The Shib News Recap: Friday

As we wrap up the week, here are our top crypto news highlights today, featuring key conversations around ETF applications, potential changes to how cryptocurrencies interact with the banking system, and the persistent challenges posed by crypto fraud and security threats.

SEC Allegedly Shuts Door on Solana ETFs: Mixed Industry Reactions

The SEC has reportedly denied applications for Solana ETFs. At least two out of five applicants were informed of the rejection. This action emphasizes the SEC’s cautious view on cryptocurrency ETFs. Industry reactions vary, with some clinging to hope for future approvals and others viewing the SEC’s stance as potentially flexible.

Rep. Hill Probes ‘Debanking’ of Cryptocurrency Firms

Rep. French Hill plans to investigate the banking challenges facing crypto businesses. During a Dec. 3 hearing on financial technology, he expressed concern about regulatory practices impacting the industry. Hill’s investigation is prompted by claims that regulators are targeting crypto firms by limiting their banking access, a practice known as “debanking.” Executives from Stellar and Anchorage shared their difficulties, with Dixon noting her organization had to contact several banks after losing services.

IcomTech Fraudster David Brend Sentenced to 10 Years in Prison

David Brend, a cryptocurrency salesman and promoter for IcomTech, has been sentenced to 10 years in prison for conspiracy to commit wire fraud. He was convicted in March 2024 for promoting the fraudulent IcomTech platform, which falsely promised daily returns to investors. On December 2, Judge Jennifer Rochon sentenced him to 120 months at the Federal Prison Camp in Pensacola, Florida. IcomTech was identified as a Ponzi scheme that defrauded users of over $8 million between 2018 and 2019.

Vestra DAO Hit by $500K Cyber-Attack

A cyber-attack targeted Vestra DAO, exploiting a vulnerability in its token staking contract. Analysts reported unusual activity with VSTR tokens, leading to the theft of approximately $500,000 worth, which was mixed using Tornado. Vestra DAO promptly recognized the hack and blacklisted the compromised contract to minimize damage. Consequently, the token’s price fell from $0.013 to $0.005, later recovering to $0.009 but remaining unstable.

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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