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YouTube Page of India’s Supreme Court Hacked to Promote XRP

The channel streams hearings of notable court cases but temporarily showed promotional videos of XRP and Ripple Labs before being taken down.

The YouTube channel of India’s Supreme Court was compromised on Friday in a first such incident for the judicial body.

The channel, which otherwise streams court cases for viewers and the press, showed videos promoting XRP tokens. Its name was changed to “Ripple.live24.”

A blank video titled “Brad Garlinghouse: Ripple Responds To The SEC’s $2 Billion Fine! XRP PRICE PREDICTION” went live on the channel in the European morning hours. The video and the channel were taken down shortly afterward.

“This is to inform all concerned that the YouTube channel of Supreme Court of India has been taken down. The services on YouTube channel of Supreme Court of India will be resumed shortly,” the Supreme Court said in a statement shared with local media companies.

The compromise came ahead of several crucial cases scheduled for Friday, the Times of India reported.

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MicroStrategy Boosts Bitcoin Holdings With $458M Purchase, Upsized Convertible Note Offering to $1B

With the latest acquisition, the company now holds 252,220 bitcoin worth nearly $16 billion at current prices.

Nasdaq-listed software company MicroStrategy (MSTR) said Friday that it purchased 7,420 bitcoin (BTC) for about $458.2 million using the proceeds of its debt offering. The acquisition happened between Sept. 13 and 19 at an average BTC price of approximately $61,750.

The company increased its convertible note issuance that concluded Thursday to $1.01 billion from the $700 million principal offering announced earlier this week, according to a Friday filing to the U.S. Securities and Exchange Commission.

The company, led by Executive Chairman Michael Saylor, has been a pioneer for bitcoin adoption as a corporate treasury asset, and has become the largest corporate holder of BTC since it started buying in 2020. With the latest purchase, the firm now holds 252,220 bitcoin worth nearly $16 billion at current prices, acquiring at an average BTC price of $39,266 for a total cost of $9.9 billion.

MicroStrategy’s shares were down 1.5% from Thursday’s market closing price, with U.S. equity indices and BTC also sliding lower.

Other public companies such as Semler Scientific, miner Marathon Digital and Japanese investment adviser Metaplanet recently have followed MicroStrategy’s footprints to issue debt to accumulate BTC.

James van Straten contributed to the reporting.

Consensys Suit Against U.S. SEC Dismissed by Texas Court

The federal court dropped the lawsuit because its core argument was already resolved, though Consensys repeated assertions that the U.S. securities regulator is abusing its authority.

The U.S. Securities and Exchange Commission had – for a time – added Consensys to a list of crypto investigation targets, prompting the technology incubator company to sue it for overreach in federal court. Because the regulator then shut down that Ethereum probe earlier this year, a Texas judge has decided the lack of immediate danger means the lawsuit is unwarranted.

Judge Reed O’Connor of the U.S. District Court for the Northern District of Texas noted in a Thursday filing that “because withholding consideration subjects plaintiff to scant, if any, hardship, the claim lacks a ripe case or controversy.” In other words, since there’s no clear future threat to Consensys, there’s no point in this judge weighing in.

“In a significant win for the industry, the SEC dropped its ‘Ethereum 2.0’ investigation after our litigation was filed, and the Texas court today recognized that the SEC already gave Consensys the relief it sought on that critical issue for the Ethereum ecosystem,” the company said in a post on X.

Consensys argued that its lawsuit “laid bare the overzealous investigation of Ethereum, and policymakers and the public at large voiced deep concern over the SEC’s investigation of blockchain software development.”

The SEC didn’t immediately respond to a request for comment on the case being dismissed.

When Consensys sued the agency in April, it asked the court to declare that Ethereum’s ether (ETH) is not a security and that any investigation of ConsenSys based on the idea that the token is a security would trample on the company’s rights. It also contended that MetaMask is not a broker under federal law and that its staking service doesn’t violate securities law.

After backing down in the ETH investigation, the SEC did follow up with charges against Consensys later in June, alleging that the company’s MetaMask service was acting as an unregistered securities broker.

While the SEC hasn’t made a public statement about ETH’s status, last week, the regulator settled charges with eToro which let the trading platform continue listing ETH in the U.S.

Iggy Azalea to Release Online Casino Motherland in Boost for MOTHER Token

The online casino and gaming platform will be released in November.

SINGAPORE – Former Grammy-nominated artist and entrepreneur Iggy Azalea will release Motherland, a new online casino that uses her MOTHER token, in November.

Azalea unveiled the project alongside business partner Joe McCann, founder of crypto investment firm Asymmetric and manager Reece Pearson at her Motherland Rodeo event at Breakpoint in Singapore on Friday.

Motherland is slated to offer a variety of casino games — such as slots, blackjack, roulette, and poker — and players will enjoy live dealer games, tournaments and sports betting.

“Motherland is a digital homeland for the crypto community unlike any other,” said Azalea in a prepared statement. “This is all about merging culture and entertainment beyond hype cycles to create long-term value.”

“Motherland is a perfect example of how Iggy is taking the token beyond speculation and into real-world applications,” said McCann. “Memecoins are built on internet culture and the attention economy. No one does that better than Iggy — $MOTHER provides sustainable value creation by offering real utility,

MOTHER was one of the memecoins issued amid a short-lived celebrity token frenzy on the Solana blockchain in late May. Several such tokens have lost nearly all their value, but Azalea’s backing has helped buoy the token in the past few months.

In June, Azalea started to support the purchase of phones and monthly cell plans from his telecommunications company using mother tokens, boosting their value at the time.

Bitcoin Price and Hashrate Divergence May Set the Scene for a Potential Rally, Historical Data Shows

September’s counter-seasonal price trend has already started to show signs of this divergence trend helping BTC.

A divergence between bitcoin (BTC) price and its hashrate or network’s total computing power could potentially point towards a rally in the price of the largest digital asset.

Historically, these divergences have occurred only a few times in the past three years. In some cases, bitcoin prices have reached a local bottom during these events, followed by a rally as the market catches up with the rising hash rate. Bitcoin network’s hashrates rise and fall depending on how many miners have their mining computers online to validate transactions.

Consistent with this pattern, bitcoin has already shown signs of recovery, gaining about $9,000 since the local bottom on Sept. 6, representing a 15% increase in value. This divergence between bitcoin’s (BTC) price and its hash rate started to shape up in July and then persisted into early September, when the computing power of the network reached an all-time high of 693 exahashes per second (EH/s) on a seven-day moving average, while bitcoin’s price was near $54,000.

A significant factor contributing to the recent surge in hash rate is the activity of publicly traded mining companies. Before the halving – where bitcoin rewards get cut in half – the hash rate peaked at 650 EH/s and dropped to 550 EH/s in June, as less efficient miners exited the network due to higher competition. It has now returned to pre-halving levels as publicly traded miners that are well-capitalized, have increased their market share by raising their computing power.

In fact, data from the sixteen public companies show that they have almost reached a 23% market share in production, the highest since at least January 2023, according to the industry journal TheMinerMag. It is likely that publicly traded miners will continue to capture a larger share of the hash rate over time as they compete to stay profitable post-halving.

Counter-seasonal trend

September has historically been dubbed a bearish month for bitcoin, with historical data from Coinglass indicating an average price decline of 4%. However, this year has defied that trend, with bitcoin posting a 7% increase so far. This counter-seasonal trend could be indicating that due to the lower bitcoin price and rising hashrate, the price could be playing catch up with the hash rate, potentially setting up for another rally. Of course, there are other market factors such as interest rate decisions could also catalyze this price change.

Additionally, the next difficulty adjustment, scheduled for Sept. 25 and projected to decrease by 5%, could also indicate that prices may be catching up. Blocks are currently being mined at an average of 10.5 minutes, according to mempool.space. This indicates a potential slowdown in the hash rate as price plays catch up.

Miners accumulating

Another factor that could signal a potential rise in price is what miners are doing with their mined bitcoin.

Glassnode data indicates that from November 2023 to August 2024, miners consistently sold bitcoin to fund their operations due to the halving, marking one of the longest periods of sell pressure on record.

However, in the past 30 days, miners began accumulating bitcoin in their wallets, suggesting that the financial strain from the halving is largely over. If miners are distributing less bitcoin, this reduces the supply entering the market, increasing the chance of potentially helping the price.

Altcoins Surge Leaving Bitcoin and Ether Behind After Fed Cuts Interest Rate

The market cap of altcoins rose 5.7% after the central bank announced it would lower interest rates by 50 basis points. Bitcoin’s market cap rose only 4.4%.

Bitcoin (BTC) may have outperformed stocks in the aftermath of the Federal Reserve’s decision to lower interest rates on Wednesday, but the true winners in the crypto universe are altcoins.

Total3, an index that tracks the market capitalization of the top 125 cryptocurrencies, excluding bitcoin and ether (ETH), was trading 5.68% higher since the central bank’s announcement that it would slash the Federal Funds rate by 50 basis points, according to data on TradingView. Bitcoin’s market cap, by contrast, rose only 4.4%.

This isn’t unusual, said Bob Wallden, head of trading at investment firm Abra.

“Altcoins are higher beta than bitcoin and ether, so think of them as a leveraged play on the broader crypto market similar to tech stocks outperforming the S&P 500 (SPX) in time of green shoots,” he said.

The asset class, which includes all crypto assets besides bitcoin and ether, might have also benefited from a recent period of overselling, which Wallden said is adding velocity to their bounce back.

The relatively low liquidity levels of altcoins means they tend to move with greater volatility, said Bohan Jiang, Head of OTC options trading at Abra.

“Altcoins are at the fringes of the liquidity spectrum, and so will always be convex in performance when risk assets perform well and liquidity is abundant, which seems to be the case post-FOMC,” he said.

“They also perform as a function of liquidity and positioning: liquidity in alts is substantially poorer, causing outsized moves both ways. Extended short positioning building up over the past few months can therefore cause short-squeeze-like outperformance higher.”

The Federal Reserve’s decision to lower interest rates pushed bitcoin above $64,000 on Thursday, a price last seen on Aug. 26. It later bounced back and is currently trading at $62,898.

Kris Sandor contributed to the story

MakerDAO Should Use Solana’s Code to Build Its New Blockchain, Co-Founder Says

Some community members have already pushed back against the idea.

MakerDAO co-founder Rune Christensen said Friday that the platform’s future native blockchain should be built using the codebase that underpins Solana (SOL), a network designed to provide high-speed performance.

In a governance forum post, he said the codebase’s “technical quality,” its “resilience by having gone through the FTX blowup” and already functioning examples make Solana “the most promising codebase to explore further.”

He also mentioned Cosmos as the other “main contender.”

MakerDAO is a largest decentralized finance lender and also the issuer of the $5 billion DAI stablecoin. It is currently undergoing a major, multi-year overhaul called Endgame that includes breaking up the project into smaller, independent entities (SubDAOs) with their own tokens and revamping its governance token MKR and stablecoin DAI.

The plan’s final phase would be the rollout of a bespoke blockchain – under the codename NewChain, for the time being – to connect all SubDAOs and ostensibly make the ecosystem more resilient to governance attacks and technical failures, Christensen explained in the post.

The NewChain is a “major long term project, and will likely take at least 3 years,” he said.

Maker’s endorsement would be a symbolic win for the embattled Solana ecosystem, badly wounded by the collapse of FTX and Sam Bankman-Fried’s downfall, who had been one of the network’s biggest supporters and investors.

“I am honestly speechless,” Anatoly Yakovenko, co-founder of Solana Labs, posted on X (formerly Twitter) following Christensen’s comments. “The more code reuse we have across all ecosystems the faster everything grows.”

Some community members, however, already pushed back against Christensen’s idea, requesting more information about his research or pitching other solutions.

“Solana and Cosmos are the only options? What about an EVM-based rollup?,” prominent crypto researcher Hasu replied to the forum post.

“If Coinbase can deploy its own chain on a layer 2 (BASE), why not Maker?,” long-time community member Tosh9.0 asked.

Large Bitcoin Holders Accumulate $1.5B Worth of BTC as Price Wavers

The accumulation suggests optimism among large investors, IntoTheBlock’s head of research noted.

Large bitcoin (BTC) investors – “whales” in crypto terms – seemed undeterred by the recent weakness in price and substantially increased their holdings.

Data by crypto analytics firm IntoTheBlock shows that addresses holding at least 0.1% of the bitcoin supply – worth more than $500 million – increased their stash by a total of $1.5 billion in the last two weeks of August.

The increase occurred while inflows into centralized exchanges were near zero, suggesting that “there is organic buying demand rather than just funds moving to exchange addresses,” Lucas Outumuro, head of research at IntoTheBlock, wrote in a report.

Whales are entities who control large amounts of a digital asset. Their purchases and sales can have a sizable impact on markets, thus crypto watchers closely follow their behavior to anticipate market movements.The purchases happened during a period when BTC’s price sunk to a two-month low, temporarily lifted by an important court decision in Grayscale’s campaign to list a spot bitcoin exchange-traded fund in the U.S.

Large holders first loaded up after Aug. 17, when BTC plunged more than 10% to below $26,000, its lowest price since June, IntoTheBlock data shows.

They also increased holdings earlier this week following asset manager Grayscale’s court victory over the U.S. Securities and Exchange Commission (SEC). A federal appeals court ordered the agency to vacate and review its denial to convert the $14 billion Grayscale Bitcoin Trust into a more-desirable spot bitcoin ETF.

Analysts interpreted the court’s decision as a key advance towards listing the first spot BTC ETF in the U.S., making the largest cryptocurrency more accessible for a new class of investors.

BTC has erased all gains from the brief rally ignited by the Grayscale ruling and slid back below $26,000 on Friday.

Despite the weak price action, the accumulation suggests that “institutional investors are getting optimistic in Bitcoin as ETF decisions approach,” Outumuro said.

SEC Hasn’t Met Requirements to Argue for an Appeal, Ripple Says

Ripple opposed the SEC motion to try and appeal a federal judge’s ruling in its case against the crypto company from July.

The U.S. Securities and Exchange Commission (SEC) hasn’t made enough of a case to warrant an appeals court intervention in its ongoing legal fight with Ripple, the crypto company argued in a new filing Friday.

The SEC is seeking a federal judge’s approval to appeal her ruling finding that Ripple’s programmatic sales of XRP did not violate securities law. If Judge Analisa Torres, of the Southern District of New York, signs off on the bid, the SEC will need to convince the Second Circuit Court of Appeals to take up the case. In its filing Friday, Ripple argued that there are no controlling law questions and that an appeal wouldn’t lead to a faster resolution of the overall case.

July’s ruling did not “present a controlling question of law,” and neither did the SEC’s motion for an appeal, Ripple said in Friday’s filing, which added that the regulator hasn’t proven that different judges might disagree with the ruling, or that an appeal would lead to a faster end for the court case – all of which are requirements for the judge to approve an appeal, according to the filing.

Judge Torres found in July that while Ripple violated federal securities laws in selling XRP to institutional investors, it had not done the same in making XRP available to retail investors by putting it on exchanges.

A different judge in the same court, Judge Jed Rakoff, disagreed with Judge Torres’ assessment in his own ruling in the SEC’s case against Terraform Labs, a point the regulator brought up when it filed the substantive part of its appeal on August 18.

In Friday’s filing, Ripple said the factual bases underlying each case were different, leading to the different rulings.

“This Court’s summary-judgment ruling relied on record evidence that Ripple made no ‘promises or offers’ to purchasers in Programmatic Sales,” the filing said. “Terraform, by contrast, accepted the SEC’s allegations that Terraform and its founder promised all purchasers – those who bought directly from Terraform or from some other source – ‘rates of returns of 19-20% on the coin owners’ initial investment.'”

The SEC has until September 8 to respond to today’s filing.

LSE Group Plans to Offer Blockchain-Powered Market For Traditional Assets: Report

The London Stock Exchange (LSE) is considering using a separate entity for the blockchain-based markets business, according to the Financial Times.

The London Stock Exchange Group (LSEG.L), one of the oldest stock exchanges in the world, has drawn up plans to offer blockchain-based trading of traditional financial assets, the Financial Times reported Monday.

The company has reached an “inflection point,” having examined the potential for bringing traditional markets to blockchain rails for nearly a year and has now decided to take plans forward, LSE Group’s Head of Capital Markets Murray Ross told FT.

Ross stressed that the project does not involve cryptocurrencies and only uses the blockchain technology underpinning the digital assets to make buying, selling and holding of traditional assets more efficient.

“The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent . . . and to have it regulated,” Ross said.

A blockchain is a distributed, immutable ledger, facilitating record of transactions and tracking assets in a business network.

According to FT, the LSE Group is mulling a separate entity for the blockchain-based markets business and is in talks with regulators, multiple jurisdictions and the U.K. government and Treasury.

The reported move comes as several traditional finance firms look to come on chain to offer tokenised versions of traditional assets like gold and U.S. Treasury notes.