This week saw significant developments in the DeFi and crypto sector. Here's a concise overview of the most important events.
Ripple vs. SEC Settlement
Ripple has agreed to end its legal battle with the U.S. SEC by dropping its cross-appeal and settling for $50 million, which is less than half of the originally proposed $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 Ventures
Trump Media, the parent company of Truth Social, has partnered with Crypto.com to launch exchange-traded products under the Truth Fi brand, focusing on cryptocurrencies and sectors like energy with a 'Made in America' theme. This aligns with Trump Media's strategy to integrate digital assets with American-focused securities.
HyperLiquid Exchange Incident
Decentralized trading platform HyperLiquid has faced another market manipulation incident, resulting in a sudden 230% surge in the price of $JELLY, leading to an unrealized loss of $12 million. HyperLiquid’s treasury took a $5 million short position on $JELLY, but the token's rapid rise nearly triggered liquidation, potentially costing the platform $240 million. This incident raises questions about HyperLiquid’s risk management and security protocols.
This week has seen major resolutions in the crypto industry. The conclusion of Ripple's legal case and strategic partnerships by Trump Media and Crypto.com highlight the dynamic and fast-paced nature of the DeFi and digital assets sector.
