Edward Snowden Attacks Solana’s Centralization

Edward Snowden Attacks Solana’s Centralization

Edward Snowden stirred up controversy at the Token 2049 conference by criticizing Solana for its perceived centralization, leading to strong pushback from the community. Snowden claimed Solana sacrificed decentralization for speed, making it vulnerable to state intervention. He suggested that anything built on the network could be easily disrupted if governments targeted it.

Solana advocates, including Helius Labs co-founder Mert Mumtaz, quickly responded, arguing Snowden’s claims lacked evidence. Mumtaz challenged critics to present data that proved a single entity could control the network, emphasizing that Solana’s large market cap and diverse node distribution make such an attack highly unlikely. A debate between Snowden and Mumtaz would be exciting to watch.

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SEC Appeals Ripple XRP Ruling, CEO to 'Fight Back'

The US SEC has filed an appeal against the court ruling in its case against Ripple, reigniting the legal battle over XRP’s classification as a security. SEC asks for another chance to argue because the decision conflicts with decades of Supreme Court precedents. Ripple’s CEO was quick to respond, stating that XRP’s non-security status is now "the law of the land" and that they would fight back.

The legal battle between Ripple and the SEC has been ongoing since 2020, with the regulator accusing Ripple of raising $1.3 billion through unregistered securities sales. In a partial victory for Ripple earlier this year, the court ruled that its programmatic sales did not violate securities laws, although direct sales to institutional investors were deemed securities.

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FTX Estate to Sell $38M in Discounted Worldcoin Tokens

The FTX estate might auction 22.3 million locked Worldcoin (WLD) tokens, valued at around $37.7 million, as part of its efforts to recover funds for creditors. The tokens will be sold at a discount, with bids being accepted until 8 PM ET on Wednesday, according to sources familiar with the matter. The WLD tokens will unlock daily through 2028, with a gradual release schedule starting in December 2024.

FTX's previous token auctions, including Solana and Metaplex tokens, attracted interest from top crypto funds. However, the long lockup periods for Worldcoin tokens have raised concerns among potential buyers, who may be hesitant to bid on illiquid assets. The FTX estate is selling its remaining assets to repay creditors, but many of its holdings, like FTT tokens, are illiquid and unlikely to be sold.

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Tron Posts Record $577M in Q3 Revenue

The Tron network achieved record revenue of $577 million in Q3 2024, driven by increased stablecoin activity and a recent push into the meme coin market. According to data from Tronscan, 74% of this revenue came from staking while 26% resulted from token burning. Tron’s performance has outpaced that of Bitcoin and Ethereum in terms of quarterly income, slightly raising its market dominance.

Tron’s increasing popularity in emerging markets such as South America and Africa, where stablecoin demand is high due to inflation and currency instability, has lifted the chain’s revenue. TRC20 USDT makes up 98.3% of all stablecoin activity on the Tron network. Additionally, Tron founder Justin Sun’s meme coin launchpad, SunPump, added to revenue with $5.4 million since its launch.

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Data of the Day

Bitcoin demand has stabilized, but analysts from CryptoQuant warn that stronger growth is needed in Q4 to sustain higher prices. The current demand growth remains insufficient for a significant price rally, according to the report. CryptoQuant’s analysis points out that Bitcoin’s demand fluctuated widely in recent months, with September showing less volatility compared to earlier in the year.

Despite this, the report highlights that demand still falls short of the levels seen during major bull runs in the past, such as April 2021, when Bitcoin’s demand surged by nearly 500,000 BTC.

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More Breaking News

• The SEC's director of enforcement, Gurbir S. Grewal, who led over 100 crypto-related enforcement actions, is stepping down next week.
• Kraken will delist the privacy coin Monero for European users on Oct. 31 due to regulatory changes, causing a 7% dip in XMR's price.
• Australian authorities seized $6.4 million in crypto as part of "Operation Kraken" after deciphering seed phrases from an organized crime suspect's wallet.
• Spot Bitcoin ETFs saw their largest outflows since early September, with $242.53 million exiting the funds as Bitcoin dropped 3.47% to $61,446.
• Nearly half of US voters consider a candidate's stance on crypto "important" in upcoming elections, according to a Consensys and HarrisX poll.
• Franklin Templeton has launched its OnChain US Government Money Fund on the Aptos blockchain, adding to its existing integrations with Polygon and others.

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