SEC Sues the Founder of an Altcoin – Mistaken for an Altcoin on Binance, Price of Wrong Altcoin Plummets
Following the news that the SEC had filed a lawsuit against a cryptocurrency creator, a sudden increase in volatility was observed in the price of the wrong altcoin on Binance.
In the latest developments, the hot news was that the SEC had filed a lawsuit against Thor founder Matthew Moravec. Many media outlets incorrectly thought that this was THORChain (RUNE) and shared it as a lawsuit being filed against the RUNE founder.
However, when investigated deeply, it turns out that Matthew Moravec's project is a cryptocurrency called Thor Token, which the SEC had previously accused and which is why it shut down its project in 2019. The closure details were announced by the project's other founder, David Chin, in 2019.
On the other hand, the founder of RUNE, which is listed on Binance and has a market value of more than $1 billion, is known as John-Paul Thorbjornsen and revealed his anonymous identity just this summer.
Due to the misunderstanding, there was a serious fluctuation in the price of RUNE on Binance, but at the time of writing this article, it seems to have returned to the pre-news position.
As Bitcoinsistemi.com, we chose not to publish this news until the information was clarified.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Dogecoin's market cap crosses $63 billion after 51% price surge
Dogecoin gained 51% in the last 24 hours to trade at $0.43, with a market capitalization of $63.5 billion.Analysts say Dogecoin proponent Elon Musk’s involvement in the upcoming Trump administration is adding fuel to the memecoin’s surge.
Bitcoin futures basis yields at multi-month highs may signal potential leverage unwind risk: analysts
Bitcoin futures basis yields have surged to 7-month highs, raising concerns over market leverage, QCP Capital analysts say.However, the analysts noted strong demand for high-strike call options, signaling investors’ anticipation of further breakout potential.
The German government missed out on $1.6 billion by selling its bitcoin early
The German government sold 50,000 bitcoin just four months ago — right before a major rally in the asset’s price.This pales in comparison to the amount of value the U.S. government has missed out on from its 11 bitcoin auctions.
Coinbase launches COIN50 index, tradable as a perpetual future with up to 20x leverage
Coinbase has launched a new index representing the top 50 digital assets listed on its exchange that meet the index’s fundamental criteria for inclusion.The COIN50 index is also available to trade as a perpetual future with up to 20x leverage.
Trending news
MoreCrypto prices
More
