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Crypto News Today – June 20, 2024
Welcome to “Crypto News Today,” your daily recap of significant happenings in the cryptocurrency industry.
Andrew Forrest sues Meta for Facebook crypto ad scam
Australian billionaire Andrew Forrest has filed a lawsuit against Meta Platforms, Inc., accusing the company of profiting from scam ads on Facebook that misused his image to promote fraudulent crypto schemes. Forrest’s lawsuit seeks damages and aims to force Meta to take tougher measures against scam ads. The case raises questions about Meta’s responsibility for content moderation and whether its advertising systems contribute to the spread of misleading ads. This lawsuit could set a precedent for holding social media platforms more accountable for the advertisements they host and profit from. Read all about it on the TDR website!
Circle CEO Jeremy Allaire says he is “insanely bullish” on cryptocurrencies
Circle CEO Jeremy Allaire expressed his strong optimism regarding the future of cryptocurrency. Speaking at a recent event, Allaire highlighted the transformative potential of digital assets and blockchain technology, affirming his confidence in a solid growth trajectory for the sector.
Stablecoin transfer volume increases 1500% in four years
Demonstrating the growing reliance on stablecoins, transfer volumes have skyrocketed by 1500% over the past four years. This surge highlights the growing adoption of stablecoins for transactions and as a store of value within the crypto ecosystem.
Bitcoin whales have sold over $1 billion worth of BTC in the past two weeks
CryptoQuant reported that Bitcoin whales have dumped more than $1 billion in BTC in the past two weeks. This significant sell-off has sparked market discussion, with analysts weighing its potential impact on Bitcoin’s price dynamics.
SEC Ends ConsenSys Investigation, Won’t File Lawsuit Over Ethereum
The United States Securities and Exchange Commission (SEC) has concluded its investigation into ConsenSys and has decided not to take legal action regarding Ethereum. This decision is seen as a positive development for Ethereum and its community, as it potentially eases regulatory concerns.
Kraken faces extortion attempt after $3 million bug exploit
Cryptocurrency exchange Kraken has revealed that hackers exploited a bug, resulting in a loss of $3 million. Following the exploit, the attackers attempted to extort the exchange, demanding a ransom. Kraken has assured its users that it is addressing the situation and strengthening security measures.
Read more cryptocurrency news on the TDR website!