Crypto News
Shaq Slammed with Lawsuits Over NFT Project and FTX During NBA Game – Decrypt
Basketball icon Shaquille O’Neal was served legal papers for two separate lawsuits in the crypto and NFT realm while broadcasting an NBA game at Miami’s FTX Arena. One lawsuit concerns celebrities that promoted the collapsed FTX exchange, with high profile defendants like Tom Brady and Larry David. The other lawsuit focuses on O’Neal and his NFT project Astrals, alleging that Astrals NFTs offered for sale were unregistered securities and attached to promises made by O’Neal. The lawsuits are led by The Moskowitz Law Firm and Boies Schiller Flexner LLP, who accuse O’Neal of evading process servers and stifling court procedures. The complaint against O’Neal for his ownership of Astrals contains six claims, accusing him of violating laws like Florida’s Deceptive and Unfair Trade Practices Act and the Virginia Consumer Protection Act. The complaint argues that Astrals NFTs should be considered unregistered securities under the U.S. Securities and Exchange Commission’s Howey Test and details O’Neal’s involvement in the digital assets industry. The project was the brainchild of O’Neal, and the appointment of O’Neal’s son, Myles O’Neal, as head of investor relations signals that the Astrals team viewed and portrayed the NFT project as a marketing opportunity. O’Neal allegedly promoted the project through social media and musical performances, but stopped engaging with the project’s community after the collapse of FTX. This is bad news for O’Neal, as the lawsuits allege he promoted and sold unregistered securities.
#NFTs #Crypto #Shaq #Lawsuits #SEC
You can read more about this topic here: Decrypt: Shaq Hit With Lawsuits Over Solana NFT Project, FTX During NBA Game
The post Shaq Slammed with Lawsuits Over NFT Project and FTX During NBA Game – Decrypt first appeared on Byte Syze Crypto.
Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.
This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.
#Huobi #HongKong #CryptoLicense #VASP #JustinSun
You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months
The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.
#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors
You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.
The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations
You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules
The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.
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