Welcome back, crypto investors. If you are looking for a quick shot of altcoin news, then you are in the right place. We have curated the latest and most important news about your favorite altcoins so you don’t have to spend a lot of time searching.
Let us get to it.
Solana Rally is Good for FTX Bankruptcy Repayment
- Solana (SOL) has enjoyed a 9x rally from its low of about $8 in Dec of 2022 to its current price of more than $75.
- The altcoin’s big drop in December of last year was attributed to the fallout of the FTX collapse.
- The failed crypto exchange currently holds 55.8 million SOL tokens with a value of $4.2 billion, which can be used to settle FTX’s debt.
- Majority of the SOL tokens are locked up and not readily tradable.
- This has renewed the interest of firms that have claims from the failed crypto company.
Malicious Code Exposed Ledger Users, Altcoins at Risk
- Ledger users were the target of a recent malicious code.
- Multiple Ethereum-based apps like Phantom, Balancer, and Revoke Cash were compromised last Thursday.
- The Ledger Connect Kit exploit involved the injection of malicious code into the Ledger Connect Kit library. This library is being used by various decentralized applications (dApps).
- $484,000 in assets were reportedly stolen, though some sources are reporting a higher number.
- However, Ledger has announced that a genuine version of the connect kit has been pushed to replace the malicious one.
Kucoin Leaves New York State, Pays Fines
- KuCoin has reached an agreement with New York State regulators.
- The crypto exchange will pay a fine of $5.3 million as per agreement with the NY attorney general and cease operations in the state
- Kucoin will also return $16.8 million worth of holding to affected customers.
- The exchange was accused of violating securities laws by offering crypto assets without proper registration.
South Korea Exempts NFTs from Regulations
- South Korean regulators, including the Financial Services Commission (FSC), have said that NFTs are exempted from regulations that govern crypto assets.
- The FSC clarified that NFTs will be exempted from its virtual assets list.
- CBDCs are also exempted from the list.
- The decision is due to NFT’s unique and irreplaceable nature. NFTs pose no risk to the financial system, and they are traded for collection purposes.
- However, NFTs issued in large quantities and traded in a fungible manner will not be exempted.
- Also NFTs that are used for payment purposes are also not exempted.
SafeMoon Files for Chapter 7 Bankruptcy, Token Price Dives
- Bankruptcy filing and allegations of fraud have taken a toll on SafeMoon’s token value
- SafeMoon, a crypto company, has filed for Chapter 7 bankruptcy protection in the Utah Bankruptcy Court.
- Companies filing for Chapter 7 will result in all assets to be liquidated to repay creditors. It usually has no plan for restructuring.
- Top executives from the company were arrested last month for financial and money laundering charges.
- The SafeMoon Token (SFM) is currently trading at $0.00005335.
Thank you for joining us on this edition of Altcoins at a Glance. We hope you are enjoying the holiday season. See you next week.
The information presented in this article is for informational purposes only and should not be construed as financial advice. This article does not constitute an offer to buy or sell any financial instruments, or a solicitation to engage in any investment activity. Investing involves risk, and you could lose money. You should consult with a qualified financial professional before making any investment decisions.
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