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Sui Network Provides Timeline For Staking Fix, SUI Price To Rally?

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3 hours ago

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Sui Network has announced that the fix for its staking reward distribution issue will go live on October 27, 2024, at 17:30 UTC, coinciding with the start of epoch 564. The problem began on October 24 during the transition to a new epoch, which triggered a bug that prevented the distribution of staking rewards for epochs 560, 561, 562, and 563. 

Despite this interruption, the network emphasized that no funds or previously earned rewards were lost. Moreover, the restoration of normal operations might trigger renewed investor confidence, leading to increased staking activity and a positive shift in the SUI price.

Will SUI Price Recover as Sui Network Plans Staking Fix?

To ensure that users receive the delayed rewards, Sui Network has advised against unstaking until the new epoch begins. Users who unstake their tokens before the fix could miss out on rewards that have otherwise been accumulated during the affected epochs. This recommendation will ensure a smooth transition back to normal operations.

The Sui network tweeted,

“Please be advised that the implemented fix will now go live with epoch 564 on Sunday, October 27 at 10:30am PT. Sui users should avoid unstaking until epoch 564 has begun.

Network operations remain unaffected. No staking rewards or funds have been lost, but the distribution of rewards from epochs 560, 561, 562 and 563 will be delayed until epoch 564.

SUI Reacts to Staking Disruption

Following the staking reward disruption, SUI price experienced a significant decline. The token dropped by 6.80%, reaching a low of $1.70. The dip came as the market reacted to the news of the interrupted reward distribution. The network price has since seen fluctuations, recovering slightly to $1.79, but remains under pressure.

The staking issue coincided with a broader market downturn, adding to the challenges faced by SUI. Despite increased trading activity, the bearish sentiment persisted, influenced by technical indicators. 

However, with the scheduled fix on October 27, analysts believe resolving the issue will restore investor confidence, leading to a price recovery. The repair of staking mechanisms will allow to regain some of the value lost over the past week.

More so, SUI price 1-hour chart is at $1.79 with slight bullish momentum, gaining 0.69%. The MACD indicator shows a positive crossover, with the MACD line above the signal line, suggesting a potential uptrend. The price has consolidated with small candlesticks, indicating low volatility before a possible breakout in either direction.

Despite the SUI price dip, the Sui Network saw a notable surge in trading activity, with volume reaching $691 million, a 25% increase. The spike indicates strong market interest in SUI despite the challenges posed by the staking bug. Investors are positioning themselves ahead of the scheduled fix, anticipating a price rebound to $3 after returns to normal operations.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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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Ripple CTO David Schwartz Dismisses CharacterAI Lawsuit

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19 mins ago

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October 27, 2024

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Ripple CTO David Schwartz has dismissed the legal case against Character.AI, asserting that it lacks merit under U.S. law. Schwartz expressed his views on social media, emphasizing that while he does not defend Character.AI’s moral responsibility, the legal arguments made against the company are flawed.

Ripple CTO David Schwartz’s Argument on Free Speech 

In a post on X (formerly Twitter), Ripple CTO David Schwartz highlighted that Character.AI’s actions fall under the protection of the First Amendment. He argued that the company’s chatbot platform produces expressive content, which remains protected unless it falls into one of the narrowly defined categories of unprotected speech, such as incitement or direct threats. 

According to Schwartz, the lawsuit’s complaint revolves around the idea that Character.AI was reckless in how it designed its platform to generate speech.

He stated, “Any argument that the expressive contents of protected speech are reckless, dangerous, or ‘defective’ is wholly incompatible with freedom of speech.”

Schwartz compared the situation to previous moral panics over new forms of media, suggesting that the legal challenge against Character.AI mirrors past controversies involving video games, comic books, and other expressive content. He emphasized that regulating how speech is chosen would conflict with constitutional rights.

The Character.AI Lawsuit and Its Claims

The lawsuit, filed by the mother of a 14-year-old boy named Sewell Setzer III, accuses Character.AI of negligence, wrongful death, deceptive trade practices, and product liability. It alleges that the platform is “unreasonably dangerous” and lacked adequate safety measures, despite being marketed to minors. 

The suit also references the company’s chatbots, which simulate characters from popular media, including TV shows like Game of Thrones. Setzer had reportedly interacted with these chatbots extensively before his death.

Character.AI’s founders, Noam Shazeer and Daniel De Freitas, along with Google, which acquired the company’s leadership team in August, are named in the lawsuit. The plaintiff’s lawyers claim that the platform’s anthropomorphization of AI characters and chatbots offering “psychotherapy without a license” contributed to Setzer’s death.

The company has responded with updates to its safety protocols, including new age-based content filters and enhanced detection of harmful user interactions.

Character.AI’s Response and Policy Changes

Character.AI has implemented several changes to improve user safety in response to the incident and subsequent lawsuit. These updates include modifications to content accessible by minors, a reminder pop-up that alerts users that the chatbots are not real people, and a notification system for users who spend prolonged time on the platform. The company’s communications head, Chelsea Harrison, stated,

“We are heartbroken by the tragic loss of one of our users and want to express our deepest condolences to the family.”

Harrison further explained that the platform now has improved detection systems for user inputs related to self-harm or suicidal ideation, which direct users to the National Suicide Prevention Lifeline. Despite these efforts, the legal battle continues, with Character.AI maintaining that it remains committed to user safety.

Meanwhile, the Aptos Foundation has announced a new partnership with Flock IO to develop AI tools using the Move programming language. Move, originally designed by Meta for the Diem project, is now being adapted for broader blockchain applications.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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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Rispoli Analyzes the Appeals Timeline and Potential Outcomes

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6 hours ago

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October 27, 2024

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The SEC vs. Ripple Labs fight is getting more heated and attorney Fred Rispoli said one of the possible outcomes of this saga could be Ripple winning. However, now the SEC wants to extend the time of filing its principal brief until January 15, 2025.

Most recently, an attorney Fred Rispoli explained, “The SEC often seeks continuances not only because it wants to delay things but because it can be very stretched thin by all the cases it has pending.”

Rispoli: Ripple Appeal Hinges on Paperwork, Not Trial

Appearing as a guest on the ‘Good Morning Crypto Show’, Attorney Fred Rispoli clarified that appeals are essentially a matter of paperwork without new trials or evidence. Each side files three core documents: the opening brief, an opposition brief, and a reply brief.

In this case, the appeal includes the SEC’s and Ripple’s cross-appeal. After these filings, the court will schedule oral arguments. This shoud allow each side to present their case before a panel of three judges.

The SEC has also filed a request for a deadline for its principal brief in its appeal case against Ripple.

Fred Rispoli stated that the SEC’s request for an extension aligns with his projected timeline for the appeal. He expects oral arguments, likely in September or October 2025, to provide early clues on the judges’ stance. These first impressions could hint at the final outcome of the case.

These dates could shift further, though, if more extensions are allowed, something that usually happens within the Ninth Circuit.

Amicus Briefs Taking Center Stage in Crypto Cases

Amicus briefs, said Rispoli, will play an essential role in the appeal. The filing by third parties may bring new insights that could affect the case. He said the appellate judges should take those seriously, especially because they’re more likely to be more numerous and impactful than at the district court level.

An amicus brief – a “friend of the court” brief – is filed by third parties not directly being part of the case. It is to provide policy insights or additional context for specific arguments. Quite often, this shapes high-stakes decisions. An amicus brief is quite common in Supreme Court cases. Most trial and federal appellate cases do not involve amicus briefs.

However, crypto litigation has bucked that trend. Just for comparison, there were 14 amicus briefs in the case by Ripple, six in Coinbase’s case, and, in Grayscale’s case, eight entities filed briefs.

Could Gensler’s Departure Change the Fate of Crypto?

Rispoli, a vocal critic of SEC Chair Gary Gensler, also recently suggested that a change in leadership could significantly impact crypto regulation. He speculated that Gensler is “almost assuredly” on his way out, regardless of the 2024 election’s outcome, making the choice of his successor pivotal for the industry’s future.

When asked if new legislation could render the SEC’s appeal moot, Rispoli explained that a clearly defined law would likely have that effect.

If Congress passes crypto legislation by year’s end, effective from January 1, 2025, Ripple’s legal team would file a notice of supplemental authority with the Second Circuit, arguing the new law’s relevance to their case.

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Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

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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Why is Simon’s Cat (CAT) Trending On X? Is A New Price Rally Coming?

Published

9 hours ago

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October 27, 2024

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From an internet animated series with 1.6 billion views to a popular cat-themed token, Simon’s Cat has won over the netizens. The token is one of the highly demanded cryptos with $259.32M in market capitalization. It has also offered highly profitable days, achieving an ATH of $0.0000464 just a month ago. Moreover, the demand is persistent, as the CAT hashtag is trending on X today.

Since the beginning of the year, meme coins have dominated the crypto market. As a result, a new demand for Cat-themed tokens formed, including one for Simon’s Cat, due to its reference to the popular animated series. More importantly, the token is up by 147.44% since the launch, presently trading at $0.00003835, which is significantly high.

CAT Price Analysis

The token is again in demand for three reasons. It includes the rising demand for meme coins, as meme-themed tokens like Moodeng and Goatseus Maximus are bringing all the attention to this category. Additionally, its 60% surge in the last seven days has brought additional attention, as the market conditions are not entirely favorable. Despite that, it is calling for the need for profiting tokens like Simon’s Cat. With this, it is closer to its ATH and only needs a significant push to grow 17% more to surpass that.

This demand peaked when the Binance exchange listed 1000CATUSDT perpetual futures, leading to a 100% rally on October 21, 2024. At that time, the CAT price grew from $0.00002 to $0.00004, showing an impressive performance. A similar rally might happen again as the OKX exchange has also listed the CAT/USDT pair.

🟢 #NewListing
$CAT/USDT @SimonsCatMeme Spot trading is LIVE on #OKX!

Trade now: https://t.co/8rvC969usA pic.twitter.com/pK26jtwMqw

— OKX (@okx) October 25, 2024

Will CAT Price Hit A New ATH Anytime Soon?

Right after its launch, the CAT price began following an uptrend with a few falls in between. However, despite that, it peaked at an all-time high before following a complete downtrend from September end until a few days ago. Thankfully, with the Binance perpetual contract listing, the token had the biggest price jump, doubling in value and gaining a new price trajectory.

However, that is on hold today, as the entire crypto market is down, affecting the investor’s sentiments and trading activities. As a result, the price is consolidating with a few technical factors indicating the presence of sellers. Despite that, there is strong buying pressure on the token, which could push it higher if the bulls gained dominance again. More importantly, Simon’s Cat is moving away from the first resistance at 0.000047193 towards the support at 0.000020793, indicating further consolidation. However, if it bounced from the support towards the resistance, an uptrend might begin following the high demand among investors.

What’s In There For You?

Simon’s Cat is the fourth biggest Cat-themed meme coin per market capitalization, which explains its demand in the market. The eyes are NOW on the Bitcoin price rally, as many crypto analysts predicted heavy gains before year-end. If that happened, it might evolve as a high-return opportunity for other tokens like CAT as well. More importantly, the 60% surge over the week indicates the possibility for future gains as the demand among investors is rising with the OKX exchange CAT listing. As a result, this could boost the CAT price closer to an ATH in the long run, as it is only 17% away. However, with the market’s downfall, the uptrend is on a halt. If the bulls failed to show dominance, the price might decline further, but if the chart moved towards the first resistance at $0.000047193, an uptrend might begin.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

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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