🚀 Happy Friday,
Get ready for our weekly newsletter. Today’s edition we bring some exclusive scoops. Read on and find out more.
Had You Invested $4000 In XRP, 8 Years Ago, You’d Today Have More Than A Million… (Calculation Towards The End)
💰 SEC Ripple’d’, But Don’t Get Too Happy
🚫 Celsius Was Lying, And A Big Time Scam
💻 Trump’s NFT Company Only Has $1000 In Bank
🎨 Solana’s Bumpy Ride in Q2
SEC Ripple’d’, But Don’t Get Too Happy
Ripple Labs and the Securities and Exchange Commission (SEC) have been locked in a battle for THREE long years! 🥊
So, what’s the latest scoop? Well, a federal judge just dropped a bombshell ruling that Ripple’s XRP token was, indeed, a security when it was sold to institutional investors back in the day.
The judge’s reasoning is quite interesting. She believed that institutional investors were hip to XRP’s securities-like characteristics, thanks to Ripple’s fancy sales pitch.
But don’t pop the champagne just yet, folks. While this ruling seems like a turning point, let’s not forget that it was based on the understanding of crypto from a couple of years ago. Remember, Bitcoin was just a tiny tot back then, and regulators were starting to wrap their heads around this newfangled space. Times have changed, people! ⏰
Can the SEC clear the confusion by making security guidelines crystal clear for the general public? It’s possible! In fact, the SEC has been going after crypto companies left and right this year, making sure they play by the rules.
But here’s the twist: the court didn’t entirely agree with the SEC’s argument about why XRP should be classified as a security. They cited the Supreme Court’s “Howey test” and pointed out that Ripple never promised anything to secondary-market buyers, just like other traded instruments. 🤷♀️
Now, some folks are taking this early ruling as a sign that crypto giants like Coinbase may have dodged a bullet. At least when it comes to regular folks buying on their platforms. Phew! But hey, that’s only one piece of the puzzle, my friends.
You see, many successful crypto projects rely on selling tokens to big-shot investors and venture capitalists before launch, all to gather momentum and avoid regulatory hiccups. But with this ruling, that pre-sale party might be over, unless VCs feel like jumping into the unpredictable world of open markets. Yikes! 🎢
Celsius Was Lying, And A Big Time Scam
We dive into the scandalous downfall of Celsius Network Ltd., the crypto lender that promised sky-high returns on your crypto deposits. 🎢
Alex Mashinsky, the former CEO of Celsius, has found himself in hot water. He’s been slapped with fraud charges and sued by not one, not two, but THREE regulatory agencies. The Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Federal Trade Commission all have their sights set on Mashinsky and his company. 😮
Why all the fuss, you ask? Well, Celsius was quite the character in the crypto world. He lured in customers with promises of astronomical yields on their deposits.
But as we know, all good things must come to an end. Last summer, Celsius shocked customers by freezing withdrawals and filing for bankruptcy. And that’s when things really got interesting! The federal complaints against Celsius spilled the tea on their shady operations. Let’s break it down, shall we?
Celsius was caught up in not one, but TWO investment scams. First, they convinced customers to deposit their precious cryptocurrencies, ensuring them safe returns of up to 17%. The catch? Celsius supposedly lent out these funds to crypto hedge funds.
Spoiler alert: those safe, yields were nothing but a mirage! 🏝️
Celsius also had its own token, CEL, which served as a quasi-stock in the company. Investors could bet on Celsius’s success through this token. Sounds legit, right? Well, turns out, it was your classic penny-stock promotion, complete with lies and deception. Celsius allegedly hyped up its business to seduce folks into buying their token.
They fibbed about their business model, downplayed risky trading and uncollateralized loans, and claimed that 80% of their revenue went directly to investors. But surprise, surprise, none of these claims held true! Celsius couldn’t generate enough revenue to meet interest payments, engaged in risky practices, and ultimately led itself to the edge of collapse. 🎢
Trump’s NFT Venture Company Only Had $1000 In Bank
Ex-President Donald Trump owns a company called CIC Digital LLC.
What’s all the fuss about? Well, this company was behind Trump Trading non-fungible tokens (NFTs).
In a recent disclosure, it was revealed that CIC Digital LLC has a US bank account with—wait for it—a balance of less than $1,000.
The question is: What about the million dollar sales of NFTs in 12 hours of the launch of NFTs, back in December?
The real treasure lies in their Ethereum wallet. Reportedly holding an estimated value between $250,000 and $500,000.
All these details were part of a recent financial filing submitted by Trump, where he spilled the beans on nearly a hundred income sources. Yup, you heard that right—over $1.2 billion in total! 🤑
Solana’s Bumpy Ride in Q2
Solana faced its fair share of obstacles, starting with the infamous FTX debacle and pesky network downtimes. But don’t count it out just yet—Solana has been on a mission to bounce back stronger than ever. 💪
Unfortunately, in Q2, Solana had to deal with a whole new problem—the Securities and Exchange Commission (SEC) lawsuits.
Exchanges like Robinhood even decided to delist SOL from their platforms, sending its value tumbling down. The prices took a 9.2% hit while the broader market saw a modest 1.3% increase. Ouch!
Now, let’s talk revenue. In Q1, Solana enjoyed some support from higher priority fees paid by users. But in Q2, things took a downward turn, experiencing a 15.0% decrease compared to the previous quarter.
The primary culprit? A decline in the proportion of priority fees paid.
Priority fees have been a lifesaver for Solana, helping to mitigate the network’s downtime issues and combat spamming. But in Q2, less users opted for priority fees, leading to a drop in average transaction fees and affecting Solana’s revenue.
Meme Coin Corner
- 💰Shiba Inu Flies Higher In Tandem With Dogecoin As Crypto Sector Reacts To XRP Judgement: A Technical Analysis
- 🚀 Dogecoin Co-Founder Has High Hopes for Billionaire Elon Musk’s New AI Venture, Calling It ‘Really Interesting’
- 🔥 PEPE: Is this whale movement the catalyst to long-term gains?
Crypto Market Watch
If you invested $4000 in XRP when it was trading at $0.0029438, and if you sold it today, you’d have returns of $ 1.07 million (26,824.39% gains).
Twice weekly crypto goodness, coming your way! Catch us every Tuesday and Friday. And hey, don’t forget to check us out on Wednesdays for all the latest AI news – because why limit yourself to just one kind of intelligence?
