Ripple CEO Brad Garlinghouse says the latest court ruling on Ripple’s securities lawsuit “is a big win.” He stressed that “absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security.” The Ripple executive slammed allegations of misleading statements about his XRP position, stating that the […]
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Report: DCG, Barry Silbert Seek Dismissal of NYAG Lawsuit, Citing ‘Baseless Innuendo’ and Integrity in Operations
Digital Currency Group (DCG) has submitted a request to the court to drop the legal action taken against it by New York Attorney General Letitia James. DCG argues that it’s “wrongfully” depicted and maintains that the lawsuit is nothing but a “thin web of baseless innuendo.” DCG Challenges NYAG’s Legal Action Last year, the New […]
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Seychelles-Based Crypto Exchange MEXC Rejects ‘Baseless’ User Asset Freeze Claims
The Seychelles crypto exchange MEXC has rejected claims it is unilaterally freezing users’ accounts or “wiping” out their profits. The MEXC team said it opposes ongoing attempts to defame its name and may resort to taking legal action.
Baseless Claims
The Seychelles-based cryptocurrency exchange, MEXC, has described allegations that it is unilaterally freezing users’ accounts as “baseless claims” being propagated by “individuals with ulterior motives.” In a statement, the MEXC team said it vehemently opposes attempts to defame it or disseminate false narratives and may institute legal proceedings against those behind the rumors.
The crypto exchange’s strong rebuttal of claims followed several media reports of disgruntled users, some of whom have accused MEXC of “wiping” out profits as well as the relevant trade history. One of the affected users claimed to have lost access to 92,000 in USDT stablecoins when the crypto exchange allegedly froze his account.
Sharing his ordeal on X (formerly Twitter), the user, who uses the name Vida, said subsequent attempts to recover the funds were frustrated by MEXC’s support team, which cited “abnormal trading activities” in the user’s account or associated accounts.
Users Urged to Refrain From Spreading False Information
However, in the crypto exchange’s Dec. 24th rebuttal of the claims, the MEXC team said it is still committed to users’ welfare. It also warned users to avoid spreading fake news about the crypto exchange.
“Since its establishment, MEXC has consistently upheld ‘Customer First,’ as its guiding principle. We are committed to safeguarding the interests of users and cultivating project partners. We sincerely appreciate the trust and support that our users have consistently placed in us. We encourage everyone not to blindly believe rumors and refrain from spreading false information,” the crypto exchange said.
It’s been 4 hours now and I’m still unable to withdraw any of my KAS, and that is after splitting my larger withdrawal request into smaller ones as the large one was cancelled for no apparent reason, all still processing without an ETA.
I’m at a loss as to what I should do.
— Nadav (@Eros280400) December 24, 2023
In another post on X, the MEXC team disavowed an account purporting to be that of its CEO and told users to verify news about it through official social media channels. Despite the crypto exchange’s assurances, some users continued to report unsuccessful withdrawal requests
What are your thoughts on this story? Let us know what you think in the comments section below.
White House, Yellen Slam Fitch’s US Rating Downgrade — Biden Officials Call It ‘Bizarre and Baseless’
Fitch Ratings has downgraded the United States’ debt rating. Biden officials call the downgrade decision “bizarre and baseless.” Both the White House and U.S. Treasury Secretary Janet Yellen strongly disagreed with the downgrade decision. Yellen claimed that the change by Fitch Ratings “is arbitrary and based on outdated data.”
Fitch Downgrades US Rating
Fitch Ratings, one of the three largest credit rating agencies in the U.S., downgraded the United States’ long-term foreign-currency issuer default rating from AAA to AA+ on Tuesday. The rating agency explained:
The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years.
It also reflects “a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions,” Fitch added.
“The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management,” the rating agency detailed. Moreover, Fitch explained that in its view, “there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025.”
In addition, Fitch described:
We expect the general government (GG) deficit to rise to 6.3% of GDP in 2023, from 3.7% in 2022, reflecting cyclically weaker federal revenues, new spending initiatives and a higher interest burden.
The rating agency placed the country’s credit rating on negative watch in May, citing the debt ceiling fight in Washington. Despite the U.S. successfully avoiding default on its debt obligations in June, Fitch maintained the negative watch. However, in its announcement on Tuesday, Fitch clarified that the negative watch on the U.S. has been removed, and a “stable outlook” has been assigned.
White House, Biden Officials, and Yellen Disagree
Following the rating downgrade, officials from the Biden administration told journalists that the governance issues highlighted by Fitch occurred during former President Donald Trump’s administration. Noting that Fitch had maintained a AAA rating during that period, a senior Biden official said: “This is a bizarre and baseless decision for Fitch to make now … It simply defies common sense to take this downgrade as a result of what was really a mess caused by the last administration and reckless actions by congressional Republicans.”
The White House also released a statement following Fitch’s decision. “We strongly disagree with this decision,” White House Press Secretary Karine Jean-Pierre said. “The ratings model used by Fitch declined under President Trump and then improved under President Biden, and it defies reality to downgrade the United States at a moment when President Biden has delivered the strongest recovery of any major economy in the world.”
Treasury Secretary Janet Yellen also released a statement regarding the downgrade. She stated:
I strongly disagree with Fitch Ratings’ decision. The change by Fitch Ratings announced today is arbitrary and based on outdated data.
“Fitch’s quantitative ratings model declined markedly between 2018 and 2020 — and yet Fitch is announcing its change now, despite the progress that we see in many of the indicators that Fitch relies on for its decision,” Yellen explained. “Many of these measures, including those related to governance, have shown improvement over the course of this administration, with the passage of bipartisan legislation to address the debt limit, invest in infrastructure, and make other investments in America’s competitiveness.”
What do you think about Fitch downgrading the U.S. rating? Let us know in the comments section below.