It’s been another busy week in crypto: Wemix CEO delayed hack announcement to prevent “market panic,” Bitcoin, Ethereum prices struggle, Canary Capital files S-1 form for a Sui ETF, Paul Atkins SEC chair confirmation faces delay, EOS rebrands to Vaulta, SEC to drop Ripple case, and Gotbit founder to forfeit $23 million.
Wemix CEO delayed hack announcement to prevent “market panic”
Kim Seok-hwan, Wemix Foundation’s CEO, said earlier this week there was “no attempt” to conceal a $6.2 million hack on it following an announcement four days later.
Kim was speaking at a press conference where he denied any intention to conceal the exploit.
On February 28, over 8.65 million WEMIX coins were withdrawn due to a malicious attack on the platform’s Play Bridge Vault. However, the South Korean platform only alerted its investors when an announcement was posted on its homepage on March 4.
At the press conference, Kim said: “The announcement was delayed due to concerns about the possibility of additional attacks and the possibility of market panic due to stolen assets.”
Bitcoin, Ethereum prices struggle
Bitcoin and Ethereum prices continued to struggle this week amid a broader market downturn.
At the beginning of the week, Bitcoin was trading at around $83,000 and Ethereum was at the $1,900 mark.
The outlook mirrored the broader crypto market, which has seen billions of dollars wiped off the market. Massive liquidations have also hit crypto prices since Bitcoin flipped negative with prices plummeting below $100k and then $90k. At its lowest point this year, Bitcoin dropped to $76,000 earlier this month.
Investors also pulled over $1.7 billion from crypto exchange-traded products (ETPs) and other investment products for the week ending March 14. Overall, it extended the negative flows to a five-week total of $6.4 billion.
Canary Capital files S-1 form for a Sui ETF
Canary Capital filed an S-1 form with the US Securities and Exchange Commission (SEC) for, what’s believed to be, the first Sui exchange-traded fund (ETF) as institutional interest rises.
A blog from the Sui Foundation noted that the SEC had acknowledged the filing, which it said was a “critical early step” in the approval of the ETF.
The March 17 Sui ETF filing is the latest from Canary Capital. A few crypto ETFs it’s already filed with the SEC include Hedera, Litecoin, and XRP. The new filing follows a regulatory change within the agency after the re-election of US President Donald Trump last November.
The move for a Sui ETF comes after the crypto fund manager filed a trust entity in the state of Delaware on March 6. The next step for Canary Capital is to file a 19b-4 form with the SEC.
Paul Atkins SEC chair confirmation faces delay
The confirmation of Paul Atkins as the next US Securities and Exchange Commission (SEC) chair is being delayed due to the submission of paperwork.
Eleanor Mueller, Semafor’s Congress reporter, posted on X, saying:
“Senate Banking Chair Tim Scott is eyeing March 27 for a committee hearing on Trump’s nominee to chair the SEC, Paul Atkins, I’m told. As I wrote earlier this month, the committee has been waiting for the White House to send over his paperwork.”
Scooplet: Senate Banking Chair Tim Scott is eyeing March 27 for a committee hearing on Trump’s nominee to chair the SEC, Paul Atkins, I’m told.
As I wrote earlier this month, the committee has been waiting for the White House to send over his paperwork: https://t.co/2sDebKDIAI
— Eleanor Mueller (@Eleanor_Mueller) March 17, 2025
This latest development follows from a March 3 report from Semafor. In it, Mueller detailed how the White House hadn’t produced the required paperwork to schedule a confirmation hearing for Atkins. This also included his financial disclosure given the fact that he married into a billionaire family.
In December, Trump selected Atkins to be the next SEC chair. This is a significant selection for Trump, as Atkins is considered a pro-crypto figure in the industry.
EOS rebrands to Vaulta
The EOS Network announced earlier this week that it was rebranding.
In a press release, the blockchain network said it was renaming to Vaulta, a move that aligns with the platform’s shift to web3 banking.
A New Era of Finance Begins.
After years of building the foundations behind the scenes, we’re excited to introduce Vaulta next frontier of finance Web3 Banking 🏦
With cryptocurrency’s rising popularity, clearer regulations, & growing demand for innovative financial products,… pic.twitter.com/6TLlHR7MCa
— EOS Network (@EOSNetworkFDN) March 18, 2025
EOS said it plans to complete the official transition to Vaulta at the end of May. It will also involve a token swap. The project said that the platform’s rebrand has taken several years of planning and development.
The aim is to create an inclusive financial ecosystem with web3 at the heart of the system.
SEC to drop Ripple case
In a landmark move, the US Securities and Exchange Commission (SEC) is to drop its lawsuit against Ripple.
In a post on X, Brad Garlinghouse, Ripple’s CEO, said the SEC’s decision to drop the case is a major victory for Ripple and the broader crypto ecosystem.
This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.
The future is bright. Let’s build. pic.twitter.com/7WsD0C92Cm
— Brad Garlinghouse (@bgarlinghouse) March 19, 2025
In 2020, the SEC sued Ripple, Christian Larsen, the company’s co-founder and former CEO, and Garlinghouse, after alleging that they raised $1.3 billion through the sale of XRP, an unregistered securities offering, according to the regulator.
However, in 2023, Judge Analisa Torres found that XRP wasn’t a security when it came to sales to the public, its employees, and developers, marking a huge win against the SEC. Yet, direct sales to institutional investors, Torres found that these sales were securities. As a result, Ripple was ordered to pay $125 million for violating securities laws.
Following the news, crypto exchange Bitnomial voluntarily dropped its lawsuit against the SEC as it prepares to launch its XRP futures in the US.
Gotbit founder to forfeit $23 million
Alex Andryunin, a Russian national and founder of Gotbit, is to forfeit $23 million in stablecoins in an agreed plea deal.
According to court documents, Andryunin is expected to hand over $18.7 million in USDT and $4.2 million in USDC as part of the deal.
The documents state that Andryunin pleaded guilty to one count of wire fraud and market manipulation. He also pleaded guilty to two separate counts of wire fraud. For his actions, he originally faced up to 20 years in prison, supervised release of up to three years, fines of $250,000, restitution, and forfeiture.
However, following the plea agreement, he now faces a reduced sentence of no more than 24 months, 36 months of supervised release, no fine because of the forfeiture, and restitution in an amount to be determined at sentencing.
Andryunin was extradited to the US in February to face market manipulation charges following his arrest in October 2024 in Portugal.
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