The stablecoin, which is pegged to the US dollar, was the first token launched on the crypto exchange Poloneix’s new Intiatial Exchange Offering (IEO) platform LaunchBase. Poloniex, which is partially owned by Sun, said last month that the stablecoin would be generated from Tron tokens (TRX) through a Collateralized Debt Position on the stablecoin’s JUST platform.
Just prior to the launch of the new Poloniex token sale platform last month, Tron was hit with a class-action lawsuit alleging violations of US securities laws in connection with the sale of Tron (TRX) tokens. The complaint was part of a set of “Red Wedding” lawsuits which were filed against Binance, BitMex, and other major crypto companies—all which alleged illegal sales of tokens associated with ICOs.
Over the last few years, token sales, ICOs, and IEOs have come under heavy scrutiny from regulatory authorities such as the US Securities and Exchange Commission. What’s more, just as stablecoin trading volumes are exploding across the crypto industry, and regulators around the world are beginning to take notice of the potential “risk to global financial stability” from the growth of stablecoins.
Crypto exchange OKX burned—or effectively destroyed—279 million Ethereum-based OKB tokens valued at nearly $26 billion on Friday as part of a major slash to its native token supply.
The burn marks one of the final steps in OKB’s “economic upgrade,” reducing the total supply of OKB from 300 million to 21 million, matching the finite supply standard of Bitcoin, and phasing out its connections to Ethereum mainnet.
News of the token burn and supply cut first circulated on Wednesday, sending OKB’s...
Illegal cryptocurrency mining caused $3.52 million in damages in Tajikistan in H1, according to the country’s Attorney General Khabibullo Vokhidzoda.
Speaking at a press conference, Vokhidzoda reported that these damages relate specifically to the illegal use of electricity by miners, with energy providers compensated by the state.
“There are people who import equipment for mining companies into the country from abroad and illegally mine cryptocurrency,” said Vokhidzoda, who added that four to f...
Strategy, formerly MicroStrategy, misrepresented its business to investors when measuring itself against S&P 500 firms last month, according to Damped Spring Advisors CEO and CIO Andy Constan.
It is “100% fraudulent” that the Bitcoin-buying firm compared its price-to-earnings ratio to the likes of Apple and NVIDIA on a slide during its second-quarter earnings presentation, the Wall Street veteran said during an episode of the What Bitcoin Did podcast released on Monday.
The slide implied that St...
