Sam Coins Defy Bankruptcy: Crypto Assets Surge Despite Legal Troubles

• So-called Sam Coins, promoted by the now-defunct FTX exchange’s founder Sam Bankman-Fried, have staged a surprising recovery this month despite FTX’s bankruptcy proceedings and Bankman-Fried’s criminal charges.
• The value of these crypto assets, such as FTT, Solana, Oxygen, and Maps, have increased despite the negative news, with FTT up 160% this month after shedding almost all of its value in 2022.
• Rumors circulate that the platform’s operators are assessing the possibility of re-launching the beleaguered FTX.

The crypto market is showing signs of vigor in the last few weeks, with the value of crypto assets tethered to the now-defunct FTX exchange and promoted by its founder, Sam Bankman-Fried, experiencing an impressive ascent. Despite FTX’s bankruptcy proceedings and Bankman-Fried’s criminal charges, so-called Sam Coins have staged a remarkable recovery this month.

FTX’s native token, FTT, has been particularly affected, occupying an important spot on Alameda Research’s (SBF’s cryptocurrency trading firm) balance sheet. This led to a major sell-off in November as investors evaluated fresh information of the connection between Bankman-Fried’s trading arm and FTX. According to Coingecko data, FTT is up 160% this month after shedding almost all of its value in 2022. The coin is now trading at $1.93, which is a far cry from its recent high of $51.68 from late March 2022.

Meanwhile, other Sam Coins such as Solana, Oxygen and Maps have also been on the rise, with investors seemingly unfazed by the negative news. This could be due to the rumors that the platform’s operators are assessing the possibility of re-launching the beleaguered FTX. A recent New York Times report stated that Bankman-Fried and other FTX officials are in talks with the US Securities and Exchange Commission (SEC) and other regulators to potentially relaunch the exchange.

The potential relaunch of FTX is a major development for the crypto market, as it could lead to increased liquidity, improved trading infrastructure, and more opportunities for traders. However, the SEC is yet to provide any clarity on the matter, and it is unclear as to whether or not the exchange will be able to make a comeback.

It remains to be seen whether or not Sam Coins will continue to experience a resurgence in the weeks and months ahead. But with Bankman-Fried’s legal battle still ongoing and the SEC yet to provide any clarity on the matter, it is safe to say that the future of Sam Coins remains uncertain.

500K+ Validators: Ethereum’s Shanghai Upgrade Set to Launch in March

• The Ethereum Merge upgrade has been surpassed by the Shanghai Network Upgrade, which is expected to launch in March.
• The number of validators on Ethereum has now exceeded 500,000, surpassing the 400,000 benchmark in July last year.
• With the Shanghai network upgrade, validators will be able to withdraw their staked ETH and profit, leading to a massive increase in the number of validators.

The Ethereum Merge upgrade was once the most highly anticipated news in the crypto space, but now that it is in the past, the next much-awaited update is the Shanghai network upgrade. This upgrade is scheduled to be launched in March and it is already gaining traction as the number of validators has been seen increasing rapidly. According to data from BeaconScan, the number of validators has now exceeded the 500,000 benchmark since the merge.

A validator or a blockchain validator is someone who verifies and validates transactions on a blockchain network. The Ethereum blockchain has recently moved from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) mechanism, which means that validators on the ETH network must stake a specific amount of 32 ETH, which is currently worth about $50,302 at current market value, to be qualified for validating transactions.

Since the PoS mechanism was newly introduced to the Ethereum network, features such as the withdrawal of funds have been delayed. However, with the scheduled launch of the Shanghai upgrade, validators will be able to withdraw their staked ETH and profit, which is expected to result in a massive surge in the number of validators.

The upgrade is expected to bring a plethora of improvements to the Ethereum blockchain. It is predicted to bring increased scalability and transaction throughput to the network, as well as improved security and decentralization. Additionally, it is expected to reduce the cost of transaction fees, making it more economical for users to use the Ethereum network for various transactions.

The Shanghai network upgrade is an important milestone for Ethereum and the entire crypto space as it is expected to bring considerable improvements to the blockchain. With the number of validators already surpassing the 500,000 benchmark, it is expected that the upgrade will be a success and that Ethereum will continue to grow in strength and popularity.

SEC vs Ripple: Court Battle Over Sealing of Hinman Documents Heats Up

• The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple has seen renewed activity, with Ripple Labs Inc., CEO Brad Garlinghouse, and Executive Chairman Chris Larsen filing their opposition to the SEC’s motion to seal certain documents related to the parties‘ mutual summary judgment motions.
• Both parties are primarily fighting over the sealing of the Hinman documents in their briefs, with Ripple arguing that the documents are relevant beyond their relevance to the impeachment.
• The SEC has filed its response to the partial opposition to Ripple’s motion to seal certain documents related to the summary judgment.

The United States Securities and Exchange Commission (SEC) and Ripple Labs Inc. are engaged in a legal battle that has recently seen renewed activity. Ripple Labs Inc., CEO Brad Garlinghouse, and Executive Chairman Chris Larsen have filed their opposition response to the SEC’s motion to seal certain documents related to the parties’ mutual summary judgment motions. The documents in question are known as the Hinman documents, referring to the testimony of attorney Bill Hinman.

Ripple is arguing that the documents are relevant beyond their relevance to the impeachment, and that the presumption of public access to court documents is currently at its strongest because the case has progressed to the summary judgment stage. As such, they are arguing that the Hinman documents should not remain sealed absent compelling reasons. The SEC has responded by filing a response to the partial opposition to Ripple’s motion to seal certain documents related to the summary judgment.

In the response, the SEC argued that the documents are confidential, and that the information contained within them is of a sensitive nature. They argued that the documents should remain sealed in order to protect the individuals involved from potential harm or embarrassment. The SEC also argued that the documents are irrelevant to the current proceedings, and that the public interest in keeping them sealed far outweighs any public interest in having them released.

The legal battle between the SEC and Ripple is ongoing, with both sides continuing to fight over the sealing of the Hinman documents. It remains to be seen how the case will progress, but it is clear that the outcome will have significant implications for both parties. It could also set a precedent for future cases involving the SEC and other companies. For now, however, the documents remain sealed, and the public will have to wait until the court reaches a decision.

Polygon Surges 3% as Ethereum Whales Shop Up MATIC

• Polygon surged 3% in the last 24 hours as Ethereum whales were shopping up MATIC.
• The 500 biggest ETH whales bought MATIC as part of their top 10 most purchased coins.
• The crypto is still 3% in the red in terms of returns over the past seven days.

Polygon (MATIC) has experienced a surge of 3% in the last 24 hours, as Ethereum whales have been shopping up the coin this New Year. The 500 biggest ETH whales have MATIC in their top 10 purchased list, which is indicative of the growing popularity of the crypto amongst investors. Despite the surge in the past 24 hours, Polygon is still 3% in the red in terms of returns over the past seven days, as the losses suffered in the final days of 2022 have not been fully compensated.

The year 2022 was an abysmal one for Polygon investors, with the coin losing more than 70% of its value by the end of the year. However, 2023 has started on a more optimistic note, with the coin seeing some fresh uptrend. At the time of writing, MATIC is trading around $0.7795, up 3% in the last 24 hours.

A chart of the price of the asset over the last five days shows the recent surge, with the value of the crypto seeing some increase in the past day. Despite the latest rise, the crypto has not been able to make up for its losses in 2022.

The reason behind this latest surge in the price of the coin may have been due to buying pressure from the Ethereum whales. As per data from crypto whale tracker service WhaleStats, the 500 biggest ETH whales were accumulating Polygon during the New Year, with the token making it into their top 10 list of most purchased coins. Other coins bought up by this cohort include Shiba Inu (SHIB), Curve DAO token (CRV), and WETH (Wrapped Ether).

Today’s stats of the top 100 Ethereum whales include MATIC, with the coin remaining in the same spot as it was on the 31st of December, 2021. This shows that the whales have been bullish about MATIC and have been buying it up this New Year.

All in all, Polygon has had a good start to the year, with the coin seeing some fresh uptrend. Despite the surge in the last 24 hours, the crypto is still 3% in the red in terms of returns over the past seven days. Whether the coin will be able to make up for its losses in 2022 remains to be seen.

142 Million LUNC Tokens Burned on New Year’s Day, 6,940% Increase from Previous Day

• Investors had taken to sending coins to dead (burn) addresses in a bid to reduce the large supply of the token.
• On Sunday, Jan. 01, a total of 142,426,318 LUNC tokens were burned, 6,940% increase from the previous day.
• The report shows that 50 burns occurred at 3 BPH, with 1 LUNC equalling $0.00015025.

Investors of LUNC tokens had taken a unique approach to reduce the large supply of the token – sending coins to dead (burn) addresses. This had been in full swing for a couple of months, and though there was a slowdown towards the end of 2022 due to the holidays, the first day of the new year saw a drastic change.

On Sunday, Jan. 01, the LUNC Burn Tracker account on Twitter reported a significant increase in the amount of LUNC tokens being burned. In comparison to the last day of the year where only 2,022,866 tokens worth $298 were burned, the first day of the year saw a whopping 6,940% increase. A total of 142,426,318 LUNC tokens were burned, worth a total of $21,400.

Interestingly, the large majority of the burned tokens came from a single account. The report showed that 50 burns occurred at 3 BPH, with 1 LUNC equalling $0.00015025. This demonstrates the commitment of investors to reducing the supply of LUNC tokens, and the potential of the token.

As the LUNC Burn Tracker account continues to monitor the burn rate, investors can be assured that the token is in safe hands. With the amount of LUNC tokens decreasing, the value of the remaining tokens increases, making it an attractive investment option for those looking to make a long-term commitment.