Happy almost New Year!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

It’s a slow news day, so we will keep it short!

📰 News Highlights:

🚨 SEC Triumphs in Terraform Labs Case (Link)(Link)

In a significant legal development, a U.S. federal judge has sided with the Securities and Exchange Commission (SEC) in the case against Terraform Labs and its former CEO, Do Kwon. The SEC accused the entities of orchestrating a multi-billion-dollar fraud in the cryptocurrency realm, specifically relating to the development, marketing, and sale of LUNA, UST, and MIR.

The court granted summary judgment in favor of the SEC concerning the unregistered securities but did not find in favor of the alleged unregistered offer and sale of security-based swaps. As the case proceeds to a jury trial in January, the crypto community eagerly awaits the resolution of fraud claims that wiped out over $40 billion in market value in 2022.

A spokesperson for Terraform Labs expressed disagreement with the court's ruling stating: 

The court's decision sets the stage for a critical trial that will further shape the legal landscape surrounding crypto securities.

🔐 Catalyx Crypto Exchange in Turmoil (Link)(Link)(Link)(Link)

Catalyx, a Canadian crypto exchange, finds itself in the eye of a storm after halting withdrawals and suspending all trading activities due to a suspected security breach. 

Management suspects the involvement of an employee in the breach, resulting in undisclosed losses of crypto assets held for clients.

The Alberta Securities Commission, on Dec. 21, ordered a cease in trading activity and launched an investigation into the security breach. Catalyx, founded in 2018, now faces a challenging scenario as it investigates losses and engages consulting firm Deloitte to navigate the aftermath of the security incident.

The exchange's move to halt withdrawals and trading has undoubtedly created uncertainty among users.

As Catalyx works to address the breach and assess the extent of the losses, the crypto community watches closely, emphasizing the broader significance of security measures in the evolving landscape of crypto exchanges.

💸 Avalanche Foundation to Invest in Memecoins for 'Culture' (Link)(Link)(Link)

Avalanche Foundation unveils a unique initiative as part of its $100 million NFT incubator fund, announcing plans to invest in select memecoins. 

This move, under the "Culture Catalyst" initiative, aims to recognize and encourage the cultural and fun aspects symbolized by meme-derived tokens.

The foundation emphasizes the significance of memecoins, considering them beyond mere utility assets, representing the collective spirit and shared interests of diverse crypto communities. While stringent selection criteria will be applied, Avalanche's foray into memecoins showcases a broader perspective on creativity, culture, and lifestyle facilitated by blockchain technology.

The selection process for the memecoin collection involves key criteria, including the number of holders, liquidity thresholds, project maturity, fair launch principles, and social sentiment, providing a structured approach to this unconventional yet intriguing investment venture.

In the midst of a marketwide frenzy for memecoins, Avalanche's strategic investment aligns with the evolving trends in the crypto space.

🚀 OKX Delisting Privacy Tokens (Link)(Link)

OKX, a major cryptocurrency exchange, announces a significant decision to delist several privacy-focused cryptocurrencies, including Monero (XMR), in early 2024. 

Citing user feedback and adhering to token delisting guidelines, OKX will remove trading pairs involving major privacy tokens such as Zcash (ZEC), Dash (DASH), and Horizen (ZEN).

This move reflects the exchange's commitment to maintaining a robust trading environment and navigating regulatory considerations in an ever-evolving crypto landscape.

The delisting decision raises questions about the future of privacy-focused cryptocurrencies on major exchanges.

💡 Feature of the Day: 

🌐This week in the world of DeFi: (Link)

• Pancakeswap pitched a proposal to trim down its CAKE total supply from 750 million to 450 million, and early signs suggest it's likely to get the green light.

• Infinex, a UI resembling a centralized exchange for Synthetix perps, went live on the mainnet, offering slick one-click trading, cross-chain deposit support, and more.

• Curve DAO agreed to shell out $44 million in compensation for victims of the July hack.

• WINR Protocol announced its leap to Solana, expanding its reach in the decentralized iGaming infrastructure realm.

• Solana broke records with a surge in monthly new and active wallet addresses.

• Arbitrum brought NEAR data availability to the table for developers constructing Ethereum Layer 2 solutions.

• Ethena, the brains behind a delta-neutral yield-bearing stablecoin, plans to launch in January 2024, aiming to create the first scalable decentralized stablecoin.

• Solidly Labs unveiled SolidSync, a high-security cross-chain messaging aggregator.

• Aevo is set to kick off its incentive program in Q1.

• Neon EVM introduced Neon Points, a reward system for its most active community members.

• zkSync experienced a 5-hour downtime on Christmas.

• Hokum, a Layer 3 solution for gaming built on top of Base, has officially launched on the mainnet.

Today’s Sponsor:

With the last weeks drama unfolding around Ledger Wallets being hacked, many people are looking for a safe hardware wallet to store their crypto.

This week we have partnered with Trezor.

Trezor supports more than 8000+ coins & tokens.

Protect your crypto assets today with Trezor.

😂 Crypto Meme of the Day: 

And that’s it for this today.

Have a happy New Year and remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all for our Monday (January 1st) edition!

Jonathan Gibson
UseTheBitcoin.com