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Amici status update: SEC’s latest filing aims at XRP holders and…

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Amici status update: SEC’s latest filing aims at XRP holders and…

The ever-lasting litigation between the U.S. regulator (SEC) and the San Francisco-based fintech firm, Ripple, continues to see new developments. It seems, for a while, the theme of this lawsuit became granting the amici status (or not).

The defendant had filed a letter about the amici request to participate in the expert challenge. Ripple’s letter opposed the SEC’s motive to throw out amici/XRP holders of the case entirely but the plaintiff remains firm about the said position.

Take (182098094) and action

In the latest filing, Plaintiff, in a heavily redacted letter to Judge Analisa Torres requested to revoke the Amici status granted to the opposition. Also, to prevent further participation of the XRP holders’ representative, John Deaton in the case.

James Filan, a famed attorney shared this development in a 20 July tweet.

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#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The SEC, in a heavily redacted letter alleging threats against an expert, asks Judge Torres to revoke amici status granted to XRP Holders and to bar @JohnEDeaton1 from any further participation in the case.https://t.co/a3xVJyCs99

— James K. Filan 🇺🇸🇮🇪 106k (beware of imposters) (@FilanLaw) July 19, 2022

Here, Deaton stood on behalf of XRP holders and requested permission to write a brief on behalf of the Amici. Thereby, providing the court with the reasons behind more than 67,000 holders purchasing XRP.

This move, as per Plaintiff, ‘exceeds the bounds of the privileges offered by the amici status’. It provides no additional support to Ripple’s case as they can make such arguments.

“The Motion seeks to brief factual rather than legal issues, to do so on a non-dispositive motion, and to make arguments that Defendants are capable of making. Movants’ Motion should be denied, and, pursuant to the Court’s broad discretion to permit or deny the appearance of amici.

Deaton should be barred from making additional filings or otherwise participating in this case. The SEC may seek further relief from the Court in light of Deaton’s and his followers’ recent conduct.”

Notably, Amici Curiae is an individual or organization that is not a party to a legal case but is permitted to assist a court by offering information.

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Guns blazing

The SEC seems to have shifted to an offensive mode of late. Especially, after the previous blow. Herein, the respected judge denied the SEC AC privilege and further stated reasons for the same.

That being said, associated enthusiasts didn’t see eye to eye with the SEC. For instance, Jeremy Hogan, another closely-related attorney opined,

Imagine you’re a second year law student who just started clerking at the SEC! Exciting!

And then you are given the job of scrolling through Twitter and YouTube to look for anything that makes an attorney and 68k people look bad, so they can be attacked in a pleading.

Imagine. https://t.co/ViIAgXfVVl

— Jeremy Hogan (@attorneyjeremy1) July 20, 2022

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Moreover, some of the investors are of the opinion that barring XRP holders from this case might just make things worse.

$6.13 billion TVL

Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum

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Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum

Reports indicate that the decentralized finance (defi) protocol Curve was hacked for $570,000 in ethereum after people noticed that Curve’s front end was exploited. The attackers then tried to launder the funds via the crypto exchange Fixedfloat, and the trading platform’s team managed to freeze $200K worth of the stolen funds.

Curve Finance Exploited for $570K — Fixedfloat Exchange Freezes More Than $200K, Domain Service Blamed

Another defi hack was discovered on August 9, when the Paradigm researcher Samczsun tweeted that Curve Finance’s frontend was compromised. Curve Finance confirmed the problem on Twitter and later the team was able to revert the exploit found on the frontend. “The issue has been found and reverted,” Curve said. “If you have approved any contracts on Curve in the past few hours, please revoke immediately.”

🚨🚨🚨@CurveFinance frontend is compromised, do not use it until further notice!

— samczsun (@samczsun) August 9, 2022

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When Curve was asked if the team could “go into detail about how the name servers were compromised?” Curve replied: “That we don’t know. Most likely, [iwantmyname.com] themselves got hacked.” The on-chain researcher Zachxbt reported that the hacker managed to get away with $570K. The funds were sent to the Bitcoin Lightning Network-powered exchange Fixedfloat, and the exchange noted that the team managed to freeze some of the funds.

“Our security department has frozen part of the funds in the amount of 112 [ether]. In order for our security department to be able to sort out what happened as soon as possible, please email us” Fixedfloat wrote. Steven Ferguson, the founder of Tcpshield, further verified that it was possible that the domain service iwantmyname.com was breached.

“On August 9th at 20:26 UTC, I was pinged regarding [Curve fi’s] frontend being compromised in what appears to be a nameserver hijack at [iwantmyname.com],” Ferguson said. The Tcpshield founder added:

This did not appear to be a hijack at the registrar level, but rather systems at [iwantmyname.com] compromised themselves.

The Curve attack follows a great number of defi hacks during the last few weeks, as the Solana-based Slope wallet was breached, Crema Finance lost $8.7 million, and Rari Capital’s Fuse platform was hacked for $80 million. Furthermore, $1.3 billion was stolen in Q1 2022 and most of the attacks stemmed from defi projects this year.

Following the Curve attack, the Curve team has been tweeting out walkthroughs on how users can revoke a smart contract. After the issues were found and reverted, Curve Finance said: “Updates should have propagated for [Curve] everywhere by now, which means it should be safe to use.” Curve Finance has $6.13 billion total value locked (TVL) today, making it the fifth-largest defi protcol in terms of TVL size.

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$6.13 billion TVL, 2022 Defi Hacks, Crema Finance, Curve attack, Curve fi frontend, Curve hack, Curve team, Curve.fi, decentralized finance, Defi Hack, domain service, Fixedfloat, frozen eth, frozen funds, Hack, iwantmyname.com, Name Service, Steven Ferguson, Tcpshield, Zachxbt

What do you think about the Curve Finance hack that occurred on August 9? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bankruptcy

German Crypto Exchange Nuri Files For Insolvency

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German Crypto Exchange Nuri Files For Insolvency

Cryptocurrency exchange Nuri has filed for insolvency, reportedly becoming Germany’s first fintech to take the step in a challenging year for startups in the industry. Customer access to the platform’s services and their funds will not be affected, the company assured.

Crypto Exchange Cites ‘Lasting Strain on Liquidity’ as Reason for Insolvency Filing

Berlin-based crypto exchange Nuri, formerly Bitwala, has filed for bankruptcy with a court in the German capital. The company made the move on Tuesday, Aug. 9, after unsuccessful attempts to secure a new financing round, the business newspaper Handelsblatt reported, noting that Nuri is the first German fintech to file for insolvency due to the latest crypto market slump.

In a statement, the exchange remarked that 2022 has been a challenging year for startups, especially those working with financial technologies, due to the effects of the Covid-19 pandemic, political uncertainties and most recently, Russia’s military invasion of Ukraine.

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In addition, negative developments in the crypto space, including major sell-offs, the implosion of the Terra/Luna protocol, and the insolvency of Celsius and other crypto funds have led to a bear market, Nuri said, explaining:

We proceeded with the filling in due time to stay ahead of a lasting strain on the liquidity of our business.

Nuri Clients to Deposit and Withdraw Without Restrictions

The coin trading platform insisted that the filing will not affect its products and services, clients’ funds or investments. Customers will continue to have unimpeded access to their accounts and be able to deposit or withdraw all funds at any time, thanks to a partnership with Solarisbank. This applies to both cryptocurrency holdings and euro deposits.

The crypto exchange also emphasized it remains confident that the temporary insolvency proceedings offer a basis for developing and implementing a long-term restructuring plan. Nuri launched in 2015 and for a few years, until the rebranding in 2021, operated under the name Bitwala.

“This step became necessary to ensure the safest path forward for all our customers,” the company reiterated, and promised its team will do everything possible to ensure that its products and services continue to serve present and future customers.

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Bankruptcy, Bitwala, Crypto, crypto exchange, crypto market, Cryptocurrencies, Cryptocurrency, downturn, Exchange, filing, german, Germany, Insolvency, market, Nuri, Slump, trading platform

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Do you expect other German crypto companies to file for insolvency? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, P365

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Altcoins

Axie Infinity holders have reasons to celebrate market drawdown

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Axie Infinity holders have reasons to celebrate market drawdown

The market crash has affected every cryptocurrency in some or the other way. And, the recovery from the same has been a nightmare for many. But not for the Axie Infinity holders.

These GameFi token holders stand to be some of the most thriving individuals when compared to the investors of other cryptocurrencies.

Axie Infinity, no worries

The altcoin marked its all-time high of $160 back in November 2021. However, it has consistently been on a downtrend.

Down by almost 90%, AXS was seen trading at $17.8 on 9 August after rising by about 40% from the lows of the June crash.

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Now, in such a case, at least a majority of the investors would be bound to take a hit in some or the other way. But surprisingly, not a lot of investors are suffering losses.

This is because even before Axie Infinity came anywhere close to its all-time high (ATH), the investors were already in profit since they had been accumulating for a very long time.

Consequently, in November, not even 1% of the investors were at a loss. However, as prices began falling, their profitability did too.

Plus, the ones who bought their supply around the time AXS was at its highest point are a part of the cohort which noted losses. Their FOMO purchase is taking a hit as the price has returned to its 15-month lows.

At the moment, after a 40% recovery over the month, Axie Infinity investors are noting a slight improvement, although 22.29% of them are still at a loss, which is still a far lower concentration in comparison to the market.

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But even for these 22.29% investors, profits do not lie millions of miles away from the ATH.

As the loss-bearing holders’ concentration would come down to just 6%, AXS would be a profitable investment once again.

Aaryamann is a freelance crypto journalist working with AMBCrypto. He is currently investing his time in the crypto-space. He has a keen interest in DeFi, the ever-expanding possibilities of blockchain technology, as well as the political impact they would have.

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