Analyses
Daily News Summary 27/8
August 27, 2024
Abra Loses Lawsuit Against SEC
The U.S. Securities and Exchange Commission (SEC) has reached a settlement with Plutus Lending LLC, operating under the name Abra, in a lawsuit initiated in July 2020. The lawsuit alleged that the company offered and sold unregistered crypto asset securities through its yield-generating service, Abra Earn, and operated as an unregistered investment company. Under the settlement, Abra will pay the civil penalties determined by the court and cease such activities.
Rhodium Bitcoin Mining Company Files for Bankruptcy
Rhodium Enterprises, a Bitcoin mining company, has voluntarily filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas, covering the parent company and six subsidiaries. According to the filing, the company’s debts range between $50 million and $100 million, while its total assets are estimated to be between $100 million and $500 million. Rhodium’s bankruptcy did not come as a surprise to its creditors, as the company had been struggling with financial difficulties for some time.
Maker Rebrands as Sky
The Maker protocol has officially rebranded itself as Sky and introduced its native governance token, Sky (SKY), as an upgraded version of the MKR token, designed for the broader Sky ecosystem. The DAI stablecoin is also undergoing a transformation and will now be known as USDS. Like MakerDAO, the Sky Protocol will remain decentralized and community-governed, offering users new innovations such as Sky Token Rewards (STRs) and the Sky Savings Rate (SSR).
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