The Latest Crypto News You Might Have Missed 5-11 August
With another week passing, here we are again, ready to present to you the latest cryptocurrency news that influenced the crypto industry last week. While last time we talked about the Bitcoin price, NFTs, Do Kwon, and other new releases and changes for multiple crypto projects, this week comes with new and unexpected announcements and long-awaited decisions in the industry.
So, lets see what happened in crypto last week.
Table of contents
Top Cryptocurrency News
Bitcoin Volatility Hits 20-Month High
Summary
Bitcoin experienced a 19% high-low spread, the highest level since FTXs collapse in 2022.
Details
Bitcoins intraday volatility spiked on Monday, August 5, 2024, reaching its highest levels since crypto exchange FTX experienced its collapse in 2022. Bitcoin saw its most intense price swings in approximately 20 months.
Bitcoins high-low spread got to 19% during the global market selloff from last week, according to K33 Research analysts Vetle Lunde and David Zimmerman. According to their statement, Bitcoins market activity on August 5 was frantic and hectic.
Source: Decrypt
Authorities Found Ripple Labs Liable for $125 Million Penalty in SEC Case
Summary
Ripple Labs will have to pay $125 million in penalties in a case filed by the US SEC.
Details
Ripple Labs was ordered by a Manhattan court judge to pay the US SEC (Securities and Exchange Commission) approximately $125 million in penalties over charges of improperly selling XRP. The final order is significantly lower compared to the SECs requirement of $2 billion in fines and penalties.
Ripple CEO Brad Garlinghouse said in a post on X (Twitter) that Ripple respects the courts decision and has the clarity to continue growing. On the other hand, an SEC spokesperson reacted to the ruling, too: As court after court has stated, the securities laws apply when firms offer and sell investment contracts, regardless of the technology or labels that they use.
Source: Reuters
NY Judge Approved a $12.7 Billion Settlement Between FTX, Alameda, and CFTC
Summary
FTX and Alameda settled with the US CFTC for $12.7 billion, which will be paid to FTX creditors.
Details
US District Judge Peter Castel signed off on a settlement between defunct exchange FTX and commodities regulator CFTC. The settlement implies that $12.7 billion will be paid back to FTX creditors. The settlement was announced in a filing published on August 7, 2024.
FTX and linked company Alameda first agreed to the settlement on July 12, 2024, but the decision was still pending final court approval, which District Judge Peter Castel handed down last week.
The order will also ban FTX and Alameda Research from cheating or defrauding commodity customers, entering into transactions involving digital asset commodities, and buying or selling digital asset commodities on behalf of third parties.
Source: Cointelegraph
Top Crypto News DeFi
Ronin Network Was Exploited for $9.8 Million in ETH
Summary
Ronin Network suffered a security breach that resulted in $9.8 million of ETH in lost funds.
Details
Leading gaming blockchain Ronin network experienced a significant security breach that led to the loss of approximately $9.8 million worth of ETH. The theft involved 3,996 ETH tokens, and it is believed that the exploit was conducted by a white hat hacker, which is a type of ethical hacker who identifies and exploits vulnerabilities in crypto protocols to improve security.
According to later updates, the exploit seems to have involved an MEV (Maximal Extractable Value) bot, a software tool employed by validators to seek arbitrage opportunities across DeFi platforms.
Source: The Crypto Times
Robinhood Suspended 24-Hour Trades for 8 Hours
Summary
Robinhood had to stop its 24-hour trade feature due to a problem with its third-party execution venue.
Details
Robinhood announced on Monday, August 5, 2024, that it would not offer overnight trading due to an issue with a third-party execution venue. The announcement was first made through a tweet on X (Twitter), which stated that Blue Ocean ATS, the third-party firm that Robinhood collaborates with for round-the-clock trading, has suspended its overnight market.
A spokesperson for Blue Ocean ATS stated that the company experienced capacity issues the previous night, and this led to a small percentage of trades needing to be canceled. Fortunately, the company will migrate to a new technology system in the following weeks.
Source: CNBC
Top Crypto News Technology
Vitalik Buterin Unveiled a Plan to Solve Cross-Chain L2 Interoperability
Summary
Vitalik Buterin presented a new roadmap that aims to improve cross-L2 compatibility in the Ethereum ecosystem.
Details
Ethereum co-founder Vitalik Buterin presented a comprehensive plan to address the cross-chain interoperability between Ethereum Layer 2 (L2) networks. The plan was first briefly presented in a series of posts on X (Twitter), where Buterin unveiled his vision for a seamless user experience across the Ethereum ecosystem.
The roadmap built by Vitalik Buterin focuses on a set of Ethereum Improvement Proposals (EIPs) aiming to improve cross-L2 compatibility. One of the main concepts is EIP-3370, which introduces a new address standard.
Source: Blockonomi
Top Crypto News NFT
Immutable Will Shut Down Its NFT Marketplace
Summary
Immutable Network announced that it will shut down its NFT marketplace to focus on other goals in the near future.
Details
Gaming and NFT blockchain Immutable announced that it will shut down its NFT (Non-Fungible Token) marketplace in order to focus on expanding its ecosystem through a series of partnerships. The company stated that it would wind down the marketplaces operations on August 13, 2024.
Further explanations indicate that users assets will remain available, considering that they live on the blockchain. Furthermore, the network mentioned that the Immutable Marketplace uses a global order book, so marketplaces using the same order book will show similar listings for buying or selling.
Source: Cointelegraph
Top Crypto News Regulation
BitGo Got a Payment License in Singapore
Summary
BitGo got its MPI license in Singapore, becoming one of the 27 MPI-licensed platforms in the jurisdiction.
Details
Crypto custody firm BitGo will expand its global operations after it obtained the Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS). The license allows crypto-related companies to provide a wide range of payment services, including digital payment token services, without being subject to transaction limits usually required for smaller entities.
Source: The Paypers
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