Crypto Weekly Recap: PayPal launches PYUSD; Bittrex to pay $24M to SEC; FC Barcelona Ventures into Web3; and More (August 6th–12th, 2023)
Welcome back to the latest edition of the weekly MelegaSwap cryptocurrency news roundup, where we will uncover the most interesting news about the crypto market from August 6th to 12th, 2023.
The cryptocurrency world is abuzz with news this week. PayPal has launched its own stablecoin, PYUSD, which is pegged to the US dollar and can be used on its platform to buy, sell, and hold digital currencies. This is a major development, as it makes it easier for people to use cryptocurrency in their everyday lives.
In other news, Bittrex has agreed to pay a $24 million fine to the SEC for operating an unregistered exchange. Meanwhile, DCG, the parent company of Grayscale Investments, is suing Gemini, alleging that the latter made false statements about its compliance with regulations.
Similarly, the SEC has filed an interlocutory appeal in the Ripple case, while Fireblocks has also revealed vulnerabilities in over 15 crypto wallets.
CRYPTO NEWS RECAP: (August 6th to 12th, 2023)
- PayPal launches PYUSD stablecoin for fiat-web3 confluence
- SEC reaches $24M settlement with Bittrex and Ex-CEO
- DCG disputes Gemini’s lawsuit, citing lack of evidence
- FC Barcelona secures $132 million for blockchain and NFT ventures.
- SEC pursues “Interlocutory” appeal in ripple legal battle
- Fireblocks exposes critical vulnerabilities in over 15 crypto wallets
SEC pursues “Interlocutory” appeal in Ripple legal battle
The SEC aims to challenge Ripple Labs’ court victory through an “interlocutory” appeal. The SEC’s recent letter to Judge Analisa Torres requests a case suspension to seek this review.
Citing the Terraform case, the SEC argues for an appellate court’s fresh evaluation because of conflicting judgments. The essence lies in Torres’s decision to categorize XRP sales as non-securities.
While the recent partial victory deemed retail XRP sales non-securities, this “interlocutory” twist adds a layer of uncertainty, prolonging the legal showdown’s timeline.
PayPal launches PYUSD stablecoin for fiat-web3 confluence
Paypal has launched its own stablecoin called PYUSD for payments and transfers. The ERC-20 stablecoin is issued by Paxos Trust Company and is backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents.
PYUSD is available to U.S. customers gradually and can be transferred between PayPal and compatible external wallets. It can also be used to send person-to-person payments, fund purchases by selecting it at checkout, and convert any of PayPal’s supported cryptocurrencies to and from PYUSD.
The SEC has reached a $24 million settlement with Bittrex and its ex-CEO
The SEC has settled with the Bittrex crypto exchange and its former CEO. Accused of running an unregistered exchange, Bittrex must pay over $14.4 million in disgorgement, $4 million in prejudgment interest, and $5.6 million in civil penalties, awaiting court approval.
This settlement follows the US Treasury Department’s $29 million enforcement in 2022, which prompted Bittrex’s US exit and subsequent bankruptcy filing.
DCG disputes Gemini’s lawsuit, citing lack of evidence
Digital Currency Group (DCG) has responded to Gemini’s lawsuit, branding it as a continuation of a PR strategy. The crypto venture firm filed a motion to dismiss the suit, asserting that Gemini’s claims lack substance and are an attempt to tarnish DCG’s image.
The lawsuit from Gemini alleges DCG’s involvement in fraudulent practices tied to the collapsed Earn program, operated by DCG subsidiary Genesis. The suit unfolds amidst regulatory scrutiny, with both companies facing SEC charges over unregistered securities sales.
FC Barcelona secures $132 million for blockchain and NFT ventures.
Spanish football titan FC Barcelona has secured a staggering €120 million ($132 million) investment from Libero Football Finance AG and Nipa Capital B.V. The influx fuels Barça Vision’s Web3 journey, integrating blockchain, NFTs, and the metaverse for the digital Espai Barça. Libero and Nipa, renowned in finance and venture capital, drive this evolution. Pending shareholder approval, the transaction concludes in Q4 2023.
Notably, NFTs like “Unleash Your Passion” highlight eco-consciousness. High-flying NFT sales include “Masterpiece #1,” fetching $693,000, and “Masterpiece #2,” selling for $300,231 on OpenSea. FC Barcelona pioneers the sports-tech landscape.
Fireblocks exposes critical vulnerabilities in over 15 crypto wallets
Crypto infrastructure leader Fireblocks has unearthed “BitForge” vulnerabilities, targeting over 15 digital asset wallet providers. According to the company, this flaw could trigger a complete drain of crypto wallets. Categorized as “zero-day,” these vulnerabilities affect essential cryptographic MPC protocols such as GG-18, GG-20, and Lindell 17 implementations.
Furthermore, BitForge might enable hackers to extract the private keys of both institutions and individuals by exploiting the absence of zero-knowledge proof.
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