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Week in crypto: Coinbase new lawsuit, Cardano embracing BCH, & XRP escrow unlocks

By:
on May 5, 2024
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  • Coinbase faces charges for operating an illegal crypto empire.
  • Hoskinson plans to convert Bitcoin Cash into an ADA Chain partner.
  • Large-scale Ripple investors release 500M XRP from escrow.

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The cryptocurrency sector had a crucial week, with the latest United States economic data impacting market dynamics.

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While a lot happened, here are some headlines that grabbed investor attention over the past seven days. 

Coinbase’s new class action suit

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Crypto exchange Coinbase faces another class action lawsuit for running a fundamentally illegal crypto empire. 

Filed on April 3, the lawsuit comprises plaintiffs from Florida and California, alleging that they lost money due to Coinbase’s misleading statements and constant violation of state regulations. 

Complaints stated that the exchange has misguided investors into investing in assets that don’t comply with securities laws, including Algorand, Polygon, Decentraland, and Solana.

Meanwhile, the latest legal action resembles the previous one, where the SEC sued Coinbase for offering securities on its platform. 

Cardano’s founder proposes collaboration with Bitcoin Cash

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Charles Hoskinson has initiated a debate in the market with the new proposal about integrating Bitcoin Cash.

The move aims to transform BCH into Cardano’s partner chain, boosting the former’s performance with high-end technology like Ergo tech, Useful proof-of-work, and NiPoPoWs (no-interactive proofs of proof-of-work).

The poll has five days left, and over 66% of the 12,226 voters at press time have voted YES for the proposal. 

Notably, Hoskinson had questioned Bitcoin Cash community members on the ongoing developments within the BCH ecosystem and the blockchain’s short-term priorities. 

Cardano continues to team up with notable entities as it targets robust growth. The blockchain platform collaborated with Huawei Cloud to propel Web3 initiatives in Africa and Asia Pacific.

XRP whales on the move

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Dip-pocketed Ripple investors attracted the attention of crypto players by releasing millions of XRP tokens from escrow. 

The enormous XRP movements from escrow happened on two uneven transactions. The first one involved 100 million tokens, worth approximately $53.38 million.

Source- Bithomp.com

Another transaction, worth about $213.9 million, triggered the Ripple community, with some individuals calling the move a dump and others perceiving it as a signal of upcoming inflation.

Nonetheless, the XRP price remained relatively stable despite the massive unlock. The altcoin traded at $0.5321, up 2.39% in the past seven days. 

While the 400 million token release didn’t catalyze notable actions, enthusiasts should track Ripple’s escrow activities and possible impact on the asset’s price. 

Nonetheless, bullish initiatives such as Ripple venturing into the Japanese market to offer XRP Ledger solutions remain vital in the asset’s long-term growth. 

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