The Defi Education Fund, an organization focused on defending and bringing clarity to decentralized finance, pondered on what the recent overruling of the so-called Chevron doctrine might mean for crypto. The organization explained that this decision marks a new chapter in the battle for clearer regulations in the crypto environment, putting Congress at the forefront […]
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Metamask Aims to Add Bitcoin Support: A New Chapter for the Popular Ethereum Wallet
Metamask, the popular ethereum wallet, is reportedly planning to add support for bitcoin (BTC) in the next month or so, according to sources cited by Coindesk. While details are scarce, the integration could initially begin with basic features and expand over time. This move would significantly expand Metamask’s reach beyond the Ethereum ecosystem, which it […]
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Halving Milestone: Block 840,000 Mined, Ushering in a New Chapter as Bitcoin Miners Face Shrinking Rewards
At 8:12 p.m. ET on Friday, April 19, 2024, the Bitcoin network marked its fourth block reward halving at block height 840,000. Block 840,000 was mined by Viabtc, securing the notable ‘epic satoshi’ for the fortunate mining pool and a 3.125 BTC reward. The Halving Is Now Complete Bitcoin’s latest halving event occurred at block […]
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New Research Paper Sheds Light on Alleged Conflicts of Interest in FTX’s Chapter 11 Filing
A recent research paper on SSRN by legal scholars scrutinizes the ethical quandaries and potential conflicts of interest surrounding Sullivan & Cromwell LLP’s involvement in FTX’s Chapter 11 bankruptcy filing. Study Highlights Legal Ethics From FTX Bankruptcy Proceedings The SSRN research paper entitled “Conflicting Public and Private Interests in Chapter 11” meticulously explores the controversial […]
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Solana Mobile’s Chapter 2 Reaches 100K Preorders, Guarantees Production
Solana Mobile, a smartphone-focused subsidiary of Solana Labs, has announced that its second mobile phone, Chapter 2, has reached 100k preorders in less than 30 days, hitting a milestone that now guarantees the production of the hardware device. The company reported that the preorder price of 0 will be maintained only for the next two […]
Bitcoin News
Solana Mobile’s ‘Chapter 2’ Crypto Phone Surpasses 60,000 Preorders
The crypto community has shown remarkable support for Solana Mobile’s upcoming “Chapter 2” smartphone, amassing over 60,000 preorders after its announcement, as the company gears up for a launch in 2025.
Solana Mobile’s ‘Chapter 2’ Phone Hits 60K Preorders Ahead of 2025 Launch
Solana Mobile’s upcoming “Chapter 2” crypto phone has already garnered 60,000 preorders, signaling a robust demand nearly a year before its anticipated release in 2025. This milestone was announced through a post on X by Solana Mobile, extending gratitude towards the community for its steadfast support and belief in their vision.
60,000 preorders and counting…
A heartfelt thank you to this amazing community for your unwavering support and belief in the vision. You are the core of the #Chapter2 journey.
Secure your spot for #Chapter2 now https://t.co/LMnynuZBhW pic.twitter.com/gPJvoupsHc
— Solana Mobile 2️⃣ (@solanamobile) February 5, 2024
“Chapter 2” is poised to be the successor to the Solana Mobile Saga, the brand’s inaugural crypto phone which made waves in the market for its innovative integration of cryptocurrency functionalities.
Anatoly Yakovenko, co-founder and CEO of Solana Labs, shared his excitement over the community’s response. “The response to Solana Mobile has been incredible,” Yakovenko stated. “Since Chapter 2 was announced, we’ve had over 60,000 preorders and built a real community of dedicated users.”
Scheduled for a 2025 rollout, the “Chapter 2” device seeks to offer a more affordable gateway into the world of crypto, with a preorder price set at 0. This pricing strategy marks a significant reduction from its predecessor, the Solana Mobile Saga, which initially hit the market at ,000 before dropping to 9.
The success of the Saga model, which sold out in the U.S. by Dec. 15, 2023, laid a solid foundation for its successor. With the introduction of “Chapter 2,” Solana Mobile aims to extend its reach within the crypto community, offering a physical phone equipped with crypto-supporting software that appeals to a wider audience.
In addition to the preorder milestone, Solana Mobile has introduced a leaderboard to encourage community engagement and referrals ahead of the “Chapter 2” launch. The top 1,500 referrers will receive a non-transferrable Element NFT, along with the opportunity to earn rewards from various Solana ecosystem teams, including Mad Lads, Jupiter, Tensor, and Backpack. The first leaderboard snapshot took place on Feb. 6 at 2 p.m. ET, with each preorder wallet receiving a token post-snapshot as a token of appreciation and engagement.
Did you preorder the new Solana phone? Share your thoughts and opinions about this subject in the comments section below.
Solana Mobile Announces Saga Succesor: Chapter 2
Solana Mobile, a subsidiary of Solana Labs, has announced the release of a new phone named Chapter 2. The new phone, whose technical specs have not been announced yet, is projected to be a lower-cost alternative to its Saga sibling, priced at ,000 on its release date.
Solana Mobile Opens Preorders for Chapter 2
Solana Mobile, a cell phone-oriented subsidiary of Solana Labs, has recently announced plans to produce a new Solana-themed device. The company revealed Chapter 2, a successor to its Saga phone launched last year, that capitalized on the rise of the meme market. While there have been no specs listed yet, Chapter 2 is expected to be a lower-cost alternative to Saga, having been priced significantly lower than it.
The company seeks to take advantage of the phenomenon that started with Saga, which possessed a non-transferable token that became a distribution channel for many airdrops and new projects in the Solana ecosystem. The rise of Bonk, a Solana-based meme coin that allowed Saga owners to claim an airdrop, ignited the demand for the phone, making prices skyrocket to ,000 in the secondary market. Before, the phone’s price was lowered from ,000 to 9 due to lack of interest.
While Chapter 2 won’t have this same kind of non-transferable NFT, Solana Mobile announced that there was an “incredible appetite to reach users using this mechanism, and we’re looking forward to building on this experience in Chapter 2,” hinting at the follow-up of the previous experience.
Preorders are already open, and there has been positive feedback for the phone that is being offered at 0, expected to be the full price for early adopters. Solana Mobile declared that the volume of orders pouring in had already exceeded their expectations for the first day. The company aims to launch the phone in the first half of 2025 and to sell at least 100,000 devices.
What do you think about Chapter 2, the newly announced Solana phone? Tell us in the comments section below.
ETF Frenzy: Bitcoin Takes A Dip, Ethereum Goes Hot And The Next Crypto Chapter
In a week etched in crypto history, the long-awaited arrival of Bitcoin ETFs in the US sent shockwaves through the market. Yet, despite the monumental achievement, the king of crypto, Bitcoin, took a step back on Saturday, dipping 6% to end the week barely above ,000.
Many analysts predicted a “sell-the-news” scenario, where investors cashed in on profits built upon anticipation of the ETF approval. Others suggest a rotation into Ethereum, which surged 15% on the week and touched highs not seen since May 2022.
Ethereum ETF Speculation: Shaping Crypto Narratives
This speculation is fueled by expectations of imminent Ethereum ETF decisions from the SEC, potentially mirroring the winds that propelled Bitcoin towards a 60% rally in recent months.
According to Alex Saunders, a Citi analyst, the cryptocurrency market has transitioned to a new narrative, as Ethereum has outperformed Bitcoin. This surge is believed to be driven by anticipation that the second-largest cryptocurrency could receive approval for an ETF.
“In our view, the crypto market has already moved to the next narrative, with ETH rallying more than bitcoin, likely on the expectation that crypto’s second largest token could also see an ETF approval,” Saunders said.
While the immediate price action might paint a contrasting picture, the significance of the ETF launch for Bitcoin’s long-term trajectory remains undeniable. Market participants across the board agree that ETFs will pave the way for increased institutional adoption, a crucial step towards legitimizing Bitcoin as a serious asset class.
Analysts at Citi anticipate “extra prominence” for Bitcoin in diversified portfolios, although widespread inclusion is still some distance away.
The road to crypto acceptance, however, isn’t paved solely with Bitcoin. Litecoin, often dubbed “silver to Bitcoin’s gold,” emerged as another bright spot this week, on track for an impressive 11% gain. This signifies diversification within the crypto landscape, a trend likely to continue with the potential influx of other crypto ETFs.
Crypto Equities Shake Amidst Bitcoin’s Slide
Beyond the digital coins themselves, the news wasn’t as rosy for crypto-related equities and miners. Coinbase and MicroStrategy, heavily invested in Bitcoin, took tumbles of 6% and 8%, respectively. Miners, already on the back foot after suffering substantial losses on Thursday, extended their descent, with CleanSpark and Iris Energy experiencing double-digit drops.
This market snapshot illustrates the dynamic nature of the crypto ecosystem. While Bitcoin might have taken a breather after its historic week, the overall sentiment remains positive. Ethereum’s ascent and the anticipation of broader ETF access signal a shift in investor focus, suggesting a future where the crypto playing field isn’t solely Bitcoin’s domain.
The dust settles on Bitcoin’s ETF debut, leaving a wobbly king and a market yearning for the next narrative. Ethereum, bathed in its own ETF hopes, gleams like a challenger. In this dance of highs and lows, understanding the evolving stories matters more than chasing fleeting profits. Bitcoin’s wobble may yet be a prelude to a high-flying future. The crypto saga, after all, has only just begun.
Featured image from Shutterstock
Safemoon Files for Chapter 7 Bankruptcy Protection Amid Securities and Wire Fraud Charges
In the latest development, Safemoon, a crypto company, voluntarily initiated Chapter 7 bankruptcy proceedings in the District of Utah, as stated in their bankruptcy documentation. This action comes on the heels of the company’s founders facing indictment for securities fraud, wire fraud, and money laundering by the U.S. Securities and Exchange Commission and Department of Justice last month.
Safemoon US Files Chapter 7; SFM Token Plummets
On December 14, 2023, Safemoon US, LLC, the entity behind the safemoon.com website, lodged a Chapter 7 bankruptcy petition in Utah. This type of bankruptcy, often referred to as “liquidation,” necessitates selling the debtor’s nonexempt assets to settle debts with creditors.
For a business such as Safemoon, Chapter 7 bankruptcy signifies halting all operations, while a court-appointed trustee manages the sale of the company’s assets to repay creditors. The bankruptcy submission, authorized by the chief restructuring officer, reveals that Safemoon possesses assets valued between and million, against liabilities ranging from 0K to 0K.
Founded on March 1, 2021, by CEO John Karony, with assistance from Kyle Nagy and Thomas Smith, Safemoon introduced its native token safemoon (SFM) to the market at the end of December 2021. On January 5, 2022, SFM hit its peak value at .00338272. Currently, the token’s value is down by 98.7% from its all-time high, nearly two years prior.
However, last month brought turmoil as the SEC and the Eastern District of New York Department of Justice (DOJ) charged Safemoon with fraud, alleging misappropriation of millions. The DOJ accused the founders of extravagantly spending investor funds on high-end vehicles, real estate, and other luxury purchases.
Following the bankruptcy declaration, SFM‘s value plummeted to a record low, continuing its downward trajectory. In the Chapter 7 documentation, when asked whether the debtor owns or possesses any property requiring immediate attention, the restructuring officer affirmed with a “yes.” The assets in question, categorized as “other,” are listed as encompassing “cryptocurrency, intellectual property, and other intangible assets.”
What do you think about Safemoon filing for bankruptcy amid the SEC and DOJ charges? Share your thoughts and opinions about this subject in the comments section below.
Custodian Prime Trust’s Payments Subsidiary Banq Files for Chapter 11 Bankruptcy Protection
Shortly after the custodian Bitgo announced its acquisition of the company Prime Trust, its payments subsidiary, a firm called Banq, filed for Chapter 11 bankruptcy protection in the United States. According to court documents, the filing reveals that Banq listed approximately .725 million in assets and around .4 billion in liabilities.
Banq’s Bankruptcy Filing Exposes ‘Unauthorized Transfer’
On June 13, 2023, court documents revealed that Banq Incorporated, a subsidiary of the custodian Prime Trust, filed for Chapter 11 bankruptcy. The Chapter 11 filing, registered in Nevada, discloses that the company listed a total of .725 million in assets and .4 million in liabilities. However, the filing also reveals that assets worth .5 million were transferred to Fortress NFT Group, marked as an “unauthorized transfer.”
Fortress Trust, a new custodian startup founded by three members of the Banq/Prime Trust team, has gained traction among firms such as Swan Bitcoin, which has transitioned from Prime Trust to Fortress Trust in recent times. The announcement comes in the wake of Bitgo’s planned acquisition of Prime Trust, following the signing of a letter expressing its intent to purchase the custodian.
Prior to Bitgo’s letter of intent, rumors and speculation about Prime Trust facing financial difficulties circulated on social media platforms. Bitgo stated that the company would leverage Prime Trust’s infrastructure, exchange network, and crypto-centric IRA, expecting to derive significant benefits from these assets.
Prime Trust also collaborates with the team responsible for the stablecoin TUSD. On June 10, 2023, the stablecoin issuer announced that “TUSD mints via Prime Trust are paused for further notification.” However, three days later, on June 13, TUSD stated that it was actively working to resume mining operations with the crypto custodian. “We, the TUSD team, are diligently working towards resuming TUSD minting on Prime Trust. We understand the importance of providing a seamless experience for our users,” the TUSD team emphasized.
What are your thoughts on the implications of Banq’s bankruptcy filing and the unauthorized asset transfer? Share your thoughts and opinions about this subject in the comments section below.