BitGo’s $100M suit against Galaxy can proceed — Delaware Supreme Court
After being dismissed by the Delaware Court of Chancery in 2023, the state’s supreme court ruled the definition of the merger agreement between BitGo and Galaxy was “ambiguous.”
Delaware’s Supreme Court has reversed a ruling from a lower court that dismissed a $100 million lawsuit brought by BitGo against Galaxy Digital following a failed acquisition.
In a May 22 filing, the Supreme Court of the State of Delaware said language in the BitGo-Galaxy Digital $1.2 billion merger agreement — which the latter terminated in August 2022 — was “ambiguous.” The state supreme court concluded that it would reverse the Delaware Chancery Court’s decision “for the consideration of such extrinsic evidence as may be appropriate to resolve this ambiguity.”
The successful appeal, first submitted on Feb. 7, would seemingly allow BitGo another bite at the apple to file suit against Galaxy Digital. In an August 2022 lawsuit, the firm alleged Galaxy committed an “intentional breach” of the acquisition agreement. Galaxy claimed at the time that it was within its rights to drop the deal after BitGo failed to deliver audited financial statements from 2021.
Chainlink price hits 6-week high, is $20 LINK the next stop?
LINK’s double-digit rally is backed by increasing network activity and a bullish technical setup.
Chainlink (LINK) price gained 7% on May 24, despite a downturn in the wider cryptocurrency market.
Currently priced at $17.04, LINK has seen an impressive 30% increase so far in May, prompting investors to wonder whether the drivers for a rally above $20 still exist.
Let’s look at the factors that could possibly drive LINK price higher.
Bank Employee Steals $2,100,000 From Customers, Spawns Web of Unauthorized Transactions and Illicit Accounts: DOJ Indictment
The U.S. Department of Justice (DOJ) is accusing a bank employee of creating a web of unauthorized transactions and illegal accounts, stealing more than $2.1 million from customers. In a 17-count indictment, the DOJ says it’s charging Yue Cao of Winfield, Illinois, with alleged bank fraud, aggravated identity theft and engaging in monetary transactions in […]
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Blockchain Gaming Altcoin Axie Infinity Flashing Signs of Potential 194% Surge, Says Crypto Trader – Here’s Why
The blockchain gaming altcoin Axie Infinity (AXS) is flashing signs that it could be ready to take off on a massive surge upwards, according to a popular crypto trader. The analyst Ali Martinez tells his 62,600 followers on the social media platform X that it looks like AXS is forming an inverse head-and-shoulders pattern on […]
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Veteran Trader Peter Brandt Warns of ‘Biggest Disasters yet to Come in Crypto’
Veteran trader Peter Brandt has issued a stark warning about the future of crypto staking, calling it “the biggest disasters yet to come in crypto.” He predicts significant disasters, bankruptcies, and personal financial losses within the sector. His warning followed the approval of spot ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission […]Crypto Biz: Kraken denies USDT delisting, crypto custody on the rise, and more
This week’s Crypto Biz explores Kraken’s stablecoin plans in Europe, the departure of Grayscale’s CEO, Prometheum’s Ether custody service that treats ETH as a security, and more.
Custody of digital assets has become an increasingly popular business, particularly since the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.
The latest companies seeking to safeguard assets for institutional investors include Taurus and Fireblocks. While Taurus announced opening an office in Canada in response to a demand for custody and tokenization, Fireblocks is awaiting regulatory approval for a limited-purpose trust company regulated by the New York Department of Financial Services.
Ripple foresees the institutional crypto custody market could reach nearly $10 trillion by 2030.
Solana eyes 2025 for Firedancer rollout as DePIN activity surges
With DePIN activity surging, Solana targets Firedancer upgrade to enhance network performance and accommodate growth.
Solana plans to release a full version of the Firedancer upgrade in 2025, with “pared-down versions” rolling out before then, according to Solana Foundation’s DePIN lead, Kuleen Nimkar.
The upgrade aims to increase Solana’s overall reliability and scalability as network activity from decentralized infrastructure protocols continues to grow. “We’re seeing a ton of up-and-coming deep-end projects that are doing everything,” Kuleen said of DePIN activity at DEFICON on May 23.
DePIN, or decentralized physical infrastructure networks, refers to the use of blockchain to manage and operate physical infrastructure systems.
Ethereum Foundation to have conflict of interest policy after EigenLayer crossovers
Executive director Aya Miyaguchi said the foundation’s neutrality can’t depend on culture and individual judgment after researchers take multimillion-dollar roles at EigenLayer.
The Ethereum Foundation will institute a policy on conflicts of interest, executive director Aya Miyaguchi said on May 24. The announcement came in response to controversy in the crypto community over connections between the foundation and EigenLayer developers.
Two Ethereum researchers joined the ranks of paid advisers at the EigenFoundation in the week preceding Miyaguchi’s announcement. Justin Drake announced his appointment at EigenFoundation on May 19 in a lengthy X post. He said he would receive incentives from EigenFoundation worth “millions of dollars” but would reinject the money in the Ethereum ecosystem. Dankrad Feist made a similar long announcement the following day. Feist acknowledged receiving “a significant amount of tokens,” adding:
Both researchers said they were taking the posts personally and not as representatives of the Ethereum Foundation. Drake promised “to continue to lean critical of EigenLayer,” and Feist said he would “take contrarian views.” Reaction to the researchers’ moves was mixed. ZkSecurity co-founder David Wong tweeted on X about Drake:
Ethereum Foundation to implement conflict of interest policy amid EigenLayer controversy
The Ethereum Foundation is set to implement a formal conflict of interest policy following community backlash over researchers’ ties to EigenLayer, highlighting the need for transparency and accountability in the Ethereum ecosystem.
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Marathon Digital enters renewable energy partnership with Kenyan gov’t
Marathon Digital, one of the world’s leading Bitcoin mining operations, announced a collaboration to overhaul Kenya’s renewable energy sector.
Bitcoin mining giant Marathon Digital recently announced a new partnership with Kenya’s Ministry of Energy and Petroleum (MOEP) to develop the country’s already thriving renewable energy sector.
The partnership will focus on exchanging technical knowledge and research, policy ideas, investment strategies, and the development of critical energy infrastructure.
In the wake of the newly inked collaboration, Marathon Digital CEO Fred Thiel noted the advantages of fostering such a relationship with Kenya’s Ministry of Energy and Petroleum:
Spot Bitcoin ETFs Rake In Nine Consecutive Days of Inflows Totaling Over $1,750,000,000
New data reveals that spot market Bitcoin (BTC) exchange-traded funds (ETFs) have brought in nine straight days of inflows totaling one billion dollars. According to data from London-based investment firm Farside Investors, BTC ETFs have seen positive inflows every day since May 14th, totaling more than $1.75 billion. May 15th and May 21st marked the […]
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UK Approves First Physically Backed Bitcoin and Ethereum ETPs for Listing on London Stock Exchange
The Financial Conduct Authority (FCA), the UK’s top financial regulator, has approved physically backed bitcoin and ethereum exchange-traded products (ETPs) for listing on the London Stock Exchange for the first time. “FCA approval in this respect could result in greater institutional adoption of the asset class,” Wisdomtree stated. First Bitcoin and Ethereum ETP Listings on […]
Ethereum spot ETF approval is here – Everything you need to know
A look at the key factors behind the recent approval of spot Ethereum ETFs and the possibility of legal actions against Ethereum-linked entities.
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BlackRock’s Bitcoin ETF nears top spot after $380 million buy
BlackRock’s iShares Bitcoin Trust is close to becoming the largest Bitcoin fund with a recent $380M Bitcoin purchase, signaling strong market confidence.
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On-chain derivatives need more capital efficiency to rival centralized exchanges: SynFutures CEO
SynFutures CEO Rachel Lin discusses the challenges and new features of V3 aimed at improving capital efficiency in on-chain derivatives.
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3 tips for protecting Bitcoin profits amid Ethereum ETF mania
Looking to protect the millions you’ve made from crypto during the Bitcoin-Ether ETF mania before this bull run comes crashing to an end? Here are a few ideas.
Cryptocurrency’s leading act has been knocked off the top spot. The much-hyped launch of exchange-traded funds (ETFs) for Ethereum in the United States has sent Ether (ETH) soaring more than 20% since May 20. Bitcoin’s (BTC) performance looks lackluster by comparison. Opportunities to bet on crypto’s kingpin still abound — but not all are worth taking.
If you’re an inveterate Bitcoin maxi, stop here. You already know the U.S. dollar is on the brink of collapse, and $200,000 BTC is right around the corner. For everyone else, here are three practical tips for protecting your crypto profits after this bull run loses steam.
The greenlight for Ether ETFs is bullish for crypto as a whole, but not necessarily for BTC — especially not in the short-term. With Ethereum dominating the market’s narrative in the coming months, expect BTC to retest prior price support levels.
Ethereum’s lackluster performance has little to do with spot ETH ETF approval
Ether’s price performance is hindered by stagnant network use, high fees and regulatory uncertainty.
The Ethereum spot exchange-traded fund (ETF) was approved by the U.S. Securities and Exchange Commission (SEC) on May 23. Despite this long-awaited decision, the price of Ether (ETH) failed to hold above $3,800 on May 24, which was surprising given that ETH was trading at $3,943 just two days earlier. The market had been uncertain about the approval odds, so the decision, particularly its timing, caught many off guard.
Some market participants quickly pointed out that the SEC has not yet approved the individual S-1 statements from each issuer, a process that could take weeks or months. This delay, among other factors, is hindering Ether’s performance, including the network’s stagnant growth, relatively high transaction fees, and regulatory uncertainty in the U.S.
Some of the recent profit-taking likely resulted from the anticipation of the spot ETF’s approval, which triggered a 23% rally on May 20, an event often termed “sell the news.” Traders bought ETH expecting the official announcement, especially after the SEC reportedly urged exchanges like the NYSE and Nasdaq to expedite their 19b-4 filings on May 20.
Binance Announces Upcoming Support for New DeFi Altcoin on the Megadrop Token Launch Platform
Crypto exchange Binance just unveiled the second digital asset that will be supported on its new token launch platform. In April, the crypto titan launched Binance Megadrop, a platform with airdrops and Web3 quests that gives users early access to assets that are not yet listed on its exchange. The first crypto project on the […]
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Trader Says Top-10 Altcoin Primed To Surge 500% ‘Eventually,’ Updates Outlook on Ethereum and Pepe
A widely followed crypto analyst says that one top-10 altcoin will eventually see a 500% rise while updating his outlook on smart contract platform Ethereum (ETH) and memecoin Pepe (PEPE). In a new thread, pseudonymous crypto trader Altcoin Sherpa tells his 216,200 followers on the social media platform X that meme asset Dogecoin (DOGE) will […]
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EU says ChatGPT outputs too much false information to comply with rules
While the assessment remains ongoing, OpenAI appears to have made little in the way of progress since 2023.
The European Data Protection Board (EDPB) published the first progress report from its “GPT taskforce” and the news isn’t good for ChatGPT.
OpenAI’s efforts to bring its flagship AI model, ChatGPT, into line with European Union (EU) rules including the comprehensive General Data Protection Regulation (GDPR) were noted by the EDPB, but ultimately deemed insufficient.
Per the EDPB document:
US House Passes Central Bank Digital Currency Anti-Surveillance State Act
The House of Representatives has passed Congressman Tom Emmer’s CBDC Anti-Surveillance State Act, which prohibits the Federal Reserve from issuing a surveillance-oriented central bank digital currency (CBDC). The lawmaker emphasized that the bill protects American values of privacy and individual sovereignty, countering potential governmental overreach. CBDC Anti-Surveillance Act Clears House Following the passage of the […]
ETH balances in centralized exchanges fall to lowest level in three months
Investors withdraw over 56k ETH, causing exchange balances to hit a three-month low, while the market reacts calmly to US ETF approvals.
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Crypto Asset Management Giant Grayscale Launches New Trusts for Ethereum Competitor and Bitcoin Layer-2 Project
The world’s largest digital asset manager is unveiling two new crypto investment trusts for Ethereum (ETH) rival Near Protocol (NEAR) and Bitcoin (BTC) layer-2 project Stacks (STX). In a statement, Grayscale Investment says Grayscale Near Trust and Grayscale Stacks Trust are now available for daily subscription by eligible individual and institutional investors. The new investment […]
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RIP, Kabosu – Shiba Inu Who Inspired the Dogecoin (DOGE) Memecoin Movement Passes Away at 18
It’s a sad day in the crypto community as one of the space’s most lovable faces has passed away. The cryptoverse woke up to a tragic announcement this morning: the Shiba Inu who inspired Dogecoin (DOGE) has died. View this post on Instagram A post shared by ????? (@kabosumama) Kabosu, the photogenic Japanese Shiba Inu who inspired […]
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$3,400,000 Will Be Sent To Struggling Families As ‘No Strings Attached’ Income Program Launches on East Coast: Report
A nonprofit is preparing to hand out millions of dollars over the next two years in a new guaranteed basic income program. New York City-based homeless shelter operator Win has launched a program that aims to assist homeless families with young children, handing out monthly cash payments for two years to help them get out […]
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Consensys Hails Spot Ether ETF Approval, Slams SEC’s ‘Deliberate Regulatory Abuse’
Consensys has lauded the U.S. Securities and Exchange Commission’s approval of 19b-4 filings for spot ether exchange-traded funds as “a step in the right direction.” However, the software firm expressed its disapproval of what it calls the securities regulator’s “deliberate regulatory abuse” in its handling of ethereum. The SEC’s Inconsistent Approach to Digital Assets The […]Price analysis 5/24: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
The spot Ether ETFs approval by the SEC has failed to start a rally in Ether and Bitcoin, but this could change after a few weeks.
The United States Securities and Exchange Commission (SEC) greenlighted several spot Ether exchange-traded funds on May 23, but the decision failed to ignite Ether (ETH) or the crypto markets. Does this mean that the ETF decision was already priced in? It is difficult to judge by the initial reaction because Bitcoin’s (BTC) price had also dipped just after the approval of the spot Bitcoin ETFs. However, the price turned around after a few days and skyrocketed to a new all-time high.
The approved spot Ether ETFs are expected to launch by mid-June, according to Bloomberg ETF analyst Eric Balchunas. He projects the Ether ETFs to garner roughly 10-15% of the inflows seen by the Bitcoin ETFs. Once money starts flowing into Ether ETFs, the spot market is likely to respond favorably.
Although Bitcoin remains stuck in a sideways price action, Fundstrat Global Advisors managing partner and head of research Tom Lee remains uber bullish. In an interview with CNBC, Lee said their base case for Bitcoin by the end of the year is $150,000.
Ethereum Will Turn ‘Really Freaking Bullish’ if This Happens, Predicts Crypto Analyst
A widely followed cryptocurrency analyst and trader believes Ethereum (ETH) could go on a massive bull run if one scenario plays out in the near term. The analyst pseudonymously known as Credible Crypto tells his 394,900 followers on the social media platform X that Ethereum could go parabolic if it holds a key support level […]
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Coinbase, SEC spar over investment definition in appeal attempt
The SEC is evading the real issue, and the court was wrong to take its side, Coinbase claims in a defense of its interlocutory appeal.
Coinbase has leaned heavily into case law in its latest volley against the United States Securities and Exchange Commission (SEC) and has come to a rare conclusion: “the SEC seeks to side-step the [Howey] test.”
Coinbase filed a memorandum in support of its interlocutory appeal—an appeal against a single ruling in an ongoing case—on May 24. The document is a response to the SEC’s opposition to its original request for such an appeal. Coinbase filed its interlocutory appeal on April 12 disputing a March 27 ruling that the SEC had shown sufficient grounds to claim the cryptocurrency exchange’s staking program was an unregistered securities offering.
Related: Coinbase Wallet triumph over SEC allegations is a ‘giant win’ for DeFi
Northern Data’s Peak Mining Acquires Second 300-Megawatt Site in Texas
According to Peak Mining, a subsidiary of the German bitcoin mining and infrastructure firm Northern Data, the company has announced the purchase of a 300-megawatt ERCOT-approved site in Corpus Christi, Texas. The site is adjacent to another location acquired by the firm in December 2023. Peak Mining Purchases ERCOT-Approved Texas Site Northern Data’s Peak Mining […]