Crypto News Today – June 20th, 2024

Welcome to “Crypto News Today,” your daily summary of significant happenings in the Crypto Industry.

Andrew Forrest Sues Meta Over Scam Facebook Crypto Ads

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 likeness to promote fraudulent crypto schemes. Forrest’s legal action seeks damages and aims to compel Meta to adopt stricter measures against scam ads. The case raises questions about Meta’s responsibility in moderating content and whether its ad 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’s “Insanely Bullish” on Crypto

Circle CEO Jeremy Allaire expressed his strong optimism about the future of cryptocurrency. Speaking at a recent event, Allaire highlighted the transformative potential of digital assets and blockchain technology, asserting his belief in a robust growth trajectory for the industry.

Stablecoin Transfer Volume Surges by 1500% Over Four Years

In a remarkable demonstration of the growing reliance on stablecoins, transfer volumes have skyrocketed by 1500% over the past four years. This surge underscores the increasing adoption of stablecoins for transactions and as a store of value within the crypto ecosystem.

Bitcoin Whales Sold Over $1B BTC in Past Two Weeks

CryptoQuant has reported that Bitcoin whales have offloaded more than $1 billion worth of BTC in the past two weeks. This significant sell-off has stirred market discussions, with analysts weighing its potential impact on Bitcoin’s price dynamics.

SEC Ends Probe into ConsenSys, Won’t Sue Over Ethereum

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into ConsenSys and decided not to pursue legal action concerning Ethereum. This decision is seen as a positive development for Ethereum and its community, potentially easing regulatory concerns.

Kraken Faces Extortion Attempt After $3M Bug Exploit

Cryptocurrency exchange Kraken revealed that hackers exploited a bug, resulting in a $3 million loss. 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 enhancing security measures.

Read more crypto news on the TDR Website!

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