🏆XRP Lawsuit Win, FTX Refunds!

GM, We're back with another issue of CoinBasics, your source for the latest and greatest in the World of Web3.

Today, we're covering some of the biggest stories in the space including :

• 🏆 XRP Win Against SEC

• 🤑 FTX Japan Refund

• 💸 $1.7B North Korean Crypto Hack

• 💀Jim Cramer Declares Bull Market

• 🤝NFTs on Bitcoin.

We’ve got some exclusive stuff for you today.

🏆 XRP SCORES CRUCIAL VICTORY !

In a recent appeal hearing, the SEC sought an injunction against the sale of the LBRY token.

It would have classified the token as a security and brought all secondary market sales under the SEC's jurisdiction.

But XRP and the crypto industry won a partial victory thanks to attorney John E. Deaton, who represented XRP holders in the case against the SEC.

Before this, SEC = Striking Every Crypto 💣

🚀 Can this important partial victory be the start of fight against the SEC's overreaching regulation?

Only time will tell …

However, the victory is only partial, and the crypto industry must continue to push back against restrictive regulations as it's crucial that it remains free so that it can continue to evolve and mature.

But Not All Regulations are Bad !

🤑 FTX JAPAN MIGHT REFUND DUE TO REGULATIONS …

Tighter regulations in Japan mean that FTX customers have a chance of seeing their funds again.

FTX Japan has informed its users that their assets will be made available via Liquid.

Liquid is Japanese crypto exchange acquired by FTX in February 2022.

Japan is one of the few countries with defined regulations around cryptocurrency.

Which is why FTX customers there have a chance of seeing their funds again.

FTX Japan is not completely immune to the US bankruptcy process, as the unit is being auctioned off and has over 40 parties registered for interest.

But it can change the Narrative, Speaking of narrative :

💸 North Korean Hackers Strike Again: $1.7B in 2022.

With $1.7 billion worth of crypto being stolen in 2022, DeFi protocols emerged as the biggest victims accounting for over 82% of all digital assets taken by hackers.

But why are DeFi protocols the primary target of these attacks?

As the popularity of DeFi platforms continues to grow, the stakes are becoming higher, and the attacks are becoming more sophisticated.

In March and October of 2022, there were huge spikes in hacking activities, totaling $732.4 million and $775.7 million respectively.

These attacks not only put investors' assets at risk but also raise questions about the security of the entire crypto ecosystem.

So, what does this mean for the future of crypto?

You need to learn how to Stay SAFU. That’s why we started CoinBasics! So We can Empower the Next Generation of Crypto-Savvy. Help us Spread the word 🙏🙏

Now, Speaking of Future of Crypto :

💀Jim Cramer Declares Bull Market: Time to Sell ?

One of the best performing Portfolios on twitter last year was doing opposite of what Jim Cramer’s Approach was.

For those Unaware, Jim Cramer is host of CNBC’s “Mad Money”

Well, Jim has issued a bullish outlook for the market! & He’s Known for his ability to be wrong every time.

Why Jim Why? 😭

Finally the Market was picking up. Just why ?

But as the world of cryptocurrency continues to evolve, a new player has entered the scene:

🤝 NFTs on Bitcoin

The Ordinal protocol has brought the world of NFTs to the Bitcoin network, and it’s causing quite a stir.

On one hand, some believe that this is a step forward for the world’s most popular blockchain, adding more use cases and attracting more users.

But on the other hand, others argue that this move goes against the core principles of Bitcoin, which was built as a peer-to-peer payment system, not a platform for NFTs.

So, what’s the deal?

Let’s take a look at both sides of the argument:

The Pro-Bitcoin NFTs: Adding NFTs to the Bitcoin network proves that it’s capable of more than just a P2P payment system.

More use cases = more users, and NFTs have been driving growth for blockchains like Ethereum in recent years.

The Anti-Bitcoin NFTs: However, critics say that this move will only congest the already slow network.

More transactions = more congestion, and they argue that Bitcoin’s original purpose was solely as a decentralized monetary system, as outlined by Satoshi Nakamoto in the Bitcoin whitepaper.

So, who will come out on top in this debate? Only time will tell, but one thing’s for sure: the discussion is heating up.

Like the days of the good old Team Jacob vs Team Edward.

That’s it for today Folks, Subscribe Now if you haven’t till now! 💎

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.