Coinspeaker Massive $875M in Token Unlocks Set to Shake Up Market in June

The cryptocurrency market is gearing up for a series of significant token unlock events set to occur in June. According to data from Token Unlocks, locked tokens amounting to about $875m will hit the market after the expiration of vesting periods for several top blockchain projects.

Token unlocks happen when previously restricted or vested tokens are released for trading. Vesting mechanisms are designed to keep token holders, particularly early investors, committed and aligned with the project’s long-term success, thereby supporting its overall sustainability and growth.

Notable Token Unlock Details

On June 1, a considerable number of tokens from Sui, dYdX, 1inch, and Ethena will be unlocked, adding fresh liquidity to their circulating supplies. Sui, the high-performance Layer-1 blockchain, will unlock 65.08 million SUI tokens, valued at approximately $66 million.

On the same day, 33.33 million DYDX tokens will enter the market, accounting for 11.91% of the total circulation and valued at approximately $69.67 million. 1Inch, renowned for its DEX aggregator protocol, will unlock 98.7 million tokens while Ethena, the synthetic currency protocol independent of traditional banking, is set to unlock 53.6 million tokens.

Later in the month, other notable blockchain projects like Aptos, Arbitrum, and Starknet will follow suit. On June 12, Aptos will unlock 11.31 million tokens, constituting 2.59% of its  total circulation, and valued at nearly $102.92 million. A huge portion of this upcoming unlock is allocated to the Aptos Foundation.

After Arbitrum’s March unlock that released $2.23 billion worth of ARB into circulation, the Ethereum Layer 2 is once again slated to unlock 92.65 million tokens, valued at $105 million, on June 16. The previous unlock caused the price of ARB to plummet more than 50% between March and May, but investors are confident the upcoming unlock won’t dilute the price to that extent.

Starknet, another Ethereum Layer 2, will also unlock 64 million tokens on June 15. This accounts for 5.61% of Starknet’s total circulation and is valued at an estimated $80 million. These tokens will primarily go to early contributors and investors.

Potential Impact on the Market

Token unlock events can present opportunities for investors, but they also come with risks. With large quantities of tokens entering circulation, there may be short-term fluctuations in prices as supply and demand dynamics for these tokens change. The negative sentiment surrounding token unlocks is likely to influence holders to reduce their positions on the tokens in question.

Aside from the tokens in question, the overall cryptocurrency market is likely to experience the effects of the large token unlocks. Short-term effects will depend on whether token holders choose to take up new positions in other tokens or convert their holdings into stablecoins awaiting market stabilization. Investors should be mindful of such possibilities arising from token unlocks.

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Massive $875M in Token Unlocks Set to Shake Up Market in June

Coinspeaker Bitdeer Announces Up to $150M in Private Placement Financing

Bitdeer, a company listed on Nasdaq focused on providing Bitcoin (BTC) mining solutions, has secured a subscription agreement with Tether, which allows the stablecoin issuer to purchase around $100 million worth of Bitdeer shares with the option to add an additional $50 million worth of equity to its holding as well.

As per a press statement, the agreement involves “the private placement of 18,587,360 Class A ordinary shares and a warrant to purchase up to 5,000,000 additional shares at $10.00 per share”. Additionally, the agreement was finalized on Thursday.

Linghui Kong, the Chief Business Officer of Bitdeer, stated that the potential $150 million investment from Tether will allow the Bitcoin mining company to accelerate its growth and expand its global footprint, establishing it as a leader in the sustainable Bitcoin mining industry, adding:

“This substantial investment demonstrates confidence in our vision and the strength of our extensive global operations.”

According to the Bitdeer website, the company has six mining data centers around the world, and it currently generates a total hasrate of 22 EH/s under management.

Former Tether technology chief and now the chief executive of the stablecoin issuer described Bitdeer as “one of the strongest vertically integrated operators in the Bitcoin mining industry,” adding:

“Bitdeer’s proven track record and world-class management team are perfectly aligned with Tether’s long-term strategic vision. We anticipate close collaboration with Bitdeer across several key infrastructure areas moving forward.”

Notably, as per the press release, the funds will be used to expand its data centers around the world and towards the development of application-specific integrated circuit (ASIC) mining chips.

It is important to note that, as per the data from Yahoo Finance, during the pre-market trading, the shares of Bitdeer rose more than 10%, priced at $6.44. The movement of shares indicates the impact that the digital asset sector has on the traditional finance industry.

Further, Cantor Fitzgerald & Co., an American financial services firm, has been named as the placement agent. Recently, the firm’s CEO, Howard Lutnick, spoke to Bloomberg TV, stating that Tether has “the money they say they have.”

Tether Expands into Bitcoin Mining

Tether recently confirmed investing $500 million in six months in the Bitcoin mining sector, and in an interview with DLNews in early April at the Paris Blockchain Week, Ardoino stated that the funds have been used to create mining facilities and energy stations in Uruguay, Paraguay, along with El Salvador, the first country to adopt Bitcoin as legal tender.

The stablecoin issuer is focused on building renewable energy stations, including “solar and wind, and then moving towards geothermal”. In November last year, Tether confirmed for the first time that it would invest in the Bitcoin mining industry.

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Bitdeer Announces Up to $150M in Private Placement Financing

Coinspeaker Donald Trump Amasses $14M in Crypto after Legal Battle

Donald Trump’s crypto wallet, as identified by blockchain analytics platform Arkham Intelligence, has amassed a substantial $14 million. Within the past 24 hours alone, over $1 million in various cryptocurrencies, including Ethereum (ETH), Polygon (MATIC), and the USDC stablecoin, has been deposited into the wallet.

Arkham Intelligence connected the wallet address to Trump using information from his financial statements filed in August last year.

Donald Trump Receives Crypto  Donations

As of  May 27, the wallet held about $10 million in cryptocurrencies. At that time, the largest holding was a meme coin named MAGA token, represented by the ticker TRUMP.

However, following his conviction in a historic hush money trial on May 30, the wallet saw a surge in deposits.

Within 24 hours after he became the first former American president convicted of felony crimes, the wallet received additional donations, with the TRUMP token still leading the contributions.

The total amount of the meme deposited in the wallet has now reached $9.48 million. The TRUMP token is followed by Ethereum worth about $1.77 million.

Additionally, the wallet holds wrapped Ethereum (wETH) with an estimated value of $1.43 million.

These donations from the crypto community could be interpreted as a form of support in response to the court’s ruling against Trump on Thursday when a New York jury found him guilty of all 34 felony charges brought against him.

Prosecutors accused him of participating in an illegal conspiracy to influence the 2016 presidential election and suppress negative information. The authorities claimed the former US president covered up a hush money payment to a pornstar who alleged an affair with him.

The trial was presided by Judge Juan Merchan presided over the trial and a sentencing hearing has been scheduled for July 11.  The court said Trump could face prison time or probation depending on the judge’s decision.

Trump Endorses Crypto for Political Gain

Apart from the just-concluded case, Trump faces additional legal battles before the upcoming November presidential election. The former US president wants to make a political comeback and return to the White House.

Trump has been strongly preparing for the upcoming presidential election. Part of his campaign strategy included embracing the crypto economy to win the votes of digital assets enthusiasts in the United States.

Earlier this month, his campaign announced it would accept cryptocurrencies, such as Bitcoin (BTC), for donations through Coinbase Commerce. The campaign said that all digital assets available on the Coinbase Commerce are accepted for donations.

In addition to embracing crypto donations, Trump is involved in non-fungible tokens (NFTs). The former US president has introduced a series of NFT collections that always sell out within a few hours of launch.

His wife, Melania Trump, has also shown interest in the digital art world, engaging in various NFT projects, reflecting the family’s growing involvement in the crypto space.

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Donald Trump Amasses $14M in Crypto after Legal Battle

Coinspeaker Polyhedra Network (ZK) Announces Launch of Expander Compiler Collection (ECC) Tool

Polyhedra Network (ZK), a fast-growing web3 project focused on unlocking the exponential improvements to computational power and cross-platform interoperability via Zero-Knowledge (ZK) systems, has announced the launch of a new tool to complete its ecosystem. Earlier on Friday, Polyhedra Network announced the launch of the open-source Expander Compiler Collection (ECC).

According to the announcement, the ECC allows users to seamlessly transform gnark circuits into efficient layered formats, thus enabling web3 developers to build secure interoperable applications.

“Tailored for GKR protocols, ECC ensures fast and effective proof generation by natively translating your code to layered circuits,” the Polyhedra Network team noted.

The Polyhedra Network team highlighted that the ECC tool was made possible by the Consensys gnark project. Furthermore, the Ethereum ecosystem is the leading DeFi ecosystem, with more than $64 billion in total value locked (TVL), which is easily interoperable with other chains.

🎉 ECC’s compatibility with existing circuit language is a pivotal leap forward. Join us at Expander as we propel cryptographic proofs into the future. Be part of this groundbreaking journey—join the ZK innovation with Polyhedra Network (ZKJ)!

— Polyhedra Network (@PolyhedraZK) May 31, 2024

Market Impact on Polyhedra Network

According to the latest crypto data provided by Coinmarketcap, Polyhedra Network (ZK) had a market cap of about $72 million and an average 24-hour trading volume of around $28 million. The small-cap altcoin takes pride in more than 254k holders according to on-chain data, with the top ten addresses holding controlling more than 92 percent of the ZK’s total supply.

The launch of the Expander Compiler Collection will play a crucial role in the mass adoption of the ZK token, and other products by Polyhedra Network. Some of the notable projects by Polyhedra Network include the Proof Cloud, zkBridge service, and Gaming, among others.

Earlier this month, the Polyhedra Network announced the launch of the open-source zero-knowledge proof (ZKP) dubbed Expander.

Notably, the Expander project is compatible with Apple M3 max machine among others as it can prove 4,500 Keccak-f performance per second.

“The performance of Expander opens the possibility for the creation of many ZK applications that are compatible with Ethereum,” the Polyhedra team noted.

Bigger Picture

The development of multichain infrastructure has significantly eased the mass adoption of web3 projects and digital assets. As Coinspeaker previously noted, Polyhedra Network is well poised to scale the multichain infrastructure development after it secured $20 million at a valuation of $1 billion.

Notably, Polyhedra Network is backed by reputable web3 investors such as Binance Labs, Animoca Brands, Polychain Capital, Mapleblock Capital, Emirates Consortium, UoB Ventures, OKX Ventures, and Hashkey Capital among others.

As a result, Polyhedra Network supports more than 25 blockchains and partnered with over 80 ecosystem partners. According to the company’s official website, Polyhedra’s zkBridge has securely facilitated more than 20 million messages.

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Polyhedra Network (ZK) Announces Launch of Expander Compiler Collection (ECC) Tool

Coinspeaker Cardano’s Charles Hoskinson May Be Considering Expansion into Argentina

Recent posts from Charles Hoskinson, the founder of Cardano (ADA), appear to suggest that the blockchain firm may be planning to expand into Argentina. This follows after a series of conversations ensued between Hoskinson and Argentina’s President Javier Milei on social media.

Recently, President Milei has been openly discussing the country’s interest in blockchain technology and crypto. As a fact, Milei has made several visits to the United States in the past few weeks, meeting up with major players in the crypto industry and discussing potential collaborations, particularly in the area of regulation, in the process.

That is not to mention the recent moves by Argentina to tap El Salvador’s Bitcoin strategies. According to reports, Argentina aims to use the partnership to understand how El Salvador fosters Bitcoin adoption while staying compliant with crypto regulations. More so, in the area of a first-of-its-kind move that saw Bitcoin become a legal tender in the country in 2021.

Cardano’s Charles Hoskinson Hints at Argentina Expansion

As if to buttress the notion that Cardano might be eyeing a potential expansion to Argentina, Dario Epstein, Director at Research For Traders, has also shared an interesting update on the social media platform X. He hinted that a technology company specializing in third-generation blockchain is currently in talks with him. Although he did not mention Cardano, the firm, which also focuses on decentralized government, exactly fits the profile he mentioned.

Epstein also noted that the company is looking to establish itself in Argentina to develop knowledge and tech applications.

The connection of Epstein’s posts to Cardano came from Hoskinson’s response to his post. The Cardano founder was full of praise for Argentina, hailing the talents that he has had to work with, who came from the country. He wrote:

“Argentina has some of the brightest minds in our industry and it has been a privilege to work with them.”

To cap it all, President Milei also reposted Hoskinson’s reply, further suggesting that this budding tech collaboration has the highest support it needs for it to come to fruition.

Meanwhile, Argentina has recently been in the news for its growing efforts towards crypto. In early May, Argentina’s National Securities Commission (CNV) began coordinating with the National Commission of Digital Assets (CNAD) in El Salvador.

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Cardano’s Charles Hoskinson May Be Considering Expansion into Argentina

Coinspeaker McHenry Pushes Senate to Pass FIT21 Crypto Bill Before Election

US Republican lawmake­r Patrick McHenry emphasized the­ urgency for the Senate­ to pass the Financial Innovation and Technology for the 21st Ce­ntury Act (FIT21) before the upcoming US pre­sidential election on Nove­mber 5, 2024. The House Financial Se­rvices Chairman, who will be retiring from Congre­ss in January, articulated his concerns during an interview with Bloomberg’s Balance of Power, asse­rting the necessity for swift le­gislative action on crypto regulation.

The FIT21 bill, which aims to classify most cryptocurre­ncies as commodities under the­ Commodity Futures Trading Commission (CFTC) jurisdiction, passed the House­ on May 22. The bill saw substantial bipartisan backing, receiving vote­s from 71 Democrats and 208 Republicans.

“This should be a wake-up call for the Senate that they need to get on with this. They need to stay focused on getting policy here and get it done before the election,” McHenry remarked.

CFTC Preferred over SEC

The crypto industry generally prefers the CFTC as a regulator over the Securities and Exchange Commission (SEC), which retains control over cryptocurrencies that aren’t sufficiently decentralized. The passage of FIT21 is a significant move towards creating a regulated framework for digital assets in the US.

McHenry pointed out the Senate’s unexpected reaction to the bill’s strong support in the House. He said, “For us to pass the important FIT21 bill with a two-thirds vote of the House of Representatives in these divided times is a major statement.” However, the bill faces opposition from the SEC and President Joe Biden.

The Senate, led by Democrat Majority Leader Chuck Schumer, consists of 48 Democrats, three independents who caucus with them, and 49 Republicans. There are no time limits for discussing FIT21 in the Senate, and it needs a simple majority of 51 senators to pass.

Bipartisan Stablecoin Bill Efforts

McHenry has be­en working with Democrat Maxine Wate­rs for nearly two years to advance a stable­coin bill. Still, he acknowledged it would be­ difficult to pass in the Senate without attaching it to a large­r bill. He rejecte­d the idea of linking it to the SAFER Banking Act, which supports cannabis companie­s’ access to financial services, stating:

“I’m not in favor of the cannabis banking legislation that’s been put forth. I voted against it in the last two Congresses.”

With the­ November 5 preside­ntial election approaching, McHenry and his Re­publican colleagues plan to pressure­ Schumer and the Senate­ to prioritize the FIT21 bill. McHenry e­mphasized the nee­d for serious policy to regulate cryptocurre­ncy in the US.

The legislative­ push could significantly impact US crypto regulations, setting a pre­cedent for future crypto re­gulations. The FIT21 bill aims to provide cleare­r guidelines for the crypto industry, promoting growth, innovation, inve­stor protection, and market stability.

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McHenry Pushes Senate to Pass FIT21 Crypto Bill Before Election

Coinspeaker Luna Foundation Guard’s $95M Asset Transfer Sparks Speculation and Transparency Concerns

Luna Foundation Guard (LFG), an organization known for its role in supporting the Terra ecosystem, has sparked speculation within the cryptocurrency community after its sudden transfer of digital assets worth $94.7 million. The breakdown of the transfer includes 1.974 AVAX tokens, valued at $71.21 million, and 39,499 BNB tokens worth $23.33 million to an unmarked address.

Community Demands Transparency and Clarity from LFG

The sudden transfer of funds has resulted in various speculations. It has raised eyebrows that the movement could be part of a strategic reallocation of assets in preparation for upcoming events, or perhaps the organization is exploring new partnerships or collaborations that may require the relocation of these digital holdings.

Although the reason behind the transfer is not very clear, LFG earlier announced on May 28 on its X page that it is set to move assets toward direct custody to enhance the fund’s security. This move involves transitioning assets held in the company’s multi-signature wallets to a more secure direct custody solution. The organization promised the public that all funds would remain trackable on the LFG Reserves dashboard. The firm stated:

“To enhance the security of LFG funds, LFG_org is set to transition assets held in LFG multi-sig wallets to a robust direct custody solution in the coming days…To maintain transparency and traceability, LFG funds will remain trackable on the LFG Reserves dashboard.”

Connection to Do Kwon’s Settlement and LUNA’s Price Surge

Moreover, this sudden transfer coincided with a settlement report between Do Kwon, the founder of TerraForm Labs, and the United States Securities and Exchange Commission (SEC). According to the court records, it was revealed that the parties have agreed to a tentative settlement, with the final terms expected to be submitted to the court by June 12.

The SEC has previously requested a $5.3 billion penalty on Do Kwon and Terraform for fraud and misleading investors, but the defendants are arguing for a much smaller penalty of $1 billion and are seeking to dismiss part of the SEC request, as Kwon has denied any wrongdoing.

While it remains unclear whether the LFG’s recently transferred $95 million is directly related to the settlement deal, the crypto community will be keeping a close eye on the development and looking forward to more clarity about the situation.

LUNA Breaks Key Resistance and Could Continue Rally

Amid the speculation surrounding the fund transfer, the price of LUNA spiked by over 15% in the last 24 hours, and more than 35% on May 30 alone, breaking out of an accumulation phase that started on April 14. If the price is able to successfully retest the broken resistance, we expect to see a continued bullish rally to around $0.8, which will represent a 20% spike from its current price. However, it is expected that you carry out due diligence before banking on the price direction of any token.next

Luna Foundation Guard’s $95M Asset Transfer Sparks Speculation and Transparency Concerns

Coinspeaker Dogecoin (DOGE) Price Continues to Consolidate despite Heightened Whale Accumulation Rate

The total cryptocurrency market cap has in the past week stabilized around $2.6 trillion, as Bitcoin (BTC) price established a support level above $67K. Dogecoin (DOGE) price has slipped around 4 percent in the last five days to trade at about $0.1595 on Friday during the London session.

The large-cap altcoin, with a fully diluted valuation of about $23 billion and a daily average traded volume of around $1 billion, remains the undisputed meme lord despite the emergence of new meme coins in the recent past.

Moreover, the Dogecoin network has established a desirable reputation in the past years with deep liquidity for seamless trading. According to the latest on-chain data at the time of this report,  the Dogecoin network had more than 7.3 million holders that facilitated over 334 million transactions.

Dogecoin (DOGE) Whales on a Buying Spree

According to on-chain data provided by Santiment, Dogecoin whales have purchased more than 700 million DOGE units, worth approximately $112 million, in the past three days alone. As a result, Dogecoin addresses holding between 100 million and 1 billion units now hold a total of about 30.9 billion DOGE units. Remarkably, Dogecoin whales have accelerated their accumulation pace in the recent past despite continued choppy markets.

#Dogecoin whales have bought over 700 million $DOGE in the past 72 hours, worth around $112 million! pic.twitter.com/zpMoHz1azX

— Ali (@ali_charts) May 31, 2024

Earlier this week, on-chain data showed that the Dogecoin network registered a sharp uptick in whale transactions. Specifically, Dogecoin transactions involving coins worth at least $100k increased from $1.54 billion to about $3 billion in less than 24 hours. Out of which, the Dogecoin volume that was moved by whale investors surged from 9.74 billion units to nearly 18 billion coins.

Favoring Fundamentals

The recent rise in Dogecoin whale transactions has triggered a spike in the general on-chain activity. Undeniably, Dogecoin whales are anticipating a supportive Elon Musk post on the X platform to send the meme coin to an all-time high.

As Coinspeaker severally noted in the past, Musk has obtained money transmitter licenses from over 20 American states to ensure the X platform becomes the everything app.

Already, Musk has integrated Dogecoin payments with SpaceX, thus signaling an inevitable integration with the X platform soon.

Midterm Targets

Dogecoin price has been on a macro-rising trajectory since its inception nearly a decade ago. The meme lord is in the early stages of its third major crypto bull market, following a successful bullish breakout during the first quarter of 2024.

However, DOGE’s price against the US dollar experienced a significant resistance level of around 22 cents, resulting in the ongoing market correction.

Since mid-April, DOGE price has ranged between 14 cents and 17 cents, without a clear signal of breaking out in either direction. In case Bitcoin and Ethereum prices continue in a bullish outlook soon, Dogecoin price will follow the same path in subsequent weeks.next

Dogecoin (DOGE) Price Continues to Consolidate despite Heightened Whale Accumulation Rate

Coinspeaker Crypto Derivatives Market Brace for $8.12B in Options Expiry Today

Today, the crypto market is on high alert as approximately $8.12 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts are set to expire on May 31. This major event could lead to significant market fluctuations as traders and investors respond to the expirations.

Bitcoin and Ethereum Options Overview

Data from Deribit revealed that a total of 261,390 BTC options contracts, valued at $4.65 billion, are due to expire today.

These contracts exhibit a put-to-call ratio of 0.6, indicating a prevailing bullish sentiment among traders, with more bets on price increases (calls) than decreases (puts).

The maximum pain point for Bitcoin options expiring today is set at $65,000. This critical price level represents the point at which the most option holders could incur financial losses, making it a key level to monitor for traders.

In addition, 2,750,922 Ethereum options contracts, totaling approximately $3.47 billion, are also set to expire today.

These contracts have a put-to-call ratio of 0.85, showing a relatively balanced outlook with a slight preference for call options. The maximum pain point for Ethereum options is $3,300.

Comparative Analysis and Market Impact

Today’s options expiry dwarfs the previous week’s events, where a combined total of 375,000 BTC and ETH options contracts expired. These trenches valued at nearly $3 billion could be said to have contributed to the market decline earlier in the week.

The crypto market has seen a significant decline this week with the global market cap currently standing at $2.52 trillion showing a 0.39% increase over the last day.

In the past 24 hours, total crypto market volume reached $73.81 billion which makes a 10.54% decrease from previous values. Bitcoin’s dominance is currently standing at 53.00%, up by 0.03% over the day.

While it is unclear how the options contracts expiring today could affect the market, traders are advised to brace up for potential movements.

Currently, both Bitcoin and Ethereum are trading above their respective maximum pain points. However, as the assets approach these critical price levels, traders may witness increased buying or selling pressures, influencing market sentiment.

Outstanding Crypto Options Positions

Deribit’s data also provided insights into outstanding BTC positions yet to expire. Long positions have strike prices ranging from $70,000 to $100,000, with a total value of $886 million. Conversely, short positions with a strike price of $60,000 have the highest open interest at $519 million, indicating bullish sentiment among derivatives traders, anticipating further price increases.

The total notional value of all outstanding BTC options contracts currently stands at approximately $19 billion, highlighting the substantial interest and activity in the crypto derivatives market.next

Crypto Derivatives Market Brace for $8.12B in Options Expiry Today

Coinspeaker Pig Butchering Victim Files $266K Lawsuit against Scammer after Tracing Funds to Binance Accounts

A cryptocurrency pig-butchering scam victim has filed a lawsuit against a woman named Lisa and several other defendants. The victim George Edward Fitzgerald II alleges that he invested about $180,000 worth of Bitcoin (BTC) and other cryptocurrencies with a fake crypto exchange introduced by Lisa. The lawsuit accuses Lisa and her co-conspirators of conversion, conspiracy, and unjust enrichment.

Victim Depsoted $180,000 Over 8 Months

According to a report, Fitzgerald was interested in cryptocurrency investment and started conversing with Lisa online sometime in 2022. Court documents filed in the United States District Court of the Southern District of Florida indicate that Lisa claimed she had a successful crypto trading strategy. She then convinced Fitzgerald to transfer funds to an “ETX” exchange where she had allegedly earned high returns.

Unfortunately, Fitzgerald found out that the exchange was a fake site specifically designed to deceive interested crypto investors. According to court documents, the site faked real-time market data and trading activities. However, any action Fitzgerald or other investors took did not actually trade any cryptocurrencies.

After depositing $180,000 between October 2022 and May 2023, Fitzgerald then tried to withdraw the money but could not. Instead, the investor got multiple excuses for why the funds were unavailable. At some point, the defendants asked him to send more money to satisfy unspecified fees before accessing the funds.

Following his inability to make withdrawals, a forensic investigation was conducted. This led to the conclusion that Fitzgerald’s funds were transferred to Binance crypto wallets controlled by Lisa and her conspirators. The lawsuit states that the value of Fitzgerald’s investments is now $266,000.

Pig Butchering on the Rise

Unfortunately, the number of pig butchering scams is on the rise. Pig butchering is a long-term investment fraud where a victim unknowingly makes repeated investment deposits to a fraudulent scheme, usually via digital assets.

On Tuesday, the Canadian Anti-Fraud Centre (CAFC) and the Canadian Investment Regulatory Organization (CIRO) published a press release raising awareness about increased pig butchering. The release specifies that fraudsters usually contact would-be victims on social media platforms on dating sites and then try to develop a relationship to build trust. They then use fake online trading platforms and promises of high and quick returns to secure repeated deposits.

People are advised to maintain a healthy amount of skepticism when dealing with unknown investments, remain wary of unsolicited messages, and report suspected scams to authorities.

Last December, the United States Attorney’s Office for the Central District of California indicted four persons for laundering several million dollars illicitly procured from pig butchering scams. According to the indictment, the parties were involved in at least 284 transactions totaling more than $80 million. Authorities traced at least $20 million worth of these deposits directly to bank accounts associated with the arrested persons.

A recent report states that two alleged scammers were arrested for laundering at least $73 million through shell companies used for pig butchering schemes. The criminals used a few co-conspirators to launder the funds through US institutions to Bahamas bank accounts. They then converted the funds to USDT.next

Pig Butchering Victim Files $266K Lawsuit against Scammer after Tracing Funds to Binance Accounts

Coinspeaker EOS Proposal to Cap Supply at 2.1B Passed by Community

The EOS community has recently approved a significant proposal to cap the total supply of the protocol’s native token at 2.1 billion. This decision marks a pivotal moment for the blockchain as it introduces a fixed limit on the number of EOS tokens, addressing long-standing concerns about inflation and token supply.

80% of the Excess EOS Token Supply after Cap Will Be Burnt

According to Yves La Rose, CEO of the EOS Network Foundation, the proposal involves burning 80% of the current excess supply of the tokens. This means that a substantial portion of the existing tokens will be permanently removed from circulation, effectively reducing the total supply and potentially increasing the value of the remaining tokens.

The #EOS Network has reached consensus to approve the tokenomics proposal!

❎ Inflation✅ Fixed Token Supply✅ 80% Reduction in FDV✅ 4 yr $EOS Halvings✅ $RAM Market Support

This marks a New Era for $EOS !

— Yves La Rose (@BigBeardSamurai) May 31, 2024

The EOS community widely backed the proposal, especially the block producers who have a critical role in the network’s governance. Notably, the update will not go live until after a few months.

Earlier, the organization put forward a proposal for a multi-signature system to create this set amount and received the endorsement of 15 of the 21 EOS block producers. At present, EOS has 1.15 billion tokens in circulation, which accounts for 54% of the total intended supply.

Meanwhile, a few days ago, the open-source blockchain platform announced a significant transformation of its EOS blockchain. This transformation will happen via crucial updates to its tokenomics. Also, the new model introduces token vesting schedules for network custodians, including EOS Block Producers, Staking Rewards, the EOS Network Foundation (ENF), and EOS Labs.

More Development on the EOS Network

Late last year, EOS Labs and ENF, the main stewards of the EOS Network announced a strategic collaboration with EOS Stablecoin Chain (ESCC), an Ethereum (ETH) based stablecoins solution provider. According to the partnership details, the three outfits aim to integrate an optimized platform for high-speed compliant stablecoin transactions.

Together they aim to provide EOS users with a specialized and efficient solution to handle stablecoin transactions, making them faster, more cost-effective, and regulatory compliant. Aside from facilitating transactions, ESCC’s partnership with the EOS Network introduces open and regulated stablecoin environments, including know-your-customer (KYC) processes.

The EOS Network Foundation has been strategically positioning itself for growth for a while. Back in April 2023, it secured regulatory approval to trade EOS tokens on regulated cryptocurrency exchanges in Japan. The Japan Virtual and Crypto Asset Exchange Association (JVCEA), the regulatory body responsible for ensuring safety in crypto trading, granted the whitelist approval, marking a pivotal step for EOS adoption.

That same month, EOS Network Ventures (ENV) allocated $20 million to support developers building apps and games on the network. The move boosted the network’s growing Decentralized Finance (DeFi) ecosystem, causing a sudden rise in locked value for EOS-built projects.next

EOS Proposal to Cap Supply at 2.1B Passed by Community

Coinspeaker Shibarium Milestone: 5M+ Blocks Processed, SHIB Up 22% in 30 Days

The Shiba Inu layer-2 scaling solution Shibarium has reached another big milestone, processing over five million blocks on its network, setting a precedent for other L2 solutions in the digital asset sector.

The network has also seen impressive growth in other areas–the total transactions on Shibarium have surpassed 417 million, and the number of wallet addresses has recently exceeded 1.8 million. Also, the average daily SHIB transactions are around 11,160.

On the other hand, the SHIB burn rate has exploded by 350% recently, resulting in almost 10 million tokens being destroyed. The burn program’s ultimate goal is to reduce the asset’s substantial circulating supply, making it scarcer and potentially more valuable, increasing its price over time. So far, the Shiba Inu team has already burned over 41% of the maximum total supply of 999,982,356,918,347 coins.

It is important to note that the 5 million milestone is significant for the Shiba Inu ecosystem, given that Shibarium was launched in August 2023. The L2 solution aims to enhance the ecosystem by reducing transaction fees, increasing speed, and improving scalability, thereby increasing its use cases and attracting developers.

Positive Developments

Another positive development in the Shibarium ecosystem is the reduction of bridge time from Shibarium to Ethereum. Previously, BONE withdrawals from Shibarium to the Ethereum chain took seven days, but this time has now been reduced to around 45 minutes. This results in transactions getting much faster and smoother, further enhancing the user experience. On Thursday, the network noted this “game-changing” development on social media platform X (previously known as Twitter):

“This means withdrawals initiated post the upgrade will be much quicker, allowing you to move your BONE tokens faster, with greater agility, making your experience in the Shibarium ecosystem even smoother.”

On April 18, the Shibarium team announced the launch of a new user interface (UI) upgrade, which they described as “faster, smoother, and more accessible than ever”. The update aimed to offer users compatibility with popular self-custody wallets like MetaMask, Trust Wallet, and Coinbase Wallet.

Shortly after the UI upgrade, the team introduced another major development through a hard fork. This hard fork aims to empower the community of developers, enhance user experience, and implement quicker block processing times. Currently, the average block time is around 5 seconds.

Despite the optimistic developments in the Shiba Inu ecosystem, the meme coin failed to achieve higher prices today and is significantly down from its all-time high of $0.00008845 achieved in October 2021.

However, SHIB is still up by around 22% over the last 30 days.next

Shibarium Milestone: 5M+ Blocks Processed, SHIB Up 22% in 30 Days

Coinspeaker Lawyers Fees Over $820M in High-Profile Bankruptcy Cases

The 2022 crypto winter led several prominent companies in the industry to declare bankruptcy, making lawyers and other advisors handling these high-profile cases very wealthy. The financial woes of major companies like FTX Trading Ltd, Genesis Global Capital, BlockFi, Celsius, and Voyager Digital presented significant opportunities for the legal firms involved. So far, lawyers firms such as Sullivan & Cromwell and Kirkland & Ellis have collectively earned a total of $820 million in fees.

Big Wins for Lawyers Handling FTX Bankruptcy

Sullivan & Cromwell, serving as special counsel for the FTX estate, has benefitted the most from these cases.

FTX, established by Sam Bankman-Fried (SBF), was once the second-largest crypto trading platform in the world after Binance.

However, trouble began when the Bahamas-based exchange suffered a brief liquidity crunch following revelations of an $8 billion shortfall in its accounts.

The exchange officially declared bankruptcy in November 2022, filing for Chapter 11 protection in a United States court for all its affiliates.

According to reports, the legal team working with FTX has seen their legal and advisory fees soar from $500 million to over $700 million. Sullivan & Cromwell alone billed the company $254 million in fees. Initially, the firm demanded $360 million, but that bill was rejected.

Other legal firms involved, such as financial advisers Alvarez and Marsel, have also netted substantial amounts, though some bills are still awaiting court approval.

Kirkland & Ellis: Counsel for Major Crypto Companies

Another legal firm that has benefited from the downfall of these companies is Kirkland & Ellis. The firm serves as lead counsel for several major crypto companies that filed for Chapter 11 bankruptcy amid market turbulence in 2022. These companies include Celsius, Voyager Digital, and BlockFi.

Celsius, for instance, faced financial troubles when it suspended deposits and withdrawals on the platform in June, citing unfavorable market conditions.

The platform, which promises high-yield returns on customer deposits, subsequently filed for bankruptcy, allowing Kirkland & Ellis to step in and assist with the reorganization. The legal firm netted a total of $76 million for the Celsius case alone. The firm filed a final fee application of over $120 million for all the cases combined.  However, Celsius officially exited bankruptcy in February this year and has repaid $3 billion to investors.

Increasing Demand for Bankruptcy Lawyers in the Crypto Economy

Despite the surge in legal fees from cryptocurrency bankruptcy cases filed in 2022, the demand for bankruptcy lawyers in the crypto economy has grown significantly. Data from the Thomson Reuters Institute shows a 4.4% year-over-year increase in the need for bankruptcy legal services within the crypto industry.

Remarkably, the crypto sector has seen the highest demand for bankruptcy-related legal assistance compared to other financial sectors worldwide.next

Lawyers Fees Over $820M in High-Profile Bankruptcy Cases

Coinspeaker Bitcoin (BTC) Remains Resilient despite Macro Risks, Analyst Warns

Bitcoin (BTC) has bee­n showing strong performance, with its price le­vels staying just below record highs. This tre­nd indicates a normal pause in a bull market. Howe­ver, a well-known market analyst warns that re­cent macroeconomic factors could threate­n Bitcoin’s growth.

“Bitcoin is still strong, but macro factors are threatening […] Bond yields are very unstable as the demand is weak compared to US Treasuries issuance. If there is a negative impact on bitcoin, it will likely be due to yields and the dollar index,” crypto analyst Chang told CoinDesk in an interview.

Treasury yield volatility is a key factor, drive­n by US debt concerns, increase­d bond supply, and a rise in Japanese gove­rnment bond yields. In the past two we­eks, the yield on the­ 10-year Treasury has jumped 24 basis points to 4.55%, according to TradingVie­w data. Traditional market analysts warn that yields exce­eding 4.7% could cause stock market volatility.

Highe­r yields usually lead to higher borrowing costs for both individuals and companie­s, making riskier assets like Bitcoin and te­ch stocks less attractive. Chang expe­cts yields to stay volatile through June, ke­eping a close link betwe­en Bitcoin and stock markets.

Rising Treasury Yields and Their Impact

Currently, the two-year Treasury yield is nearing 5%. The prospect of securing a 5% return on government bonds, considered safe investments, might encourage macro traders to shift their funds away from stocks, cryptocurrencies, and other high-risk sectors.

“We’re now at a level of bond yields where rising yields from here are really going to weigh on all asset classes,” Peter Oppenheimer, head of Macro Research at Goldman Sachs said on Thursday on Bloomberg Surveillance.

Given this backdrop, traders are keenly observing the personal-consumption expenditures (PCE) price index, a critical indicator for Federal Reserve interest rate decisions. The PCE data, which the Fed prioritizes for inflation measurement, is set for release on Friday.

Bitcoin (BTC) Struggles at $69,000 Resistance

As Bitcoin (BTC) approaches the­ end of May with positive gains, it remains e­mbroiled in a broader struggle to bre­ach and maintain new highs. Despite hitting an all-time­ high of $73,800 nearly three months ago, BTC still ne­eds to revisit these­ levels, stalling in its price discove­ry phase.

Keith Alan, co-founder of trading resource Material Indicators, highlights the importance of ove­rcoming the $69,000 resistance le­vel for a sustainable breakout. “I’m not e­xpecting a legit, sustainable bre­akout until BTC bulls can validate an R/S Flip at $69k,” he added, indicating that turning this re­sistance into support is crucial for further price advance­s.

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Bitcoin (BTC) Remains Resilient despite Macro Risks, Analyst Warns

Coinspeaker Notcoin (NOT) Price Surges 40% in 24 Hours, Hits ATH at Above $0.012, Analysts Warn of Overbought Conditions

The crypto market continues to grapple with be­arish sentiment, with Bitcoin struggling to maintain support above $68,000. Howe­ver, amidst the sea of re­d, Notcoin (NOT) has emerged as a be­acon of hope, defying the broade­r market trend with a staggering 40% surge­ in the past 24 hours.

Photo: CoinMarketCap

Notcoin is currently trading at $0.01224, with a market capitalization of $1.26 billion, ranking as the­ 72nd largest cryptocurrency. Notcoin impressive­ly gained 132% in the last wee­k. The surge in NOT price come­s with a 9.40% increase in daily trading volume, se­ttling at $1.18 billion.

Analysts Warn of Overbought Conditions

The recent price surge is good news for Notcoin holders, but analysts advise caution. TradingView data shows the coin’s Relative Strength Index (RSI) at a concerning 68, indicating it’s significantly overbought. This raises worries about potential price manipulation by whales – large investors who can heavily influence the market.

Photo: TradingView

For a sustained and healthy price increase, NOT’s RSI needs to cool down and settle below the 50 mark. An RSI below 50 would suggest more balanced market conditions and would reduce the possibility of a sudden and drastic price correction.

The recent rally follows a rocky launch for NOT. On May 16, the project distributed 80 billion tokens via airdrop, leading to its debut. While getting listed on major exchanges like Binance, Bybit, and MEXC seemed promising, these accessible platforms allowed airdrop recipients to sell off quickly, causing the price to drop 55% shortly after launch.

For over a week following this event, bearish sentiments dominated the market, exerting downward pressure on the price. Consequently, Notcoin price declined to a low of $0.004583 on May 24. However, this seemingly rock-bottom price level eventually served as a springboard for a remarkable recovery.

Community Vote Fuels NOT’s Rise

On May 28, Notcoin expe­rienced a significant surge of 58%, almost re­testing the $0.01 mark. This upswing coincided with a community poll whe­re proponents overwhe­lmingly chose NOT over Bitcoin. This vote of confide­nce from its user base se­ems to be a significant factor in the re­cent price increase­.

Whether NOT can sustain its upward trajectory re­mains to be seen. The­ overbought RSI and the rece­nt volatility surrounding the launch raise concerns about short-te­rm stability. However, the community backing and the­ defiance against the broade­r market downturn are positive signs.

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Notcoin (NOT) Price Surges 40% in 24 Hours, Hits ATH at Above $0.012, Analysts Warn of Overbought Conditions

Coinspeaker Super Trump (STRUMP) Surges 250% in 7 Days amid ‘PoliFi’ Meme Coin Frenzy

Meme coins based on the former President of the United States and the 2024 Republican candidate Donald Trump have performed incredibly well in the past few weeks after the billionaire announced support for cryptocurrencies. Moreover, as the favorability rating of Trump continues to rise, such meme coins remain in demand. Some of the popular cryptocurrencies based on the billionaire include Trump (TRUMP), MAGA (TRUMP), and Super Trump (STRUMP). These meme coins have given significant returns to investors in the past few weeks.

According to recent data, the price of STRUMP is down 9.24% in the past 24 hours, while the trading volume of the meme coin is down 32.49% and currently stands at $14.25 million. Super Trump (STRUMP) is ranked 305 in terms of trading volume, and the market cap of the token is $26.5 million.

It is important to note that in the past seven days, the cryptocurrency went up 252.53%, from $0.004173 to $0.0149 at the time of writing. Further, STRUMP reached a high of $0.02342 on May 29 and secured the attention of the entire digital asset space. CoinMarketCap data also shows that STRUMP is up 4399.04% from its all-time low witnessed on March 1 at $0.0003417.

Other Trump-themed meme coins also went down in the past 24 hours, with MAGA (TRUMP) dipping 7.58% and being priced currently at $13.13. The trading volume of the digital asset stands at $15 million, down 45.74%, while the market capitalization of the meme cryptocurrency is $578 million. Interestingly, MAGA (TRUMP) went up 46.90% in the past seven days.

On the other hand, the TRUMP (TRUMP) token is up 615.35% in one month, while a 26.03% price crash has been witnessed in the past 24 hours. The price of the meme coin at the time of writing stands at $0.00005469, while the market cap stands at a meager $2.63 million.

Finally, the FreeTrump (TRUMP) meme coin witnessed a whopping 8% surge in prices, reaching a market capitalization of $363 million, and is currently priced at $0.003633. While the trading volume of the digital asset stands at just $43,606.75, FreeTrump is up 135.63% in one month.

The FreeTrump cryptocurrency was created following the indictment of Donald Trump and a pending arrest. Trump’s case was the first time a United States president was indicted, and the case made waves offshore. Despite this, as per the data from PolyMarket, 56% of the voters are in favor of the billionaire, while only 37% of the people are in favor of the current US president Joe Biden.

Moreover, Trump also supported cryptocurrencies via Truth Social, stating that he is “very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry”.

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Super Trump (STRUMP) Surges 250% in 7 Days amid ‘PoliFi’ Meme Coin Frenzy

Coinspeaker Bitcoin’s New All-Time High to Come after US CPI Drops Under 3.3%

Bitcoin price has entered a period of strong consolidation following the Bitcoin halving event last month in April. Over the past several weeks, BTC price has been fluctuating in the range of $60,000-$70,000. Unless Bitcoin gives a convincing breakout above the $70,000 level, it’s likely to consolidate for some more time.

However, the macros can play a key role here providing stimulus for Bitcoin to surpass its all-time high levels of March 2024. In a recent report published this Wednesday, May 29, 10x Research head Markus Thielen stated that if the inflation print comes to be less than 3.3% for the month of May, then Bitcoin price can rally to new all-time highs. On June 12, the United States Bureau of Labor Statistics (BLS) will be releasing the Consumer Price Index (CPI) data for this month.

Thielen noted a slight decline of 0.1 percentage points from the previous CPI reading, which stood at 3.4% as of May 15. He anticipates robust inflows into spot Bitcoin exchange-traded funds (ETFs) to persist in the two weeks leading up to the release of the May CPI results.

However, if the CPI numbers come to be greater than expected, it can weaken the BTC price momentum, as seen earlier this year. One of the positive indicators has been the strong inflows into the spot Bitcoin ETFs over the past two weeks of May.

Inflation Is the Main Driver for Bitcoin Price

Thielen also stated that Bitcoin price doesn’t usually make random moves, but rather is based on critical drivers such as inflation. Throughout this year in 2024, there have been multiple instances where BTC price has moved in tandem with inflation and dropped following the higher-than-expected CPI data.

On April 10, the CPI was reported at 3.5%, just 0.1% higher than anticipated. By April 30, Bitcoin’s price had fallen by 6.67% to $56,000. Thielen observed that when spot Bitcoin ETFs launched on January 11, despite an impressive $611 million in inflows on the first day, the overall inflows for the rest of January were underwhelming. He attributed this primarily to the CPI results being higher than expected.

“The CPI came in at 3.4%, higher than the 3.2% expected number and higher than the 3.1% recorded in the previous month. It is no coincidence that Bitcoin was weak in January and stronger into March but consolidated for two months,” Thielen wrote.

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Bitcoin’s New All-Time High to Come after US CPI Drops Under 3.3%

Coinspeaker Vitalik Buterin Contributes 30 ETH Valued Over $111K to Tornado Cash Legal Fund

An Ethereum (ETH) address associated with Vitalik Buterin has sent 30 Ether, worth around $111,810, to the legal defense fund for the Tornado Cash developers, Alexey Pertsev and Roman Storm. Buterin donated the money through the Juicebox platform, a decentralized fundraising protocol on the Ethereum network. Consequently, the Tornado Cash legal defense fund, which was created earlier this year, now has a total of 592.45 ETH, worth about $2.2 million.

Why the Crypto Industry Must Support Tornado Cash Developers

The troubles of Tornado Cash developers began after the United States Treasury’s Office of Foreign Asset Control (OFAC) imposed sanctions on the crypto mixer in August 2022. A year after the US issued sanctions on Tornado Cash crypto mixer, Storm, a US-based web3 developer, was arrested.

Earlier this year, Pertsev was sentenced to 64 months in prison by a Dutch court, which sparked anger among the crypto developers. Furthermore, Pertsev just developed software through open source, which is compared to road construction workers and careless accidents that regularly happen on the road. According to Juicebox, Roman and Alexey’s legal fees range between $90k and $100k per month, thus requiring the support of the crypto industry.

As Coinspeaker previously reported, Pertsev has appealed the Judge’s ruling in anticipation of a fair hearing and trial. However, the case is politically sensitive since billions of dollars have been laundered through crypto mixers, especially those stolen by the North Korea-backed Lazarus Group.

“The arrests of Roman Storm and Alex Pertsev are considered a direct attack on the open-source development space and may have devastating consequences for developers who write and publish code. This is why we need to act NOW to protect our right to code,” the Justice DAO noted.

The use of Tornado Cash for ensuring privacy has been advocated for by top Web3 executives. Furthermore, online anonymity is not a crime as businesses and individuals are keen to protect their financial data at all costs.

For instance, Buterin once used Tornado Cash to donate to Ukraine’s government amid the ongoing war with Russia.

Bigger Picture

The notable growth of the cryptocurrency industry has elevated the voice of ordinary people around the world against the government’s oppression. Already, the cryptocurrency narrative has taken center stage in the upcoming United States elections and the trend is expected to continue in other jurisdictions over the coming years.

Moreover, the adoption of Bitcoin and other digital assets has diluted global governments, which are highly centralized. Consequently, it is safe to assume more countries will eventually follow the El Salvador path to adopt Bitcoin as a legal tender to tame high inflation.

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Vitalik Buterin Contributes 30 ETH Valued Over $111K to Tornado Cash Legal Fund

Coinspeaker Orbs Unveils Perpetual Hub to Revolutionize On-chain Futures Market

Layer-3 (L3) blockchain infrastructure Orbs has recently unveiled Perpetual Hub as it looks to revolutionize the on-chain futures market through an intent-based approach. According to a release shared with Coinspeaker, Orbs Perpetual Hub is designed to offer a range of resources that will empower traders to maximize the benefits on-chain perpetual trading has to offer.

Benefits of Orbs Perpetual Hub Launch

This new hub is set to operate seamlessly with collaboration from SYMMIO and IntentX. The Perpetual Hub is considered a significant step forward in the evolution of Decentralized Finance (DeFi). The advanced blockchain technology offered by Orbs enables the execution of on-chain futures within a dependable and sophisticated framework.

In the meantime, Perpetual Hub services consist of three components: Hedger, Liquidator, and Price Oracle. Hedger acts as a market maker using a front end powered by SYMM and offers liquidity by fulfilling users’ orders. Additionally, Hedger can tap into external liquidity sources, such as centralized exchanges, to provide exceptional liquidity.

The Liquidator as the second component, allows users to close out a trader’s position if the value of the collateral falls below the maintenance margin threshold. The Price Oracle supplies dependable on and off-chain data to guarantee precise pricing which is crucial for continuous trading. It is important to note that a completely decentralized Price Oracle is necessary for the fundamental operations of the Perpetual Hub to function seamlessly.

Also, Perpetual Hub can enhance perpetual future trading, from pricing to order execution. This helps in increasing trust in the on-chain perps market while growing the Total Value Locked (TVL) in on-chain derivatives.

Orbs Unveils Its Latest Upgrade V4

In February, Orbs announced that Orbs V4, an upgrade to its protocol, is currently under development. According to the project, the upgrade is necessary to meet the growing demand for its project and the layer 3 technology at large. Meanwhile, the firm claimed in its announcement that V4’s designed will help focus on efficiency and robustness. This will help to cater for the upsurge that Orbs expects for the usage of its products this year.

For Orbs, the upgrade is entirely not about scaling up. It is also about staying at the forefront of the L3 infrastructure space. This sentiment was echoed by the protocol’s CEO Nadav Shemesh, who expressed his delight in “the evolution to Orbs V4”.

Recall that Orbs’s effort towards becoming an industry leader started a long time ago. The V4 upgrade is coming nearly two years after the introduction of Orbs 3.0, the project’s original L3 architecture. It is also worth mentioning that Orbs is still eyeing more upgrades. To this end, it has automated its rollout process for Guardian nodes which used to be done manually.

However, in March, software company IntentX took a bold step forward by integrating the Liquidity Hub developed by Orbs Network into its platform. With the partnership now expanding with the launch of Perpetual Hub, Orbs hopes to grow its TVL of $3.4 billion in the coming months.

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Orbs Unveils Perpetual Hub to Revolutionize On-chain Futures Market

Coinspeaker Whale Dumps 51 Million XRP amid Ripple’s SEC Clash: What’s Next for Crypto Giant?

Week in week out, the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) takes an interesting turn. However, the latest of those have captured the attention of the XRP community and the broader crypto market. Ripple recently filed a reply letter to the SEC’s argument against its earlier request that the court should allow it to seal key documents.

Amid this back-and-forth, however, there has been a notable move by a major XRP holder. This move has not only stirred speculation about the ongoing case but also about the future price trajectory of the cryptocurrency.

On May 29, Ripple submitted a detailed reply to Judge Analisa Torres of the US District Court for the Southern District of New York. The firm contested two main points that the SEC raised in its arguments. Firstly, the regulator believes that Ripple’s current financial status is relevant to the court’s decision-making process. The SEC also claims that Ripple’s financial information is outdated.

In its defense, however, Ripple has put forward a counter-argument, claiming that its current financial condition is irrelevant to the court’s analysis. Although it did not expressly state its financial condition, Ripple noted that it has never denied its ability to pay any potential penalties. Furthermore, Ripple’s Chief Financial Officer, Jonathan Bilich, emphasized that contract terms must remain confidential so as not to give future counterparties undue advantage.

Massive XRP Dump Sparks Market Speculation

While the legal arguments were playing out, a renowned whale in the XRP community, identified as Rzn, transferred a whopping 51.18 million XRP to crypto exchanges Bitstamp and Bitso. The whale moved 28.05 million XRP worth nearly $14.67 million, to Bitstamp. He also moved another 23.13 million XRP, worth around $12.11 million, to Bitso.

Expectedly, the transfer has ignited discussions about possible impacts on XRP’s market dynamics and price volatility.

This is shown in the recent price fluctuations that XRP experienced. As of publication, XRP price was down 2.20% over the past 24 hours and was seen trading at $0.5173. Its 24-hour price range has been between $0.5137 and $0.5321.

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Whale Dumps 51 Million XRP amid Ripple’s SEC Clash: What’s Next for Crypto Giant?