New York's attorney general has sued KuCoin for offering Ethereum and other crypto assets as unregistered securities in the state. This and more news can be found in this handy daily digest so you're always up to date with the latest developments in the crypto world.
Ethereum is a security, according to the New York attorney general
📍The second most capitalized cryptocurrency in the market, Ethereum, is considered a security by the New York Attorney General's office. New York State Attorney General Letitia James has filed a lawsuit against cryptocurrency platform KuCoin, insisting that Ethereum is an unregistered security.
According to the prosecutor, Ethereum (ETH) is promoted as an investment asset. In the demand In the case brought against KuCoin, the prosecution notes that ETH “is a speculative asset that relies on the efforts of third-party developers in order to provide benefits to holders.”
In addition to ether, the second most capitalized cryptocurrency in the market, other cryptoassets such as Terra (LUNA) and TerraUSD (UST) were also considered securities by the New York Attorney General.
Gary Gensler, chairman of the Securities and Exchange Commission (SEC), is another US regulator who has pointed in this direction, arguing that Ethereum could be classified as a security under the country's laws.
Will Bitcoin have a stablecoin?
📍Arthur Hayes proposes the creation of a stablecoin based on the Bitcoin blockchain. Hayes, co-founder of BitMEX and one of the most important investors in the crypto world, wants to create a stablecoin on the Bitcoin blockchain, whose value is pegged to that of the US dollar. The stablecoin would be called NakaDollar (NUSD), in reference to Bitcoin's creator, Satoshi Nakamoto.
Hayes’ proposed stablecoin would be controlled by a DAO (Decentralized Autonomous Organization). Additionally, NUSD will be backed by Bitcoin and rely on BTC derivatives exchanges rather than dollar reserves held by banks to maintain its peg.
Hedera Network is under attack!
📍The Hedera Foundation has confirmed an attack on the decentralized network. Via Twitter, the developers of Hedera Hashgraph, a decentralized distributed ledger network (DLT), have confirmed that a group of hackers exploited the Smart Contract Service code of the Hedera mainnet to transfer users' tokens to accounts under their domain.
The affected accounts were being used as liquidity pools on multiple DEXs. The stolen funds were moved through the Hashport Network bridge. However, the suspicious activity was immediately detected and the team began taking action. safety measures to protect the network.
In this regard, network proxies on Hedera were disabled to prevent further tokens from being stolen.
Late Thursday, Hedera developers reported irregularities in their smart contract that are affecting the functioning of applications based on this network.
The developers indicated that they were working with different teams to determine the cause of these irregularities and to assess their impact within their decentralized ecosystem.
Discord will integrate GPT Chat
📍Instant messaging server Discord will integrate Artificial Intelligence. Discord has announced that GPT Chat, developed by OpenAI, will be implemented on its platform in order to improve its features and capabilities.
Discord's goal with the integration of this AI is to take its platform to the next level, optimizing its moderation tools to offer a more fluid and effective interaction.
Crypto whales move the market
📍More than $800 million in cryptocurrencies moved in the last few hours. Citing data from Whale Alert, Healthy Pockets founder Hugo Botto highlighted that crypto whales have been moving large amounts of money into crypto assets such as Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC) and Ripple (XRP).
The whales' moves come amid the chaos at Silvergate Bank, the crypto-friendly bank that announced its closure and liquidation mid-week.
Part of these funds, mostly in bitcoins, have been moved to both self-custody wallet addresses and exchange platform addresses. highlights that the behavior of whales is normal whenever important news appears, such as what happened with Silvergate Bank.
Continue reading: Is there a relationship between CBDCs and the gold standard? In the podcast 'The Voices of Satoshi' they give the answer
Main image from The New York Post
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