Weekly Roundup: Crypto Market Turmoil, Legal Developments, and More
By: Eva Baxter
- Bitcoin and Ethereum Face Significant Downturn Amid Market Turmoil: The leading cryptocurrencies Bitcoin and Ethereum have recently experienced a major decline, with Bitcoin falling below $80,000 for the first time in years.
- Bybit Recovers From $1.4 Billion Ethereum Breach: Bybit has managed to restore its Ethereum reserves following a major breach that resulted in a $1.4 billion deficit, aiming to reassure its users with an updated proof-of-reserves report.
- SEC and Justin Sun Seek Settlement Pause: Both parties in the legal case involving the SEC and Justin Sun are exploring potential settlements, requesting a pause in proceedings to negotiate a resolution.
- SEC Halts Robinhood Investigation: The SEC has decided to close its investigation into Robinhood Crypto without pursuing enforcement action, marking a significant regulatory development.
- Vitalik Buterin Advocates for Enhanced Wallet Security: Ethereum co-founder Vitalik Buterin emphasizes the need for improved wallet security to prevent crypto losses due to inaccessibility.
- SEC Clarifies Memecoins' Status as Non-Securities: The SEC's recent clarification states memecoins generally do not qualify as securities, impacting their legal classification.
- US States Push for Bitcoin Reserves: Legislation in Texas advances to create a state-managed Bitcoin reserve, highlighting economic considerations.
