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This week’s crypto news roundup highlights the newest developments and trends in the cryptocurrency market.
Solana Labs has announced details of its upcoming crypto-focused smartphone, the Seeker, set to launch in 2025. The model promises substantial hardware improvements over its predecessor, the Saga, including a brighter display, enhanced battery life, and an additional camera sensor for improved photography.
The development and anticipation of the Seeker follow the modest success of the Saga, which initially struggled with sales until crypto traders recognized its potential for obtaining token airdrops.
The Trump family, through Donald Trump Jr. and Eric Trump, has announced World Liberty Financial, a new venture aimed at making decentralized finance (DeFi) more accessible. The platform will feature a governance token, WLFI, which will give token holders voting rights on the platform’s matters.
Solana Launches New Phone Device
Solana has announced details for its new smartphone Seeker. On the software front, the Seeker will feature aspecialized crypto wallet integrated into its secure Seed Vault for more efficient cryptocurrency management, distinguishing it from conventional smartphones.
The phone is designed to enhance the crypto user experience, supporting a revamped decentralized app (dapp) store that improves app discoverability and interaction.
https://twitter.com/solanamobile/status/1836614409613119632
Solana Unveils New Seeker Smartphone, Bills it as the “Definitive Web3 Mobile Device” (Cryptonews.com)
Trump’s Crypto Project Includes Token
Trump’s World Liberty Financial crypto venture will feature a governance token, dubbed WLFI. The distribution of the tokens includes 63% for public sale, 17% for user rewards, and 20% reserved for team compensation.
Donald Trump’s Crypto Platform ‘World Liberty Financial’ — All You Need to Know (Techopedia)
Consensys Lawsuit Against SEC Dismissed
A lawsuit brought by Ethereum software giant Consensys against the U.S. Securities and Exchange Commission (SEC)was dismissed by a U.S. district judge on Thursday, who wrote that the firm’s claims were ultimately “moot” because the agency’s alleged actions were not “final.”
Consensys Lawsuit Against SEC Over Ethereum Gets Tossed Out (Decrypt)
BingX Loses $43M to Breach
The cryptocurrency exchange BingX has experienced a security breach that resulted in over $43 million being drained from its hot wallets. The hack occurred in two main waves, with the first extracting about $26 million and a subsequent breach several hours later siphoning an additional $17.5 million. The stolen funds included major cryptocurrencies likeEthereum, BNB, and USDT among others.
Crypto exchange BingX loses an estimated $43M to hack (ReadWrite)
Germany Shuts Down 47 Exchanges
The German government has conducted a significant operation against cryptocurrency exchanges, shutting down 47 platforms that were allegedly involved in illegal activities, primarily money laundering. The platforms allegedly failed to implement legal requirements aimed at preventing money laundering on a large scale.
German Government Shuts 47 Crypto Exchanges In Fight Against Cybercrime (99bitcoins)
Bitget Announces Partnership with La Liga
Cryptocurrency exchange Bitget has announced a significant multi-million dollar partnership with Spain’s top football league, La Liga. The partnership aims to leverage the popularity of football to boost the global adoption of cryptocurrency, particularly in Eastern and Southeast Asia as well as Latin America.
La Liga bolsters international expansion with Bitget as new crypto partner (Insider Sport)
Trump Buys Burger Using Bitcoin
Donald Trump recently made headlines by using Bitcoin to buy burgers and beers for customers at PubKey, a Manhattan bar known for accepting cryptocurrency. The event marks the first time a former U.S. president has publicly used Bitcoin for a transaction.
Trump just invented a crypto burger and he loves it 🔥🔥🔥❤️ pic.twitter.com/lgIJhCXi5C
— Morgan Whisper 🦋🌺 (@MorganWhis44787) September 19, 2024
Donald Trump uses Bitcoin to buy burgers at NYC bar (Cointelegraph)
Dragonfly to Raise $500M for New Crypto Fund
Dragonfly Capital is aiming to raise $500 million for its fourth fund, which will primarily focus on early-stage investments in the crypto and blockchain space. The San Francisco-based venture capital firm has already secured $250 million and expects to complete the fundraising by the first quarter of 2025.
Crypto VC Fund Dragonfly Seeks to Raise a $500 Million Fund (Bloomberg)
Bitget and Foresight Ventures Invest $30M in TON
Bitget and Foresight Ventures have made a strategic $30 million investment in the TON blockchain, focusing on acquiring Toncoin (TON) tokens directly from major holders, often referred to as whales. The investment will support the growth of “tap-to-earn” games, such as Hamster Kombat and Notcoin, which have gained significant traction within the Telegram community.
Bitget and Foresight Ventures announce $30M investment in TON (Bitget)
Bhutan Amasses $780M in Bitcoin
Bhutan, a small Himalayan nation with a GDP of just $3 billion, has emerged as a significant player in the cryptocurrency market by amassing over $780 million worth of Bitcoin. The holding represents nearly one-third of the country’s GDP, making Bhutan one of the largest state-owned holders of Bitcoin globally.
Bhutan Stashes $780M in Bitcoin Worth One-Third of Its GDP (Nasdaq)
Bitcoin Mining Profitability Reamins at ATL
JPMorgan has reported that Bitcoin mining profitability is currently at all-time lows due to a combination of falling Bitcoin prices and a rising hashrate. The increased competition among miners, reflected in the rising hashrate, has pushed mining revenues down, making it challenging for miners to cover operational costs.
Bitcoin Mining Profitability Remains at All-Time Lows as Prices Fall, Hashrate Rises, JPMorgan Says (CoinDesk)
