July 18, 2024

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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs- June Week 2

Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.

With the crypto market declining despite a recent recovery, Terraform Labs paying to resolve its conflict with the SEC, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening! 

Crypto Market Declining Despite Recent Recovery

Despite numerous uncertainties, the crypto market had been performing well, even bullishly, until June 12. Following a recovery period last month and positive US employment data, the market had stabilized. The US government added 272,000 jobs in May, significantly surpassing expectations and predictions. However, ongoing political shifts and other factors have led to a decline in market conditions. 

Terraform Labs Pays to Resolve SEC Conflict

The Securities and Exchange Commission has requested court approval for a final consent judgment in its case against Terraform Labs and its former CEO, Do Kwon.

The Wednesday filing discloses an agreement between the US securities regulator and Terraform Labs, mandating a nearly $4.5 billion payment by the former stablecoin issuer. This includes approximately $3.5 billion in disgorgement, over $460 million in prejudgment interest, and $420 million as a civil penalty.

Trump Shows Crypto Mining Industry Support

Donald Trump reaffirmed his support for the Bitcoin mining industry after hosting a meeting with several executives from U.S. crypto mining companies.

In a June 11 post on the Trump-owned Truth Social, the presidential candidate expressed his desire for “all remaining Bitcoin to be MADE IN THE USA!!!” and asserted that this would contribute to the country becoming “energy dominant.”

New Information About Past Crypto Hacks

The cryptocurrency industry has experienced 785 reported hacks and exploits over the past 13 years. According to a Crystal Intelligence report shared with Cointelegraph, nearly $19 billion worth of digital assets have been stolen since the first known crypto hack on June 19, 2011.

The largest single crypto theft occurred in the 2019 Plus Token fraud, where attackers stole $2.9 billion worth of Bitcoin and Ether. In the past two years, the most significant crypto heist was the $290 million security breach on PlayDapp in February 2024.

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Innovation & Tech Today features a wide variety of writers on tech, science, business, sustainability, and culture. Have an idea? Visit us here: https://innotechtoday.com/submit/

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