Ripple CEO Reacts to Court's Final Judgment, Shibarium Introduces Burn Mechanism, TON Surges 100% in Volume Amid Exchange Listing: Crypto News Digest by U.Today
U.Today provides you with an overview of the past day's crypto events with the top three news stories.
Ripple CEO reacts to court's final judgment
The latest development in the Ripple-SEC case has quickly become the talk of the crypto town. As previously reported by U.Today, on Aug. 7, U.S. District Judge Analisa Torres released the final judgment in the long-lasting lawsuit, in which the fintech company was ordered to pay the SEC $125 million worth of civil penalties. Following the final judgment's release, Ripple CEO Brad Garlinghouse took to his X account to share the news with his followers. In his post, Garlinghouse wrote that the penalties sum was reduced approximately 94% from the $2 billion the SEC initially requested, with the court admitting that the agency "had overplayed their hand." The CEO stated that he and his team respect the court's decision, calling the lawsuit's outcome "a victory for Ripple, the industry and the rule of law." Concluding his post, Garlinghouse stated that the SEC's "headwinds" against XRP holders are now gone.
Gamza KhanzadaevShiba Inu's Shibarium to introduce burn mechanism
Yesterday, the official X handle of the Shibarium Network announced that it is launching a hard fork with a new version of Bor, the network's core component. The launch took place today, Aug. 9, at 9:15 a.m. UTC. Notably, this Bor version introduces a burn mechanism. The burn mechanism will be directly linked to base transaction fees. A total of 70% of these fees will be converted to SHIB tokens and taken out of circulation. This will allow to reduce the overall quantity of SHIB tokens, which could lead to an increase in the token's value. The remaining share of the base fees will be allocated toward ecosystem development. As a reminder, Shibarium's previous hard fork was completed back in May, at block height 4504576. The hard fork brought faster transactions as well as predictable gas fees.
Tomiwabold OlajideTON skyrockets 100% in volume amid $100 billion exchange listing
According to the recent announcement by Binance, it listed Toncoin token (TON) for spot trading on Aug. 8. At the time of publication, users can already make deposits, as well as withdrawals of funds in Toncoin. As a result of the listing, new spot trading pairs have become available for transactions: TON/BTC, TON/USDT, TON/FDUSD and TON/TRY. The news pushed the TON's price up by 15% since the announcement, to $6.28. In addition to this, Toncoin's turnover increased by almost 100%. Currently, the token is changing hands at $6.45, up 2.46% over the past 24 hours, per CoinMarketCap, with its market capitalization standing at $16.2 billion; this gives Toncoin the eighth ranking on the aforementioned website's top 10 cryptocurrencies list.
Related articles
Alex Dovbnya
Godfrey Benjamin
Dan Burgin
Vladislav Sopov