Published on september 28, 2024, 12:28 am
Image source: Fox News
```json [ "Solana gaining attention in the cryptocurrency market, predicted to rival Ether's market cap.", "Tornado Cash developer facing legal issues over money laundering and other charges.", "SEC planning to redefine terms like 'exchange,' facing criticism from digital asset community.", "Coinbase assures full reimbursement for losses in their cbBTC Wrapped Bitcoin product.", "Cryptocurrency hacks and scams reduced by 40% year-over-year in Q3 2024, with ongoing security challenges.", "Positive week for cryptocurrencies overall, Shiba Inu (SHIB) among top gainers." ] ```
Solana is gaining significant attention in the cryptocurrency market, with predictions suggesting its market cap could soon rival that of Ether. VanEck, a prominent asset management firm, forecasts that Solana’s price may soar above $330, driven by its impressive transaction throughput and scalability.
In contrast, the developer behind Tornado Cash, Roman Storm, is facing legal troubles as he heads to court over his involvement in the non-custodial cryptocurrency mixer’s development. Despite Storm’s efforts to dismiss the case against him, a judge has upheld multiple federal charges related to money laundering and operating an unlicensed money-transmitting business.
On another front, Gary Gensler, Chair of the United States Securities and Exchange Commission (SEC), announced plans to redefine terms such as “exchange” and alternative trading systems. The proposed changes aim to enhance efficiency and resilience in financial markets but have faced backlash within the digital asset community for their potential implications on crypto trading practices.
Concerns surrounding Coinbase’s cbBTC Wrapped Bitcoin product were addressed by their chief legal officer, Paul Grewal. He reassured users that in cases where Coinbase loses underlying Bitcoin due to malicious activities or unforeseen events, clients will be fully reimbursed—a move intended to instill confidence among traders using the platform.
Additionally, losses from cryptocurrency hacks and scams decreased notably in the third quarter of 2024 according to Immunefi’s report. While incidents like the WazirX exchange hack highlight ongoing security challenges within the industry, overall losses have dropped by around 40% year-over-year—a positive trend indicating improvements in cybersecurity measures.
Wrapping up with market insights, data from Cointelegraph Markets Pro and TradingView indicate a positive week for cryptocurrencies overall. Shiba Inu (SHIB) emerged as one of the top gainers among popular tokens—reflecting continued investor interest and optimism within the space.
This evolving landscape underscores both opportunities and challenges present in the dynamic world of cryptocurrencies. Stay tuned for further developments shaping this rapidly advancing sector.
Original article posted by Fox News
