The biggest news in the Cryptoverse on February 17th was that Terra-related tokens lost some of their value as the US SEC declared them securities. Meanwhile, Binance has confirmed that the market cap of the BUSD stablecoin has decreased and denied rumors of delisting other assets such as USDC.
CryptoSlate Top Stories
Terra-related tokens are dumped as the SEC labels them securities
Terra-related tokens have fallen an average of 5% over the past 24 hours following the US Securities and Exchange Commission (SEC) charges against Terraform Labs and Do Kwon, according to CryptoSlate data.
February 16th ComplaintThe SEC asserted that Terra’s failed algorithmic stablecoins TerraUSD (USTC), LUNC (formerly Terra Luna), and Wrapped LUNA Classic (WLUNC) are securities under the U.S. Securities Act.
Financial regulators also alleged that Terraform Labs violated securities laws in launching the Mirror Protocol (MIR). According to the SEC, MIR now allows users to create mAssets that configure security-based swaps.
The SEC added that the wrapped version of Luna is also security. “wLUNA is a receipt for security, so it is also security.
Do Kwon allegedly cashed 100 million worth of BTC via Swiss Bank
The U.S. Securities and Exchange Commission (SEC) has claimed that Terraform Labs and its founder Do Kwon transferred over 10,000 BTC into cold wallets and cashed around $100 million through Swiss banks.
Regulatory authorities Complaint On February 16, the defendants allegedly provided unregistered securities and carried out a fraudulent scheme.
further analysis of SEC filing Do Kwon and Terraform Labs have revealed that they transferred over 10,000 BTC to cold wallets and then converted some of the assets into cash.
CZ: ‘Things are changing’ after BUSD market cap drops 15%
Binance CEO Changpeng Zhao (CZ) said “things are changing” regarding the stablecoin movement caused by recent regulatory pressure.
CEO of Binance murmured Details on the changes in the valuations of the top three stablecoins. He said BUSD’s market cap fell by almost $2.5 billion to $13.7 billion, a 15% decline and a 14-month low.
USDC’s market capitalization also declined, albeit to a lesser extent, dropping 1.7% to $41.5 billion.
Tether was the winner of all of these, with a 3.5% increase in market cap to $70.1 billion, hitting a 15-month high in the process.
CZ denies Binance’s claim to exclude US-based projects
Binance CEO Changpeng “CZ” Zhao announced on February 17, explained His company reportedly considered delisting the US-based crypto project as “false.”
bloomberg report On February 17, Binance said it was reviewing its relationship with its US business partner due to current issues with its US partner, citing a person familiar with the matter.
The report added that the CZ-led exchange may delist Circle’s USD Coin (USDC) stablecoin, and the company is reassessing its venture capital investments in the United States.
On the other hand, CZ Said: “We have canceled some potential investments or bids for bankrupt US companies. Please get permission first.”
Two traders made over $200,000 from Binance’s Gain Network listing
Blockchain researcher Lookonchain has identified two crypto addresses that have accumulated over $200,000 from Gains Network’s GNS token sale after being listed on Binance.
look on chain Said Originally purchased address 26,881 GNS token I traded at $208,335 on a 1 inch swap and sold it for a profit of $106,747 within hours of listing on Binance.
Another wallet accumulated $500,000 worth of GNS at an average price of $7.38. The wallet began buying him on February 8th, and he had purchased additional tokens 20 minutes before the Binance announcement.
Gemini Becomes Eligible Custodian Under Proposed SEC Rule
According to Gemini co-founder Tyler Winklevoss, cryptocurrency exchange Gemini would be considered an eligible custodian if the proposed expansion by the Securities and Exchange Commission (SEC) is formally approved.
Winklevoss published a thread on his Twitter account stating: New SEC rules taking effect. ”
FTX warns against FUD tokens backed by Justin Sun
Bankrupt cryptocurrency exchange FTX has warned creditors against patronizing unauthorized debt tokens, including the Justin Sun-backed FTX User Debt Token (FUD).
FUD Debt DAO is a debt token that claims to issue FTX users’ debt as bond tokens. At launch, about 20 million of his FUD have been issued, and plans are underway to issue additional tokens once FTX confirms the debt amount.
FTX murmured It cut ties with the project on February 17 and warned its creditors not to deal with such unauthorized schemes.
BlockFi Files to Dismiss SBF’s Emergent Company Bankruptcy Lawsuit
Bankrupt cryptocurrency lender BlockFi has asked a court to dismiss a bankruptcy lawsuit filed by Sam Bankman-Fried’s (SBF) Emergent Technology company over its battle to control 55 million shares of Robinhood.
SBF, the infamous founder of FTX, owned 90% of Emergent Technology’s shares. Emergent Technology is a company I co-founded with Gary Wang solely to purchase Robinhood shares.
NBA Hall of Famer Paul Pierce to pay SEC $1.4 million
Former NBA player Paul Pierce has been fined $140 by the U.S. Securities and Exchange Commission (SEC) for undisclosed promotion of the unregistered security token Ethereum Max (EMAX), according to a statement on Feb. 17. agreed to pay $9,000.
SEC Said The NBA star received $244,000 worth of EMAX tokens to promote the token on Twitter. The financial regulator added that the NBA star has made false and misleading publicity statements about crypto assets.
‘Communist Bitcoiner’ Exposed As Control Freak By Ordinals
Peter McCormack has outspokenly accused “communist bitcoiners” of reacting against the Ordinal.
Bitcoin hosted podcast Said The best thing about Ordinals is how they “kick off” the Bitcoin zealots. He said the fallout revealed people who wanted absolute control and hated making money.
research highlights
Study: Public Bitcoin Miners Are In Good Financial Position Despite BTC Holdings Declining 12.1% YoY
Glassnode data analyzed by crypto slate Bitcoin miners are showing signs that they are starting to enjoy some respite this year after struggling in 2022.
As of January 2022, Bitcoin miners hold 36,003 BTC and mining companies such as Core Scientific, Riot, Hut8, Marathon and Bitfarms hold over 30,000 coins.
However, things seem to have changed this year as Hut 8, Marathon and Riot are now the dominant miners, holding 87% of the miners’ BTC holdings (27,760 BTC). of crypto slate research.
Bitfarms and Core Scientific struggled and went bankrupt in 2022. The latter filed for bankruptcy and the former worked out its debts.
crypto market
Over the past 24 hours, Bitcoin (BTC) is up 0.76% to trade at $24,902.40 while Ethereum (ETH) is higher. 0.88% $1,715.85.
Biggest Gainers (24 hours)
- Filecoin (FIL): 30.5%
- Internet Computer (ICP): 25.04%
- Clayton (Clay): 22.16%
Biggest Loser (24h)
- FLOKI: -20.06%
- Onyx Coin (XCN): -12.94%
- Immutable X (IMX): -12.41%
