Bitcoin and cryptocurrency news for 12 December 2022 includes the latest on BTC, ETH, XRP, and more. Catch up on the biggest stories from the world of digital assets and blockchain technology.
Ripple vs SEC Case
The Ripple v. SEC litigation has
been ongoing for approximately two years. In a statement released on Sunday,
Cardano's founder and CEO Charles Hoskinson claimed to have "heard
reports" that the Ripple v. SEC lawsuit would be resolved on December 15.
According to Hoskinson, it might in some way have negative implications on the
industry.
But, he added, you simply have to
keep moving forward. You guys are in charge of a decentralized ecosystem,
therefore anything may happen. The fate of Cardano is decided by the entire
world, not by the United States of America. That is the aim of a decentralized
ecology.
Nevertheless, it is not
guaranteed that the verdict will be delivered on December 15, 2022.
Additionally, there is no assurance that Ripple will prevail in the legal
dispute. Before learning the outcome of the case, we must wait and observe how
the legal procedure proceeds.
Crypto Bots alerted by Elon Musk's threat of legal action
Earlier today, a variety of
Twitter users said that fewer scam bots were active. Over the weekend, Musk
tweeted that "bots are in for a surprise tomorrow." The rise of bot
accounts on Twitter was found to be the work of a small group of people. Due to
Twitter's choice to restrict the IP addresses associated with the
aforementioned gang, the decrease in bot activity was unexpected. As he
tweeted:
They will try other methods, but we’re shutting them down as soon as they show up.
— Elon Musk (@elonmusk) December 11, 2022
Twitter will also be moving to prosecute scammers anywhere on Earth.
Finding Terra's Do Kwon in Serbia
Speculations concerning the
whereabouts of the designer of Terra had flooded the environment from Singapore
to Dubai. But it was now established that Kwon was a resident of Serbia.
According to a recent revelation
from Chosun Media, the South Korean government was informed of the same. An
official stated:
We recently discovered that the
intelligence we had about CEO Kwon's whereabouts in Serbia was accurate.
According to reports, the Serbian
government is being asked for help with an investigation by the justice
ministry of South Korea.
Although the reason for the Terra co-relocation founder to Serbia is yet unknown, he is said to have traveled there last month. The neighborhood thought he had moved to Dubai after departing from Singapore in September. Kwon would most likely have made a stop in Dubai en route to Serbia, his eventual destination.
SBF wants to compensate FTX victims
SBF said in a BBC interview that
he was unaware that money from FTX clients was being used for risky financial
bets.
If users haven't received much in
return, I'll be thinking about what I can do to help them. I'll also be
thinking about ways to make the world a better place. Additionally, SBF told
the BBC, "I feel that at the at least, I owe it to FTX users to treat
them fairly, to the best of my ability."
SBF said that he would do all in
his power to start a new business and generate enough revenue to pay back the
investors. He stated that as CEO, he is primarily responsible for the transfers
of digital currencies and cash between Alameda and FTX.
"I didn't intend for any of this to happen, and I don't believe I committed fraud." I realized that I was not nearly as capable as I had believed.
Binance Experiences Weird Price Movements
A few trade pairs on the platform experienced unusual price swings earlier today. SUN, ARD, OSMO, FUN, and GLM are a few of these assets. The incident was tweeted about by the global exchange's official Twitter account. They also added that they are looking into the events that led to the movement and are taking the necessary steps.
We are aware of the abnormal price movements for certain trading pairs on #Binance, involving assets such as $SUN, $ARDR, $OSMO, $FUN and $GLM.
— Binance (@binance) December 11, 2022
Our team is investigating and taking appropriate actions in regards to the suspicious accounts.
The exchange momentarily stopped withdrawals from some of these profitable accounts in order to look into the activity. However, according to CZ, the activities drew criticism and protests from several nations on Twitter.
Based on our investigations so far, this appears to be just market behavior. One guy deposited funds and started buying. (Hackers don’t deposit). Other guys followed. Can’t see linkage between the accounts. 1/3 https://t.co/QlB1VnlHVs
— CZ 🔶 Binance (@cz_binance) December 11, 2022
TRX falls 5% as Tron's USDD depegs to $0.96
After Tron's USDD fell below $1,
the crypto community was made aware. Sun's stablecoin has experienced some
significant volatility over the past several days. While USDD held onto $0.97
for a while, it was later found to be declining. The asset had a decline
earlier today, going from a high of $0.9758 to a low of $0.9673.
The USDD had a huge decline, as shown in the figure above. It was also attempting to gain support at $0.974, though. Stablecoin for Tron was selling at $0.9756 at the time of publication, up 0.18 percent.
It appears that Justin Sun's
assets were all in turmoil. TRX was observed falling shortly after USDD made
noise about its de-pegging. The asset's price was $0.05233 at the time of
publication, down 4.52 percent on the day. The alternative currency fell from a
high of $0.05475 to a low of $0.05211.
Many people hypothesized that
this decline might have been a result of USDD's depegging. It should be
mentioned, though, that the market as a whole was falling. As part of the
ongoing carnage, bleeding was visible from almost every asset.
USDD depegging at $0.97 now, trx dumping in reaction pic.twitter.com/KHVMB4W13n
— frxresearch 🔶 (@frxresearch) December 12, 2022
