Trump Meme Coin Soars as Ethereum Shakes Up Leadership and Solana Hits New Heights!

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Today’s installment of our weekly roundup highlights the surge of Trump’s meme currency, significant updates at Ethereum, MoonPay’s $175 million purchase of Helio, and Tether’s fresh office space in El Salvador, while Nova Labs faces scrutiny from the SEC.

SEC vs. Nova Labs

  • The U.S. Securities and Exchange Commission has charged Helium creator Nova Labs with unregistered securities offerings and fraud, alleging the company sold investment contracts through Hotspots and a Discovery Mapping Program, promising returns from building a wireless network.
  • Nova Labs claimed major companies like Nestlé and Lime were using its network, but these relationships were allegedly false, prompting cease-and-desist letters from the companies.
  • The SEC says these misrepresentations influenced investors and violated securities laws, seeking penalties, disgorgement of profits, and injunctions as part of its broader crackdown on crypto firms violating regulations. Helium founder Amir Haleem clapped back at the lawsuit via social media.

It’s come to light that the Securities and Exchange Commission (SEC) has chosen to file a lawsuit against us, just as @helium is leaving the premises. This appears to be the desperate final act in their unsuccessful campaign against cryptocurrency companies within the U.S.

Clearly, none of their allegations have any merit whatsoever. The SEC has squandered the past two years of our resources and effort…

— amir 🎈✊🛡️ (@amirhaleem) January 19, 2025

Ethereum Foundation’s strategic restructuring

  • Vitalik Buterin announced fundamental changes to the Ethereum (ETH) Foundation’s leadership while maintaining its core mission.
  • The co-founder shared specific objectives for improvement, including better technical expertise in leadership roles and better communication with the developer community.
  • Notably, Buterin firmly rejected calls for increased regulatory lobbying, emphasizing Ethereum’s commitment to remaining a neutral global platform.

MoonPay acquires Helio for $175 million

  • MoonPay secured a deal by acquiring Helio, a Solana-powered crypto payment processor, for $175 million.
  • The Miami-based company aims to use Helio’s technology to advance its trading and marketplace infrastructure. 

Tether establishes first physical headquarters in El Salvador

  • Stablecoin issuer Tether announced an operational shift by establishing its first brick-and-mortar headquarters in El Salvador.
  • After securing necessary licensing as a stablecoin issuer in the country, the company will relocate its incorporated subsidiaries from the British Virgin Islands (BVI) to El Salvador.
  • The company confirmed it will maintain its existing presence in the Swiss crypto hub of Lugano.  

Regulatory and legal developments

  • South Korea’s financial regulator imposed penalties on Upbit for anti-money laundering violations, potentially restricting new customer business for up to six months.
  • The Financial Intelligence Unit’s notification requires the exchange’s response by Monday.

DCG and Genesis Settlement with SEC

  • Digital Currency Group and former Genesis CEO Soichoro Moro reached a $38.5 million settlement with the SEC over securities fraud charges.
  • DCG will pay $30 million, while Moro faces a $500,000 penalty. Neither party admitted wrongdoing, and Moro continues his role as chief strategy officer at INX.

WazirX makes progress in recovering stolen assets

  • WazirX made progress in recovering assets from last year’s $230 million security breach, successfully freezing $3 million in USDT.
  • The exchange plans to resume trading operations by February as part of its ongoing restructuring efforts. 

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2025-01-19 22:46