In this week’s crypto news roundup, we have gathered the top 6 news for you from the crypto industry. Despite a couple of hacking attacks, this week was good overall. THORSwap, a decentralized exchange (DEX) on the THORChain network, tackled unlawful monetary transfers and reached $355 million in transactions on October 5th. Secondly, to improve the Sui Network’s ecosystem, the Sui Foundation transferred 117 million SUI tokens from external market participants. The reallocation of resources will not affect SUI token circulation. Additionally, the Bank of Korea has launched a Central Bank Digital Currency (CBDC) pilot program to study digital asset transactions and improve payment settlement. What’s more, Ripple and Coinbase have secured significant licenses in Singapore. A judge rejected SEC’s appeal, reviving its legal battle with Ripple.
Sui Foundation Allocates 117M SUI Tokens for Ecosystem Growth
The Sui Foundation established a strategic strategy to grow the Sui Network. Since its May mainnet launch, this Layer 1 blockchain has been praised for scalability and throughput. For Sui ecosystem improvement, the foundation will reallocate 117 million SUI tokens from external market actors.
This will not affect SUI token circulation as they were already in circulation. On October 3, liquid staking hackathon winners will get 25 million SUI tokens. The repurchased coins will improve Sui’s environment. Sui DApp creators earn cash. The network should support dynamic liquid staking and lending protocols, DeepBook CLOB, and automated market makers. The allocations will help Sui’s DeFi ecosystem. The network has approximately $37 million in Total Value Locked, according to DefiLlama. Two months of 100% growth.
Bank of Korea Initiates CBDC Pilot Program for Digital Transactions
The Bank of Korea is piloting a central bank digital currency. In this proactive endeavor with the Financial Services Commission and Financial Supervisory Service, CBDCs are examined in savings and transactions. Non-financial organizations can join the unique Central Bank Digital Currency pilot program in Q4 2019. Financial Services Commission Deputy Chairman Kim So-young says token issuance is crucial to analyzing new currency infrastructure. This technique should enable digital asset transactions like security token sales in the payment settlement system.
Central Bank of Korea Senior Deputy Governor Ryoo Sang-dai urged innovation and adaptability in light of economic developments. The Republic of Korea studied CBDC in 2021 to develop digital finance and monetary infrastructure. Commercial banks will soon employ CBDC for interbank currency transfers and final payments. This installation should start this month and last until 2024. CBDC may help the public, but only commercial banks may use it for regulatory compliance.
Ripple and Coinbase Secure Major Milestones in Singapore’s Crypto Landscape
Blockchain payment startup Ripple reached a big Asian milestone. Ripple Markets APAC Pte Ltd. acquired the full Singapore MPI license after the Monetary Authority of Singapore’s in-principle approval. Ripple complied with Singapore’s Monetary Authority’s rigorous restrictions. This achievement shows Ripple’s regulatory compliance and industry leadership in a market that increasingly recognizes digital payment tokens. Ripple’s complete MPI license can alter Singapore’s digital payment token ecosystem. Ripple Markets APAC Pte Ltd can offer several digital payment token services under the license, spreading Ripple’s entire payment solutions throughout the area.
Coinbase Singapore also received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, a significant achievement. As a result, Coinbase stock is touching the skies. This marks a major step forward in Coinbase’s efforts to strengthen its digital payment token services for local individuals and institutions. The statement shows the company’s commitment to the Singaporean market and its worldwide development plan, which emphasizes compliance, innovation, and user confidence.
SEC’s Ripple Battle Takes a Turn as Judge Rejects Appeal
After District Judge Analisa Torres’ groundbreaking judgment, the SEC’s legal battle with Ripple, a cryptocurrency business tied to the XRP token, has changed. Judge Torres rejected the SEC’s challenge to a case that changed crypto. Judge Torres’ Tuesday order found that the SEC had not provided enough material to support its appeal. The development prepares the SEC for an April 2024 trial but does not harm it. This trial will thoroughly investigate and resolve any difficulties. The SEC may appeal the case.
Judge Torres’ July ruling that Ripple’s direct marketing of XRP to institutional clients violated federal securities laws created a precedent. Ripple was acquitted of unlawfully selling XRP on algorithmic exchanges. The ruling has complicated cryptocurrency legislation and law.
THORSwap Takes Swift Action Against Illegal Cash Transfers
THORSwap, a THORChain DEX, struggles with illegal cash transfers. The safety and legal compliance-focused platform acted promptly and firmly on this issue. On October 5, THORSwap set a record with $355 million in transactions. Hackers upped their crimes after the $1 billion transaction volume jump over five days. Crypto and cross-chain transactions fuelled this growth. Data demonstrates that over 50% of ETH-to-BTC conversions using THORSwap routers in the previous four months were unlawful.
THORSwap prevented illegal money transfers fast. To prevent criminal conduct, THORSwap temporarily triggered maintenance mode on its interface after consultation with counselors, legal experts, and law enforcement. This maintenance phase maintains loans, borrowings, and stakes. THORSwap’s measurements show platform security and regulatory compliance. The platform is developing a comprehensive and sustainable security and service integrity solution.
