Cryptocurrencies Update: Must-Know News

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- Australia's corporate regulator reported that the Federal Court ruled on Friday that Kraken crypto exchange failed to comply with design and distribution obligations for its margin trading product.
- Andreas Szakacs, co-founder of the collapsed OmegaPro crypto and forex platform, was arrested in Turkey for allegedly defrauding investors in a $4 billion crypto Ponzi scheme.
- Sony Group’s joint blockchain venture with Startale announced the development of Soneium, its first Ethereum Layer-2 blockchain, focusing on scalability and user-friendliness.
- The introduction of Ethereum ETFs has led to increased volatility, with Ethereum trading below $3,500 and facing bearish sentiment near critical support levels.
- WazirX, one of India’s largest cryptocurrency exchanges, was hacked, resulting in a $230 million loss, raising concerns about the security of crypto exchanges.
- Stellar (XLM) is advancing financial inclusion by enabling fast, secure, and cost-effective transactions, with strategic partnerships enhancing its market position.
- Polygon (MATIC) is improving Ethereum's scalability with Layer 2 solutions, offering faster and cheaper transactions without compromising security.
- BlockDAG is emerging as a leader in the crypto market, aiming for a $600 million presale, attracting investors with its innovative technology.
- Speculation about potential US government sales of Bitcoin has added downward pressure on its price, contributing to market anxiety.
- The crypto market is experiencing mixed movements, with coins like Fantom and Beam gaining, while Helium (HNT) and TRON (TRX) have seen declines.
- JPMorgan suggests that Ethereum might avoid being classified as a security due to the network's decentralization, impacting its regulatory status.
- Solana's DeFi landscape is evolving with Kamino, a protocol offering a 999% weekly yield, attracting attention despite the high risk.
- Coinbase has secured registration in Canada, becoming the largest registered crypto exchange in the country, expanding its global footprint.