Crypto World Sees Major funding, Legal Battles, and Token Fluctuations
The crypto landscape has been buzzing with notable developments. Notable investment firms are eyeing Tether, while Kraken secures pre-IPO funding. Here’s a closer look.
Investment Firms Eye Tether
SoftBank and Ark Invest in Tether
SoftBank and Ark Invest are in talks to fund tether, the top stablecoin issuer. This could be Tether’s biggest external funding round. It shows the growing interest of big tech investors in the crypto space.
Kraken’s Pre-IPO Success
Kraken, a Wyoming-based crypto exchange, raised $500 million. This funding values the company at $15 billion. It’s a step towards Kraken’s planned 2026 IPO. The exchange also pledged $2 million to crypto-pleasant political groups.
aster Exchange Refunds Users
Aster, a BNB Chain-based exchange, refunded users who lost money due to XPL token price issues.users received USDT stablecoins as compensation.
China’s Digital yuan Center
China opened a new center for its digital currency in Shanghai. The center aims to improve settlement and expand e-CNY use globally.
South Korean Actress Sentenced
Hwang Jung-eum got a two-year suspended sentence for stealing $3 million from her agency to invest in crypto. She violated economic crime laws but avoids jail unless she commits another crime in four years.
KuCoin Challenges Canadian Fine
KuCoin is fighting a $19 million penalty from Canada for not registering as a money-services business. The exchange failed to report large transactions and flag suspicious activities.
European Banks Launch Stablecoin
Nine European banks,including ING and UniCredit,are launching a euro-stablecoin. it will comply with the MiCA regulatory framework.
Australia’s Crypto Licensing Proposal
Australia plans to require crypto firms to get financial service licenses. This aligns them with other financial intermediaries.
FTT Token Surge
FTX’s native token, FTT, saw a 60% price jump after a social media post from Sam Bankman-Fried. The surge was short-lived.
BNB Chain Proposes Cost Cuts
Validators suggest reducing BNB Chain’s minimum gas prices and block intervals. This aims to lower average transaction costs.
Zhao Denies Fundraising Reports
Changpeng Zhao, former binance CEO, denied reports that YZi Labs is raising external funds. He called the reports false.
FTX Recovery Trust Sues Genesis
The FTX bankruptcy trust sued Genesis Digital Assets. It alleges sam Bankman-fried misused funds to invest in the company.
UXLINK Security Breach
UXLINK, a Web3 platform, suffered a major security breach.Hackers stole millions in USDT and other crypto, causing a 70% drop in the token price.
World Liberty Financial’s Debit Card
Zak Folkman, co-founder of World Liberty Financial, announced plans for a crypto debit card. It will integrate USD1 with Apple Pay and complement a retail app combining payments and trading.
