Bittrex, a cryptocurrency exchange, will cease operations in the US

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

To resolve the insider trading issue involving the Coinbase product manager, the SEC has reached an “agreement in principle”

The Securities and Exchange Commission of the United States is proceeding with a resolution to the case against a former Coinbase Global product manager accused of insider trading.

In an April 3 court filing, the SEC stated that it had reached “an agreement in principle” with Ishan Wahi. Wahi, along with his brother Nikhil Wahi and associate Sameer Ramani, allegedly used confidential information obtained from the cryptocurrency exchange to profit off new token listings, resulting in more than $1 million.

Any settlement recommended by SEC staff must be reviewed within the SEC and approved by the SEC’s Commissioners before it may be submitted to the Court for approval, a process than can take a number of weeks,” stated the filing.

The insider trading case involving the Wahi brothers was one of the earliest cases reported involving a major crypto exchange in the United States prior to the bankruptcy of FTX and Celsius. The complaint initially claimed that Ishan, who served as a product manager at Coinbase from August 2021 to May 2022, obtained access to confidential information about cryptocurrency listings on Coinbase-controlled exchanges. He then allegedly passed on that information to his brother or Ramami, who invested in the tokens before their listing on Coinbase, expecting a price hike.

The creator of the Cash App passes away in San Francisco after being stabbed

Bob Lee, the former CTO of Square and Cash App’s creator passed away due to a stabbing incident in San Francisco on April 4. 

According to a statement by the San Francisco Police Department, officers responded to a stabbing report at 2:35 am, where they found a 43-year-old male victim with apparent stab wounds. Despite attempts to provide medical assistance, the victim, later identified as Lee, died from his injuries.

On April 5, Bill Barhydt, the CEO of Abra, tweeted that Bob Lee “was killed in SF early today,” sharing a report from a local media outlet that reported on Lee’s death but did not mention him by name.

Jake Shields, a former UFC fighter, tweeted that a “good friend” was killed in one of the “good” neighborhoods of San Francisco. Later, he identified the friend as Lee and expressed hope that it “will at least bring attention to these problems” since he was “extremely high profile.”

Lee was also the chief product officer of MobileCoin, a privacy-focused cryptocurrency. The case is actively being investigated as a homicide. Lee gained recognition in the tech industry as the first CTO of Square and for creating the popular mobile payment app Cash App.

KuCoin Wallet separates from the KuCoin exchange and becomes Halo Wallet

“Halo Wallet,” the decentralized wallet, recently rebranded and launched a new SocialFi ecosystem, as announced on April 3. Halo Wallet has received a new financing round from various investors, including KuCoin Ventures, IDG, HashKey Capital, and other Web3 strategic partners.

The rebranding exercise aims to transform Halo Wallet from a Web3 wallet to a more comprehensive SocialFi ecosystem. The wallet intends to integrate on-chain and off-chain social media protocols such as Lens and Twitter to establish a Web3 decentralized identifier (DID) system and engage with leading influencers.

Furthermore, Halo Wallet plans to introduce a decentralized autonomous organization (DAO) governance model for its SocialFi ecosystem, gradually transferring governance rights to the community. The company believes that a DAO governance model will encourage more innovators and users to explore novel financial models and trading opportunities, thus fostering a vibrant SocialFi ecosystem.

Jeff Haul, the head of Halo Wallet, acknowledged that decentralized wallets are the primary entry point for users into the world of Web3. The revamped Halo Wallet offers enhanced social features that help users create a well-rounded social identity and identify quality information and opportunities on social networks.

Bittrex, a cryptocurrency exchange, will cease operations in the US

On its ninth anniversary, Bittrex announced its decision to wind down its operations in the United States due to the challenging regulatory and economic environment. CEO Richie Lai cited the unclear and enforced regulatory requirements as a significant hurdle, leading to an uneven competitive landscape that has made it economically unviable for the exchange to continue in the US market.

The exchange’s founders now focus on helping Bittrex Global succeed outside the US. However, the company assured US customers that their funds were safe and available for withdrawal. Trading will be permitted until April 14, 2023, and customers are advised to withdraw all funds by April 30, 2023.

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Top Crypto Meme of the Week


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April 6, 2023

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