Crypto Daily RoundUp: FTX Plans to Restart Crypto Exchange

With this crypto daily roundup, you can jumpstart your day with the latest updates and market trends 

Cryptocurrency worth more than $1.5 billion has been removed — some stolen, some moved for safekeeping — from the decentralized exchange Curve Finance since it revealed it had been hacked on Sunday. GameStop has set a date for the demise of its crypto wallet program, chalking it up to "regulatory uncertainty." According to an alert on its website, the publicly traded GameStop will take its iOS and Chrome wallet extensions off the market by Nov. 1. A Manhattan federal judge said in an opinion that cryptocurrencies are considered securities regardless of how they are sold. It allows the Securities and Exchange Commission to pursue securities charges against Terraform Labs and its founder, Do Kwon, and has broad ramifications for crypto legislation and litigation. With this crypto daily roundup, you can jumpstart your day with the latest updates on cryptocurrencies like Bitcoin, Ethereum, and more.

Crypto Price Moment

Bitcoin was back in action on Wednesday and gained as much as 3 percent to regain the 29,000 mark, while Ethereum rose more than 2 percent to climb above $1,850. Other popular altcoins like Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) landed in the positive as overall prices saw minor gains across the board. The global cryptocurrency market cap was trading significantly higher, rising to the $1.19 trillion mark as it jumped more than 2 percent in the last 24 hours.

$1.5 Billion Removed After Hack

Cryptocurrency worth more than $1.5 billion has been removed — some stolen, some moved for safekeeping — from the decentralized exchange Curve Finance since it revealed it had been hacked on Sunday.

The curve was the second-largest decentralized exchange in crypto before it announced the discovery of a vulnerability. The total amount of cryptocurrency on the exchange has since plummeted by nearly 50% to $1.62 billion, according to tracker site DeFiLlama.

GameStop to pull support for its native crypto wallets

GameStop has set a date for the demise of its crypto wallet program, chalking it up to "regulatory uncertainty." According to an alert on its website, the publicly traded GameStop will take its iOS and Chrome wallet extensions off the market by Nov. 1. It had previously told investors on an earnings call that it would wind down the company's crypto activities. GameStop advised customers to write down or recover their secret passphrase before Oct. 1.

Cryptocurrencies are considered securities, a federal judge said

A Manhattan federal judge said in an opinion that cryptocurrencies are considered securities regardless of how they are sold. It allows the Securities and Exchange Commission to pursue securities charges against Terraform Labs and its founder, Do Kwon, and has broad ramifications for crypto legislation and litigation.

U.S. District Judge Jed Rakoff's Monday decision complicates SEC's litigation with Ripple and crypto exchange Coinbase.The SEC had alleged that Coinbase engaged in the unregistered offer and sale of securities. Coinbase strongly denies that it has listed any crypto asset securities. Coinbase shares are down about 4,5% in Tuesday trading.

FTX Plans to Restart Crypto Exchange

Defunct crypto exchange FTX has proposed to organize its creditors into different classes of claimants and has provided a pathway for one class of claimants to restart the FTX exchange with third-party investors – should the group agree to it.

"Rather than all cash, the Debtors may determine that the Offshore Exchange Company remit non-cash consideration to the Dotcom Customer Pool in the form of equity securities, tokens or other interests in the Offshore Exchange Company, or rights to invest in such equity securities, tokens or other interests," the document reads, suggesting that the debtors could forgo a cash payout for a stake in the new exchange.