The SEC asked Grayscale to withdraw its application to make its Filecoin Trust a reporting entity on the grounds that the underlying asset qualifies as a security.
💰 FTX's current management is suing ex-CEO Sam Bankman-Fried and others, alleging they used FTX customer funds fraudulently for a $250 million purchase of insolvent Alameda Research's stock clearing platform, Embed.
🏛️ Alameda Research and West Realm Shires, two FTX units, are suing to recover $6.9 million from Embed Financial shareholders, alleging misappropriation of funds before FTX's bankruptcy.
🔄 The U.S. Trustee requested a Delaware bankruptcy court to reverse its earlier decision and appoint an independent examiner in the FTX bankruptcy case.
💱 Circle restructured the reserves for USD Coin (USDC), moving $8.7 billion into overnight repurchase agreements to guard against potential U.S. government debt default.
⚖️ Fahrenheit Consortium, featuring Arrington Capital and U.S. Bitcoin Corp, is the front-runner in the auction for bankrupt lender Celsius's assets, valued at around $2 billion.
🔒 Citadel Securities filed a lawsuit against high-frequency crypto trading firm Portofino, accusing two former executives of stealing trade secrets during the establishment of their startup.
💡 A Lido community member proposed a plan for LDO token staking and buyback, involving a 20-50% redirection of future Lido DAO revenues from the protocol treasury to LDO stakers.
📊 A Uniswap Labs survey revealed that the complexity and expense of on-chain trading on decentralized finance (DeFi) platforms discourage occasional cryptocurrency users.
The $$$ Corner…
💸 Ripple acquired Swiss custody firm Metaco for $250 million, signaling its expansion into providing crypto custody services for institutional investors.
💻 Airstack, a Web3 developer platform using AI for cross-chain data interaction, secured over $7 million in a pre-seed funding round led by Superscrypt.
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