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Attorney Deaton Explains How SEC Will Use Its LBRY Victory in Ripple Lawsuit

Lele Jima
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Attorney Deaton Explains How SEC Will Use Its LBRY Victory in Ripple Lawsuit

Attorney Deaton said the SEC will cite the case in its upcoming reply to Ripple’s summary judgment motion. 

The cryptocurrency community has been reacting to reports of the SEC winning against popular peer-to-peer content distribution company LBRY. Recall that in May 2021, the SEC sued LBRY for offering unregistered security to U.S. investors. The SEC slammed the lawsuit against the P2P content distribution company just months after filing a similar case against Silicon Valley tech firm, Ripple. 

SEC to Use LBRY Ruling Against Ripple and other Cryptos

Many crypto and legal analysts have predicted that the outcome of the LBRY case will play a pivotal role in the Ripple lawsuit. Attorney John Deaton, the founder of Crypto Law, was among the legal analysts who reacted to the SEC’s victory against Ripple. 

In a tweet today, attorney Deaton noted that while he is yet to go through the ruling, he believes the Securities and Exchange Commission will make reference to the LBRY verdict in its upcoming reply briefs to Ripple’s summary judgment motion. 

He said Ripple would also likely distinguish the case based on facts in the company’s own reply to the SEC’s summary judgment motion.  

“This decision is in the 1st Circuit. The Ripple XRP case is in the 2nd Circuit and has a different precedent like the Upton case,” he added. 

In a separate tweet, Deaton further said the SEC scored a flawless victory against LBRY, as the court did not distinguish between the sale of the token. He added that the SEC and its chairman, Gary Gensler, would use the case as an example against crypto projects going forward. 

Also commenting on the development is attorney Jeremy Hogan, Partner at Hogan & Hogan firm. Attorney Hogan also expects the SEC to use its victory over LBRY in the Ripple lawsuit. 

onXRP Welcomes 240K NFTs and 9K Collections On XRP Ledger (XRPL) In Just a Week

Albert Brown
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onXRP Welcomes 240K NFTs and 9K Collections On XRP Ledger (XRPL) In Just a Week

XRPL is now home to 240,000 non-fungible tokens (NFTs) and 9,000 collections a week after the launch of XLS-20.


Less than a week after XLS-20 went live, XRPL already houses 240,000 NFTs which were indexed by onXRP.com – an NFT marketplace on the XRP Ledger. The platform also indexed 9,000 NFT collections, having assisted in launching six projects. All the indexed NFTs can be traded on XRPL.

The XRP Ledger has witnessed massive growth since its inception, and the network is looking to extend this growth in NFTs with the launch of the XLS-20 protocol, which brings native NFT functionalities to the blockchain.

“We have now indexed around 240000 NFTs, and 9000 collections, and helped launch 6 projects. All are able to be traded through on XRP on the XRPL.” onXRPdotcom revealed in a tweet Monday.

 

The disclosure comes barely a week after reports of the launch of XLS-20 on the XRP Ledger mainnet surfaced, as highlighted by The Crypto Basic. CTO at Ripple and XRPL Architect, David Schwartz, on October 31, revealed that XLS-20 had gone live on the XRPL mainnet, noting that a few NFTs had already been minted.

As previously mentioned, NFTs on XRPL takes a unique approach that sets them apart from conventional ones in cryptocurrency. Schwartz noted that XRPL NFTs do not follow a smart contract model and are consequently less likely to generate network congestion and generally exhibit less vulnerability to attacks.

Additional features, such as the possibility of co-ownership and an automatic royalty issuance, have positioned XRPL as a strong contender against Ethereum in the NFT scene.

The XPUNKS NFT collection was launched a few hours after XLS-20 went live. The collection was introduced as a counterpart to the already-established CryptoPunks NFT collection. Following the launch, a whopping 5.75M XRP volume was recorded in just 2 hours.

Two Platforms Burn 33 Million Terra Classic (LUNC)

Albert Brown
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Two Platforms Burn 33 Million Terra Classic (LUNC)

Allnodes and LUNCDAO Respectively Burn 26M and 7M LUNC, Totalling 33M Tokens.



All nodes and LUNCDAO just burnt 26M and 7M LUNC tokens in single transactions as part of the weekly burn initiative to support the Terra community.

Decentralized non-custodial node hosting and staking services provider, Allnodes recently burnt 26,150,562 LUNC worth $6K+ in one transaction as it carried out its 7-day LUNC burn for the previous week. LUNCDAO also similarly burnt 7,100,796 tokens.

The non-custodial platform disclosed the development through its Twitter handle in the early hours of Monday. “26,150,562 LUNC were burnt earlier today by Allnodes,” the platform’s official handle noted, sharing a link to the transaction.

Details from the transaction reveal that the burn was carried out on November 7, 8:30 AM (GMT). The community-driven handle dedicated to tracking all LUNC burns also highlighted the transaction a few minutes after it was initiated.

The recent burn transaction brings Allnodes’ total cumulative burn to 142M LUNC incarcerated since the beginning of the campaign, making the non-custodial validator the 7th largest LUNC burner, per information from LUNC Pengiuns – a platform involved in tracking LUNC burns in real-time.

Recall that Allnodes burnt about 56M LUNC tokens on October 17, as previously reported. The platform also incarcerated up to 30M LUNC tokens on October 24, as it maintained its dedication to supporting the community with its weekly quota of burns.

LUNCDAO’s latest burn transaction, on the other hand, brought the validator’s total burn to 398,284,024 (398M, where the tweet says 400M) tokens, as it secured fifth place on the list of entities with the largest burns.

Transaction details indicate that the burn occurred on November 7, 2:35 PM (GMT), having the memo “LUNC-DAO-BURN-35.” LUNCDAO remains one of the platforms dedicated to maintaining their support of the burning campaign.

Despite such burning dedication, both platforms have only burnt a fraction of Binance’s total amount, which currently sits at 13.7B LUNC tokens. Binance has burned more LUNC than any burn tax or validator in a few weeks.

Recall that Allnodes previously voted in favor of the recently-introduced Proposal 5234, which sought to effectively reduce burn rates from 1.2% to 0.2% to revive trade. Volume.

US Confiscate 50,000 Bitcoin in Connection with Silk Road

Albert Brown
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US Confiscate 50,000 Bitcoin in Connection with Silk Road

 

U.S. Attorney Damian Williams and Special Agent Tyler Hatcher have announced the seizure of $3.36B worth of Bitcoin (BTC) in connection with Silk Road.


Damian Williams, U.S. Attorney for the Southern District of New York, and Special Agent in charge at IRS Criminal Investigation have collectively disclosed information relating to the confiscation of over 50,000 BTC in connection with the dark web marketplace Silk Road in 2012.

“In November 2021, Law Enforcement Seized Over 50,676 Bitcoin Hidden in Devices in Defendant JAMES ZHONG’s Home; ZHONG Has Now Pled Guilty to Unlawfully Obtaining that Bitcoin From the Silk Road Dark Web in 2012.” Department of Justice press release writes.

James Zhong, who was, in November of 2021, charged for unlawfully obtaining 50,676 BTC worth $3.36B then, recently pleaded guilty to the charges brought on him. Attorney Damian revealed the development Monday through a statement.

According to the statement, Zhong had obtained 50K+ Bitcoin through a wire fraud in September of 2012 on the dark web marketplace Silk Road. Nine years later, American authorities raided Zhong’s residence in Gainsville, Georgia, amidst an investigation, leading to confiscating of BTC tokens. Zhong pleaded guilty to the charges last week Friday.

Besides the BTC confiscated, the authorities also seized $661K from Zhong’s house and several precious metals assets. The statement from the U.S. Attorney’s office noted that the seizure then represented the largest cryptocurrency confiscation in the history of the U.S. and is currently the second largest, just behind the DoJ’s arrest of two individuals for a conspiracy to launder up to $4.6B worth of crypto in February.

“Thanks to state-of-the-art cryptocurrency tracing and good old-fashioned police work, law enforcement located and recovered this impressive cache of crime proceeds. This case shows that we won’t stop following the money, no matter how expertly hidden, even to a circuit board in the bottom of a popcorn tin,” Attorney Williams remarked, speaking on the development.

Following Zhong’s recent plea, U.S. Judge Paul Gardephe entered an order of forfeiture which involved Zhong’s 80% interest in a Memphis-based firm RE&D Investments, LLC; the 50K+ BTC and all the precious metals confiscated from Zhong’s home, including gold and silver.

Speaking on the matter, Special Agent Hatcher highlighted the sophistication behind Zhong’s criminal scheme, which involved defrauding Silk Road. Hatcher also noted that his agency would continue working alongside the U.S. Attorney’s office to combat similar fraudulent acts.

U.S. authorities have been rather active in fighting crypto-related crimes, as the cryptocurrency scene witnesses a surge in criminal activities amidst a growing adoption rate. In September, the FBI and private investigators confiscated $30M stolen by North Korean hackers.

According to a CNBC report, cryptocurrencies accounted for over 90% of the assets confiscated by the U.S. Internal Revenue Service last year. The report also noted that these crypto assets are usually liquidated following a court warrant, with the proceeds going to any victims of the crime or distributed amongst government agencies.

SBF Responds To FTX Insolvency Concerns Says “FTX Is Fine”

Mark Brennan
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SBF Responds To FTX Insolvency Concerns Says “FTX Is Fine”

Sam Bankman-Fried (SBF) says, “FTX is fine.”


In a Twitter thread moments ago, FTX chief Sam Bankman-Fried came out to counter FTX-related insolvency claims saying the exchange and its assets are “fine,” and a competitor is perpetuating the rumors.

According to the CEO, the exchange has enough to cover all client withdrawals, asserting that the crypto exchange does not invest client funds. Furthermore, he argues that they have and will continue to process client withdrawals, adding that it is well-regulated and has excess cash exceeding $1 billion.

It is worth noting that Dirty Bubble Media, which also predicted the Celsius collapse last Friday, alleged that Alameda Research was employing the same strategies that destroyed Celsius. Renowned crypto sleuth Coffeezilla summarizing the report noted that FTX might be insolvent as its finances are locked in projects they can not sell.

Notably, the speculations reached a fever pitch after Binance CEO Changpeng Zhao, on Sunday, disclosed that the leading exchange will be selling its FTT holdings which it received in return for early investment in FTX. According to CZ, in a Twitter thread, Binance will sell the FTT worth about $2.1 billion over a few months to minimize the impact on the token’s price. CZ asserts that it is not trying to take a shot at FTX but is trying to reduce its risk exposure in light of recent revelations.

Unsurprisingly, there has been a flurry of tweets urging users to take their tokens off the exchange. Notably, WuBlockchain has already reported that users are experiencing challenges withdrawing due to the volume the exchange is facing.

It bears mentioning that this year has already seen the collapse of several centralized crypto platforms like Celsius and Voyager, with FTX winning the bid to buy out Voyager’s assets. Notably, in both instances, users had also been assured that there was no insolvency risk.

FTT is down 5% in the last 24 hours, trading at the $22.32 price point.

197M Shiba Inu Burnt In A Week, As Single Wallet Burns 85M

Zabi
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197M Shiba Inu Burnt In A Week, As Single Wallet Burns 85M

Shiba Inu Community sends millions of SHIB to the “inferno” addresses weekly.


Over 197.79 Million Shiba Inu (SHIB) burned in the past week. In one transaction, the mysterious wallet destroyed a massive 85,860,036 (85.86M) on the final day of the week.

Shibburn.com reported that Shiba Inu Community has executed 27 burn transactions in the past week and burned a total of 197,799,286 (197.79M) SHIB.

This figure is slightly higher than last week when only 104,490,257 (104.49M) SHIB were removed from circulation forever through 33 separate transactions using SHIB Burn Portal.

Mysterious Wallet Burns 85.86 Million SHIB:

On the final day of the week, the mysterious wallet incinerated a massive 85,860,036 (85.86M) SHIB in one robust transaction. The transaction is reported by the well-renowned SHIB Burn tracking website, Shibburn.com.

This large transaction caused the Shiba Inu burn rate to spike by 897.60% over the last day.

SHIB Burn Rate Soars 897
SHIB Burn Rate Soars 897%

SHIB Super Store, in their Weekly SHIB Burn Event on Monday, October 31st, 2022, permanently removed a total of 32,584,181 (32.58M) SHIB from circulation in one significant transaction using SHIB Burn Portal.

The Community-led initiative tagged “1Cent token” put a match to 22,432,755 (22.43M) SHIB in one noteworthy transaction. At press time, Shiba Inu is trading at the price of $0.00001203, down -2.09% over the last day, with a 24-hour trading volume of $415,921,120 ($415.92M).

Single Wallet Moves 310M XRP As Price Slump: Details 

Mark Brennan
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Single Wallet Moves 310M XRP As Price Slump: Details 

 

Whale Alert reports massive XRP transfers were recorded in the past day.



Leading cryptocurrency data tracking platform, Whale Alert, has tracked the movement of a massive amount of Ripple (XRP). According to Whale Alert, an anonymous whale transferred 310,365,004 (310.36 million) XRP to another unknown user in the past hour. At the time of the transaction, the 310.36 million XRP tokens were worth $147.32 million.

Reason Behind the Transaction

In recent times, Ripple whales have moved huge amounts of XRP tokens. Most of these large XRP transfers are connected to Ripple’s On-Demand Liquidity (ODL) service.  

As reported, there has been a growing demand for Ripple’s ODL, a solution that uses XRP as a bridge currency for cross-border settlements. Traditional financial institutions mostly use the service for instant and low-cost cross-border remittances. 

Meanwhile, there is a possibility that the huge transfer was made for investment purposes. The value of XRP has been reacting to events from the Ripple vs. SEC lawsuit. The ongoing suit has lingered for over a year and has been a major determinant of XRP price.

Following events in the lawsuit, many investors hope the ruling will be in Ripple’s favor. It is expected that a win for Ripple would fuel the price of XRP. Based on this, investors are taking early positions in the asset class, hoping the lawsuit outcome favors the blockchain company. 

More Huge XRP Transfers

It is noteworthy that other large XRP transfers were recorded in the past 24 hours. Per Whale Alert, an anonymous whale deposited 29 million XRP ($13.52 million) to an address on the Bitstamp crypto exchange. 

71,389,448 (71.38 million) XRP tokens were sent in two transactions to different addresses on the FTX exchange.

Three hours ago, an anonymous whale deposited 35 million XRP in Bitstamp. The tokens were worth $16.5 million when the transaction was made.

Whales moved 445,754,452 (445.75 million) XRP tokens in the last 24 hours. At the current exchange rate, the tokens moved by Ripple whales are worth $211.89 million.

According to data on Coingecko, XRP is changing hands at $0.475, down 3% in the past 24 hours.

Luxury Watchmaker Rolex Files Trademark Application for Crypto and NFT-related Services

Albert Brown
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Luxury Watchmaker Rolex Files Trademark Application for Crypto and NFT-related Services

 

Swiss luxury watchmaker Rolex has filed a trademark application, revealing plans to provide crypto and NFT-related services.


Rolex, one of the leading global watch designing and manufacturing firms, recently filed a trademark application with the United States Patent and Trademark Office (USPTO), revealing its plans to launch a series of product offerings related to cryptocurrency exchange and NFT offerings.

The British-founded luxury watchmaker filed the trademark application with serial number 97655284 on October 31, as disclosed by a U.S. Supreme Court Bar member and licensed trademark attorney Mike Kondoudis on Monday.

“Luxury watchmaker #ROLEX has filed a trademark application claiming plans for:

  •  NFTs + NFT-backed media + NFT marketplaces
  •  Crypto keys and transactions
  •  Virtual goods auctions

According to the information disclosed by the accomplished USPTO-licensed attorney, Rolex seeks to launch an NFT marketplace and a platform for NFT auctioning alongside services involving cryptocurrency exchange and a digital asset wallet.

Data from the trademark application shared by Kondoudis reveals that Rolex intends to use the trademark in areas involving:

  • Downloadable programs and media files containing NFTs and digital collectibles.
  • Downloadable programs to be used as digital wallets and downloadable cryptographic keys for use in receiving and spending cryptocurrencies.
  • An online platform to facilitate an auctioning service involving NFT-based virtual objects and digital collectibles.
  • A virtual platform serving as an NFT marketplace for interested parties looking to buy and sell NFTs and digital collectibles.
  • Providing services involving cryptocurrency exchange, transfer of digital assets amongst users, and management of cryptocurrencies.

This development would be one of Rolex’s most direct involvements with the cryptocurrency scene, as the leading watchmaking brand has not embraced the nascent industry as much as other watchmakers, such as Jacob & Co, which unveiled its limited-edition Bitcoin-themed luxury watch late-August.

Besides Jacon & Co, Switzerland-based luxury watchmaking firm Tag Heuer has also shown more interest in cryptocurrencies than Rolex. The LVMH-owned luxury watchmaking brand, May, collaborated with crypto payment processor BitPay to accept crypto for its luxury watches.

As cryptocurrency adoption sees a surge, Rolex, which has so far remained a spectator in the scene, is looking to jump on the train, especially with other top competitors getting involved.

Besides Rolex, The Crypto Basic has highlighted other top brands’ crypto-focused trademark applications, including Nissan, VISA, and Western Union. This surge of crypto-related trademark applications underscores the growing interest in cryptocurrencies amongst leading firms.

Huobi Announces Free Trading for XRP, ADA, And LUNC

Albert Brown
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Huobi Announces Free Trading for XRP, ADA, And LUNC

Huobi follows other top exchanges to launch free trading.


Huobi has announced a limited-time zero fee trading for select assets, including Ripple (XRP), Terra Classic (LUNC), and Cardano (ADA), as it launches spot trading for 12 USDD pairs.

Huobi Global is launching zero-free trading for select assets by introducing spot trading for 12 tokens with USDD trading pairs, including ADA, LUNC, and XRP. The move is an attempt from the Seychelles-based cryptocurrency exchange to encourage customer adoption of the USDD trading pairs upon launch.

The 12 different assets introduced include Cardano (ADA), Ripple (XRP), Terra Classic (LUNC), Dogecoin (DOGE), Polkadot (DOT), Polygon (MATIC), Solana (SOL), EOS (EOS), NEAR Protocol (NEAR), Ethereum Classic (ETC), Filecoin (FIL), and ApeCoin (APE); as disclosed in a recent tweet and through an official press release.

 

Data from the press release revealed that the exchange would launch the USDD-paired spot trading for the above-mentioned tokens on November 8, with ADA, APE, and DOGE opening at 7 AM; DOT, EOS, ETC launching at 8 AM; FIL, LUNC, and MATIC launched at 9 AM; and NEAR, SOL and XRP at 10 AM. All times in UTC+0.

Additionally, at launch, these 12 trading pairs will attract zero fees until December 31, 15:59 (UTC). Currently, Huobi users only have an opportunity to trade 10 USDD-paired risk assets on the spot market, including but not limited to TRX, BTC, and ETH. The inclusion of these 12 newly-introduced tokens will bring the number to 22.

The recent development will allow Huobi Global users to get zero-fee exposure to a wider array of mainstream assets paired with USDD, including XRP, ADA, and LUNC, which have constantly enjoyed some massive market and social activities of late.

Huobi would not be the first exchange to launch zero-free spot trading, as Binance announced a similar incentive for its users on July 6 to mark its fifth anniversary. Binance’s free trading involved 13 BTC spot trading pairs. Additionally, Binance launched free ETH spot trading with BUSD in August for one month.

Similarly, Huobi launched a zero-fee promotion period, which is still ongoing and will close on December 31, 15:59 (UTC). USDD is the native stablecoin currency of Justin Sun’s blockchain-based digital platform Tron. On October 9, Huobi announced the launch of its Global Advisory Board, including Justin Sun, among other industry leaders.

On October 7, Huobi revealed an upcoming acquisition deal to see Hong Kong-based investment company “About Capital Management” take control of the exchange. Sun is the core investor of About Capital. Consequently, the acquisition deal further solidified the Chinese businessman’s ties with Huobi Global. Justin Sun has also revealed that he is the largest holder of Huobi Token (HT), with “tens of millions” in his possession.

256M Dogecoin Moves To Binance and Coinbase As Musk Twitter Takeover Effect Continues to Fade

Mark Brennan
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256M Dogecoin Moves To Binance and Coinbase As Musk Twitter Takeover Effect Continues to Fade

 

Large amounts of Dogecoin are being sent to cryptocurrency exchanges.


Cryptocurrency Whales Move Nearly 256M Dogecoin (DOGE) to Binance and Coinbase Despite Elon Musk’s Twitter Takeover.

Anonymous cryptocurrency whales are busy moving Dogecoin (DOGE) to crypto exchanges after a sudden price increase last week. Following Elon Musk’s Twitter takeover, one would expect Dogecoin investors to increase their position in the asset class. However, hefty amounts of Dogecoin are being sent daily from unknown wallets to crypto exchanges. This type of transaction is mostly seen whenever the owner wants to sell or swap the crypto asset.

Nearly 256M DOGE Moved: Details

Over the past 24 hours, cryptocurrency whales have moved 255,977,440 (255.9 million) DOGE tokens to trading platforms, including Coinbase and Binance. 

According to data shared by Whale Alert, the funds were moved in two different transactions. 

An anonymous crypto whale moved 212.3 million DOGE for the first transaction to San Francisco-based exchange Coinbase. The transaction, which took place yesterday at around 17:10 UTC, was worth $26.67 million.

Earlier today, another anonymous whale deposited 43,677,440 (43.67 million) DOGE tokens to a Binance address. The tokens were worth $5 million at the time it was reported.

 

It is gradually becoming a routine to see large amounts of Dogecoin transferred to exchanges. These transactions happened when DOGE’s price skyrocketed following Musk’s Twitter acquisition. From October 26th to Nov 1st, doge rose more than 150%. It seems whales are trying to benefit from these price increases as Elon’s Twitter takeover seems to fade away.

Recall that the world’s richest man completed a $44 billion deal to acquire Twitter. Since then, many have speculated that Dogecoin will “somehow” merge with the social media platform. Musk has been a Dogecoin proponent and has never stopped promoting the token’s widespread adoption. He has also adopted the token as a payment method across his businesses, including Tesla. Based on this, many expect Musk to create room for Dogecoin payments on Twitter. Musk hinted at this in a recent tweet, where he shared an image of a dog wearing a Twitter shirt.

DOGE Slump 9% in 24 Hours 

Meanwhile, the massive sale of Dogecoin by whales has negatively affected the token’s price. DOGE is down 9% over the past 24 hours, according to Coingecko data. The asset class is trading around $0.113 in the hours leading up to press time.

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