This week, cryptocurrency investors rejoiced at the news that the U.S. Securities and Exchange Commission (SEC) rejected a controversial lawsuit against Ripple Labs after more than four years of legal battle. This was considered a "victory for the industry" according to Ripple's CEO, Brad Garlinghouse. The SEC's lawsuit against Ripple for allegedly providing unregistered securities worth $1.3 billion has now concluded.
In another significant development, a Solana-based futures ETF was launched in the United States. This is a major step that many expect will lead to the approval of Solana (SOL) spot ETFs, which is considered a "logical next step" by legislators. This could increase demand and liquidation, strengthen Solana's market position, and narrow the gap with Ethereum in the market.
Another notable development is the launch of PumpSwap by Pump.fun, which has the potential to replace Raydium as the primary trading platform for Solana-based memecoins. PumpSwap promises to create a simpler trading environment with rapid liquidity flow and no fees.
In a security-related development, 89% of the cryptocurrencies stolen in the historic attack on Bybit can still be traced. The Lazarus hacker group from North Korea is suspected to be behind this attack. Although they attempted to erase traces through Bitcoin Coin Mixers, most of the stolen funds can still be retrieved.
Finally, the "Wolf" meme token by the Libra founder lost over 99% of its value in just two days. Despite reaching a market capitalization of $42 million, the token experienced a severe decline due to founder control and insider trading.
The DeFi market last week saw growth in many major cryptocurrencies, with BNB Chain's FORM token increasing by over 110%, becoming the strongest performer of the week. The total value locked in DeFi continues to increase, reflecting a positive shift in the industry.
