The R Roundup: Ripple’s Resurgence — Issue #97
In a 3-year-long lawsuit, last week we FINALLY saw a conclusion. Who would’ve thought the $XRP case would be resolved on a random Thursday?
Reports surfaced last Thursday as Ripple Labs secured a victory not just for themselves but for the whole industry as Judge Analisa Torres ruled in favor of Ripple. The ruling cites that $XRP is NOT a security despite further technicalities around the SEC lawsuit which will still go on trial.
As news broke, $XRP began to print a move upward north of 50% with some leading exchanges like Kraken & Coinbase relisting the token.
Europe Emphasises Spot Bitcoin ETF🇪🇺
The ETF frenzy is spreading across Europe. However, with delays & complications, the time has finally come for the first ETF to go live.
Jacobi Asset Management announced that their Bitcoin ETF will go live under the ticker BCOIN. Financial Times cited that the fund will be on track to launch in July 2023.
Despite meaning to launch last year, they assessed the landscape with 3AC & FTX collapsing, and realized that “demand has shifted since last summer”.
Unlike other ETFs, Jacobi’s Bitcoin ETF cannot be leveraged or use derivatives.
The Alex Mashinsky Arrest👮♂️
Former Celsius CEO, Alex Mashinsky, was apprehended on Thursday on federal securities fraud charges, marking a significant development in the ongoing legal battle surrounding the bankrupt crypto exchange.
In a parallel move, Celsius agreed to a substantial settlement of $4.7 billion with the Federal Trade Commission, further underlining the gravity of the allegations.
Adding to the legal woes, both Mashinsky and Celsius found themselves entangled in lawsuits filed by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The complaints lodged against them paint a picture of a meticulously orchestrated scheme aimed at defrauding investors out of billions, revealing the potentially far-reaching consequences of their actions.
Multichain Madness⛓️
As crypto sentiment recovers, there is always something lurking in the background. This week it was Multichain.
In an elongated tweet, Multichain confirmed that on May 21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police and has not been in contact with the team since.
This story is one of the most interesting we have covered as despite the team being in contact with Zahojun’s family & sister since then Multichain claims Zahojun’s is out of contact.
Several events unraveling led to Multichain ceasing operations.
A Week In RR📅
Check out all of the top stories we have covered in the past week👇
As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies. This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.
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