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| Here is a quick look at the hits from the week's first Inside Cryptocurrency newsletter: - Huts 8 and U.S. Bitcoin Corp's finalization of a merger,
- Forbes' decision to publish its latest 30 Under 30 list on Ethereum in addition to the printed version,
- The Dogecoin references in the codes of Tesla Cybertruck's official checkout page, and more.
Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | U.S. Judge Robert Shelby has recently accused the U.S. Securities and Exchange Commission (SEC) of making deceptive statements in a legal case against Utah-based crypto company Digital Licensing Inc., which operates as DEBT Box. The judge also warned the agency that he could impose sanctions against it, revealing notable discrepancies in the case. More: - The SEC took enforcement action against DEBT Box in August, accusing the firm of conducting a $50M fraudulent crypto scheme through the sale of unregistered securities under the name of node licenses.
- At the time, the regulator also convinced the court to freeze DEBT Box's assets by claiming that the company was moving to Dubai.
- However, Judge Shelby has discovered that these assertions were inaccurate, no bank account was closed, and the alleged $720,000 overseas transfer was domestic.
- The judge also said the SEC violated federal court rules by misrepresenting facts and failing to correct these inaccuracies through other team members.
- Shelby has further issued a show cause order, which requires the SEC to provide reasons for why it should not face penalties for these actions.
- The SEC has two weeks to respond to the order.
Zoom Out: - The SEC classifies all cryptocurrencies other than Bitcoin (BTC) as securities in light of current chair Gary Gensler's approach and claims jurisdiction over the crypto market.
- Within the past year alone, many crypto firms, such as Binance, Coinbase, Gemini, Kraken, and Bittrex, faced increased scrutiny by the SEC over alleged securities law violations.
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What the numbers say: Bitcoin (BTC), the largest cryptocurrency by market cap, recently hit a 19-month high in price, touching $42,000 for the first time since April 2022. The token's value reached as much as $42,108 within the day, up from $39,489 on the previous day. Then, the popular cryptocurrency retreated to the $41,000 level again, experiencing a slight decline. The $42,000 mark also represents an over 150% surge from the $16,000 level at the beginning of the year. Relevance: The jump in Bitcoin's price came amid optimism around the financial services giants' spot Bitcoin exchange-traded fund (ETF) applications. Shortly before Bitcoin touched the $42,000 mark, Bloomberg analysts confirmed that the U.S. Securities and Exchange Commission (SEC) would approve the qualified applications between Jan. 5 and 10, 2024. The popular cryptocurrency reacted to the reports positively, hitting a 19-month high. Brands that should care: The traditional financial firms waiting for the SEC to approve their Bitcoin ETF applications include Grayscale Investments, BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, and Wise Origin. Analysts believe that the approval of such applications could bring significant amounts of capital to the crypto market, causing a much stronger price increase in Bitcoin. | | | |
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| 3 | | Crypto mining companies Hut 8 Mining Corp. and U.S. Bitcoin Corp have recently finalized a merger, rebranding to a new U.S.-based entity dubbed Hut 8 Corp (New Hut). The new firm's CEO, Jaime Leverton, defined the merger as the largest mergers and acquisitions transaction in the crypto industry. More: - As part of the merger, the Toronto Stock Exchange (TSX) and Nasdaq delisted Hut 8's stocks, replacing them with New Hut's common stocks under the ticker symbol "HUT."
- The shareholders of Hut 8 have received 0.2 of a share of New Hut stocks for each Hut 8 stock held.
- The new U.S.-based mining firm will have access to 825 megawatts (MW) of energy across six sites.
- New Hut's president, Asher Genoot, underlined that the new company's focus on efficiency would strategically position it for the upcoming Bitcoin halving event.
- The fourth halving event in Bitcoin's history, expected to happen in April or May 2024, will decrease the total amount of bitcoins that can be mined daily by half, reducing the total amount of tokens in circulation.
Zoom Out: - Hut 8 Mining Corp. and U.S. Bitcoin Corp started planning a merger in February, and at the time, the initiative was subject to regulatory approvals from U.S. and Canadian authorities.
- In September, Canada-based Hut 8 received definitive approval from the Canadian Supreme Court of British Columbia to merge with U.S. Bitcoin Corp.
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| 4 | | KuCoin Ventures, the investment arm of Seychelles-based crypto exchange KuCoin, has pledged to provide grants to The Open Network (TON) blockchain project to support the ecosystem's growth. The first phase of the partnership will include a $20,000 grant. More: - The initial $20,000 funding will be allocated to five TON-based mini apps focusing on payment services and gaming.
- Meanwhile, the exchange will be in discussion with the TON Foundation for more collaborations, including research and development efforts, community-building, marketing activities, and incubation initiatives.
- KuCoin Ventures' announcement came two months after TON entered a strategic partnership with the venture capital (VC) arm of another Seychelles-registered crypto exchange, MEXC.
- As part of the partnership, MEXC Ventures also invested an eight-figure funding in the network and pledged to continue to support TON-based mini apps financially while maintaining its ongoing support for existing projects.
Zoom Out: - The blockchain project TON was initially developed by the popular instant messaging app Telegram as the platform's first big step toward Web3.
- However, the firm had to abandon the project in 2020 due to legal conflicts it faced after the U.S. Securities and Exchange Commission (SEC) sued the platform for offering unregistered securities through a $1.7B initial coin offering.
- Since then, TON has been run by the Switzerland-based TON Foundation, a nonprofit organization embodying community members.
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| 5 | | Elon Musk-led electric vehicle (EV) giant Tesla has mentioned the popular cryptocurrency Dogecoin (DOGE) in the code of the official Cybertruck checkout page more than 50 times. The mentions were confirmed shortly after the company launched the sales of the hotly anticipated pickup truck. More: - The discovery was interpreted as a clue for the potential of Tesla accepting Dogecoin as a payment method for Cybertruck purchases.
- However, Musk or Tesla has yet to make any official announcement on the issue.
- No other cryptocurrency is currently mentioned in the checkout page's code.
- Tesla previously allowed its customers to pay for merchandise with Dogecoin, though the payment option was never integrated into car purchases.
- On the other hand, the EV giant accepted Bitcoin (BTC) as payment in car purchases for a short time in 2021 before lifting the option due to Bitcoin's adverse environmental impacts amid the concerns around the use of fossil fuels for the token's mining and transactions.
Zoom Out: - Musk is quite famous for his support for Dogecoin, and he previously caused the popular token's price to skyrocket many times through his Twitter and X posts.
- Musk's companies, including Tesla, SpaceX, and The Boring Company, also supported Dogecoin by accepting it as a payment method for several commercial products and services.
- In 2022, Musk tweeted that he would continue supporting Dogecoin wherever possible despite all the backlash and legal actions he faced.
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| 6 | | American business magazine Forbes has announced that it will publish the latest edition of its famous 30 Under 30 list on the Ethereum blockchain network in addition to the printed version. The initiative will help the outlet ensure that the remarkable accomplishments and narratives of 30 young entrepreneurs will be preserved forever. More: - Forbes' 30 Under 30 List arrays 30 notable people under 30 years old across various industries every year.
- The list aims to highlight the world's most promising young entrepreneurs, innovators, and leaders from 20 categories, including art, entertainment, retail, e-commerce, finance, and investment.
- The latest 30 Under 30 Finance list features notable personalities from several crypto-related firms, such as SEI Labs, Injective Labs, Fractal, Blockchain Capital, Layer3, and Bitcoin Depot.
- The list's selection process was also overseen by a panel of judges that involved stablecoin issuer Circle's CEO, Jeremy Allaire.
- Forbes' chief growth officer, Taha Ahmed, said the blockchain-enabled 30 Under 30 list is just a starting point, adding that they are excited to explore how blockchain and Web3 technologies can revolutionize the ways of disseminating, storing, and protecting vital information.
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| 7 | | Quick Hits: - The Kubernetes Cookbook is your comprehensive companion, equipping you with the knowledge and techniques to harness the full potential of Kubernetes.*
- Brazil's largest bank, Itau Unibanco, has started offering crypto trading services for Bitcoin (BTC) and Ether (ETH) to the clients of its investment platform.
- Investment management company Franklin Templeton's CEO, Jenny Johnson, has turned out to be holding Bitcoin (BTC), Ether (ETH), Uniswap (UNI), and SushiSwap (SUSHI) in her personal portfolio.
- The U.S.-based cybersecurity firm Recorded Future has revealed that North Korean hackers have stolen around $3B of crypto since 2017.
- Toast to 2024: Key affiliate marketing trends to help your campaigns start off on the right foot in the new year. Get the free report.*
*This is a sponsored post. | | | |
 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Aaron Crutchfield | |
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