It\u2019s been another busy week in crypto: Wemix CEO delayed hack announcement to prevent \u201cmarket panic,\u201d 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.<\/p>\n
Kim Seok-hwan, Wemix Foundation\u2019s CEO, said earlier this week there was \u201cno attempt\u201d to conceal a $6.2 million hack on it following an announcement four days later.<\/p>\n
Kim was speaking at a press conference<\/a> where he denied any intention to conceal the exploit<\/a>.<\/p>\n On February 28, over 8.65 million WEMIX coins were withdrawn due to a malicious attack on the platform\u2019s Play Bridge Vault. However, the South Korean platform only alerted its investors when an announcement was posted on its homepage on March 4.<\/p>\n At the press conference, Kim said: \u201cThe announcement was delayed due to concerns about the possibility of additional attacks and the possibility of market panic due to stolen assets.\u201d<\/p>\n Bitcoin and Ethereum prices continued to struggle<\/a> this week amid a broader market downturn.<\/p>\n At the beginning of the week, Bitcoin was trading at around $83,000 and Ethereum was at the $1,900 mark.<\/p>\n The outlook mirrored the broader crypto market, which has seen billions of dollars wiped off the market. Massive liquidations<\/a> 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<\/a>.<\/p>\n 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.<\/p>\n Canary Capital filed an S-1 form with the US Securities and Exchange Commission (SEC) for, what\u2019s believed to be, the first Sui exchange-traded fund (ETF)<\/a> as institutional interest rises.<\/p>\n A blog<\/a> from the Sui Foundation noted that the SEC had acknowledged the filing, which it said was a \u201ccritical early step\u201d in the approval of the ETF.<\/p>\n The March 17 Sui ETF filing<\/a> is the latest from Canary Capital. A few crypto ETFs it\u2019s already filed with the SEC include Hedera<\/a>, Litecoin<\/a>, and XRP<\/a>. The new filing follows a regulatory change within the agency after the re-election of US President Donald Trump last November.<\/p>\n The move for a Sui ETF comes after the crypto fund manager filed a trust entity<\/a> in the state of Delaware on March 6. The next step for Canary Capital is to file a 19b-4 form with the SEC.<\/p>\n The confirmation of Paul Atkins as the next US Securities and Exchange Commission (SEC) chair is being delayed due to the submission of paperwork<\/a>.<\/p>\n Eleanor Mueller, Semafor\u2019s Congress reporter, posted on X<\/a>, saying:<\/p>\n \u201cSenate Banking Chair Tim Scott is eyeing March 27 for a committee hearing on Trump\u2019s<\/a> nominee to chair the SEC, Paul Atkins<\/a>, I\u2019m told. As I wrote earlier this month, the committee has been waiting for the White House to send over his paperwork.\u201d<\/p>\n 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. <\/p>\n As I wrote earlier this month, the committee has been waiting for the White House to send over his paperwork: https:\/\/t.co\/2sDebKDIAI<\/a><\/p>\n \u2014 Eleanor Mueller (@Eleanor_Mueller) March 17, 2025<\/a><\/p>\n\n This latest development follows from a March 3 report<\/a> from Semafor. In it, Mueller detailed how the White House hadn\u2019t 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.<\/p>\n In December, Trump selected Atkins<\/a> to be the next SEC chair. This is a significant selection for Trump, as Atkins is considered a pro-crypto figure in the industry.<\/p>\n The EOS Network announced earlier this week that it was rebranding.<\/p>\n In a press release<\/a>, the blockchain network said it was renaming to Vaulta<\/a>, a move that aligns with the platform\u2019s shift to web3 banking.<\/p>\n A New Era of Finance Begins.<\/p>\n After years of building the foundations behind the scenes, we\u2019re excited to introduce Vaulta next frontier of finance Web3 Banking \ud83c\udfe6<\/p>\n With cryptocurrency\u2019s rising popularity, clearer regulations, & growing demand for innovative financial products,\u2026 pic.twitter.com\/6TLlHR7MCa<\/a><\/p>\n \u2014 EOS Network (@EOSNetworkFDN) March 18, 2025<\/a><\/p>\n\n EOS<\/a> 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\u2019s rebrand has taken several years of planning and development.<\/p>\n The aim is to create an inclusive financial ecosystem with web3 at the heart of the system.<\/p>\n In a landmark move, the US Securities and Exchange Commission (SEC) is to drop its lawsuit against Ripple.<\/p>\n In a post on X<\/a>, Brad Garlinghouse, Ripple\u2019s CEO, said the SEC\u2019s decision to drop the case is a major victory<\/a> for Ripple and the broader crypto ecosystem.<\/p>\n This is it \u2013 the moment we\u2019ve been waiting for. The SEC will drop its appeal \u2013 a resounding victory for Ripple, for crypto, every way you look at it.<\/p>\n The future is bright. Let’s build. pic.twitter.com\/7WsD0C92Cm<\/a><\/p>\n \u2014 Brad Garlinghouse (@bgarlinghouse) March 19, 2025<\/a><\/p>\n\n In 2020, the SEC sued Ripple, Christian Larsen, the company\u2019s co-founder and former CEO, and Garlinghouse, after alleging that they raised $1.3 billion<\/a> through the sale of XRP, an unregistered securities offering, according to the regulator.<\/p>\n However, in 2023, Judge Analisa Torres found that XRP wasn\u2019t a security<\/a> 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.<\/p>\n Following the news, crypto exchange Bitnomial voluntarily dropped its lawsuit against the SEC<\/a> as it prepares to launch its XRP futures in the US.<\/p>\n Alex Andryunin, a Russian national and founder of Gotbit, is to forfeit $23 million in stablecoins<\/a> in an agreed plea deal.<\/p>\n According to court documents<\/a>, Andryunin is expected to hand over $18.7 million in USDT and $4.2 million in USDC as part of the deal.<\/p>\n 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.<\/p>\n 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.<\/p>\n Andryunin was extradited to the US<\/a> in February to face market manipulation charges following his arrest in October 2024 in Portugal.<\/p>\n The post What happened in crypto this week?<\/a> appeared first on CoinJournal<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" It\u2019s been another busy week in crypto: Wemix CEO delayed hack announcement to prevent \u201cmarket panic,\u201d 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 […]<\/p>\n","protected":false},"author":0,"featured_media":2757,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-2756","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin"],"acf":[],"_links":{"self":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/2756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/comments?post=2756"}],"version-history":[{"count":0,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/2756\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media\/2757"}],"wp:attachment":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media?parent=2756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/categories?post=2756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/tags?post=2756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin, Ethereum prices struggle<\/h2>\n
Canary Capital files S-1 form for a Sui ETF<\/h2>\n
Paul Atkins SEC chair confirmation faces delay<\/h2>\n
EOS rebrands to Vaulta<\/h2>\n
SEC to drop Ripple case<\/h2>\n
Gotbit founder to forfeit $23 million<\/h2>\n