Weekly Crypto Digest for August 5-11, 2024
Sunday, August 11, 2024
In the latest issue of Weekly Crypto Digest, read more about how Ripple is testing stablecoin, Saylor owns $1B in BTC, FTX and Alameda pay a $12.7B fine, and more news.
Bitcoin hodlers increased their savings by 404,448 BTC in 30 days
The balance of wallets of long-term investors of the first cryptocurrency has increased by 404,448 BTC ($23 billion) over the past 30 days. Such data was provided by CryptoQuant CEO Ki Yoon Ju.
The expert predicted that in the third quarter, some organizations, large companies, and authorities in several countries would announce investments in digital gold.
Separately, the specialist noted signs of the end of the capitulation of miners and the return of the hashrate to levels close to ATH.
Ripple began testing the RLUSD stablecoin
Ripple announced the start of closed beta testing of the RLUSD stablecoin on the XRP Ledger network and the Ethereum mainnet.
According to the press release, RLUSD has not yet received regulatory approval and, therefore, is not available for purchase or trading. The team urged to be vigilant due to possible scammers allegedly distributing the stablecoin.
RLUSD is backed by dollar deposits, short-term U.S. Treasury bonds, and other cash equivalents. The reserves will be verified by a third-party accounting firm, and Ripple promised to publish monthly reports.
Michael Saylor reported owning more than $1 billion in bitcoins
MicroStrategy founder Michael Saylor said that he personally owns the first cryptocurrency worth more than $1 billion.
In October 2020, Saylor reported holding 17,732 BTC, which he purchased at an average price of $9,882. In December 2021, he confirmed his ownership of the same amount.
In August 2024, when asked by a Bloomberg journalist how many bitcoins Saylor currently has, he answered briefly: "At least that much." Thus, the founder of MicroStrategy refused to disclose a more exact amount.
Vitalik Buterin Earned $103,000 on the NEIRO Meme Coin Dump
Ethereum co-founder Vitalik Buterin got rid of 17 billion Neiro that the project developers transferred to him as part of the airdrop. This did not prevent the meme coin rate from not only recovering its losses after a 60% drop, but also reaching ATH.
The Ethereum co-founder's wallet received 4% of the NEIRO emission ($130,000). Without prior notice, Buterin became the largest holder of the asset.
Ethereum co-founder sold 17.1 billion NEIRO for 44.5 ETH (~$103,000 at the time).
Ripple Labs Ordered to Pay $125 Million in SEC Lawsuit
On August 7, 2024, Judge Analisa Torres ruled in the U.S. Securities and Exchange Commission's (SEC) lawsuit against Ripple Labs. She ordered the firm to pay a fine of $125 million and also barred it from further violations of industry laws.
The case concerned only institutional sales of XRP (XRP). The judge had previously ruled that retail transactions with the token did not violate securities law.
The documents indicate that 1,278 transactions resulted in the violation. Considering this, the civil penalty was $125.03 million.
The court approved the payment of a fine of $12.7 billion by FTX and Alameda Research
A New York court approved an agreement between the crypto exchange FTX, Alameda Research, and the Commodity Futures Trading Commission (CFTC) to pay $12.7 billion to FTX's creditors.
The document states that FTX and Alameda "must pay, jointly and severally, restitution in the amount of $8.7 billion to persons who suffered losses." The agreement also provides for the payment of $4 billion as a fee for the return of illegally obtained income.
In addition, according to the court's order, the CEO of the defendant company FTX must provide the CFTC with a report at the end of each quarter of each calendar year detailing the payment of funds or assets.
It is known that FTX and Alameda Research are permanently prohibited from entering into transactions with digital assets and from ever buying or selling digital assets on behalf of third parties. They were also prohibited from conducting business that might be fraudulent or intended to defraud any person.
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