Cryptocurrency

Satoshi Nakamoto, the pseudonym for the creator of Bitcoin, is widely assumed to have the most Bitcoin wealth. Though the creator has not officially revealed the amount of Bitcoin he holds, estimates predict he has a wallet containing around 1.1 million BTC, according to data shared by niche news publisher BanklessTimes.com.

It was the fifth consecutive quarter when crypto funding nosedived, according to a report in TechCrunch. The $2.34 billion were raised across 382 deals, according to PitchBook data. In comparison, the crypto industry had garnered $12.14 billion in the first quarter of 2022. 

Previously vice-president and deputy general counsel at Facebook, and former US magistrate judge for the US District Court for the Northern District of California, Paul Grewal is leading the charge against the US Securities and Exchange Commission (SEC) which sued Coinbase for securities law violations.

Binance.com, the world's largest crypto exchange, related entities and founder Changpeng Zhao were the target of the first lawsuit, which was filed on June 5. The next day, on the regulator's 89th birthday, the SEC filed its second suit, now against Coinbase, another large exchange.

An analysis of press releases from the U.S. Securities and Exchange Commission (SEC), and news reports on its actions, found that in the six months preceding FTX's collapse, the SEC undertook approximately six enforcement actions. In the six months after FTX's bankruptcy on November 11, 2022.

RBI Governor Shaktikanta Das has, in fact, sought an outright ban on it, while making his views clear on it at several platforms in the last two years. Crypto should be banned, given its no underlying value in the market. Just like every asset, every financial product comes with some underlying value. hence the value of crypto is.

Most geographies in the world are still grappling with the legality around cryptocurrency and clarity on the same is yet to emerge. Just last week, The Securities and Exchange Commission (SEC) in the US has come down heavily on two exchanges -- Binance and Coinbase. In such a scenario, caution should be the buzzword.

Bitcoin, the largest cryptocurrency by market capitalisation, hovered around $26,500 per digital coin this week as investors remained largely unstirred by the SEC lawsuits. The leading cryptocurrency took an initial dive below $26,000 on Tuesday but held steady above the threshold throughout the week, with analysts suggesting.

The SEC also charged Coinbase for failing to register the offer and sale of its crypto asset staking-as-a-service programme. According to the SEC's complaint, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities.

Binance, which employs about 8,000 people, reportedly laid off 20 per cent of its workforce, with speculation pointing to the current general crypto market conditions. The company's CEO Changpeng Zhao, on the other hand, dismissed the ongoing rumours, calling it FUD (fear, uncertainty, doubt), reports crypto.news.