Crypto News Roundup: July 22, 2023 📰

2smh...KMBv

22 Jul 2023

302

Welcome to the Crypto News Roundup, where I bring you the latest and most important stories from the world of cryptocurrencies and blockchain technology.

Here are some of the headlines that caught my attention today:

SEC Hints at Potential Appeal to XRP Ruling from Ripple Labs Lawsuit 🔎

The U.S. Securities and Exchange Commission (SEC) may not be ready to give up on its case against Ripple Labs, the company behind the XRP cryptocurrency. In a recent filing made to the U.S. District Court in the SEC’s case against Terraform Labs and its former CEO Do Kwon, the agency’s lawyers made comments suggesting it may appeal the recent ruling in its case against Ripple Labs.

The SEC had accused Ripple Labs of conducting an unregistered securities offering by selling XRP tokens to investors. However, in June 2023, Judge Analisa Torres of the Southern District of New York ruled that XRP was not a security, but a medium of exchange that could be used for various purposes. The ruling was seen as a major victory for Ripple Labs and the XRP community.

However, in its latest filing, the SEC stated that it disagreed with Judge Torres’ decision and that it intended to seek further review. The SEC argued that XRP was indeed a security and that Judge Torres had added “baseless requirements” to the Howey test, which is used to determine whether an asset is a security or not.

The SEC’s comments came as a response to lawyers of Terraform Labs using the Ripple judgement in support of their defence. Terraform Labs is another blockchain company that is facing a similar lawsuit from the SEC for allegedly selling unregistered securities through its UST stablecoin and MIR governance token.

The SEC’s hint at a potential appeal could mean that the legal battle between the agency and Ripple Labs is far from over. It could also have implications for other crypto projects that are facing or may face similar charges from the SEC in the future.

Source: Cointelegraph

McDonald’s Launches ‘McNuggets Land’ in The Sandbox 🍔

McDonald’s Hong Kong has reportedly launched ‘McNuggets Land’- the fast-food brand’s first Web3 experience built in The Sandbox metaverse platform. The launch comes in celebration of the 40th anniversary of the fast-food giant’s popular Chicken McNuggets menu item.

The Sandbox is a decentralized virtual world where users can create, own, and monetize their own voxel-based gaming experiences using the SAND utility token and NFTs (non-fungible tokens). McDonald’s Hong Kong has partnered with The Sandbox to create a unique and immersive experience for its customers and fans.

The McNuggets Land virtual experience reportedly features:

A virtual store with a hidden factory and a tour through the history of Chicken McNuggets
A quest system where players can complete tasks to win rewards, such as SAND tokens and a 365-day free Chicken McNuggets coupon that can be redeemed at the chain’s restaurants in Hong Kong
A limited edition NFT collection of Chicken McNuggets-themed items, such as hats, glasses, backpacks, and more
A social hub where players can interact with other McNuggets lovers and share their creations

The location will be live in The Sandbox until August 28. Users can access it by downloading The Sandbox game client or by visiting this link.

Source: Decrypt

New York Couple Accused of Laundering Hacked Bitfinex Crypto Reaches Plea Deal 🤝

Ilya Lichtenstein and Heather Morgan (aka Razzlekhan), the New York couple accused of laundering $4.5 billion worth of crypto linked to the 2016 hacking of the Bitfinex exchange, have entered into a plea agreement with federal prosecutors. The couple is scheduled to appear for an arraignment and hearing on Aug. 3 as part of a plea agreement with prosecutors. While details relating to the plea deal remain undisclosed, federal prosecutors allege the couple conspired with “others known and unknown to the grand jury.”

The couple was arrested in February 2023 and charged with conspiracy to commit money laundering, operating an unlicensed money transmitting business, and money laundering. According to the indictment, the couple operated a website called Crypto Capital, which offered crypto-to-fiat conversion services to customers around the world. The website allegedly received funds from various sources, including the hackers who stole 120,000 bitcoins (worth about $72 million at the time) from Bitfinex in August 2016.

The indictment also claimed that the couple used various methods to conceal the origin and destination of the funds, such as using shell companies, offshore accounts, and encrypted messaging apps. The couple allegedly transferred some of the funds to their personal accounts and spent them on luxury items, such as cars, jewelry, and real estate.

The plea deal could mark the end of a long-running investigation into one of the biggest crypto hacks in history. Bitfinex, which is one of the largest crypto exchanges in the world, has been trying to recover the stolen funds for years. In 2019, the exchange announced that it had recovered 27.7 bitcoins from the U.S. government as part of a law enforcement action. In 2020, the exchange offered a reward of up to $400 million for information leading to the recovery of the remaining funds.

Source: The Block

Craig Wright Will Be Able to Fight Bitcoin Copyright Claim in UK After Winning Appeal ⚖️

Craig Wright, the controversial Australian computer scientist who claims to be Satoshi Nakamoto, the anonymous creator of Bitcoin, will be able to fight his case in the UK after winning an appeal against a previous court denial. Wright is seeking to establish that he owns the intellectual property rights to the Bitcoin file format and protocol, which he claims he invented under the pseudonym Satoshi Nakamoto.

Wright had filed a lawsuit against Cøbra, the pseudonymous operator of the bitcoin.org website, which hosts a copy of the Bitcoin whitepaper and software. Wright alleged that Cøbra had infringed his copyright by publishing and distributing the whitepaper and software without his permission. Wright also demanded that Cøbra remove the whitepaper and software from the website and stop using the Bitcoin name and logo.

However, in June 2023, Judge David Hodge of the High Court of England and Wales dismissed Wright’s claim on jurisdictional grounds. Judge Hodge ruled that Wright had failed to prove that Cøbra was based in or had any connection to the UK, and that there was no evidence that anyone in the UK had accessed or downloaded the whitepaper or software from bitcoin.org.

Wright appealed against Judge Hodge’s decision, arguing that he had sufficient evidence to show that Cøbra was indeed based in or had ties to the UK. Wright also claimed that he had suffered reputational damage in the UK as a result of Cøbra’s actions.

On July 21, 2023, a bench of three UK judges granted Wright’s appeal and allowed him to argue his case in front of a UK court. The judges stated that Wright had presented “a good arguable case” that Cøbra was subject to UK jurisdiction and that there was “a serious issue to be tried” on whether Wright was indeed Satoshi Nakamoto and whether he owned the copyright to Bitcoin.

The ruling does not mean that Wright has won his case or proven his claims, but only that he will have a chance to do so in a UK court. The date for the trial has not been set yet. Cøbra has not commented on the ruling yet.

Source: Coindesk

Conclusion

That’s all for today’s Crypto News Roundup. Stay tuned for more updates and insights from the crypto space. And remember, always do your own research before investing in any crypto project or platform. Happy trading! 🚀

Stay informed with these crypto highlights!

Don’t forget to subscribe to my newsletter for daily updates on the crypto world. I will keep you informed about the latest news, trends, tips, and insights on everything related to cryptocurrencies.
Thank you for reading and stay tuned for more!