Introduction:

The ongoing lawsuit between the US Securities and Exchange Commission (SEC) and Ripple has had an unexpected consequence - a surge in the number of XRP users. According to CryptoLaw.US founder John Deaton, the lawsuit has inadvertently acted as a promotional campaign for Ripple and its digital asset, XRP. This article delves into the significant growth of XRP holders and the factors behind this remarkable uptick in the cryptocurrency community.

Expanding #XRP Holder Base: The SEC lawsuit against #Ripple has proven to be a catalyst for attracting millions of new users to XRP. John Deaton asserts that there is "zero doubt" that the legal battle has resulted in an increased number of XRP wallet addresses. Astonishingly, the XRP community now boasts over 4 million wallet addresses, with a considerable portion comprising users who might have been previously unaware of Ripple's purpose and offerings.

Switching from Bitcoin:

One notable driving force behind this surge in XRP adoption is the frustration experienced by users with the slow transaction speeds of Bitcoin. Deaton highlights that numerous individuals have voiced their decision to switch from Bitcoin to XRP due to this ongoing concern. The ability of XRP to offer faster transactions has become a compelling factor in attracting new users to the digital asset.

Implications and Ongoing Lawsuit:

While the Ripple-SEC lawsuit is far from over, its impact on the cryptocurrency market, particularly the XRP ecosystem, cannot be understated. The legal proceedings have not only increased awareness of XRP but have also served as a magnet for new participants in the cryptocurrency space. The ultimate resolution of the lawsuit remains uncertain, but the growth of the XRP community has already established its significance.

Conclusion:

The Ripple #SEC lawsuit has inadvertently fueled exponential growth in the XRP community, with millions of new users joining the ranks of XRP holders. This unexpected promotional campaign, generated by the legal proceedings, has brought attention to Ripple and its digital asset, XRP. The allure of faster transaction speeds and a desire for alternative options to Bitcoin has further propelled XRP's popularity. As the lawsuit progresses, the crypto world eagerly anticipates its outcome, while the XRP ecosystem continues to evolve and thrive.

#Lawsuit

Tether, the leading stablecoin company, has achieved a significant legal triumph as the class-action lawsuit filed against them was dismissed by U.S. District Court Judge, Laura Taylor Swain, for the Southern District of New York. The lawsuit accused Tether and Bitfinex, the companies in question, of engaging in "illegal and deceptive" practices by misrepresenting their stablecoin and concealing information regarding routine inspections. This victory marks a crucial milestone for Tether, as the court found the plaintiffs' claims lacking sufficient evidence and reasonable damage claims related to the alleged decrease in intrinsic value of USDT.

Background

The class-action lawsuit brought against Tether alleged that the company had been involved in deceptive practices, falsely claiming that its stablecoin was fully backed by adequate dollar reserves while failing to disclose information about routine inspections. The plaintiffs contended that these actions had resulted in a decreased intrinsic value of the USDT stablecoin.

Court Decision

In a comprehensive and decisive 6-page ruling, Judge Laura Taylor Swain dismissed the class-action lawsuit against Tether and Bitfinex. The court concluded that the plaintiffs' claims lacked factual evidence and reasonable damage calculations to substantiate their allegations. As a result, the entire class-action application was rejected, absolving Tether and Bitfinex of the charges brought against them. #tether #Lawsuit #stablecoin

Tether's Response

Following the dismissal of the lawsuit, Tether issued a response emphasizing that this early-stage victory underscores the lack of legal merit in the plaintiffs' claims. The company is pleased with the court's decision and believes that it validates their commitment to operating transparently and ethically.

In Summary

While Tether's official blog has presented its perspective on the matter, it is essential to acknowledge that legal cases can be complex, and multiple sources should be consulted for a comprehensive understanding of the case. As the situation unfolds, it remains vital to keep an eye on further developments from legal authorities to gain a more nuanced insight into the outcome of the lawsuit.

Gala Games, a pioneer in Web3 entertainment, has filed a lawsuit against pNetwork, a cross-chain bridge provider, for negligence and tortious interference with business expectancy.

The lawsuit alleges that pNetwork failed to address a misconfiguration in its code, which caused a false appearance of a $1 billion hack, leading to a disruption in the market for Gala’s native token, GALA. Gala claims that the incident required a substantial expenditure of over $25 million to address the aftermath of the breach and caused reputational harm due to the market disruption.

The lawsuit states that pNetwork admitted to mistakenly leaking a governance key when deploying the pGALA bridge, which was later used by an attacker to breach the pGALA contract on the Binance Smart Chain (BSC). The recovery plan presented and executed by pNetwork failed to recover the assets that were the subject of the attack, causing further harm. Gala alleges that pNetwork sought to increase the utilization of its platform by issuing pGALA and that pNetwork benefited from its association with Gala Games. Therefore, pNetwork owed Gala a duty of care to avoid causing harm to the company or tokens.

The GALA tokens are an essential component of Gala’s business, and pNetwork was aware of the prospective economic advantage in the value of GALA tokens as the entire function of pGALA is tied to the utility of GALA tokens itself. When pNetwork negligently and recklessly caused a security breach and intentionally carried out a failed recovery plan that caused further harm, it negatively impacted the market’s perception of Gala and the GALA tokens, damaged Gala’s reputation, and caused harm to its relationships with exchanges.

Gala is seeking $27,671,934.80 for the out-of-pocket costs due to the breach, additional compensation for injuries, punitive damages, and other relief the court would deem just and equitable.

The breach occurred on November 3, 2022, when pNetwork informed Gala that the contract on the Binance Smart Chain had been breached due to pNetwork engineers mistakenly leaving a key in the public GitHub repository. pNetwork proposed a plan to deactivate the bridge and then emergency whitehat exploit their own contract. Gala and pNetwork contacted exchanges to alert them to the breach and immediately suspended deposits and withdrawals of the BEP-20 all pGALA. Following this, pNetwork initiated their whitehat attack, which was supposed to last for 2-3 minutes.

Gala Games is a Web3 games company that uses decentralization, player ownership, and reward economies to create a revolutionary new way of gaming. The company has dozens of games on the horizon and several already in various stages of presale or beta play. Gala Games is quickly becoming the world leaders in own-your-experience gaming.

#GalaGames #pNetwork #Web3 #Lawsuit #azcoinnews

This article was republished from azcoinnews.com