Ethereum Lawsuit Against The SEC Gets Dismissed

Ethereum Lawsuit Against The SEC Gets Dismissed

A US district judge dismissed Consensys’ lawsuit against the SEC, deeming the claims "moot" due to the lack of final agency action. Consensys, the company behind MetaMask, had preemptively sued the SEC after receiving a Wells notice concerning Ethereum's legal status. The company sought a declaration that Ethereum was not a security, challenging the regulator’s stance.

Although Consensys claimed victory when the SEC dropped its Ethereum investigation in June, the court did not rule on the merits. Consensys argued the SEC’s overreach was detrimental to the entire Ethereum ecosystem. Despite the procedural dismissal, Consensys remains committed to fighting SEC overreach in future proceedings.

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Solana's New Seeker Crypto Phone Hits 140K Presales

Solana Mobile has unveiled its second crypto smartphone, the "Seeker," which has already reached over 140,000 presales across 57 countries. Launched at TOKEN2049, the Seeker is the successor of the Solana Saga phone, but at a considerably reduced price. In addition to improved hardware and software, Seeker features a mobile-first crypto wallet and a new Solana dApp store.

Boosting its appeal to Web3 users, the Solana Mobile's presale success is partly due to airdrops of meme coins like Maneki, which briefly covered the device's cost. The Seeker aims to attract more users to Solana’s Web3 ecosystem with enhanced features and community-driven rewards. Shipments are expected by mid-2025.

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OKX to Launch New US Mobile App as Part of Rebranding

OKX, formerly known as OKCoin in the US, plans to roll out a brand-new mobile app this fall as part of its rebranding. The new app will replace OKCoin's existing platform and offer improved features, including ACH transfers, which will make trading more convenient for US users. Still, the US will be one of the several OKX restricted countries for the primary crypto exchange.

The app launch marks the exchange’s effort to relaunch its US business after halting dollar deposits earlier this year due to the collapse of Signature Bank. OKX is currently in talks with several banks to ensure smooth onboarding for its users. The new app is expected to be available in 41 US states, mirroring OKCoin’s existing state licenses.

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BingX Confirms $13.5M Hack & Suspends Withdrawals

Crypto exchange BingX suffered a $13.5 million hack from one of its hot wallets, leading to a temporary suspension of withdrawals. The BingX technical team detected abnormal network activity, quickly initiating emergency protocols to protect user assets. Blockchain security firm PeckShield highlighted the suspicious outflow, confirming millions of dollars transferred across multiple blockchains.

While BingX described the loss as minor, the full extent is still under investigation, and the platform is working to reinforce its wallet services. The exchange expects withdrawals to resume within 24 hours after a full inspection. Hackers reportedly used decentralized exchanges to obscure the stolen funds. Before this, BingX was known for being a cryptocurrency exchange that was never hacked.

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Data of the Day

Historical data suggests Bitcoin could reach prices between $108,000 and $155,000 in the coming months based on patterns from previous market cycles. Despite being in a mid-cycle correction, Bitcoin’s price action mirrors past bull markets, where major rallies occurred later in the cycle.

Since its 2022 market bottom, Bitcoin has risen 290%, in line with its performance during prior cycles. Analysts point out that the Bitcoin halving event, which reduces the supply of new tokens, typically triggers price increases. The current market suggests a similar trajectory, with the real bull run predicted for 2025.

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More Breaking News

• Telegram crypto trading bot users of Banana Gun reported compromised wallets, with $1.4 million in funds stolen due to a suspected front-end vulnerability.
• US crypto advocates are working with Vice President Harris to distance the Democratic Party from SEC Chair Gary Gensler and Senator Elizabeth Warren.
• A bankruptcy judge approved Terraform Labs' plan to wind down operations, closing another chapter for the troubled company after its legal battle with the SEC.
• US federal agents arrested two men for stealing $230 million in Bitcoin from a Washington, DC resident and using the funds for a luxurious lifestyle.
• DeFi platform Sky, formerly MakerDAO, voted to offload $61.38 million worth of wrapped Bitcoin collateral in a plan from October to late November.‍
• The German government shut down 47 crypto exchanges, for being an "underground cybercriminals economy". See alternatives for the best crypto exchanges in Germany.

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