The Shib News Recap: Tuesday

It may only be Tuesday, but today’s recap is packed with explosive Web3 news you wouldn’t want to miss. Highlighted in today’s headlines are Shytoshi Kusama’s recent remarks on a new use case for the upcoming TREAT token in a collaboration with an innovative project, the latest names on the SEC’s Wells notice list, and Grayscale’s alarming $21 billion outflows.

Shytoshi Kusama Reveals New Horizons for TREAT

Shiba Inu lead visionary Shytoshi Kusama has revealed a crucial use case for the TREAT token in partnership with Oogwai, focusing on fully homomorphic encryption (FHE) and longevity research. This collaboration aims to utilize TREAT for efficient data processing. Kusama’s tweet highlighted this new use case, stating, “Finally, a new use case for $TREAT.” Oogwai called the initiative an innovative social experiment leveraging advanced scientific research.

Finally, a new use case for $TREAT. FHE LONGEVITY RESEARCH WITH $Ogai @ogaicoin. The ecosystem is just getting started! https://t.co/8vJKwdQWne
— Shytoshi Kusama™ (@ShytoshiKusama) December 13, 2024

SEC Targets Unicoin and CyberKongz with Wells Notices

Cryptocurrency investment firm Unicoin has received a Wells notice from the SEC, reportedly stating intentions to charge the firm with fraud and selling unregistered securities. CEO Alex Konanykhin mentioned that the SEC had sent subpoenas in May related to Unicoin’s primary offering, supported by significant real estate assets. Unicoin’s legal team is preparing a response due by December 24. Konanykhin suspects that the SEC’s actions are politically motivated and aim to block the company’s ICO plans.

Similarly, CyberKongz, a prominent NFT project, received a Wells notice from the SEC, indicating potential charges related to its ERC-20 token. The SEC argues the token requires registration as a security for use with a blockchain game. CyberKongz contends this reflects the SEC’s misunderstanding of blockchain and could set a bad precedent for Web3 gaming. They are determined to challenge the SEC’s position and seek clearer regulations for digital assets, earning backing from their community on X.

GBTC Posts $21 Billion in Outflows

Grayscale Bitcoin Trust (GBTC) reported $21 billion in outflows since its January 2024 launch, making it the only U.S. spot Bitcoin ETF with a negative trend. It has averaged daily outflows of $89.9 million over the past 11 months. Meanwhile, other U.S. spot Bitcoin ETFs have seen inflows totaling $20.737 billion. BlackRock’s iShares Bitcoin Trust (IBIT) has played a significant role in the positive performance of the market.

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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