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#ContentStar#Stars Arena said that the platform’s CEO Chill Pill, resigned from their position, a move that comes nearly a month after the decentralized social finance (SocialFi) application suffered a major smart contract exploit.
Meanwhile, the protocol’s total value locked (TVL) currently stands at a little above $300,000, a significant decrease from a TVL of nearly $3 million before the hacking incident.
Unknown Stars Arena CEO Leaves Position
Stars Arena announced the news of its CEO stepping down on X, adding that the team was working on rebuilding the trust of community members. Chill Pill also tweeted the news of his resignation, with neither Stars Arena nor Chill Pill giving reasons for the development.Following the news, most members of the crypto community on X were surprised that Stars Arena had a CEO as the social app has not been open about the team behind the project, while others noted that the resignation was one of the fastest in the space.The SocialFi app launched late in September and is an imitation of the Ethereum-based Friend.tech. Stars Arena allows users to link their X accounts to the platform while using Avalanche’s native coin AVAX to buy shares known as “tickets” from creators.
Stars Arena witnessed surging interest after it went live, causing an uptick in transactions on the Avalanche network. However, the protocol has suffered a couple of hacks.
New TVL Nearly 90% Lower Post Hack
Stars Arena’s first exploit cost the platform $2000, with the team assuring users that they fixed the vulnerability. However, two days after the first incident, the protocol was hit with a second hack, this time resulting in a bigger theft.
As previously reported by CryptoPotato, the attackers drained the project’s TVL, stealing nearly $3 million, leaving just $0.5. At the time of the second attack, Avalanche CEO Gün Sirer seemed confident that the social app would quickly bounce back from the incident. Stars Arena later claimed that the platform received funding to cover the losses incurred.
In another update, the project revealed that the perpetrator behind the hack reached out to the team and returned 90% of the stolen funds in exchange for a 10% bounty and an additional 1,000 AVAX lost in a bridge.
At the time of writing, Stars Arena’s TVL stands at $310,468, according to DefiLlama, an almost 90% drop from $2.78 million before the second exploit. XRP Lawsuit: Former SEC Commissioner Criticizes Ripple Lawsuit, Questions ETH’s Treatment
The post XRP Lawsuit: Former SEC Commissioner Criticizes Ripple Lawsuit, Questions ETH’s Treatment appeared first on Coinpedia Fintech News
While the price of XRP currently stands at $0.5578, showing stability and even modest gains of 6.2 %, the cryptocurrency’s legal battle with the U.S. Securities and Exchange Commission (SEC) has unveiled intriguing details. The coin’s upward momentum is backed by positive on-chain metrics. However, there is a chance of a price correction, and if XRP falls to the support level at $0.50, it might experience a significant decline.
The letters Unfold the Long Tail in Short
It has come to light that Joseph Grundfest, a former SEC commissioner who currently serves as a professor at Stanford Law School, vehemently opposed the SEC’s lawsuit against Ripple, citing its far-reaching implications.
In a letter penned in December 2020, Grundfest expressed concerns that the lawsuit could have detrimental consequences for the nation’s financial and securities markets. He cautioned that the case wasn’t just about the technicalities of securities law but would also inflict harm on innocent XRP holders.
His argument was that the fear of legal repercussions would lead intermediaries to cease XRP transactions, which, in turn, would reduce liquidity and cause a decline in XRP’s value, resulting in billions of dollars in losses for third-party holders.
“Upon learning of the proceeding, intermediaries will cease transacting in XRP because of the associated legal risk. The resulting reduction in liquidity will cause XRP’s value to decline.”
ETH Got the Free Pass?
But some got the free pass like ETH from the SEC; Grundfest also questioned the SEC’s inconsistency in treating Ethereum (ETH) and XRP. He argued that the SEC hadn’t presented any substantial differences in the operations of Ether and XRP concerning federal securities laws. This led him to challenge the fairness of subjecting XRP to securities law obligations while exempting Ether. Grundfest believed this approach created an unfair competitive imbalance in the enforcement of federal securities laws.
This revelation not only adds an interesting twist to the Ripple-SEC lawsuit but also raises pertinent questions about the regulatory approach to different cryptocurrencies. XRP’s price stability amid the ongoing legal battle underscores its resilience and the continued support it receives from its community.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# #contentstar#Bitcoin ETF by the US Securities and Exchange Commission (SEC), the price of BTC has seen a remarkable surge of 23% over the past fourteen days. However, SEC Chair Gary Gensler, who has been at the forefront of the SEC’s crackdown on the crypto industry, has taken a notable stance against the idea of Bitcoin exchange-traded funds for both institutional and retail investors. Despite acknowledging that Bitcoin is classified as a commodity and not a security, Gensler remains opposed to the investment strategy associated with Bitcoin ETFs. Surprisingly, a recently surfaced video posted on Social Media X (formerly Twitter) has cast doubt on Gensler’s consistent opposition to Bitcoin ETFs.SEC Chair Gensler’s Resurfaced Video Sparks ControversyThe video, recorded at an unknown date, captures Gensler’s perspective on the matter. In the video, Gensler states:I think Bitcoin and Ethereum futures will exist, and Bitcoin ETFs have not, and that feels a little inconsistent for me… even though the laws say that they are quite similar.Related Reading: Top 4 Must-Watch Bitcoin And Crypto Events This WeekThis resurfaced video has ignited controversy and raised questions about Gensler’s evolving views on Bitcoin ETFs.
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