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🔒 Bybit CEO Denies Hack and Insolvency Rumors Amid Social Media Storm

🚫 Speculations swirled around Bybit, a leading crypto exchange, with whispers of hack and insolvency. But CEO Ben Zhou stepped up on May 23 to quash these rumors personally.

🌐 In the face of a social media frenzy, Zhou, a prominent figure in the crypto world, reassured users about Bybit's financial stability and top-notch security.

📣 Taking to Twitter, Zhou left no room for doubt, highlighting Bybit's recent Proof of Reserves (POR) update and pointing out that the platform holds over $11 billion in assets according to Nansen data.

🇫🇷 However, it's not all smooth sailing for Bybit. The French financial commission, AMF, has raised a red flag, banning the platform due to non-compliance with local regulations. Investors were urged to be cautious.

🆕 On a brighter note, Bybit recently launched its regulated trading platform, Bybitnl, in collaboration with SATOS. This move allows Dutch users to enjoy enhanced security measures and engage in fiat currency transactions.

➡️ As the crypto landscape continues to evolve, exchanges like Bybit navigate both scrutiny and expansion with their eyes firmly on user trust and regulatory compliance.

🚫 UAE Agriculture Authority Puts an End to Crypto Mining on Farms

➡️ Farmers, No More Crypto Mining!
The Abu Dhabi Agriculture and Food Safety Authority has laid down the law, stating that farms are off-limits for cryptocurrency mining. Those who defy this advisory could face hefty fines of up to 10,000 UAE dirhams.

➡️ A Farm's Purpose Misused
The government agency sees crypto mining as a distraction from a farm's true calling. By cracking down on this practice, they aim to preserve the land's intended use and avoid excessive energy consumption.

🌍 UAE: A Bitcoin Oasis, but Not on Farms
While the UAE has been a welcoming home for Bitcoin miners, this ban highlights the distinction between agricultural and crypto activities. The country's overall crypto-friendly reputation remains intact, with other sectors still thriving.

➡️ Crypto Adoption Blooms in the Middle East
The Middle East is embracing cryptocurrencies, with the UAE leading the charge. The region's growing interest is fueled by evolving perspectives on how digital assets align with Islamic principles.

📈 Crypto's Future Shines Bright in the UAE
As crypto continues its ascent, the UAE is poised to become a global hub for all things blockchain. With its stable political climate and supportive regulations, it's no wonder experts see it as a promising destination for crypto ventures.

$MVP to $100 Million MCap soon ⤵️

https://www.cryptopolitan.com/maga-vp-mvp-eyes-100m-market-cap-following-trumps-pro-crypto-speech-crypto-price-prediction-xrp-and-sec-lawsuit/

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💠 Ethereum ETF To Grab Only 20% Of Spot Bitcoin ETF Flows 👀

Eric Balchunas, a senior ETF analyst at Bloomberg, expects a toned down debut for Ethereum ETFs with only 20% of Spot Bitcoin ETF inflows and trading volume.

👉 Read more

🚫 Texas Regulator Orders Arkbit Crypto Mining To Shut Down

🔍 Arkbit Capital's Deceptive Practices Exposed
The Lone Star State's financial watchdog, the Texas State Securities Board, has dealt a heavy blow to Arkbit Crypto Mining. On May 28, a cease and desist order was issued against Arkbit Capital, accusing them of orchestrating an elaborate investment scam.

➡️ False Claims of Data Centers in Arkansas
Led by Financial Examiner Alexis Cantrell, the regulatory body uncovered Arkbit's web of lies. The company had been peddling the idea of operating data centers in Arkansas for cloud mining various cryptocurrencies – a claim that turned out to be as empty as a desert breeze.

💰 Promises of Daily Returns and Fake CEO
Investors were lured in with promises of daily returns ranging from 1.6% to 2.8% on crypto deposits. But it wasn't just numbers on paper; Arkbit went the extra mile with fake media assets, including a video featuring their CEO speaking at a conference – a conference that never happened.

🌐 International Connections and CoinPayments.Net
Unraveling the tangled web, regulators discovered that Arkbit's payment processing was being handled by CoinPayments.Net, despite the platform explicitly banning U.S. users. And to add another layer of intrigue, the account holder was traced all the way to Hyderabad, India – not exactly Arkansas.

👌 A Broader Battle Against Crypto Fraud
This crackdown on Arkbit is just one skirmish in a larger war against alleged crypto Ponzi schemes. From the SEC busting a $300 million scam targeting Latino investors to convictions in New York's IcomTech case, regulators are working overtime to protect investors from digital deception.

🛡 Texas Takes a Stand for Investors
The Lone Star State is not one to back down when it comes to safeguarding its residents. The action against Arkbit is part of a concerted effort by the Texas State Securities Board and other regulators to stay one step ahead of fraudsters in the ever-evolving world of crypto investments.

‼️ Pudgy Penguins Dive into the Future: Blockchain Gaming Takes Center Stage in 2025!

🎮 Game On! Pudgy Penguins and Mythical Games have joined forces to create a groundbreaking mobile game, set to make waves in 2025.

🔗 Blockchain Brilliance: With Mythical Games' expertise in blockchain gaming and a track record that includes NFL Rivals and Blankos Block Party, this collaboration promises a fusion of cutting-edge technology and adorable penguin fun.

🌐 Web3 Wonderland: Set to captivate a whopping five million gamers, this immersive experience will transport players into a world brimming with the beloved lore and humor of Pudgy Penguins, all while delivering AAA quality gameplay.

⏰ Countdown Begins: Mark your calendars! The game is slated to launch on the Mythical platform next year, powered by the mighty Mythos Chain (MYTH) boasting an impressive one million active wallets.

🎁 Exclusive Treats Await: Holders of Pudgy Penguins tokens are in for a treat! Exclusive content drops, sneak peeks, and even a chance to shape the game's development await these lucky penguin enthusiasts.

🚀 From Retail to Gaming Domination: Pudgy Penguins has already made waves with retail partnerships at Walmart and Target. Now, they're ready to conquer the gaming world with their rapidly growing social media following.

💡 A Winning Combo: Pudgy Penguins CEO Luca Netz is thrilled about this partnership, seeing it as a recipe for success. With Mythical Games' gaming prowess and the community's feedback, this project aims high.

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🚀 Station Labs Founders Join Coinbase: Smart Wallet Base Gets a Boost

🟥 Cryptocurrency exchange giant Coinbase is making a strategic move by bringing in the talented team from Station Labs to work on its smart wallet Base. This collaboration aims to leverage Station Labs' expertise in building onchain developer tools.

🏠 The Base is more than just a wallet; it's designed to be the onchain hub for all things Coinbase, with a whopping $130 billion in assets under its digital roof.

👩‍💻 Founded by Tina He and Mind Apivessa, both former Facebook employees, Station Labs brings a wealth of experience to the table.

⚙️ Built on Optimism's OP Stack, Base stands out as one of the most secure and scalable EVM Layer-2 solutions available. It's part of an open ecosystem that promotes interoperability and governance.

📌 Simplifying the onboarding process for users and developers is a key focus for Coinbase. With Station Labs' expertise, they aim to make on-chain experiences more accessible, eliminating complexities like gas fees.

🌐 The growing interest in onchain transactions is evident from the surge in Google searches for the term "onchain" in May. People are curious about the security and transparency offered by blockchain-based transactions.

💰 In addition to this exciting collaboration, Coinbase recently made headlines with a generous $25 million donation to Fairshake, a pro-crypto super PAC. This move aligns them with other industry players supporting crypto advocacy.

🟢 SEC Fund Rule Struck Down by Appeals Court For Overreach

📣 A US appeals court overturned an SEC rule on fee and expense disclosure for hedge funds and equity firms, citing congressional overreach. On June 5th, the Fifth Circuit Court of Appeals’ three-judge panel unanimously ruled against the SEC, according to court documents. This came after six industry groups challenged the rule, arguing it would raise compliance costs and drastically change the sector.

➡️ The SEC “exceeded its statutory authority,” Judge Kurt Engelhardt wrote on behalf of the three judges. “The promulgation of the Final Rule was unauthorized, no part of it can stand.” The 656-page SEC rule required funds to release quarterly performance and fee reports, conduct yearly audits, and stop giving special treatment to some investors. The SEC claimed Congress expanded its role to oversee private funds, citing two sections of the Dodd-Frank Act passed after the 2008 financial crisis.

✔️ However, Judge Engelhardt shot down these claims, saying “neither section grants the Commission such authority.” The case represents a blow to the regulator’s claimed congressional authority over the sector. Vocal critics of the regulator in the crypto industry have also floated similar criticism over the last few years. Consensys Senior Counsel Bill Hughes commented, “this is the same off-key performance from the SEC that has been the hallmark of these last three-plus years.”

🔴 In a wave of lawsuits against crypto firms, the SEC has argued many cryptocurrencies are securities under its jurisdiction. Ethereum Co-founder Joseph Lubin criticized the SEC’s approach, alleging it favors strategic enforcement actions over fostering open discourse and providing clear regulatory guidelines. This has created unease within the cryptocurrency industry due to regulatory uncertainty, affecting leading exchanges and prominent cryptocurrency projects.

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🚀 Ripple and National Bank of Georgia Join Forces to Propel Digital Economy

💼 Ripple, a leading player in the world of cryptocurrencies, is taking its collaboration with the Republic of Georgia to new heights. Teaming up with the National Bank of Georgia (NBG), Ripple aims to digitize the local economy and revolutionize financial transactions.

🤝 The partnership between Ripple and NBG is not just a passing fancy. It's a serious commitment to exploring innovative ways to modernize Georgia's financial landscape. The two entities are diving deep into the realm of Central Bank Digital Currencies (CBDCs), aiming to make transactions faster, more secure, and more efficient.

🟢 The recent meeting between NBG officials and Ripple's Vice President, James Wallis, was nothing short of momentous. With the introduction of Alistair Brown from EPAM Systems, a key Ripple partner renowned for its expertise in software engineering, it's clear that this collaboration means business.

🌐 The goal? To propel Georgia's digitalization initiatives forward and unlock the full potential of a cashless society. With Ripple's cutting-edge technology and EPAM Systems' digital prowess, the future looks bright for Georgia's economy.

💡 Ripple has already proven its mettle as NBG's preferred partner for their pilot CBDC project, aptly named the Digital Lari. Now, armed with the newly launched Ripple CBDC Platform, they're ready to put their plans into action and explore how this digital currency can benefit everyone from businesses to everyday consumers.

Today Forta expands its reach to a 10th blockchain, adding Base as a supported network! 🌐

💼 Backed by Coinbase Ventures, a16z, Blockchain Capital, OpenZeppelin, and many others.

🔒Trusted by projects like Lido, Compound, MakerDAO, Metamask, Phantom and others.

Forta is the leading Security Project with the FORT token as the backbone of a large decentralized network of nodes and AI-powered bots designed to analyze ALL transactions on the most important blockchains to detect and prevent attacks, scams, and exploits.

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