Some rogue developers on the Pepecoin team stole millions worth of Pepe coin (PEPE) by transferring tokens out of the project's multisig wallet, leading to a significant drop in the token's value, according to a team member. The project is now under new control, with plans to grow and decentralize in the future. However, analysts have raised concerns about the concentration of tokens in a few hands, posing risks for investors.
A US court ruled that the SEC was unreasonable to deny Grayscale's bid to launch a Bitcoin Exchange Traded Product (ETP), potentially allowing a significant influx of capital into the crypto markets, resulting in a 5% increase in the price of Bitcoin and other cryptocurrencies.
The District of Columbia Court of Appeals has ruled in favor of Grayscale in a lawsuit against the SEC, potentially clearing the way for bitcoin exchange-traded funds and impacting other companies like BlackRock and Fidelity that are seeking to create bitcoin ETFs.
Bitcoin (BTC) surged to near two-week highs after news broke that Grayscale won a lawsuit against U.S. regulators, with the court ruling that the SEC was wrong to reject Grayscale's Bitcoin ETF application.
The crypto markets experienced their largest outflows since March, with digital assets losing $168 million last week, primarily due to negative sentiment surrounding the delay in the approval of a spot Bitcoin ETF in the US by the SEC. However, Grayscale won its lawsuit against the SEC, which rejected its ETF application, and while BTC took the brunt of the outflows, other altcoin products saw some inflows.
Grayscale Investments CEO Michael Sonnenshein believes that the recent court decision in favor of Grayscale could lead to a new and unprecedented environment for cryptocurrencies, potentially expanding mainstream acceptance of digital assets and boosting the chances for other asset managers to win approval for their bitcoin products.
The memecoin Pepe (PEPE) experienced a partial rug pull after anonymous developers sold nearly $16 million worth of the token, causing the price to plummet; however, some traders believe the event will have negligible long-term effects on the token's outlook due to its lack of utility or underlying value, while others are more bearish on its future. Additionally, a new spin-off of the original Pepe token has been created, claiming to be free from the issues of its predecessor.
Grayscale wins a victory in its battle against the SEC as a judge allows a second review of its Bitcoin ETF application, Ben Armstrong is removed as the public face of BitBoy Crypto due to substance abuse and financial damage, and the SEC delays its decision on six spot Bitcoin ETF applications.
The SEC's denial of Grayscale's spot Bitcoin ETF application has been reviewed by a judge due to the SEC's failure to provide a coherent explanation, while the SEC also delayed verdicts on several Bitcoin spot market ETF applications, including BlackRock's, causing prices to rally; in other news, Circle's USDC stablecoin has experienced a significant decrease in market cap, SEC Commissioner Hester Peirce criticized the SEC's attempt to bring crypto exchanges under its jurisdiction, a lawsuit against Uniswap was dismissed by a New York judge, StarkWare zeroed all user balances on old wallets, Vivek Ramaswamy celebrated Grayscale's win over the SEC, the SEC delayed its verdict on multiple ETF applications including BlackRock's, and Chinese courts considered cryptocurrencies legal property protected by law.
Pepe (PEPE) coin faces a scandal and reputation loss after 16 trillion coins worth $16 million were stolen, while Dogecoin (DOGE) shows signs of a bullish run, and whales are investing in Pomerdoge (POMD) due to its growth potential and locked liquidity.
Grayscale Investments is urging the Securities and Exchange Commission (SEC) to approve the conversion of Grayscale Bitcoin Trust into an exchange-traded fund (ETF).
Grayscale, the digital asset manager, offers a range of products beyond its bitcoin trust, including trusts for ether, ether classic, zcash, and horizen, trading at significant discounts or premiums that may be of interest to investors.
