Crypto Weekly Roundup: SEC Goes After OpenSea, Elon Dismisses Lawsuit, & MORE

This Week's Highlights in the Cryptosphere

This week has been marked by regulatory scrutiny and significant developments in the crypto landscape. Here's a summary of key events:

Regulatory News

• SEC Scrutinizes NFT Platform: The SEC issued a Wells notice to OpenSea, signaling potential enforcement action against the NFT platform.
• Elon Musk Dogecoin Lawsuit Dismissed: A federal court dismissed a lawsuit alleging that Elon Musk and Tesla manipulated Dogecoin's price.
• Russia Embraces Crypto for Trade: Amid sanctions, Russia is exploring cryptocurrency settlements for cross-border trade.
• Abra Settles with SEC: Abra reached a settlement with the SEC over unregistered security sales and other violations.

Bitcoin and Precious Metals

• Bitcoin remains in a downward trend, while gold and silver are surging.

DeFi

• SSV Network DAO and Ether.fi launch an educational campaign on Distributed Validator Technology (DVT).

Altcoins

• A renowned crypto whale invests heavily in the market, making significant moves.
• DTX Exchange gains traction with its pre-sale success.
• Polygon (MATIC) faces concerns after a 27% drop in value.

Technology

• The TON blockchain experiences outages due to high traffic from token minting.

Business

• Crypto.com partners with Standard Chartered Bank for fiat currency services in multiple countries.
• Celsius Network distributes over $2.53 billion to creditors in a major bankruptcy case.
• Polkadot Decoded Asia 2024 scheduled in Singapore.

Web3

• Decentralized lending protocol Echelon secures $3.5 million in funding.
• Layer One blockchain Creditcoin launches its EVM-compatible mainnet and CreditWallet app.
• Kaia unveils its mainnet and consumer adoption program.

Other News

• The Fat User Thesis emphasizes user-centricity in Web3 innovation.
• Layer One blockchain Kaia launches its long-awaited mainnet.