🔔 MARKET MOVING NEWS! (21/11/24)
1️⃣ FTX Co-Founder Gary Wang Avoids Prison Time Due to Cooperation Against SBF 🔍
U.S. District Judge Lewis Kaplan reportedly sentenced FTX co-founder Gary Wang to time served and three years of supervised release for his role in the crypto exchange’s collapse. This makes him the fifth and final executive sentenced over the exchange’s 2022 collapse.
According to a post on X (formerly Twitter) from Inner City Press, Judge Kaplan told Wang,
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2️⃣ Trump Team Mulls creating First Ever White House Crypto Role ‼️
According to a Bloomberg report, United States President-elect Donald Trump is considering creating a new White House post dedicated entirely to cryptocurrency policy. The Trump team is reportedly screening candidates to serve in that role. The role would be the first-ever crypto-specific White House post. Bloomberg reported that it was not yet clear if the role will be a White House staff position or a “crypto czar” to coordinate policy among federal agencies. However, crypto industry advocates are reportedly pushing for the role to report directly to Trump.
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3️⃣ SEC Distributes $4.6M to BitClave Investors 💰
According to a Wednesday announcement from the U.S. Securities and Exchange Commission (SEC), the agency has sent $4.6 million in reparations to investors in Ethereum-based search engine BitClave’s initial coin offering (ICO). For context, BitClave raised $25.5 million from thousands of investors in an ICO in 2017. However, the SEC, under former SEC Chair Jay Clayton, sued BitClave in 2020 alleging that the ICO violated federal securities laws. BitClave settled the charges without admitting any wrongdoing, and agreed to forfeit the entirety of the money it raised plus another $4 million in interest and penalties. However, BitClave has only paid $12 million of the originally agreed upon $29M as of February 2023. While a portion of the $12 million has now been distributed, it is unclear what will happen with the remaining funds in the BitClave Fair Fund.
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4️⃣ ‘Solana Killer’ Sui Down, No Blocks Produced For More Than 1 Hour 💥
Layer-1 blockchain Sui has experienced a significant outage earlier today, halting block production for more than an hour. According to onchain data, the last block was produced at 9:15 am UTC. The team has since posted an update claiming they’ve identified the issue and that a fix will be deployed shortly. However, numerous industry observers reacted to the downtime by outlining Sui’s ambitions to be one of the biggest competitors to Solana. Some jokingly hinted that the blockchain was now one step closer to becoming the next Solana, which itself underwent numerous outages back in 2021.
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5️⃣ Chillguy Creator Threatens Legal Action as Crypto Trenches Scour TikTok ❓
Phillip Banks, the creator of the "Chill Guy" meme, has reportedly copyrighted the character and plans to issue takedown notices for any for-profit use. Notably, this includes memecoins sporting the Chillguy character. Crypto users on X have responded by humorously suggesting Banks accept tokens or money through a Solana address.
Banks wrote,
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6️⃣ Crypto Wallet Phantom Outranks WhatsApp and Instagram Among Top Free iPhone Apps 🔼
1️⃣ FTX Co-Founder Gary Wang Avoids Prison Time Due to Cooperation Against SBF 🔍
U.S. District Judge Lewis Kaplan reportedly sentenced FTX co-founder Gary Wang to time served and three years of supervised release for his role in the crypto exchange’s collapse. This makes him the fifth and final executive sentenced over the exchange’s 2022 collapse.
According to a post on X (formerly Twitter) from Inner City Press, Judge Kaplan told Wang,
You did the right thing. I don't think I need to say much about the extent of your cooperation. You are entitled to a world of credit.
Source
2️⃣ Trump Team Mulls creating First Ever White House Crypto Role ‼️
According to a Bloomberg report, United States President-elect Donald Trump is considering creating a new White House post dedicated entirely to cryptocurrency policy. The Trump team is reportedly screening candidates to serve in that role. The role would be the first-ever crypto-specific White House post. Bloomberg reported that it was not yet clear if the role will be a White House staff position or a “crypto czar” to coordinate policy among federal agencies. However, crypto industry advocates are reportedly pushing for the role to report directly to Trump.
Source
3️⃣ SEC Distributes $4.6M to BitClave Investors 💰
According to a Wednesday announcement from the U.S. Securities and Exchange Commission (SEC), the agency has sent $4.6 million in reparations to investors in Ethereum-based search engine BitClave’s initial coin offering (ICO). For context, BitClave raised $25.5 million from thousands of investors in an ICO in 2017. However, the SEC, under former SEC Chair Jay Clayton, sued BitClave in 2020 alleging that the ICO violated federal securities laws. BitClave settled the charges without admitting any wrongdoing, and agreed to forfeit the entirety of the money it raised plus another $4 million in interest and penalties. However, BitClave has only paid $12 million of the originally agreed upon $29M as of February 2023. While a portion of the $12 million has now been distributed, it is unclear what will happen with the remaining funds in the BitClave Fair Fund.
Source
4️⃣ ‘Solana Killer’ Sui Down, No Blocks Produced For More Than 1 Hour 💥
Layer-1 blockchain Sui has experienced a significant outage earlier today, halting block production for more than an hour. According to onchain data, the last block was produced at 9:15 am UTC. The team has since posted an update claiming they’ve identified the issue and that a fix will be deployed shortly. However, numerous industry observers reacted to the downtime by outlining Sui’s ambitions to be one of the biggest competitors to Solana. Some jokingly hinted that the blockchain was now one step closer to becoming the next Solana, which itself underwent numerous outages back in 2021.
Source
5️⃣ Chillguy Creator Threatens Legal Action as Crypto Trenches Scour TikTok ❓
Phillip Banks, the creator of the "Chill Guy" meme, has reportedly copyrighted the character and plans to issue takedown notices for any for-profit use. Notably, this includes memecoins sporting the Chillguy character. Crypto users on X have responded by humorously suggesting Banks accept tokens or money through a Solana address.
Banks wrote,
Chill guy has been copyrighted. like, legally. I'll be issuing takedowns on for-profit related things over the next few days [...] not like brand accounts using him as a trend, that's kinda something i dont really care about (i do just ask for credit. or xboxes.). mainly unauthorised merchandise and shitcoins.
Source
6️⃣ Crypto Wallet Phantom Outranks WhatsApp and Instagram Among Top Free iPhone Apps 🔼