As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space.
Ripple vs. SEC Settlement
Ripple has agreed to end its legal battle with the U.S. SEC, dropping its cross-appeal and settling for $50 million—less than half of the original $125 million fine. The SEC will refund the remaining $75 million and move to lift the injunction on Ripple. Ripple's Chief Legal Officer, Stuart Alderoty, confirmed the settlement on X.
Trump Media and Crypto.com Partnership
Trump Media, the parent company of Truth Social, has teamed up with Crypto.com to launch exchange-traded products (ETPs) under the TruthFi brand. The ETPs will focus on cryptocurrencies and sectors like energy, emphasizing a 'Made in America' theme. This move aligns with Trump Media's strategy to blend digital assets with American-focused securities.
Binance Insider Trading Scandal
Binance has suspended a former BNB Chain employee accused of using insider information to profit from a Token Generation Event (TGE). The company’s Internal Audit team revealed that the staff member allegedly made trades using non-public data from their previous role.
Market Manipulation Incident at HyperLiquid
Decentralized trading platform HyperLiquid has suffered another blow as market manipulation caused a sudden 230% surge in $JELLY’s price, resulting in an unrealized loss of $12 million. According to Lookonchain, HyperLiquid’s treasury took a $5 million short position on $JELLY, but the token’s rapid rise to $0.16004 nearly triggered liquidation, which could have cost the platform $240 million.
Floki Removes $TOKEN Tax
Floki's DAO has voted unanimously to eliminate the 0.3% buy/sell tax on TokenFi's native token, $TOKEN. The move aims to boost accessibility and trading by reducing transaction friction. TokenFi hopes the change will drive ecosystem growth by attracting users interested in creating tokens and tokenizing real-world assets.
This week's news from the DeFi and crypto world highlights important shifts in legal, trading, and technological arenas, emphasizing the need to continually monitor trends and developments in this fast-changing industry.
