cryptocurrency
Immutable receives SEC Wells notice over 2021 IMX token sales
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2 hours agoon
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adminUnited States Securities and Exchange has targeted blockchain gaming platform Immutable potentially targeting its listing and private sales of the IMX token in 2021.
According to a Nov. 1 statement from Immutable, the SEC issued an “accelerated” Wells notice following an initial interaction where the SEC informed the company that a Wells notice would be sent “within the week,” but delivered it “within hours” instead.
Immutable highlighted the vague nature of the notice, stating that it “simply cited statutory provisions” with “fewer than 20 words of material explanation” and offered little meaningful detail about the investigation’s focus. The company believes the agency’s claims could be targeting the “listing and private sales” of its native IMX token in 2021.
Shortly after issuing the notice, the SEC reportedly engaged in a phone call with the firm, raising concerns over a 2021 blog post in which Immutable detailed Huobi Ventures’ early investment in IMX at a pre-launch price of $0.10 issued at a “$10 pre-100:1 split”, stating that there had been no “exchange of value” in the deal.
Immutable disputes this claim, arguing that the investment was, in fact, legitimate and backed by “real consideration.”
The firm added it is “confident in its position” regarding the classification of the IMX token, pushing back against what it described as the SEC “indiscriminately claiming that tokens across the industry are securities.”
Immutable called for a “robust conversation to clarify facts” and expressed its willingness to challenge the SEC’s enforcement approach if necessary.
Reacting to the news, Immutable co-founder Robbie Ferguson reiterated the company’s position to “defend digital ownership in gaming” by joining contemporaries like Robinhood and OpenSea in defending against the SEC’s claims.
While a Wells notice does not guarantee that formal action will be taken, the development came as a blow to Immutable’s IMX token which was down more than 14% at press time.
The SEC, led by Chair Gary Gensler, has consistently gone after crypto firms for allegedly skirting securities laws. This has also sparked pushback from U.S. policymakers, who say Gensler is creating confusion in the digital asset space by introducing terms like “crypto asset security.”
Yet the regulator remains unfazed, recently issuing a Wells notice to Crypto.com. In response, Crypto.com filed a lawsuit challenging the commission.
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coinbase
COIN a Buy despite Q3 revenue miss, analyst says
Published
11 hours agoon
October 31, 2024By
adminCoinbase shares fell after the company’s weaker-than-expected third-quarter earnings, but H.C. Wainwright analyst Mike Colonese maintains a buy rating on the stock.
On Oct. 30, Coinbase, the largest publicly traded crypto exchange, released its third-quarter earnings report, which showed an “uncharacteristic top-line miss,” according to Colonese. He noted that this might impact the company’s shares in the short term.
However, despite the revenue miss, largely down to the lower crypto prices during the quarter, the overall take is that this was a solid Q3, 2024.
Notably, aspects such as expense controls and revenue diversification are on the positive side for Coinbase. The next 12 months also offer a bullish outlook for crypto prices, with regulatory clarity adding to potential upside catalysts.
“We were encouraged to hear management’s positive views on the upcoming election and the implications for the crypto sector. Specifically, CEO Brian Armstrong, believes the U.S. will have the “most pro-crypto Congress ever” regardless of who wins next week’s presidential election. Lastly, Coinbase recently initiated a $1B share repurchase program, as the company aims to return capital to shareholders in the future.”
Mike Colonese said.
Colonese reiterated a buy rating for Coinbase, with a price target of $255, down from $295, reflecting the revised revenue estimate for 2025.
H.C. Wainwright analysts have lowered their revenue estimates for Coinbase, projecting $5.45 billion for 2024 (down from $5.67 billion) and $5.37 billion for 2025 (down from $6.25 billion).
Coinbase reported total revenues of $1.21 billion in the third quarter, a decline of 17% quarter over quarter but an increase of 86% year over year, slightly below FactSet estimates of $1.26 billion.
Risks to H.C Wainwright’s Buy rating and target price of $255 will include concentration of retail trading revenue, crypto price dump and regulatory uncertainty.
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crypto wallet
SaaS animation platform LottieFiles alerts users to crypto threats
Published
24 hours agoon
October 31, 2024By
adminLottieFiles revealed a supply chain compromise in which malicious code could lure users into connecting crypto wallets, potentially leading to asset theft.
LottieFiles, a platform that enables designers and developers to create animations, has issued a warning regarding a security breach involving its npm package, which may expose users to malicious code designed to compromise crypto wallets.
In an X post on Oct. 31, LottieFiles said that the affected versions — Lottie Web Player 2.0.5, 2.0.6, and 2.0.7 — were released on Oct. 30, prompting immediate concerns after multiple user reports surfaced about strange code injections. In response to the threat, LottieFiles released a new version, 2.0.8, reverting to the secure code.
“A large number of users using the library via third-party CDNs without a pinned version were automatically served the compromised version as the latest release.”
LottieFiles
For those unable to update, LottieFiles recommends informing end users about potential fraudulent wallet connection prompts associated with the Lottie-player. Users may also opt to remain on version 2.0.4 to avoid risk.
LottieFiles warned that applications using the compromised npm package may inadvertently prompt users to connect their crypto wallets, opening avenues for potential theft. The developer account linked to the malicious uploads has been stripped of access, and related tokens have been revoked to halt any further unauthorized activity, the firm added, though the full extent of the attack remains unknown.
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Top 5 Politicians Opposing Cryptocurrency In The USA
Published
2 days agoon
October 30, 2024By
adminWith the US election almost here, it has become necessary to highlight the top US politicians who oppose cryptocurrency in the country. This is important, considering that the crypto industry’s fate in the country could depend on whether these individuals are elected.
Top Five Politicians Opposing Cryptocurrency In The US
The top five politicians opposing crypto in the US include Senator Elizabeth Warren, Senator Sherrod Brown, Senator Lindsey Graham, Senator Bernie Sanders, and Congressman Brad Sherman. These politicians have made their anti-crypto stance known at one point or the other. Given their positions, these anti-crypto politicians could negatively impact any crypto bill the US Congress deliberates on.
Elizabeth Warren Leads The Pack
Senator Elizabeth is arguably the US politician who has been the most vocal against cryptocurrencies. Her anti-crypto stance led her to propose the controversial Digital Asset Anti-Money Laundering Act (DAAMLA). This bill aimed to bring the crypto industry under the country’s existing anti-money laundering and counter-terrorism financing framework.
The Senator is among individuals who believe that crypto assets are mainly used to finance illicit activities. DAAMLA also proposed subjecting crypto service providers to the Bank Secrecy Act, including decentralized wallet providers, validators, and miners.
Warren’s anti-crypto looks to be one of the primary reasons pro-XRP lawyer John Deaton is running against her for the Massachusetts senatorial seat. Stakeholders in the crypto industry, including Coinbase co-founder Brian Armstrong, have endorsed Deaton’s campaign.
Sherrod Brown Might Be Second In Command In The Anti-Crypto Crusade
Ohio Senator Sherrod Brown is arguably up there with Elizabeth Warren regarding their opposition to the crypto industry. As the chair of the Senate Banking Committee, Brown has supported Warren’s anti-crypto bill. Brown also believes that the crypto industry is centered around scams and thefts.
Crypto stakeholders are ensuring that the US politician doesn’t return to the Senate, especially considering his position. At the top of this list is the Pro-Crypto Political Action Committee (PAC) Fairshake, which has spent nearly $40 million on its efforts to unseat Senator Sherrod Brown.
Senator Lindsey Graham Is Not Far Behind
Senator Lindsey Graham’s opposition to cryptocurrencies seems even stronger than his opposition against Democrats. The Republican US politician also backed Elizabeth Warren’s proposed Digital Asset Anti-Money Laundering Act.
Back then, the Senator explained the reason he was supporting the bill. According to him,
Our legislation will help create transparency and provide oversight in an industry that in many cases helps facilitate criminal activity. When it comes to transparency and legality, many of the same rules that apply to the dollar should exist for crypto.
Graham also mentioned that cryptocurrency is “often” used to “move illicit funds for drug cartels, criminal gangs, terrorist groups and kidnappers.” Luckily for the Senator, his name won’t be on the ballot in this upcoming US election, as his tenure doesn’t end until 2027.
Senator Bernie Sanders Is A Silent Crypto Antagonist
Senator Bernie Sanders isn’t the most vocal against crypto, but he made it clear long ago where he stands on digital assets. In 2022, Sanders mentioned that he is not a “big fan” of cryptocurrencies.
According to Stand With Crypto, the US politician was among the members of Congress who voted against the pro-crypto SAB 121 bill. The bill proposed to remove the limitations on financial institutions to provide custody services for digital assets.
Brad Sherman Is “Strongly Against” Cryptocurrencies
Stand With Crypto has called Brad Sherman someone who is strongly against crypto. The US congressman is said to have made 81 statements about crypto, including the one where he says digital assets mean “hidden money.” The US Rep also voted against the pro-crypto bills, FIT21 and SAB 121.
Sherman’s opposition to crypto has also led him to criticize former US President Donald Trump for his pro-crypto stance. He claims that Trump only changed his stance because he realized what he stood to gain from crypto billionaires. Like Graham, Sherman’s name won’t be on the ballot in this upcoming US election.
The crypto community will undoubtedly watch to see whether these anti-crypto US politicians get re-elected. Regardless of what happens, the next US Congress is likely to be the most pro-crypto ever, which is a positive for the crypto industry.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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