Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Ripple, SEC inform Judge Torres of availability for trial in Q2, 2024

  • Ripple Labs is ready for a court battle with the US Securities and Exchange Commission (SEC), the company’s counsel says. 

Ripple’s legal team has filed a response to US Judge Analisa Torres’ order that parties to the upcoming trial hearing submit dates they would not be available in the second quarter of 2024. Counsel for Brad Garlinghouse and Chris Larsen informed the judge of dates they would not be available on Tuesday.

The US Securities and Exchange Commission (SEC) has also written to the judge signaling readiness to face off with Ripple Labs in court.

SEC and Ripple comply with judge’s order

Per the document filed on August 23, counsel for Ripple told Judge Torres that the defendant in the XRP case has no blackout dates throughout the said quarter. Michael K. Kellogg wrote to Judge Torres:

“On behalf of Defendants Ripple Labs, Inc., I submit this letter pursuant to the Court’s Order directing that parties to notify the Court of dates they are unavailable for trial in the second quarter of 2024. …. Defendants Ripple has no blackout dates and is available for trial throughout the second quarter of 2024.”

The SEC has also informed the court of the dates when it will be available for trial during. A letter to Judge Torres from the Commission states that the regulator will be ready for trial in April, May and June. However, the SEC has blackout some dates in Q2, 2024– specifically April 15-19, May 1-7 and May 27-31.

Defense lawyer and former federal prosecutor James K. Filan shared the SEC’s letter to Judge Torres via X (formerly Twitter).

Ripple’s XRP skyrocketed in July after Judge Torres delivered a ruling that effectively declared the cryptocurrency token not a security. While the coin has given up all the gains amid the latest crypto sell-off, sentiment across the XRP community is bullish as the Ripple vs. SEC battle moves towards an expected bullish conclusion.

The post Ripple, SEC inform Judge Torres of availability for trial in Q2, 2024 appeared first on CoinJournal.

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Kresus launches dApp marketplace for the Polygon ecosystem

  • Kresus has launched its decentralised applications (dApps) marketplace for the Polygon ecosystem.
  • Users will access Polygon dApps via the Kresus SuperApp.

Kresus Marketplace, the integrated decentralized applications (dApps) platform on Polygon, is now live.

The marketplace is powered by the Meroku Protocol and was developed by Web3 wallet and app Kresus in collaboration with Polygon Labs.

The launch of the Kresus Marketplace means that Web2 users can now easily access, navigate and explore the Polygon ecosystem. Some of the popular dApps will be in DeFi, GameFi, social networks and digital identities, which users will be able to access via the Kresus SuperApp.

 “With the support of Polygon Labs, we’ve created a dApp explorer that is intuitive and accessible, allowing users to discover the many faces of web3 and make them part of their daily lives,” Trevor Traina, CEO and founder of Kresus Labs said.

Making access to Web3 fun

Per details shared with CoinJournal, the Kresus SuperApp has a UX that is similar to Web2 that most of the global population is familiar with. User exposure to blockchain-based applications is therefore without the complexities of navigating on-chain applications, the platform wrote.

“From exploring metaverses to minting digital identities, Kresus users can now explore the Polygon ecosystem within a familiar web3 environment and without needing to export their account details. The Kresus Marketplace will empower SuperApp users to start exploring the best of Polygon in just a few clicks,” Kresus noted in their press release.

Commenting on what this means for users, Polygon’s Ravikant Agrawal said Kresus SuperApp’s “innovative and easy-to-use wallets” will allow Polygon projects to tap into a new user base. The collaboration is set to help with onboarding of more people onto Web3, he noted.

More users can leverage the Kresus SuperApp and marketplace, giving rise to greater adoption and growth. 

Kresus plans to roll out several additional tools to support this. One such tool is Kresus Connect, an SDK that will allow selected Polygon projects to integrate the Kresus wallet and support ecosystem growth for Polygon.

The post Kresus launches dApp marketplace for the Polygon ecosystem appeared first on CoinJournal.

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Curve DAO Token (CRV) touches $0.44 as “slow bleed” continues

  • Curve DAO Token (CRV) price fell to lows of $0.44 on Wednesday as most crypto tokens lost recent gains.
  • CRV price has declined by 17% this past week.
  • Analysts point to potential declines to liquidation level below $0.40.

Curve DAO Token price plunged to lows of $0.44 on Wednesday, with bears still in control since the recent exploit on multiple stablepools on Curve. The next price level to watch is $0.4.

Elsewhere, crypto markets are largely uneventful as traders eye directional clarity. Last week’s price massacre has bulls searching for a fresh trigger, even as a significant chunk of attention is on the Federal Reserve’s Jackson Hole summit.

Both bitcoin and ether remain near key levels, while XRP is looking to stabilise above $0.50 after bulls pared all gains seen when price exploded on the Ripple win against the SEC.

Here’s why CRV price is under downside pressure

Curve DAO Token’s latest price declines come after bulls managed to recover above $0.64 earlier this month. The prior dump had come after the aforementioned exploit. But with efforts to prevent extensive damage taken in the form of OTC sales of CRV, possible whale dumping has traders anxious.

Much of the jitters are down to price moving closer to a liquidation level after Curve Finance founder Michael Egorov sold 210 million CRV to help steady the token. The sales were taken at the average price of $0.40, with buyers agreeing to an unenforceable lockup period of six months.

Speculation is that many of the OTC buyers have moved the acquired CRV to exchanges. If price breaks to $0.40, the next stop could be $0.37, the liquidation level of several CRV-backed loans that Egorov took.

Crypto trader and analyst Hsaka noted this via a post on X (fka Twitter. He shared a chart showing Curve DAO Token price outlook and noted the DeFi token continues to bleed.

The post Curve DAO Token (CRV) touches $0.44 as “slow bleed” continues appeared first on CoinJournal.

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BlockFi challenges FTX and Three Arrows Capital’s $5 billion recovery claims

  • FTX is attempting to collect funds that BlockFi withdrew from FTX.com and others paid as interest by Alameda.
  • BlockFi has however described FTX’s investment as a “gamble” that BlockFi creditors shouldn’t be held responsible for.
  • Three Arrows Capital argue that BlockFi’s efforts to block their claims may violate the previously granted bankruptcy pause.

Bankrupt crypto lender BlockFi is attempting to thwart attempts by FTX and Three Arrows Capital (3AC) to collect billions of dollars exchanged between the companies before their demise last year. In a court filing made on Monday, BlockFi asserted that FTX and Three Arrows Capital are not entitled to the $5 billion they are requesting. BlockFi is accusing the two companies of victimising it.

In the filing, BlockFi wrote that the doctrine of “unclean hands” should be applied in order to prevent future unfairness to the creditors of BlockFi’s estates.

Effect on repayment to creditors

The ongoing tussle might have a substantial impact on how much is paid back to each creditor in the individual bankruptcy cases of BlockFi, FTX, and Three Arrows.

BlockFi, which is already in the liquidation process, has raised concerns that the legal battles with FTX, Three Arrows, and other crypto companies may have a $1 billion negative influence on the repayment of its clients.

FTX claims

In its defence, FTX has stated that its main goal is to recoup loan repayments and collateral that were given to BlockFi prior to the company’s bankruptcy filing in November 2022.

Along with other preferential payments, FTX is attempting to collect the $90 million that BlockFi withdrew from FTX.com and the $400 million that its trading company, Alameda Research, paid back in loan interest.

However, the $400 million, according to BlockFi, wasn’t covered by a typical loan arrangement. Instead, BlockFi claimed it was an unsecured, 5-year term with interest rates far lower than the market average, and repayments weren’t required until the company would presumably mature.

The investment by FTX was described by BlockFi as a “gamble” that BlockFi creditors shouldn’t be held responsible for.

Three Arrows Capital claims

As one of the main creditors, Three Arrows has also asserted that BlockFi owes them more than $220 million through the liquidators acting on their behalf.

Under bankruptcy law, businesses have the right to reverse transactions that favoured some creditors over others in the months leading to filing for Chapter 11.

The post BlockFi challenges FTX and Three Arrows Capital’s $5 billion recovery claims appeared first on CoinJournal.

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Binance US revives US dollar on-ramp after MoonPay partnership

  • Binance.US lost its banking partners after the SEC filed a lawsuit against Binance and its affiliates.
  • It had announced it was switching to a crypto-only exchange after failing to get a banking partner.
  • The MoonPay partnership enables Binance US to resume USD deposits and withdrawals.

Binance.US has launched a new partnership with cryptocurrency payments company MoonPay to enable customers to purchase the US dollar-pegged stablecoin Tether (USDT). This comes two months after the crypto exchange switched to a cryptocurrency-only platform after failing to get any banking partner.

Binance.US experienced a breakdown with its banking partners, which resulted in the exchange’s fiat deposits being suspended as of June 9. The Securities and Exchange Commission, which had sued the exchange and its affiliates four days earlier, was blamed at the time for the disruption, using “aggressive and intimidating” tactics.

Customers can now use USD dollars on Binance US

The cryptocurrency exchange has announced that USDT would serve as the new “base asset” for all transactions, and its collaboration with MoonPay gives customers a way to transact in US dollars (USD).

According to the exchange’s announcement, US clients wishing to fund their accounts can now convert US dollars for USDT, which can then be used to buy other cryptocurrencies on the site.

The agreement provides customers with an on-ramp that permits purchases by debit and credit cards as well as Apple and Google Pay in addition to direct bank deposits, which are still disabled on Binance.US.

The exchange had a number of problems with withdrawals in US dollars on June 23, but it was able to temporarily restore operation although it at the time forewarned that the service would soon be withdrawn.

Before the SEC filed a complaint against Binance.US and its affiliates, the exchange allowed its customers to buy and sell cryptocurrencies through direct USD deposits and withdrawals.

The post Binance US revives US dollar on-ramp after MoonPay partnership appeared first on CoinJournal.