VanEck eyes $350 Solana price, Tornado Cash dev faces criminal trial: Finance redefined

Optimism is returning to crypto investors and altcoin holders after asset management giant VanEck predicted Solana's price could rise to $330, driven by blockchain scalability and throughput.

But in a worrying development of decentralized finance (DeFi) and privacy protection technologies, Tornado Cash co-founder Roman Storm faces a criminal trial for developing an unguarded cryptocurrency mixer code after a judge rejected his request to dismiss the case. .

Solana May Reach $330 and ETH Market Cap 50% – VanEck Research

A September 25 VanEck report predicts that Solana (SOL) will balloon to $330 and balloon to 50% of Ether's (ETH) current market capitalization, driven primarily by Solana's superior speed and transaction processing metrics.

The report cites Solana's throughput, which processes thousands of transactions per second (TPS) and is 3,000% higher than Ethereum's TPS. Solana's daily active user count is 1,300% higher than Ethereum, and transaction fees are nearly 5 million percent cheaper on the Solana network.

Solana's speed and cost efficiency give it a significant advantage over Ethereum for payments and remittances, the report's authors argue. Stablecoins in particular have been cited as a key driver of decentralized finance, leveraging Solana's advanced process metrics to pass cost savings to consumers.

Continue reading

Tornado Cash's Roman Tornado case moves to trial after judge denies dismissal

Roman Storm, the developer and co-founder of Tornado Cash, faces criminal charges for creating a crypto-mixing platform after a judge denied the US government's request to dismiss the case.

In a Sept. 26 conference call, New York District Court Judge Kathryn Polk Failla denied Storm's request to toss three federal charges filed by the Justice Department, saying state prosecutors had made a compelling case against him.

Storm and co-founder Roman Semenov were indicted in August 2023 for money laundering, conspiracy to commit sanctions violations and conspiracy to conduct an unauthorized money transfer business.

Continue reading

SEC Chairman Gensler Plugs Changes to Crypto's Troubled Definition

The United States Securities and Exchange Commission will continue to make changes to the “exchange” and alternative trading systems, Chairman Gary Gensler told the participants of the US Treasury Market Conference on September 26.

Gensler was talking about issues affecting the efficiency and resilience of the US Treasury bond market, but that idea has been heavily criticized in the digital asset space.

Determining dealers to include more market players

One of the SEC's steps to destabilize the Treasury market was a change in the definition of “dealer,” which was intended to clarify the role of market participants, such as major trading firms, that may use algorithms and high-frequency trading. Strategies.

In the year The changes planned for 2022 were criticized by pro-crypto politicians at the time for their spillover effect on digital asset trading. However, they were adopted in February.

Continue reading

Coinbase's Chief Legal Officer Responds to Concerns About cbBTC's Terms of Service

Coinbase Chief Legal Officer Paul Grewal has responded to the recent fear, uncertainty and uncertainty surrounding the user terms of service for Coinbase's newly launched cbBTC bundled Bitcoin product – assuring that Coinbase will pay customers in full if the exchange loses its original Bitcoin (BTC).

The clarification came after an individual highlighted what they believed to be a troubling provision in CBBTC's user agreement – stating that Coinbase would not reimburse customers for the full amount of Bitcoin lost due to malicious activity or unforeseen events, but would instead give customers a “proportionate share”. Any BTC left over.

In a statement to Cointelegraph's Alex O'Donnell, Coinbase's chief legal officer confirmed that the policy limits foreign currency liabilities from complex trades and leveraged customers.

Continue reading

Despite WazirX, Q3 crypto hack and fraud losses dropped to $413 million

According to a September 26 report from blockchain security platform Immunefi, losses from crypto hacking and fraud fell 40% year-over-year to $413 million in the 3rd quarter of 2024.

Last year's third quarter loss was $685 million. Quarterly losses also decreased by approximately 28% compared to the second quarter of the current year.

Despite the good news, Q3 saw some impressive crypto hacks and exploits.

According to the report, the biggest hack of the quarter was on the WazirX crypto exchange, which caused a loss of $235 million, and the second biggest was the $52 million BingX hack. These hacks accounted for more than 69% of total losses in the quarter.

Continue reading

Overview of the DeFi market

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market cap ended the week in the green.

Among the top 100, the popular memecoin Shiba Inu (SHIB) made the highest gain of the week by more than 34%, followed by the token SEI, which increased by more than 32% on the weekly chart.

Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.