

Donald Trump-linked crypto portfolio has sold off ether worth $2.4 million, Arkham Intelligence says


Former President Donald Trump seems to have recently sold approximately $2.4 million worth of ether, as reported by blockchain data analysts Arkham Intelligence. The findings, based on ongoing tracking by the intelligence firm, indicate a significant move in Trump's digital asset holdings.

Arkham Intelligence shared its discovery on the social media platform X, stating, "Looks like Donald Trump is selling his ETH. Three weeks ago he started sending ETH to Coinbase after months of accumulating Trump NFT royalties. His peak balance was $4 million. Based on the deposits, so far he's sold 1,075 ETH for $2.4 million."

The intelligence firm had previously identified digital assets linked to Trump in August, relying on financial disclosures the former president filed earlier that month.

Trump's foray into NFTs is notable. In December 2022, he released a collection of 45,000 NFTs, each priced at $99. This collection has seen a substantial trading volume, totaling 15,013 ETH ($35.4 million), according to OpenSea, a prominent NFT marketplace. Subsequently, in April, Trump introduced a second NFT collection, also priced at $99 each.

The most recent addition to Trump's digital offerings is a set of digital trading cards, introduced earlier this month. These cards offer fans the opportunity to gain perks such as having dinner with the former president or acquiring an item worn by him when taken into custody by Georgia police after being indicted in August.

It's crucial to note that Trump's NFT drops and promotions are managed by NFT INT LLC, an entity stated to be independent of Trump, The Trump Organization, CIC Digital LLC, or their respective principals and affiliates. The website for Trump's digital trading cards specifies that NFT INT LLC uses Trump's name, likeness, and image under a paid license from CIC Digital LLC, which can be terminated or revoked according to its terms.

Previously disclosed documents from Citizens for Responsibility and Ethics in Washington showed that Trump has been listed as the manager, president, secretary, and treasurer of CIC Digital LLC. These documents also indicated that the former president owns up to $5 million worth of ether and has earned at least $4.9 million from NFT licensing fees.

The recent sale of ether assets by Trump aligns with a broader market trend, with ether experiencing a 17% surge over the past month. As of the latest data, the world's second-largest cryptocurrency was trading at $2,352, reflecting a 6.1% increase over the past 24 hours.

Trump Crypto Portfolio



BarnBridge DAO settles with SEC for $1.7 million, agrees to stop selling crypto bond product

BarnBridge DAO, along with its founders Tyler Ward and Troy Murray, has reached a settlement with the Securities and Exchange Commission (SEC), agreeing to pay more than $1.7 million. The settlement stems from charges brought against BarnBridge for failing to register the offer and sale of its cryptocurrency product, SMART Yield bonds. This settlement underscores the growing regulatory scrutiny facing decentralized finance (DeFi) projects and their interactions with traditional securities laws.

The SEC alleged that BarnBridge marketed and sold structured crypto asset securities, referred to as SMART Yield bonds, without the required registration. According to the SEC, these bonds were comparable to asset-backed securities and were promoted to the public through various channels. Tyler Ward, 34, and Troy Murray, 38, co-founders of BarnBridge DAO, were actively involved in promoting the investment potential and returns associated with SMART Yield. They appeared as guests on multiple YouTube channels focused on decentralized finance, using social media to attract investors to the product.

SMART Yield functioned by pooling together cryptocurrencies deposited by investors and utilizing these assets to generate returns, which were then distributed to investors. The SEC, in its statement, emphasized that Ward and Murray actively promoted SMART Yield as an investment opportunity, contributing to the public offering of these crypto asset securities. The SEC's findings led to charges against BarnBridge DAO for violating securities laws, particularly for failing to register the offer and sale of these structured financial products.

The regulatory scrutiny surrounding decentralized finance has been intensifying, and the SEC's action against BarnBridge is part of a broader trend of increased oversight in the cryptocurrency space. In July, BarnBridge's attorney, Douglas Park, informed DAO members through Discord that the SEC was conducting an investigation. Following this revelation, Park recommended halting all work on BarnBridge-related products and advised against compensating individuals for their work with the DAO until further notice.

Later in October, BarnBridge initiated a voting process among stakeholders to determine whether Ward and Murray should be given the authority to comply with the SEC's order. The DAO sought input on various aspects, including whether to pay disgorgement as required by the SEC, and whether to sell all tokens permitted and allow Ward and Murray to distribute them.

This settlement is a reminder of the SEC's reach into the DeFi space and its commitment to enforcing securities laws, even in decentralized and blockchain-based financial systems. It highlights the challenges faced by DeFi projects in navigating the complex regulatory landscape, as the SEC views many digital assets as falling under its jurisdiction.

The SEC has previously taken legal action against decentralized autonomous organizations (DAOs). In an earlier case this year, the SEC accused American Crypto Fed of failing to provide necessary information about its business management and financial condition, including inconsistencies in defining whether its tokens are securities.

Gurbir S. Grewal, the director of the SEC’s Division of Enforcement, emphasized that the unregistered offer and sale of structured finance products to retail investors using blockchain technology violates securities laws. This settlement serves as a critical reminder that regulatory requirements apply to entities seeking access to capital markets, regardless of their organizational structure, whether incorporated, decentralized, or autonomous.

In conclusion, the settlement between BarnBridge DAO, Tyler Ward, Troy Murray, and the SEC sheds light on the evolving regulatory landscape for decentralized finance. As DeFi projects continue to innovate and explore new financial products, regulatory compliance becomes a crucial aspect to address, ensuring a balance between innovation and investor protection in the ever-changing world of blockchain and digital assets.

BarnBridge SEC Settlement



SEC admits it made inaccurate statements in Utah crypto case
SEC Admits Inaccuracies, Asserts Asset Freeze in DEBT Box Case

The Securities and Exchange Commission (SEC) has conceded to making inaccurate statements in the lawsuit against crypto startup DEBT Box. Despite acknowledging its misstatements, the SEC insisted that the freezing of the firm's assets should persist. The controversy emerged in November when Utah's top federal judge, Robert J. Shelby, criticized SEC lawyers for their handling of the case, particularly the request for a restraining order on DEBT Box to freeze its assets. The judge demanded a basis for their claims, especially regarding allegations that the company was attempting to move assets overseas to evade regulatory jurisdiction.

In response to the court's demand, the SEC admitted to misstating some accusations to support the request for the restraining order. Notably, the regulator acknowledged inaccuracies in claims that DEBT Box was closing numerous accounts during the ongoing litigation. The SEC conceded that it "fell short" of expectations in terms of accuracy and candor in court, making representations that were inaccurate and failing to correct them promptly. However, the agency insisted that it had acted in good faith and justified its request for the restraining order.

To address the inaccuracies, the SEC announced corrective measures, including assigning senior attorneys from the Commission’s Denver Regional Office to supervise the case. Additionally, the SEC's Division of Enforcement will conduct mandatory training for its staff on the duty of accuracy and candor, emphasizing the duty to correct any inaccuracies promptly.

The lawsuit against DEBT Box alleges fraud amounting to $49 million, accusing the company of deceiving thousands of investors. DEBT Box purportedly offered "node licenses" to customers, claiming they could receive mining revenue without operating an actual mining operation. The SEC contends that DEBT Box falsely represented having a real-world business and accused the firm of attempting to move assets overseas to obstruct the SEC investigation and evade regulatory oversight. Although the SEC obtained a restraining order earlier this year, it was dissolved in October after the court determined that the regulator failed to adequately substantiate its claims.


SEC Acknowledges Inaccuracy


Solana sets records for monthly new and active addresses amid price rally

Solana's Spectacular Rise: Record New and Active Addresses

Solana has captured the spotlight with its token experiencing a remarkable 100% gain in just one month, propelling it to new heights. The excitement surrounding Solana has been amplified as Saga phones, bundled with BONK airdrops, continue to fetch thousands of dollars on eBay. This surge in popularity comes over a year after the FTX collapse contributed to pushing Solana's price below $10.

Recent data from The Block reveals that Solana's network has achieved unprecedented milestones in terms of new and active addresses, setting records even before the month concludes. The number of active Solana network addresses has surged by approximately 50% compared to November, surpassing 15.6 million. This figure surpasses the previous record of 15.2 million set in January of the same year.

Simultaneously, the count of new addresses on the Solana network has also reached a new high, recording 6.8 million in December alone. This surpasses the earlier record of 6.6 million registered in May 2023. The data underscores the growing interest and participation within the Solana ecosystem, driven by its surging token value and associated developments.

However, one metric that hasn't reached a new record is non-voting transactions, which are still below their November figures. In the Solana network, transactions that involve sending funds or triggering smart contracts also play a role in validating the network. The lower count of non-voting transactions suggests that real user activity, at least through this metric, is yet to surpass the levels observed in the previous month.

As Solana continues to make headlines with its rapid ascent, the network's records in new and active addresses signify a broader and more engaged user base. The cryptocurrency's impressive performance has undoubtedly captured the attention of traders and enthusiasts alike, solidifying its position as a key player in the dynamic and ever-evolving crypto landscape.

 Solana Breaks Records


Ikigai sold its FTX bankruptcy claim, Travis Kling says

Ikigai Asset Management, a prominent crypto investment firm, has successfully sold its $65 million claim in the FTX bankruptcy case, according to Chief Investment Officer Travis Kling. In a recent post on X, Kling revealed that they obtained a favorable price for the claim, significantly higher than anticipated just six months ago.

The sale of the claim has enabled Ikigai to provide investors with the option to redeem their capital. Kling emphasized that the majority of the capital will remain in the fund, but investors who wish to redeem are now able to do so. Last year, Ikigai faced challenges when FTX, where it held a "large majority" of its assets, filed for bankruptcy protection, preventing the withdrawal of most funds.

"We opened up new subscriptions for existing investors for the first time since FTX collapsed," Kling stated, highlighting that investors have demonstrated confidence by providing new capital to the fund.

To avoid a similar situation in the future, Ikigai has implemented changes to its business operations. Kling expressed interest in a potential relaunch of FTX but noted that the process has been too slow for their patience.

Despite the challenges posed by FTX, Kling remains optimistic about the broader market. He hinted at the possibility of a new bull market on the horizon and emphasized the industry's collective responsibility not to squander this opportunity. Reflecting on the potential, Kling expressed both hope and concern, hoping that the industry wouldn't repeat past mistakes and potentially miss out on future opportunities.


FTX  Ikigai Sells 


Coinbase fires back at Sen. Elizabeth Warren: accusations "simply wrong"

Coinbase, a leading cryptocurrency exchange, has issued a response to Senator Elizabeth Warren's recent accusations regarding the company's hiring practices and approach to regulation. In a letter published on Saturday, Coinbase dismissed Warren's claim that the company engages in a "revolving door" system by hiring former government and law enforcement officials to resist regulatory restrictions.

Coinbase refuted the accusations as "not only unfounded but a willful misrepresentation of our intentions and efforts." The company emphasized its commitment to responsible regulation and legislation within the cryptocurrency space. Coinbase defended its hiring practices, stating that it recruits the "finest talent at every level" and rejects the notion that its actions hinder regulatory compliance.

Furthermore, Coinbase highlighted the significance of its Global Advisory Council, which provides strategic insight and advice. This council, mentioned in Warren's letter, initially included former elected officials like Senator Patrick Toomey, Representative Tim Ryan, and Representative Sean Patrick Maloney.

The response letter posted by Coinbase's Chief Policy Officer, Faryar Shirzad, expressed concern about the potential consequences of pushing crypto innovation offshore. Drawing parallels with the semiconductor and mobile phone technology sectors, Coinbase warned against jeopardizing the United States' leadership in the crypto industry, possibly alluding to China's dominance in 5G technology.

Coinbase concluded its letter by extending an invitation to Senator Warren for "a comprehensive briefing on our commitment to combating terrorist financing." The exchange emphasized its dedication to addressing regulatory concerns while maintaining an environment conducive to crypto innovation.

As of now, there has been no immediate comment from Senator Warren's office regarding Coinbase's response. The exchange's detailed rebuttal underscores the contentious dialogue between the cryptocurrency industry and lawmakers, especially regarding regulatory frameworks and the role of former government officials in private companies.

 Coinbase disputes Warren



Institutional investors poised for increased crypto activity in 2024, analysts say

The cryptocurrency market is poised for increased activity from institutional investors in 2024, according to analysts. Professionals from three prominent crypto exchanges and a crypto lending platform anticipate a surge in interest from institutional players driven by potential approval of a spot bitcoin ETF, expected rate cuts by the U.S. Federal Reserve, and a more clarified regulatory landscape.

This trend has already begun, with data from the Deribit derivatives exchange revealing heightened activity from institutional investors since October 2023. Luuk Strijers, Chief Commercial Officer at Deribit, suggests that experienced participants from traditional markets are positioning themselves for more significant involvement in the crypto market in 2024.

The potential approval of a spot bitcoin ETF is considered a primary catalyst for increased participation from traditional finance incumbents. Leading asset managers such as Blackrock, Fidelity, Valkyrie, and ARK Invest are actively seeking approval for the first-ever spot bitcoin ETF filing with the U.S. Securities and Exchange Commission. If approved, this financial instrument would provide institutional investors with a regulated means to invest in the world's largest cryptocurrency, Bitcoin.

Bitfinex analysts highlight the significance of an Ark Invest spot bitcoin ETF approval, stating it could be a significant driver for Bitcoin's appreciation by providing a regulated and more accessible investment vehicle for both retail and institutional investors. Predictions are being made for the approval of a spot bitcoin ETF as early as January 10, 2024, based on recent amendments to ARK Invest’s application, including additional risk disclosures.

Anticipation of Federal Reserve rate cuts in 2024 is expected to boost institutional investors' risk-on sentiment. A rate cut situation could make risk assets like bitcoin more attractive to institutional investors seeking higher returns in a lower interest rate environment. Market indicators suggest a rate pause at the next Federal Open Market Committee (FOMC) meeting on December 13, followed by a rate cut in the spring of 2024, with rate cuts being priced in starting from May 2024.

Increased regulatory clarity in the new year is another factor expected to encourage institutional investors. The approval of a spot bitcoin ETF is considered a significant step toward providing a regulated and more accessible investment vehicle. Global jurisdictions are also anticipated to clarify their regulations for the digital asset space in 2024. Regulatory actions, including the EU's MiCA legislation, the UK's Digital Securities Sandbox (DSS) initiative, and advancements in regulatory frameworks in Singapore, Hong Kong, and Japan, are expected to contribute to a more favorable environment for institutional investors.

While these factors could attract institutional investors to a more active role in the cryptocurrency sector, it's essential to acknowledge the uncertainty associated with macroeconomic conditions. Some analysts have raised concerns about the possibility of a recession and an extended period of monetary tightening by the U.S. Federal Reserve, highlighting the need for caution in navigating the evolving crypto landscape.

 blackrock on crypto

From SBF to Taylor Swift, BlackRock, CZ and Binance: The top crypto stories of 2023 

As the year 2023 unfolded, the crypto space witnessed a series of noteworthy events, ranging from regulatory battles to market-shaping developments. Here are some key stories that made headlines throughout the year:

USDC Stablecoin Depegging and Silicon Valley Bank Exposure:
In March, the USDC stablecoin faced a significant depegging from the U.S. dollar, plummeting to $0.88. This drop was triggered by Circle's revelation of holding $3.3 billion in reserves at the collapsed Silicon Valley Bank. The disclosure led to a sell-off and increased market volatility.

Euler Finance Flash-Loan Attack:
In the same month, decentralized lending protocol Euler Finance suffered a flash-loan attack, resulting in a $197 million loss. The exploit exploited vulnerabilities related to a bug fix implemented following a whitehat hacker's report, highlighting the challenges of securing decentralized platforms.

Taylor Swift's Caution with FTX:
Attorney Adam Moskowitz, leading a class-action lawsuit against FTX, highlighted Taylor Swift's cautious approach to potential legal concerns. Swift questioned if FTX was selling unregistered securities, distinguishing her diligence from other celebrity promoters involved in the lawsuit.

BlackRock's Spot Bitcoin ETF Proposal:
In June, BlackRock filed for a spot bitcoin ETF, aiming to offer a regulated option for bitcoin investment. The move signaled increasing interest from traditional financial giants in providing more accessible avenues for crypto investment.

SEC Lawsuits Against Binance and Coinbase:
The SEC initiated lawsuits against Binance and Coinbase in June, alleging securities law violations. The lawsuits targeted not only the platforms but also several cryptocurrencies, including SOL, ADA, MATIC, and others, asserting they were operating as unregistered securities.

Ripple's Partial Victory Against the SEC:
In July, a federal judge ruled that the lawsuit between the SEC and Ripple would proceed to trial. The judge refused to grant a summary judgment on the status of XRP as an unregistered security, emphasizing the need for further legal scrutiny.

Su Zhu's Arrest and Three Arrows Capital Liquidation:
Su Zhu, co-founder of the crypto hedge fund Three Arrows Capital, was arrested in Singapore in September. Three Arrows Capital had filed for bankruptcy in 2022, and Zhu's arrest was related to non-compliance with a liquidation investigation.

Sam Bankman-Fried's Conviction on All Counts:
In November, Sam Bankman-Fried, the former CEO of FTX, was convicted on all seven criminal counts, including wire fraud and conspiracy. The verdict highlighted regulatory scrutiny on crypto leaders and potential legal consequences for fraudulent activities.

Binance's $4.3 Billion DOJ Settlement:
In November, the U.S. Department of Justice settled with Binance, concluding a criminal investigation into allegations of money laundering and sanctions violations. The settlement involved a staggering $4.3 billion in penalties and criminal charges against CEO Changpeng Zhao.

Changpeng 'CZ' Zhao's Guilty Plea and Resignation:
As part of a plea deal with the DOJ, Changpeng Zhao, Binance's co-founder, pleaded guilty to violations of the Bank Secrecy Act. He agreed to step down as CEO and pay a $50 million fine, marking a significant moment in the legal challenges faced by major crypto platforms.

Do Kwon's Extradition Approval:
In November, the Higher Court in Montenegro approved the extradition of Terraform Labs co-founder Do Kwon to either South Korea or the United States. The decision followed charges related to financial crimes in the aftermath of the 2022 collapse of the Terra ecosystem.

Crypto Market Performance:
Despite regulatory challenges and legal battles, the crypto market ended the year on a positive note. Bitcoin saw a remarkable increase of over 160%, starting the year at around $16,600. Ether, though lagging behind Bitcoin, still surged over 90%, and Solana emerged as the top gainer among the top ten cryptocurrencies, soaring over 1,000%.

As the crypto industry continues to evolve, these events have shaped the narrative, emphasizing the need for regulatory clarity, security measures, and accountability within the ecosystem. The coming year, 2024, is anticipated to bring new developments, including discussions around a spot bitcoin ETF, potential market cycles, and ongoing regulatory advancements.

Taylor Swift and more


Mt. Gox reportedly starts repaying some creditors via PayPal 

Mt. Gox Repays Creditors

Several Mt. Gox creditors reported receiving repayments, suggesting the defunct bitcoin exchange has initiated the repayment process. Users on Reddit and Telegram shared that they received payments through PayPal, with screenshots of email notifications confirming the transactions. The payments were denominated in Japanese yen and dated December 25, according to a user from the "MtGoxCreditors" Telegram group who verified the information with The Block. While Mt. Gox has not officially commented on these repayments, last month, the exchange's rehabilitation trustee stated in an email to creditors that efforts were being made to commence cash repayments within the 2023 calendar year. Due to the large number of rehabilitation creditors, repayments were expected to continue into 2024. Mt. Gox, once the largest bitcoin exchange globally, faced a collapse in 2014, resulting in the loss of over 800,000 bitcoins and bankruptcy protection filing.

(Note: Mt. Gox has a history of legal and financial complications, and creditors are urged to exercise caution and verify details independently.)

 Mt. Gox Repays


Coinbase obtains approval for digital asset operations in France: CNBC
Coinbase has received approval from a French financial regulator to offer digital asset services in the country, securing a Virtual Asset Service Provider (VASP) approval, as reported by CNBC.

This registration allows Coinbase to provide services such as custody of digital assets, buying or selling digital assets in legal tender, and trading digital assets against other digital assets, according to a statement cited by CNBC.

Earlier this month, Coinbase expanded its plans for international growth by permitting non-U.S. institutions to engage in spot trading on its cryptocurrency exchange. The company's international division, which already offers derivatives trading to non-U.S. institutional clients, intends to enhance its services for retail customers and incorporate additional digital assets into the platform.

However, Coinbase faces a prolonged dispute with the U.S. Securities and Exchange Commission (SEC), including an enforcement action alleging the operation of an unregistered exchange. CEO Brian Armstrong has advocated for clear regulatory rules to foster innovation in the country and prevent it from moving offshore.

In related news, stablecoin issuer Circle announced on Thursday that it has received regulatory licensure in France.

Coinbase's France Approval




Elon Musk says he spends hardly any time at all thinking about cryptocurrency


In a recent conversation with Cathie Wood, the CEO of Ark Invest, Elon Musk revealed a diminished focus on cryptocurrency, stating that he spends hardly any time thinking about it these days. This disclosure comes as a notable shift in Musk's engagement with the crypto space, considering his past influential tweets and statements that significantly impacted various digital currencies.

During the discussion, Musk provided insights into his views on money, conceptualizing it as a resource allocation database. He underscored the importance of a rules-based fiat currency system, expressing satisfaction as long as there is minimal abuse from the government. This perspective aligns with Musk's broader considerations about the nature of money, portraying it as an information system for resource allocation.

Expanding on this notion, Musk applied information theory to money problems, likening the money system to an information system that should aim to minimize noise, latency, and packet loss. In this context, inflation was characterized as introducing noise into the system, highlighting Musk's analytical approach to monetary matters.

Despite Musk's reduced attention to cryptocurrency, his company Tesla continues to hold digital assets on its balance sheet. As revealed in Tesla's third-quarter results, the company had $184 million worth of digital assets at the end of September. Notably, Tesla holds the third-largest amount of Bitcoin among publicly traded companies, trailing behind MicroStrategy and Marathon Digital Holdings, according to data from bitcointreasury.net. Additionally, Tesla remains open to accepting Dogecoin as a form of payment, showcasing Musk's ongoing interest in diverse digital assets.

Musk's comments on cryptocurrency come amid a broader context of regulatory scrutiny and evolving narratives around the role of digital currencies in the financial landscape. While his personal engagement may have shifted, Musk's influence in the crypto space continues to be significant, shaping discussions and perceptions within the industry.

 Musk Downplays Cryptocurrency




Gaming firm Wemade launches $100 million Web3 fund with Singapore-based Whampoa

South Korean gaming company Wemade has formed a strategic partnership with Whampoa Digital, the technology investment sector of Singapore's Whampoa Group, to launch a $100 million fund dedicated to Web3 development. This collaboration aims to broaden the influence of the digital asset industry, with a specific focus on the rapidly expanding Web3 sector in the Middle East. Wemade, best known for its Legend of Mir series, disclosed that the Web3 fund will provide support to developers at the Wemix Play Center in Dubai. The partnership includes mutual deal and project referrals, particularly in the Web3 industry, and potential co-investment in promising projects.

Aureole Foong, senior partner of Whampoa Group, expressed enthusiasm for the partnership, stating, "This collaboration will allow us to pioneer new horizons in the digital asset industry beyond our already established sectors, as well as foster innovation in the Middle East, one of the world’s fastest-growing regions in the Web3 space."

Whampoa Group, a privately held investment firm, has strong ties to influential families in Asia, including the Lee families associated with Singapore's founding prime minister and other prominent business figures. The group has been actively expanding its presence in the digital banking sector. In May, Whampoa Group announced the establishment of a digital bank, Singapore Gulf Bank, in Bahrain, specifically catering to cryptocurrency clients. The investment firm continued its strategic moves by appointing Ali Moosa from JP Morgan in August to oversee the expansion of the digital bank in the region.

The collaboration between Wemade and Whampoa Digital not only signifies a significant investment in Web3 development but also highlights the increasing importance of the Middle East in the global Web3 landscape. The joint venture is expected to bring innovation, new opportunities, and growth to the digital asset industry in the Middle East, positioning the region as a key player in the evolving Web3 space.


Wemade's $100M Web3 Fund



Solana Saga phone orders canceled following 'inventory management' issue

Solana Saga phone customers recently encountered cancellations of their orders, a consequence of an "inventory management" hiccup, as communicated via the official X account of the device. The device witnessed an extraordinary surge in demand last week, fueled by a remarkable 135% 24-hour increase in the price of bonk, a Solana-based memecoin. This surge created an arbitrage opportunity, particularly enticing due to the inclusion of 30 million bonk tokens with each Saga phone. Notably, these tokens became more valuable than the device itself at recent market prices. The limited inventory, consisting of 20,000 phones, quickly sold out in both the U.S. and EU regions.

Solana Mobile, the project behind the Saga phone, acknowledged a significant issue with inventory management related to their third-party distributor. This problem resulted in an inaccurate representation of available inventory, preventing the fulfillment of orders placed after stocks were depleted. The company expressed regret for the situation and assured affected customers that they would receive refunds in the coming days.

In addition to the inventory-related challenges, certain orders were flagged and subsequently canceled due to suspicions of "suspicious activity" involving excessive device orders or potential payment risks, according to statements from Solana Mobile. The company apologized for any inconvenience caused by the cancellations and emphasized that customers unaffected by these issues should anticipate receiving shipping notices by the conclusion of the year.

Solana Mobile has been active in keeping customers informed about these developments, underscoring its commitment to transparency and addressing challenges as they arise. The cancellations highlight the complexities faced by companies in managing demand surges and ensuring accurate inventory representation amid dynamic market conditions.

Solana Saga Cancellation



From spot bitcoin ETFs to real-world assets, industry leaders share their crypto outlook for 2024

Crypto industry leaders share their thoughts on the digital assets outlook for the year ahead, covering everything from spot bitcoin ETFs to stablecoins, real-world assets, NFTs and regulations.


Crypto industry leaders at Kraken, Avalanche, Anchorage Digital and others shared their thoughts with The Block on the outlook for digital assets in the year ahead, covering everything from spot bitcoin ETFs to stablecoins, real-world assets, NFTs and regulations.

Let’s take a look at what they expect in 2024.

Kraken UK Managing Director Bivu Das
Kraken UK Managing Director Bivu Das said the crypto industry in 2024 has the potential to take another “major leap” toward mass adoption, especially within the UK.

Beyond the short-term anticipation of spot bitcoin ETF approvals in the United States, Das said he reckons the overall market will remain optimistic going into Q1 of 2024. “This is because there are major milestones on the horizon for two of the largest crypto assets by market cap, including Bitcoin’s next halving and Ethereum’s Dencun upgrade,” he said.

In the UK, following the Treasury’s recent policy statement, ahead of an intention to bring out crypto asset regulation next year, Das expects the country to be “noticeably closer” to becoming a global crypto hub by the end of 2024.

Greater regulatory clarity means UK-based firms are no longer at a disadvantage to those offering services from overseas, according to Das. “I see institutional trading volume significantly picking up within the UK market, as more products and services come to market that meet the needs and expectations of these institutional investors,” he said.

“This is being supplemented by the Government’s Digital Securities Sandbox, which will fast-track the adoption of crypto asset technology in traditional markets, and recent work by the Asset Management Taskforce which outlines a vision for the tokenization of investment funds,” Das added.

Ava Labs President John Wu
John Wu, President of Avalanche developer Ava Labs, sees 2024 as the year where stablecoin product market fit is established, with stablecoin settlements exceeding annual Visa volumes for the first time.

Wu is among many in the industry anticipating a spot bitcoin ETF will be approved, and he predicts bitcoin’s market cap will increase by 50% next year as a result.

Elsewhere in the crypto space, Wu expects web3 gaming to have its first mainstream hit, with a breakout game seeing a nine-digit user base and leading traditional game developers to join the space. He also anticipates a resurgence of NFTs as they gain new utility beyond collectibles. “Real-world applications such as customer engagement strategies will demonstrate more clear use-cases like loyalty programs,” he said.

Finally, Wu expects AI to make web3 more secure and vice versa. “Large Language Models are perfect for reviewing smart contracts and other vital code to ensure would-be exploits are stopped before they start. DeFi hacks and smart contracts exploits will become rare,” he added.

Gnosis co-founder Dr. Friederike Ernst
According to Gnosis co-founder Dr. Friederike Ernst, “2024 will be the year that the web3 ecosystem either rises to the challenge of providing more user-friendly experiences or remains niche for yet another year.”

“If Ethereum and other credibly neutral blockchains are going to become the global settlement layer, then the applications that run on it need to be made usable to a much wider audience,” he said. “It’s time we turn the very abundant research and proof of concept work that’s been achieved over the last few years into actual UX improvements for live products.”

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Developments in account abstraction technology mean that seed phrases could become a historical practice for most in 2024, Ernst added. “The idea that the safety of assets meant having 12 words that you can never lose, but no one else can ever access, is outdated and to a large extent has been holding back progress for actual user adoption,” he said.

Concordium co-founder Lars Seier Christensen
Concordium co-founder Lars Seier Christensen was less optimistic about the prospect of spot bitcoin ETF approvals and the Bitcoin halving event leading to a new bull market in 2024.

“It is all a little bit too much ‘textbook stuff’ for my taste — halving, ETF approval and then a new bull market. Normally, in traditional financial markets, these types of scenarios aren’t necessarily predictable because experienced participants are able to anticipate potential developments beyond the obvious,” he said. “But maybe, due to the immaturity of crypto markets, it will play out as everyone predicts. I would be very careful, though. I think we will be in for some surprising deviations from the generally predicted path.”

Christensen was more positive on blockchain-based stablecoin and real-world asset adoption in the year ahead. “I think stablecoins right now are the most important use case for blockchain, eventually to be replaced or expanded by more general RWA tokenization,” he said. “In their current stage, stablecoins make a lot of sense when it comes to transfers, settlement and finality. For these reasons, they will be embraced further in 2024, both in private solutions and new public sector experiments.”

Christensen also argued reliable and trustworthy ID solutions on blockchain were becoming a necessity, especially given the rise of deepfakes and identity theft.

VeChain CEO Sunny Lu
Sunny Lu, CEO at VeChain, also didn’t think the bitcoin halving would have much of an impact, but that spot bitcoin ETF approvals and market regulations are much more significant for the year ahead.

“The attention of the entire crypto market is on ETF progress for bitcoin spot, which I believe may be the biggest milestone in bitcoin and crypto’s history,” Lu said. “The ETF will open the door for the world’s biggest institutional investors to enter the crypto space.”

Major regulatory progress stemming from examples like the Markets in Crypto-Assets regulations (MiCA) in Europe will also pave the way for the mass adoption of blockchain and crypto in the real world, according to Lu.

Anchorage Digital co-founder Diogo Mónica
Anchorage Digital co-founder Diogo Mónica said that crypto was at the beginning of an institutional-led bull market heading into 2024, with institutions becoming the driving force behind a cycle for the first time. 

Mónica expects to see a broader range of institutional players enter the crypto ecosystem in the year ahead — including asset managers, hedge funds and RIAs.

“Rising institutional participation means market structure reform will be front and center,” Mónica said. “Applying traditional market structure standards — like separating custody and exchange functions — to crypto was once just an ideal; now, it is a prerequisite for the future of the ecosystem.”

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