Bitfarms Counters Riot's $950M Takeover Bid

Here are some of the major developments from the world of crypto over the past few days
some of the major developments from the world of crypto
some of the major developments from the world of crypto

Riot's $950 million acquisition bid is being greeted with pushback from Bitfarms' stakeholders and special committee, who believe it is cheap and not in the best interests of shareholders. Bitfarms and Riot Platforms, two Bitcoin mining companies, are locked in a heated battle as Bitfarms accuses Riot of a hostile takeover attempt.

Riot increased their interest in Bitfarms by 13.1%, building on its prior investment. Bitfarms claimed that this action was "an attempt to undermine the integrity of the acquisition process." Bitfarms established a shareholder rights plan on June 10 to prohibit Riot Platforms from making an unwelcome acquisition approach.

Bitfarms operates 12 Bitcoin BTC $67,846 mining facilities in four countries: Canada, the United States, Paraguay and Argentina. In May, Bitfarms announced its former CEO, Geoffrey Morphy, would step down amid a lawsuit against the firm. Les urged the board to remove Bonta, stating he is directly responsible for Bitfarm's weak corporate governance standards.

Terraform to Pay $4.47B to Settle SEC Civil Lawsuit

Terraform Labs has agreed to pay the US SEC roughly $4.47 billion as part of its settlement with the securities regulator. A jury's decision to hold Terraform Labs and its co-founder accountable for the collapse of the Terra ecosystem led to the settlement. The agreement would settle a civil complaint launched by the SEC following Terraform's collapse in 2022.

According to the settlement proposal, former Terraform Labs CEO Do Kwon must pay $110 million in disgorgement penalties, $80 million in civil penalties, and about $14.3 million in pre-judgment interest fines. Kwon's crypto assets to cover fines; surplus for penalties including Luna Foundation Guard holdings and Pyth Network tokens

The fate of Do Kwon remains uncertain as courts in Montenegro wrestle with what to do with the South Korean native. Attorneys for the Terraform founder claimed that inappropriate procedures and filings in lower courts had corrupted the court proceedings in the several appeals they filed.

TON surpasses ETH in daily active addresses, but there's more to explore

TON has had more daily active addresses than Ethereum in ten of the last eleven days, however that figure does not include Ethereum layer 2s. One company believes it could be a silent flippening fuelled by a large user base. However, one could argue that the data does not provide a whole picture.

According to data from Artemis, which measures DAA as the quantity of distinct wallets transacting on a blockchain every day, TON and Ethereum have been in a close battle ever since TON overtook Ethereum on May 17.

Vitalik Buterin, the co-founder of Ethereum, has expressed support for using L2s to scale the main blockchain, which is part of the roadmap. Notcoin is a "tap-to-earn" token that may be acquired by completing a variety of social challenges. Telegram trading bots have also become a prominent cryptocurrency use case on the chat app.

Related Stories

No stories found.
logo
Outlook Business & Money
business.outlookindia.com