What major crypto stories have made headlines in the past seven days? One could be asking themselves. If it’s you, then do not worry. This article takes a look at key developments in crypto from March 17th to 24th.
SEC to Drop Charges Against Ripple, Firm’s CEO Claims
The enforcement action brought against Ripple by the US Securities and Exchange Commission (SEC) will come to an end soon, the company’s boss, Brad Garlinghouse, has claimed. On Saturday, Garlinghouse tweeted that the chances of the SEC dismissing its lawsuit had improved massively following the departure of crypto critic and former SEC Chair Gary Gensler.
The SEC, under the leadership of Gensler, leveled charges against Ripple in 2020, accusing the crypto company of selling unregulated securities in the form of the XRP token. The agency wanted the court to order Ripple to pay over $1 billion to settle those charges.
Trump Speaks at Crypto Conference
On March 20th, Republican Donald Trump became the first US President to speak at a crypto-themed conference. He spoke at the Digital Asset Summit organized by Blockworks. The president said his government was taking key steps to ensure the United States became the World’s crypto capital.
He also praised various agencies for abandoning ‘harsh’ regulatory approaches adopted by the previous regime. Trump said the regulatory shift would enable the crypto industry to realize its full potential.
Bybit: Over 80% of Stolen Assets Still Traceable
Blockchain security company Arkham Intelligence has revealed that at least 80% of the stolen funds from Bybit can still be traced, making it possible for onchain investigators to recover them.
Bybit suffered the biggest crypto hack on February 21st, with the attackers stealing digital assets worth over $1.3 billion. Notorious North Korean cybercriminal organization Lazarus Group has been linked to the attack.
Crypto Exchange Coinbase Becomes Largest Node Operator on Ethereum
US-based crypto exchange Coinbase has announced that it has increased its staked ETH holding to 3.84 million coins, estimated to be worth $6.7 billion. These ETH tokens have been delegated to the firm’s validators, who process transactions on the Ethereum network.
Coinbase’s latest move means that the exchange owns 11.4% of the total staked ETH, making it the largest node operator.
Binance Denies Talking to Trump Family to Close a Purchase Deal
Last Tuesday, Binance boss Richard Teng dismissed reports that the exchange was in talks with Donald Trump’s companies to secure a deal that would allow the US President to become a co-owner of Binance.US.
The Wall Street Journal, the first media house to report the alleged deal on March 13th, claimed that Trump’s team and Binance were discussing a purchase deal that involved the exchange’s US-based subsidiary. However, Binance’s founder, Changpeng Zhao, also denied the report.
Gotbit Founder Signs a $23 Million Plea Deal With American Prosecutors
Gotbit creator Aleksei Andriunin, accused of manipulating a crypto asset using his market marker protocol, entered a plea deal with American prosecutors on March 19th. According to documents shared by Law360, the Russian national agreed to surrender his USDC and USDT holdings worth $23 million.
Cybersecurity Security Company Warns Traders Against Using ‘Cracked’ TradingView
Malware in the form of ‘cracked’ TradingView Premium has entered the market, according to cybersecurity company Malwarebytes. The firm noted that bad actors have been sharing links to the malware on Reddit, aiming to persuade their targets to download it and steal their cryptocurrencies. That said, crypto traders have been warned against following the download links for the said malware to avoid losing their digital assets.
Winners and Losers
In the past seven days, Bitcoin and Ethereum have surged 6.2% and 9.8% to $87,983 and $2,085, respectively. The top three gainers this week are Pancake Swap, FORM, and Toncoin, which have rallied 66%, 54%, and 35%, respectively. Meanwhile, JasmyCoin, Pi Ne Network, and Tornado Cash are the biggest losers, each losing at least 10%.
