Crypto News April 6: BTC and ETH Steady Amidst Altcoin Surge

Cryptocurrency surged significantly in the last 24 hours

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Crypto News Key Highlights:

• The SEC vs. Binance lawsuit progresses with completion of discovery and depositions. Parties submit joint status report indicating resolution of disputes over consent order terms. Binance.US provides final document production in response to SEC's requests. Further discussions ongoing to resolve outstanding issues without court intervention. Anticipated Rule 30(b)(6) deposition in 4-6 weeks.

• MicroStrategy (NASDAQ: MSTR), major Bitcoin holder, saw shares plunge 25%, correlating with Bitcoin's recent decline. Despite Bitcoin's 50% increase, MSTR soared 150% before correction. Analysts revise target to $1,800, citing potential 10% rise. MSTR's premium over Bitcoin stabilizes at 2x. April halving expected to boost both MSTR and Bitcoin prices.

• Terraform Labs and co-founder Do Kwon found liable for defrauding investors in SEC civil case. Jury verdict after brief deliberation. Kwon absent, awaiting extradition decision. SEC alleges deception regarding stablecoin Terra USD. Platform collapse in 2022 cited. Verdict could impact U.S. crypto firms. Extradition status uncertain, case returned to lower court.

• Fantom creator Andre Cronje supports Solana amid transaction failures, attributing issues to rapid growth. Despite recent uproar, some see Solana's challenges as part of blockchain's success. Solana CEO Yakovenko acknowledges congestion bugs as difficult to address. Solana has faced multiple outages, with plans for system improvements underway.

• Crypto industry faces scams and hacks; blockchain investigators emerge for safety. ZachXBT, renowned on-chain sleuth, claims harassment by US IRS-CI unit. Agents' actions criticized for unprofessionalism. Despite acknowledgment of his work, breaches of privacy lead to refusal of assistance. Refusal extended to meme coin victims due to preference for aiding genuine victims.

• Google sues Chinese developers for fake crypto apps. Apps like TionRT, SkypeWallet lured 100,000+ users. "Pig-butchering" scams involved, leading to loss of millions. US victims among those affected. Scammers used Google Play and messaging apps to deceive. Lawsuit seeks permanent ban and damages to be determined in trial.

• Ripple's CTO, David Schwartz, posts cryptic tweet with "Sunscream" logo, sparking speculation. Ripple plans to launch stablecoin backed by USD deposits and other cash equivalents, aiming to tap into growing $150 billion market. Stablecoin to run on XRP Ledger and Ethereum, facilitating bridge between traditional finance and crypto.

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Also read - Crypto News April 05: Bitcoin Passes $67K, ETH Exceeds $3300