Weekly Crypto Digest for April 22-28, 2024
Sunday, April 28, 2024
In the latest issue of Weekly Crypto Digest, read more about ConsenSys vs SEC, 36 months in jail for CZ, "Epic Satoshi" sold for 33.3BTC, and more news.
ConsenSys sued the SEC over its approach to Ethereum regulation
ConsenSys has filed a lawsuit against the SEC and its five unnamed employees over the regulation of ETH as a security.
According to court documents, the regulator organized a campaign "to seize control over the future of cryptocurrency" with the help of coercive measures.
The company cited the Commission's report and referred to the statements of its chairman, Gary Gensler, from 2018, that Ethereum is not a security.
ConsenSys claims that the agency targeted the MetaMask wallet software, which allows users to store ETH and other cryptocurrencies independently.
According to company representatives, on April 10, they received a notice warning of possible enforcement measures related to MetaMask Swaps and MetaMask Stakes products.
The difficulty of mining Bitcoin after the halving has increased to a maximum
The next recalculation increased the difficulty of mining the first cryptocurrency by 1.99%, and the indicator reached a record high of 88.1 T. Since the previous value change, the average hash rate for the period was 726.3 EH/s.
According to Glassnode, the smoothed 7-day moving average peaked at 649.6 EH/s on the eve of the April 20 halving. After reducing the reward for the found block, it was slightly corrected to the mark of 638 EH/s.
US prosecutors wanted 36 months in prison for Changpeng Zhao
Binance founder and former CEO Changpeng Zhao (CZ) must spend 36 months in prison after pleading guilty to violating anti-money laundering laws. This is stated in the petition of the US Prosecutor's Office.
In Zhao's case, federal regulations provide for a maximum penalty of 18 months in prison. Prosecutors previously announced their intention to seek a harsher sentence, with a maximum term of 10 years.
CZ apologized for the "bad decisions" and accepted "full responsibility" for his actions in a written letter to the judge.
SEC required Terraform Labs and Do Kwon to pay $5.2 billion in a fraud case
The US Securities and Exchange Commission (SEC) has filed a lawsuit demanding that the bankrupt company Terraform Labs pay $5.2 billion. The claim concerns a lawsuit in which the agency accuses the company and its co-founder of fraud.
On April 5, 2024, a New York court found Terraform Labs and its former CEO, Do Kwon, guilty of fraud and the collapse of the Terra ecosystem for $40 billion. According to the jury's decision, the entrepreneur and his firm knowingly provided false information regarding the UST stablecoin algorithm.
Based on the verdict, the SEC applied for compensation and repayment of the fine presented to Do Kwon and the company. The total amount of damages was $4.7 billion.
Another $520 million is due to fines, of which Terraform Labs must pay $420 million and the company's co-founder $100 million.
Tesla did not sell bitcoins in Q1 2024
Electric car manufacturer Tesla published a financial report for the first quarter 2024. According to the document, the bitcoin reserves of Elon Musk's company have stayed the same.
According to available information, 9720 BTC is stored in Tesla wallets.
Tesla has kept the mentioned amount of Bitcoins on its balance sheet for an extended period — since the II quarter of 2022. Since then, the company's Bitcoin reserves have not changed.
ViaBTC sold "Epic Satoshi" for 33.3 BTC
The ViaBTC mining pool sold the first satoshi of the new era block, "epic satoshi," for 33.3 BTC, which was valued at $2.13 million at the time of the transaction. The transaction was made on the CoinEx cryptocurrency exchange as part of an auction that lasted about two days.
The company emphasized that this is one of four "epic satoshis" in the entire Bitcoin ecosystem. These assets can be collected, transferred or sold to other people in "alternative ways".
Note that ViaBTC mined an "epic satoshi" on April 20, 2024, opening a new era of Bitcoin mining, as described by the organization. Later, the pool team auctioned the rare asset at a price of 1 BTC.
Justin Bieber's NFT investments depreciated by 95%
Purchased in 2022 by pop star Justin Bieber, NFTs worth about $2 million are now worth a little more than $100,000. Losses reached 94.7%, according to Arkham Intelligence.
The singer's wallet initially received $2.34 million in Ethereum (ETH). Most of the $1.86 million went to purchase two Bored Ape Yacht Club (BAYC) and a pair of Mutant Ape Yacht Club (MAYC).
The portfolio also contained World of Women, Doodles, Otherdeed, and Metacard collections tokens.
Since then, assets have lost value from 89.7% to 97.4%.
The wallet still holds one BAYC and one MAYC, which are now worth a total of $47,300.
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