NewsBriefs - ByBit counters insolvency rumors amid scrutiny of Ethena's stablecoin operations

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• May 23, 2:57 AM The Block

  SEC acknowledges Canary Capital's filing for staked Tron ETF

  The SEC has recognized Canary Capital's filing for a staked Tron (TRX) ETF facilitated by Cboe BZX Exchange while other crypto ETF decisions remain pending. Stakeholders are invited to comment on the proposed ETF, which features Bitgo as the fund custodian. Meanwhile, the SEC has delayed decisions on several other crypto ETFs, including proposals from Bitwise, Coinshares, and Fidelity.

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• May 22, 12:11 PM Strategy

  Strategy unveils $2.1 billion preferred stock ATM program to support Bitcoin treasury expansion

  Strategy (Nasdaq: MSTR; STRK; STRF) announced a $2.1 billion at-the-market program to issue shares of its 10.00% Series A Perpetual Strife Preferred Stock. The company plans to sell the shares over time, based on market conditions, and intends to use the proceeds for general corporate purposes, including bitcoin acquisition and working capital. The shares will be sold in compliance with US securities laws under a prospectus supplement filed with the Securities and Exchange Commission.

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• May 22, 6:17 AM CoinDesk

  Trump meme coin dinner sparks lawsuits, new legislation and protests from Democrats

  US President Donald Trump is facing legal threats and protests from Democrats over his meme coin dinner event scheduled at Trump National Golf Club. The dinner, inviting the 220 top holders of the $TRUMP meme coin, has raised concerns due to the potential for foreign influence and the secrecy of the attendees' identities. Critics, including Senate Democrat Richard Blumenthal, have attacked the event as corrupt, highlighting that it could be seen as selling access to political power. Additionally, Representative Maxine Waters has introduced legislation aimed at curbing senior officials' involvement in crypto to counteract such actions by Trump.

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• May 22, 4:23 AM The Block

  SafeMoon CEO convicted of major crypto fraud, could face 45 years in prison

  SafeMoon CEO Braden John Karony has been convicted by a federal jury on multiple charges of fraud, potentially facing up to 45 years in prison. The charges relate to a crypto scheme where investors were defrauded of millions through the misappropriation of funds from SafeMoon's liquidity pool. SafeMoon, issued in 2021 with a peak market cap of over $8 billion, included a 10% tax on transfers purportedly safeguarded in a liquidity pool. However, funds were redirected for personal gain by Karony and his associates, who also engaged in trading the token to generate millions in illicit profits.

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• May 22, 3:34 AM Binance

  Binance lists World Liberty Financial USD with trading to begin imminently

  Binance will list World Liberty Financial USD (USD1) and enable trading for the USD1/USDT pair starting from May 22, 2025, at 12:00 UTC. Deposits for USD1 are now open in preparation for trading, with withdrawals to follow on May 23. USD1 is a fiat-backed stablecoin by World Liberty Financial, designed to ensure a 1:1 parity with the US dollar, and adheres to US regulatory standards enforced by BitGo Trust Company.

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• May 21, 6:49 PM The Block

  Texas set to join Bitcoin reserve club as lawmakers pass SB 21

  Texas is poised to become the third US state to establish a strategic Bitcoin reserve following the passage of Senate Bill 21. Lee Bratcher, President of Texas Blockchain Council, expects Governor Greg Abbott to sign the bill, aligning Texas with states like New Hampshire and Arizona in integrating Bitcoin into state-led financial strategy. While specific investment amounts remain undetermined, initial funding is anticipated to be modest, adhering to conservative fiscal standards.

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• May 21, 1:13 AM Cointelegraph

  SEC charges Unicoin and executives over $100 million fraud

  The US Securities and Exchange Commission has charged Unicoin and three executives, including CEO Alex Konanykhin, with making false statements about their crypto assets, leading to a fraudulent $100 million fundraising. The SEC's allegations focus on misleading claims related to rights certificates for tokens and stock, and overinflating the value of real estate assets. The charges seek permanent injunctions and the return of ill-gotten gains.

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• May 20, 6:56 PM The Block

  CME Group's XRP futures see $19 million in trading on first day, surpassing Solana

  CME Group launched XRP futures, generating over $19 million in notional volume on its first day, outperforming the first-day volume of Solana futures. The new XRP futures are the fourth crypto product by CME Group, following BTC, ETH, and SOL, and come in two sizes, cash-settled according to the CME CF XRP-Dollar Reference Rate. This introduction marks a significant expansion of CME Group's regulated cryptocurrency derivatives offerings, aimed at supporting investor strategies in crypto investment and hedging.

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• May 20, 1:24 PM The Block

  Standard Chartered sees growing sovereign Bitcoin exposure via MSTR, backing $500,000 target

  Sovereign entities have increased their indirect exposure to bitcoin by purchasing shares in Strategy (MSTR), according to Standard Chartered Bank. This trend underpins the bank's projection of a $500,000 bitcoin price before President Donald Trump's term ends in 2029. The observations were based on recent 13F filings, highlighting a shift from direct bitcoin ETF investments towards significant holdings in MSTR, viewed as an indirect bitcoin proxy. Standard Chartered anticipates this move will broaden institutional attraction to bitcoin, stabilizing its market and pushing prices towards their target.

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• May 20, 12:18 PM Protos

  SafeMoon's defense claims former CEO's use of liquidity funds was justified

  In the criminal fraud trial of former SafeMoon CEO John Karony, defense attorneys argued that his use of SafeMoon liquidity pool funds was consistent with public statements and necessary for business development. Witnesses supported the defense by stating that the funds' use was expected and acceptable for operational expenses. However, prosecutors challenged this view by highlighting significant price drops following the revealed withdrawals.

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• May 20, 10:17 AM The Block

  Binance seeks to dismiss FTX’s $1.76 billion lawsuit citing lack of jurisdiction and baseless claims

  Binance has filed a motion to dismiss FTX's $1.76 billion lawsuit, arguing that the case lacks jurisdiction and is founded on baseless accusations. FTX alleges that Binance and its co-founder Changpeng Zhao contributed to FTX’s downfall by engaging in a malicious scheme, an accusation that Binance vehemently denies. Binance's legal team claims the lawsuit shifts blame from Sam Bankman-Fried, former CEO of FTX and a central figure in the corporate fraud, who has been sentenced to 25 years in prison. The legal battle centers around a previous financial interaction involving the exchange of crypto tokens between the two platforms and subsequent public communications by Zhao that allegedly led to a significant withdrawal of funds from FTX.

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• May 19, 8:47 PM The Block

  DOJ investigates cyberattack and ransom demand on Coinbase

  The US Department of Justice is investigating a ransomware attack on Coinbase, where cybercriminals demanded $20 million to not release stolen customer data. Coinbase disclosed the breach affected less than 1% of users and estimated response costs between $180 million and $400 million. The DOJ, collaborating with other US and international law enforcement agencies, is handling the probe. Despite the incident, Wall Street analysts view the impact on Coinbase stock as minimal, suggesting the attack is a non-recurring security event.

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• May 19, 6:41 AM Ethereum Research

  Vitalik Buterin suggests updates to Ethereum's scaling strategy to support personal node operation

  Vitalik Buterin has proposed adjustments to Ethereum's scaling roadmap that emphasize local node usability without compromising traditional Layer 1 (L1) scaling efforts. Recognizing the benefits of users running their full nodes for trustless, censorship-resistant, and private interactions with the blockchain, the proposal includes technological advancements such as more efficient gas pricing, EIP-4444 for reducing storage needs, and the introduction of partially stateless nodes. These nodes would enable users to keep relevant subsets of the blockchain state, enhancing local RPC capabilities while maintaining manageable node sizes as L1 gas limits increase.

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• May 19, 6:23 AM Ripple

  Ripple announces Zand Bank and Mamo as first UAE clients for blockchain payments following Dubai license

  Ripple, a leader in digital asset infrastructure, now licensed by the Dubai Financial Services Authority (DFSA), has partnered with Zand Bank and Mamo to use its blockchain-enabled cross-border payment solutions in the UAE. This initiative, which reduces transaction times and fees while increasing transparency, leverages Ripple's new DFSA license for operating end-to-end payment solutions. The partnerships underscore the growing adoption of blockchain for financial transactions in the Middle East, aligning with the region's push towards becoming a global hub for crypto innovation.

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• May 19, 3:25 AM Metaplanet

  Metaplanet acquires 1,004 $BTC, boosting holdings to 7,800 Bitcoin

  Metaplanet, listed in Tokyo, has acquired an additional 1,004 Bitcoin for about $97.5 million, increasing its total holdings to 7,800 BTC. The company's total investment in Bitcoin now stands at approximately $726 million, aligning with its strategy to retain Bitcoin as a primary asset on its balance sheet similarly to companies like Strategy.

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