Your Friday Crypto Roundup | 29 November 2024

This week in crypto brings courtroom drama, regulatory milestones, and fascinating innovation. From Swan Bitcoin’s battle against a major law firm to Hong Kong’s push for crypto dominance, here are the stories hogging the limelight.

Biggest Story: Swan Bitcoin vs. Gibson Dunn

Swan Bitcoin is suing law firm Gibson, Dunn & Crutcher for malpractice after the firm allegedly sought to abandon them mid-lawsuit. Swan claims the move was prompted by the firm’s desire to align with Tether. 

The dispute began when Gibson Dunn filed to withdraw from representing Swan in a trade secrets lawsuit against Tether-backed Proton Management, citing irreconcilable differences and unpaid fees. Swan, in return, called the firm’s $18 million fee demand “extortionate,” accusing them of a conflict of interest after hiring a new attorney with ties to Tether.With its legal representation in limbo, Swan is fighting for accountability and maybe its dear life.

Other Stories Making Waves

1. Binance Delists Another Batch of Tokens: Starting from December 6, trading of Gifto, IRISnet, SelfKey, OAX, and Ren will end on Binance, while withdrawals are available until February 2025.  This exchange stated the decision is part of its commitment to maintaining a healthy environment for crypto trading.
2. Squirrels Fight in Crypto: The owner of the internet-famous squirrel Peanut has launched a new memecoin, JUSTICE, based on the pet. They accused the popular  “PNUT” memecoin of exploiting Peanut’s fame. JUSTICE’s value skyrocketed by 50,000% in one day. Now, lawsuits are on the horizon.
3. Pump.fun Controversy: Pump.fun’s livestream feature for memecoin hype might have gone too far. Users in the crypto community are begging for the feature to be shut down following reports of threats of self-harm and violence.
4. Trump’s Struggling Crypto Project Gets New Investment: Justin Sun invested $30 million in World Liberty Financial, making him the largest investor in the struggling project. Interestingly, Trump will begin receiving 75% of the net revenues as per the project’s founding terms. The Tron Founder was named as advisor for the project. 
5. Cardano vs. Wyoming: Cardano’s Charles Hoskinson is displeased that the U.S. State, Wyoming, picked Solana and Ethereum for its stablecoin project despite 18 months of  his project’s “help.” He has threatened legal action.
6. Serpent’s $3.5M Scam Exposed: Former Fortnite player Serpent, known for being banned for cheating, now faces allegations of running a $3.5M crypto scam. Blockchain investigator ZachXBT has provided evidence that the gamer used hacked social media accounts, including those of McDonald’s and Wiz Khalifa, to pump memecoins and funnel proceeds into gambling.

Around the World: Bold Moves and Crypto Regulations

• Singapore’s romance with stablecoins is getting stronger: Singapore Gulf Bank is raising $50M to acquire a stablecoin firm and expand its payment network. Backed by major players, it aims to bridge traditional finance with crypto by 2025. The global stablecoin race is on!
• Crypto curiosity in the UK grows: Crypto awareness in the UK has hit 93%, with average holdings growing to £1,842. The FCA warns of risks while drafting new crypto regulations. 
• South Korea is hesitant on creating bitcoin reserves: Despite calls for a national Bitcoin reserve, South Korea prioritizes integrating crypto with traditional finance. The FSC warns of volatile markets but keeps a close eye on U.S. strategies. 
• Hong Kong goes all-in on crypto: Local digital bank ZA Bank now offers retail Bitcoin and Ethereum trading with zero commission for the next three months. This is coming after a lawmaker pleaded with banks on the island to make it easier to onboard crypto firms and help achieve the government’s aim of being Asia’s web3 destination. 

Market Trends: Winners and Losers

Top 5 Gainers

According to data from CoinMarketCap, the five biggest gainers for this week are:

• The Sandbox: Market cap surged by 65.7%, climbing from $905,001,076 to $1,499,584,214.
• Ethereum Name Service: Increased by 75.2%, rising from $674,236,023 to $1,181,317,635.
• Stellar: Jumped 46.1%, growing from $10,236,201,976 to $14,956,337,725.
• Algorand: Improved by 25.1%, advancing from $2,146,324,814 to $2,684,269,927.
• Decentraland: Up 36.6%, expanding from $883,708,530 to $1,207,211,907.

Top 5 Losers

According to data from CoinMarketCap, the five biggest losers for this week are all memecoins:  

• Popcat: Dropped 16.2%, shrinking from $1,471,154,665 to $1,233,299,115.
• FLOKI: Declined by 10.9%, decreasing from $2,393,091,284 to $2,130,566,327.
• BONK: Fell 13.2%, sliding from $3,724,696,183 to $3,233,273,159.
• Peanut the Squirrel: Lost 2.5%, declining from $1,131,146,343 to $1,102,981,914.
• Raydium: Down 8.0%, reducing from $1,765,565,269 to $1,625,004,678. 

Project Spotlight

Project Spotlight: Chromia: Bridging Databases and Blockchain for Scalable dApps

Chromia aims to solve blockchain’s scalability and cost issues by combining relational databases with blockchain. This hybrid approach supports high-performance dApps with low fees, excellent security, and scalability for millions of users. Some of its key features include:

• Rell (Relational Language) — a programming language that eases development for database-savvy developers.
• Ethereum Interoperability

• Customizable Fees.

Why It Matters: Chromia redefines dApp development, opening doors for scalable and cost-effective blockchain solutions in sectors like gaming, DeFi, and healthcare. By bridging traditional databases with blockchain, it sets the stage for blockchain’s next evolution.

Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence. 

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