In the previous week, BGEcrypto reported a lot of attention-catching updates in the industry. Here are some of the hottest headlines from the crypto industry in the past week.
LUNC, MATIC, and MANA are Now Securities, SEC Says
The United States Securities and Exchange Commission (SEC) has recently classified LUNC, MATIC, and MANA as securities. Specifically, these assets are named investment contracts. This categorization has stirred up controversy within the crypto community as these altcoins are now subject to U.S. securities laws.Â
The SEC’s legal actions also extended to ConsenSys, a blockchain technology company for offering trading support for these assets. This SEC’s actions highlight increased regulatory scrutiny in the crypto space, impacting how digital assets are classified under securities laws. The news came at a time when the agency dismissed Paxos stablecoin legal case. Â
Mt.Gox Make Moves to Repay Creditors Â
In the past week, it was reported that Mt.Gox moved 44,527 Bitcoin to a new wallet. The transfer, totaling $2.8 billion, is seen as a step towards compensating those affected by the 2014 hack.
This move follows previous transactions hinting at forthcoming repayments. Bitstamp , another exchange, is also committed to aiding Mt.Gox creditors in receiving their Bitcoin repayments. While concerns about potential selling pressure on Bitcoin persist, the phased repayment approach may help mitigate this impact on the market.
Millions Siphoned in WazirX’s Crypto Hack
An unfortunate incident happened to WazirX, India’s largest exchange this past week. This breach led to the withdrawal of over $230 million from customers’ deposits, with assets like Shiba Inu, Ethereum, MATIC, and PEPE being siphoned.
The stolen amount represents around 45% of WazirX’s total holdings. In response, the exchange temporarily halted both INR and crypto withdrawals to address the situation and prevent future incidents. The attacker has started selling the stolen assets via Uniswap, while the Ethereum (ETH) holdings remain untouched.
This news highlights the importance of heightened security measures and vigilance in the Web3 ecosystem even as security threats become more prevalent.Â
Five Ethereum ETF to Hit the Market In DaysÂ
The news of five Ethereum ETF going live on July 23 has left the crypto community buzzing.
These ETFs include offerings from Fidelity Investments, Franklin Templeton, Invesco Galaxy, VanEck, and 21Shares Core Ethereum ETF. The digital products will be traded on Cboe. This comes after the regulatory agency gave a preliminary approval, although the final decision is still pending. Market analysts are optimistic that this launch could boost Ethereum’s value.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGEcrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
