This week, Bitcoin experienced a modest surge of 1.30%, fluctuating between $59,000 and $64,000. The week also saw the premiere of the HBO documentary Money Electric: The Bitcoin Mystery, which delves into the enigma surrounding the elusive creator of Bitcoin, Satoshi Nakamoto.
The film posits that Peter Todd, a prominent Bitcoin Core developer, may be the actual Nakamoto. However, a closer examination reveals several inconsistencies that challenge this assertion.
In addition, the past seven days have been bustling with significant developments in the dynamic crypto landscape, including legal challenges and groundbreaking advancements.
Join us as we explore six pivotal crypto stories from the week! Check them out below!
For transparent and decentralized crypto trading and to list your crypto token for free, visit our website and follow Melega Finance (@meleganews) on X for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (October 06 - October 12, 2024)
● SEC Charges Cumberland DRW LLC for Unregistered Crypto Dealership
● HBO Documentary Names Peter Todd as Satoshi Nakamoto
● FBI Uses Fake AI Crypto to Catch Fraudsters
● Mt. Gox Delays Creditor Repayment to October 2025
● Ripple Expands Into Crypto Custody Services for Banks and Fintech
● Crypto.com Sues SEC to Defend US Crypto Industry
SEC Charges Cumberland DRW LLC for Unregistered Crypto Dealership
On October 10, 2024, the SEC charged Chicago-based Cumberland DRW LLC with operating as an unregistered dealer in over $2 billion worth of crypto assets. From 2018 onward, Cumberland allegedly bought and sold crypto assets, classified as securities, without proper registration. The SEC claims Cumberland profited from its dealer activities while bypassing regulations designed to protect investors. The lawsuit, filed in Illinois, seeks to impose penalties, recover illicit profits, and enforce compliance with the Securities Exchange Act. The case is part of ongoing scrutiny of crypto markets by the SEC’s Crypto Assets Unit.
HBO Documentary Names Peter Todd as Satoshi Nakamoto
In an HBO documentary, Canadian Bitcoin core developer Peter Todd was identified as Bitcoin's creator, Satoshi Nakamoto. Producer Cullen Hoback confronted Todd with evidence, leading Todd to say, “Well yeah, I’m Satoshi Nakamoto.” However, this admission has been questioned, as Todd has previously denied being the inventor and often jokes about it. He reiterated on social media after the documentary's release, stating, “I am not Satoshi,” emphasizing the importance of the real creator’s privacy.
FBI Uses Fake AI Crypto to Catch Fraudsters
The FBI created a fake cryptocurrency, NexFundAI (NEXF), to expose fraudsters involved in market manipulation. According to an Oct. 7 indictment, the agency posed as investors seeking to inflate the token's trading volume, misleading potential buyers. This marks the first time the FBI has admitted to launching a cryptocurrency for investigations. MyTrade MM, a market-making firm, is implicated in the scheme, with its founder facing charges of conspiracy and wire fraud, potentially leading to a five-year prison sentence.
Mt. Gox Delays Creditor Repayment to October 2025
The trustee managing the defunct crypto exchange Mt. Gox has extended the deadline for creditor repayments to October 31, 2025. Many creditors have not completed the required procedures, leaving over 44,900 Bitcoin unpaid. Mt. Gox, once handling 70% of global Bitcoin transactions, collapsed in 2014 after security breaches and hacks. While $9.4 billion has been distributed to creditors, $2.8 billion remains. The repayment process has faced issues, including overpayments to some users, raising concerns about its impact on Bitcoin prices.\
Ripple Expands Into Crypto Custody Services for Banks and Fintech
Ripple has launched digital asset custody services, allowing banks and fintech firms to store cryptocurrencies securely. This move helps Ripple diversify beyond its payment settlement business and enhances its offerings through Ripple Custody, which integrates with the XRP Ledger. The new services provide pre-configured settings, Anti-Money Laundering risk monitoring, and a user-friendly interface. With growing institutional demand for secure crypto storage, Ripple’s custody arm has seen 250% year-on-year growth. It now operates in seven countries, positioning it as a key player in the custody market.
Crypto.com Sues SEC to Defend US Crypto Industry
Crypto.com has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), challenging its regulatory approach. CEO Kris Marszalek announced the move on October 8, stating it aims to protect the future of the crypto industry in the U.S. The lawsuit follows Crypto.com receiving a Wells notice from the SEC, which the company claims is part of an unjust enforcement campaign. Crypto.com argues that the SEC is overstepping its authority by treating most crypto assets as securities, calling for clearer federal agency rules.
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