook,” according to Charles Edwards’ altcoin analysis. However, traders need an altcoin exit strategy.
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editorial staff
Cointelegraph Magazine writers and reporters contributed to this article.