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What would be the next
Solana
? 👀
Sui
75%
Aptos
0%
Ton
0%
Kaia
25%
4 votes • Voting closed
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So, what is going on WBTC? 🔥 The spotlight is on Justin Sun, the wealthy founder of Tron, and there's a lot to unpack. On August 9, BitGo said they plan to expand WBTC custody to Hong Kong and Singapore during a 60-day transition. They're aiming to open the doors to more countries and institutions and spread out their security measures. But there’s a twist: the plan involves companies tied to Justin Sun, sparking worries that he might get too much control. Justin Sun has been in hot water before over how he managed TUSD and the HTX exchange (once called Huobi), with problems like TUSD losing its peg to the dollar and murky dealings with reserve funds. Some folks in the crypto scene are nervous that Sun might use his influence over WBTC in ways that could shake up the market. Reacting to these concerns, MakerDAO, a platform built on Ethereum, has suggested putting a halt to WBTC loans and slashing the Loan-to-Value (LTV) ratio to zero as a precaution. They're also gearing up to vote on whether to keep supporting WBTC after BitGo's changes. They’re worried about Sun possibly pumping out too much WBTC or fudging the numbers on how much backing it has. They point to his recent moves with Huobi's reserves as a red flag. BitGo's CEO, Mike Belshe, has hit back, saying their platform's setup makes foul play impossible. According to him, no WBTC can be made without Bitcoin backing it, and they're committed to keeping everything transparent with real-time proof of reserves. After MakerDAO voiced their concerns, Justin Sun chimed in on social media. He insisted his role with WBTC is just strategic, stressing there won't be any compromises on decentralization, security protocols, or safety. He also emphasized that he doesn't hold the private keys to the WBTC reserves; those are safely tucked away using BitGo's tech.
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Upbit, paying 140 Million Won, by not returning Luna to investor 🤬 So, here’s a crypto drama for you. Back in March 2022, a guy, let’s call him Mr. Kim, tried to send some Luna coins from his personal wallet to Binance. But oops! He mistyped the address, and instead of hitting Binance, the coins landed in Upbit’s own wallet. Mr. Kim wasn’t just going to gave it up. He contacted to Upbit, trying to get his coins back. But Upbit kept dragging its feet, blaming "internal processes" and delayed it. Meanwhile, the whole Terra and Luna crash saga unfolded, and bam! The value of Luna went to ZERO! Fast forward to a massive headache for Mr. KIM and a he lost a lot of money too. Tired of waiting, he decided to sue Upbit’s operator, Dunamu, claiming they owed him big time for the loss. On August 2024, and the Seoul Central District Court has spoken: Upbit needs to cough up 147 million won plus some interest. The court basically said Upbit should’ve made it easier for the investor to get his coin out before everything went south. This verdict’s a real signal to all Korea crypto exchanges.
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Ripple Wins Against SEC... XRP Surges 26% 🚀 So, big news from the courtroom! In August 2024, a US court made a call on the whole Ripple Labs vs. SEC showdown. The verdict? Ripple only has to pay 6% of what the SEC was asking for in fines. That's like being asked to cough up 20 billion bucks and only having to hand over 120 million—pretty sweet deal, right? Here’s the scoop: The SEC was all, "Hey, Ripple, you're selling illegal securities and didn’t do the proper legwork for raising cash from investors." They wanted a whopping 2 billion dollars! But the court was like, "Nope, Ripple's not a security." So, they got slapped with a much smaller fine instead. The ruling reconfirms that Judge Torres's decision in July last year, which found that Ripple's sales to institutional investors violated securities laws, but that its sales to retail investors did not. Ripple's big wigs must be partying because this is basically a win for them. The price of XRP even jumped 26% to 64 cents after the news hit. Brad Garlinghouse, the CEO of Ripple, was all pumped, saying this verdict gives them confidence that Ripple’s got some serious growth ahead. This ruling isn’t just good news for Ripple; it's a thumbs-up for other cryptos too. Investors are buzzing, thinking this could make it tougher for the SEC to label coins as securities in the future.
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