16/02/2025. Weekly CryptoNews Digest (February, 10 – February, 16)

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Now, let’s dive into this week’s edition of the MNO Weekly CryptoNews Digest. Covering the period from February 10th to February 16th, 2025, we’ll explore the most important topics and emerging trends shaping the cryptocurrency market. So, prepare yourself for an enlightening journey into the future of finance with the latest edition of the MNO Weekly CryptoNews Digest below.

COINBASE VS. SEC: A LEGAL SHOWDOWN THAT COULD REDEFINE CRYPTO REGULATION

Coinbase, one of the largest cryptocurrency exchanges in the United States, has taken a bold step in its ongoing legal battle with the Securities and Exchange Commission (SEC) by filing a petition for permission to appeal at the Second Circuit Court of Appeals. This move comes after a district court ruling that denied Coinbase’s motion for judgment, prompting the exchange to seek a higher court’s intervention. The crux of the appeal revolves around whether digital assets traded on Coinbase’s platform should be classified as securities, a question that has significant implications for the entire cryptocurrency industry.

The SEC’s lawsuit against Coinbase, which began in June 2023, alleges that the exchange has been offering unregistered securities, thereby evading the regulatory framework designed to protect investors. Coinbase, however, argues that the digital assets traded on its platform do not meet the criteria of securities as defined by federal law. The exchange contends that its automated system matches buyers and sellers anonymously, without any post-sale agreements or rights against the asset issuer, distinguishing these transactions from traditional securities trades.

The legal battle has intensified with the SEC’s recent request for an additional 28 days to respond to Coinbase’s appeal. The agency has cited the work of its newly formed crypto task force, which aims to develop a comprehensive regulatory framework for digital assets, as a potential factor in resolving the case. This task force, led by Commissioner Hester Peirce, known as “Crypto Mom” for her supportive stance on cryptocurrency, has raised hopes within the industry that a resolution may be on the horizon.

As the case progresses, the outcome of Coinbase’s appeal could have far-reaching consequences for the regulation of digital assets in the United States. A favorable ruling for Coinbase could provide much-needed clarity and potentially reduce the regulatory burden on cryptocurrency exchanges. Conversely, a decision in favor of the SEC could reinforce the agency’s authority to regulate digital asset transactions as securities, setting a precedent that could impact the entire industry. The stakes are high, and the legal showdown between Coinbase and the SEC is one to watch closely.

CENTRAL AFRICAN REPUBLIC MEMECOIN SCAM: A NATIONAL DISASTER IN THE MAKING

The Central African Republic’s (CAR) memecoin project, initially launched with the promise of uniting the nation and supporting national development, has quickly devolved into a cybersecurity nightmare. The memecoin’s information pages, hosted on various cryptocurrency data aggregators, were found to be riddled with phishing links that directed unsuspecting users to malicious sites. These phishing schemes have raised significant concerns about the security and legitimacy of the project, which was initially announced by the official X account of CAR President Faustin-Archange Touadéra.

The project’s Telegram group, which was linked from major data providers like CoinGecko, was discovered to contain malicious links, including a fake “Safeguard” bot designed to phish users. Despite CoinGecko promptly removing the Telegram reference after being notified by cybersecurity firm Scam Sniffer, the Telegram group remains active and continues to post sporadic, cryptic messages. The presence of these malicious links has not been limited to Telegram; other aggregators have also been found directing users to fraudulent sites.

Adding to the chaos, the authenticity of the CAR President’s announcement video has been called into question. At least two deepfake AI detectors flagged the video as suspicious, with one model indicating an 82% chance that the video was a hoax. This revelation has further fueled doubts about the legitimacy of the memecoin project, with some experts suggesting that the token could be the result of a sophisticated hack of Touadéra’s official X account. The project’s official website and X account have both been suspended, leaving investors in a state of uncertainty.

The CAR memecoin scandal highlights the growing dangers of community-controlled data updates on cryptocurrency platforms. While these updates are intended to inform investors about projects, they also pose significant security risks if not properly monitored. The ability for community members to modify token-related information opens the door to manipulation and exploitation by malicious actors. As the situation continues to unfold, it serves as a stark reminder of the importance of robust cybersecurity measures in the rapidly evolving world of cryptocurrency.

SOLAYER’S INITIAL LISTING: A GAME-CHANGER OR A RISKY GAMBLE?

Solayer’s initial listing marks a significant milestone for the project, positioning it as a notable player in the blockchain space. The listing, which took place on major cryptocurrency exchanges such as MEXC and Bitget, has garnered considerable attention from investors and blockchain enthusiasts alike. Solayer aims to revolutionize the blockchain industry with its innovative InfiniSVM architecture, designed to achieve unprecedented throughput, low latency, and robust composability. This technology leverages Infiniband RDMA for near-microsecond inter-node communication, pushing blockchain performance to its hardware limits.

The Solayer project, launched in Q1 2024, has introduced the $LAYER token as its native governance token. The token serves as a crucial component of the Solayer ecosystem, enabling users to participate in key decisions regarding the platform’s future development. The total supply of $LAYER is capped at 1 billion tokens, with an initial circulation of 220 million. Over 50% of the tokens are dedicated to the community and ecosystem, reflecting Solayer’s commitment to fostering user engagement and decentralization.

Despite the excitement surrounding Solayer’s initial listing, the project is not without its risks. The volatile nature of the cryptocurrency market, coupled with the inherent risks associated with blockchain start-ups, has raised concerns among potential investors. The project’s reliance on cutting-edge technology and its ambitious goals may pose significant challenges in terms of execution and scalability. Additionally, the regulatory environment for blockchain projects remains uncertain, adding another layer of risk for investors.

As Solayer continues to develop and expand its ecosystem, the project’s success will largely depend on its ability to deliver on its promises and navigate the complex landscape of the blockchain industry. The initial listing has undoubtedly put Solayer on the map, but the road ahead is fraught with challenges. Investors and stakeholders will be closely watching the project’s progress, eager to see whether Solayer can live up to its potential and become a game-changer in the blockchain space.

TEA PROTOCOL’S TOKEN GENERATION EVENT: REVOLUTIONIZING OR RISKING THE FUTURE OF INDUSTRIES?

Tea Protocol recently held its highly anticipated token generation event (TGE), marking a significant milestone in its journey to offer decentralized solutions across various industries. The event saw the introduction of the $TEA token, which is designed to empower users and stakeholders within the Tea Protocol ecosystem. The $TEA token aims to facilitate governance, incentivize participation, and support the development of decentralized applications (dApps) on the platform. With a total supply of 1 billion tokens, the initial distribution has been carefully planned to ensure a balanced and sustainable growth of the ecosystem.

The token generation event was met with enthusiasm from the blockchain community, as it promises to address some of the most pressing challenges faced by traditional industries. By leveraging blockchain technology, Tea Protocol aims to provide transparent, secure, and efficient solutions that can be applied to sectors such as supply chain management, finance, healthcare, and more. The decentralized nature of the protocol ensures that power and control are distributed among the community, reducing the risk of centralized failures and fostering innovation.

However, the excitement surrounding the TGE has also raised concerns about the potential risks associated with the project. The volatile nature of the cryptocurrency market, coupled with the regulatory uncertainties, poses significant challenges for Tea Protocol and its investors. Critics argue that the project’s ambitious goals may be difficult to achieve, and the reliance on cutting-edge technology could lead to unforeseen issues. Additionally, the success of the protocol will depend on its ability to attract and retain a robust user base, which is no small feat in the competitive blockchain space.

As Tea Protocol moves forward, the project’s success will hinge on its ability to deliver on its promises and navigate the complex landscape of the blockchain industry. The token generation event has undoubtedly put Tea Protocol on the map, but the road ahead is fraught with challenges. Investors and stakeholders will be closely watching the project’s progress, eager to see whether Tea Protocol can live up to its potential and become a game-changer in the decentralized solutions space.

AVALON FINANCE LISTING: A BOLD MOVE OR A RECKLESS GAMBLE?

Avalon Finance, a prominent player in the decentralized finance (DeFi) space, made headlines with its listing on major cryptocurrency exchanges on February 10. This strategic move aims to broaden its market exposure and attract a wider audience of investors and users. Avalon Finance has positioned itself as a leading decentralized lending protocol built on the Merlin Chain, offering innovative solutions for peer-to-peer non-custodial liquidity markets. The listing has generated significant buzz within the crypto community, with many eagerly anticipating the impact it will have on the platform’s growth and adoption.

The $AVL token, which serves as the native governance token for Avalon Finance, has been at the center of this excitement. The token’s listing has opened up new opportunities for investors to participate in the platform’s governance and decision-making processes. Avalon Finance’s unique approach to overcollateralized lending, derivatives trading, and algorithmic stablecoins has set it apart from other DeFi projects. By leveraging the Merlin Chain’s capabilities, Avalon Finance aims to provide a secure and efficient environment for users to earn interest and borrow assets.

However, the listing has not been without its controversies. Critics argue that the volatile nature of the cryptocurrency market, coupled with the inherent risks associated with DeFi projects, poses significant challenges for Avalon Finance. The project’s ambitious goals and reliance on cutting-edge technology may lead to unforeseen issues and scalability concerns. Additionally, the regulatory environment for DeFi projects remains uncertain, adding another layer of risk for investors. Despite these challenges, Avalon Finance’s listing has undoubtedly put the project in the spotlight, and its success will depend on its ability to navigate these complexities.

As Avalon Finance continues to expand its ecosystem and attract new users, the project’s future will hinge on its ability to deliver on its promises and maintain a robust and secure platform. The listing has provided a significant boost to the project’s visibility and market presence, but the road ahead is fraught with challenges. Investors and stakeholders will be closely watching Avalon Finance’s progress, eager to see whether it can live up to its potential and become a game-changer in the DeFi space.

JAVIER MILEI’S CRYPTO SCANDAL: A PRESIDENT ON THE BRINK OF IMPEACHMENT

Argentine President Javier Milei is facing a political firestorm after endorsing the Libra (LIBRA) token, which turned out to be a massive financial disaster for investors. The scandal erupted when Milei promoted the token on his X account, leading to a brief surge in its value. However, the token’s value plummeted by over 94% within hours, wiping out millions of dollars in investor funds. The incident has been labeled a “rug pull,” a term used to describe a scam where developers abandon a project after taking in cash from the initial sale.

The fallout from the Libra token collapse has been swift and severe. Opposition lawmakers, led by Leandro Santoro, have called for Milei’s impeachment, citing the national embarrassment and financial losses suffered by investors. Santoro and other critics argue that Milei’s endorsement of the token created a financial trap, even if he was not directly involved in the project’s development. The Argentine fintech chamber has also acknowledged the case as a potential rug pull, further fueling the calls for impeachment.

In response to the scandal, Milei has attempted to distance himself from the project, claiming he was unaware of the details when he endorsed it. He has since deleted his promotional post and issued a statement denying any connection to the private enterprise behind the token. Despite his efforts to mitigate the damage, the controversy has cast a shadow over his presidency, with many questioning his judgment and the potential influence of insider information.

The Libra token scandal has not only damaged Milei’s political standing but also highlighted the risks associated with celebrity endorsements in the cryptocurrency market. The incident serves as a stark reminder of the importance of due diligence and regulatory oversight in the rapidly evolving world of digital assets. As the investigation into the Libra token continues, the outcome will likely have significant implications for both Milei’s political future and the broader cryptocurrency landscape.

That wraps up another exhilarating week in the cryptocurrency world! The rapid pace of change never ceases to amaze. I truly appreciate your support and engagement as part of the MNO community.

As the weekend comes to a close, I hope you’ve found some time to unwind. Don’t forget to participate in our MNO TalkBack poll—your feedback is invaluable in keeping our content relevant and engaging.

I’m looking forward to catching up with you next Sunday for the latest Weekly CryptoNews Digest. Keep stacking those coins, and remember, I’m here to support your financial journey. Thanks for being an essential part of MNO—For Money Lovers!

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