Monday, Nov 28, 2022
Outlook Money

Latest Crypto News: Kim Kardashian Fined $1.26 Million For Promoting Cryptos On Social Media, Decentralised Crypto Exchanges Gaining Market From Centralised Peers, Says Citi Report

Following are some of the developments in the crypto space over the past few days

The US Securities and Exchange Commission (SEC) on Monday announced charges against American reality TV star Kim Kardashian for promoting a crypto asset offered and sold by EthereumMax, on social media, without disclosing the payment she received for its promotion.

The SEC said in an official statement said that Kardashian agreed to settle the charges, pay $1.26 million in penalties, disgorgement, and interest, and cooperate with the Commission’s ongoing investigation.

“This case is a reminder that when celebrities or influencers endorse investment opportunities, including crypto-asset securities, it doesn’t mean that those investment products are right for all investors. We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals,” said SEC Chair Gary Gensler.

Chair Gensler further noted that Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities.

CITI Research On Crypto Exchange

A recent study by Citigroup has revealed that decentralised cryptocurrency exchanges (DEXs) have developed more quickly than centralised exchanges (CEXs) in the past two years.

Users leaving centralised systems to escape their more onerous know-your-customer procedures is expected to increase the divide, the study found.

Instead of the conventional method of serving as a financial intermediary between buyers and sellers, DEXs are Blockchain-based apps that organise massive trading of digital assets between numerous users using automated algorithms.

Growth of Solana NFT Ecosystem In September

After a month of rising non-fungible token (NFT) mints and daily volumes that were on par with Ethereum , Solana began October with an hour-long service interruption, the Blockchain’s 12th such outage in 2022.

In the previous six weeks, Solana’s market share of the total trade volume increased from 7 per cent to 24 per cent, according to Delphi Digital.

In terms of daily trade volumes, Solana outperformed Ethereum in September. Data from Dune Analytics show that the number of unique buyers climbed by 34 per cent month-over-month.