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Breaking Crypto Stories

Here are the top stories today:

• MARA Purchases 6,474 Bitcoin With Convertible Notes Offering

• Huge ‘Screw-Up’ — Pump Science Apologizes After Flood of Fraud Tokens

• Ripple Contributes Another $25M to Fairshake PAC Before US Midterms

• Trump Eyes Handing CFTC Oversight of Crypto: Report

• Tether to End Support for EURT Stablecoin Citing MiCA Regulations, Falling Demand

Question of the Day

Is the latest BTC correction the end of the bull market?

⛏️MARA Purchases 6,474 Bitcoin With Convertible Notes Offering

Mining company MARA acquired 6,474 BTC using funds from its $1 billion convertible note offering, while MicroStrategy continues to lead in corporate Bitcoin acquisitions with its debt-financed strategy, despite criticisms of sustainability.

• MARA purchased 6,474 BTC, including 703 BTC at $95,395 per coin, through a $1 billion convertible note offering, holding 34,797 BTC valued at $3.3 billion.

• MicroStrategy raised $3 billion in convertible notes to acquire 55,000 BTC at $97,862 per coin, totaling 386,700 BTC, despite a 25% drop in share price.

• Critics question the long-term viability of debt-financed Bitcoin purchases, though repayment timelines provide both companies with a buffer against market downturns.

🙇Huge ‘Screw-Up’ — Pump Science Apologizes After Flood of Fraud Tokens

Decentralized science platform Pump Science apologized for a private key leak that enabled a hacker to create fraudulent tokens, prompting security audits, a partnership with Blockaid, and a vow to improve key management.

• Pump Science’s GitHub leak allowed a hacker to create fake tokens, including $URO and $COKE, through its Pump.fun profile, leading to an apology and profile renaming to "dont_trust."

• The platform partnered with Blockaid to flag fraudulent mints, announced plans for a comprehensive audit, and committed to launching new tokens only after rigorous security checks.

• Pump Science facilitates trading of science-backed tokens like Rifampicin (RIF) and Urolithin A (URO), with combined market caps exceeding $120 million, emphasizing its focus on longevity medicines.

🤑Ripple Contributes Another $25M to Fairshake PAC Before US Midterms

Ripple contributes an additional $25 million to the Fairshake PAC ahead of the US midterms, aiming to bolster pro-crypto candidates and influence blockchain-friendly policies.

• Ripple's $25 million contribution to the Fairshake PAC adds to its prior $45 million investment, supporting pro-crypto and pro-innovation candidates in the US midterm elections.

• This move highlights Ripple's commitment to fostering a regulatory environment conducive to blockchain advancements and digital finance innovation.

• Ripple leverages PAC donations to influence key policy decisions, underscoring the importance of political engagement for the fintech industry's future.

👀Trump Eyes Handing CFTC Oversight of Crypto: Report

President-elect Donald Trump is reportedly considering transferring cryptocurrency oversight from the SEC to the CFTC, potentially reshaping the regulatory landscape for digital assets.

• Trump is reportedly eyeing the CFTC to oversee cryptocurrency markets, moving away from the SEC's securities-focused framework.

• This shift could streamline regulations, provide clearer guidelines for crypto businesses, and foster innovation in the industry.

• Questions remain about the CFTC's capacity to handle the evolving crypto landscape and the broader implications of this transition.

❌Tether to End Support for EURT Stablecoin Citing MiCA Regulations, Falling Demand

Tether will end support for its EURT stablecoin, citing declining demand and compliance challenges posed by the EU's upcoming MiCA regulations.

• The EU's MiCA regulations, designed to enhance consumer protection and financial stability, have introduced compliance demands that influenced Tether's decision to discontinue EURT.

• Reduced user interest in the Euro-backed stablecoin and fierce competition in the stablecoin market also contributed to this decision.

• Tether will focus on its flagship USDT stablecoin while exploring opportunities aligned with evolving market needs and regulatory landscapes.

ICYMI:

• Exploring the Bored Ape Yacht Club Phenomenon

• Understanding Crypto Air Drops: A Beginner’s Guide

• Understanding “NGMI” in the Crypto Community

• Changpeng Zhao Advocates for ‘Real’ Blockchain Apps Over Meme Coins

• Who Is Lark Davis: An Analysis

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