Nike is facing a lawsuit from a group of buyers of NFTs who said they lost hundreds of thousands of dollars when the sportswear giant closed its digital collectibles arm, RTFKT. The lawsuit was filed on Friday in Brooklyn, New York. Lead plaintiff, Australian investor Jagdeep Cheema, claims Nike’s move to shut down RTFKT in December 2024 abruptly wiped out the NFTs’ value. The digital assets were made and sold under the brands Nike and RTFKT. Buyers have complained that Nike pulled the plug on the project without warning. The NFTs have since cooled off. Some of the NFTs stopped correctly showing images, which compounded worries that the assets would no longer be supported. The plaintiffs say in their legal filing that they would not have purchased any of the NFTs had they been aware they were unregistered securities. They also say they wouldn’t have invested if they had known Nike might cancel the project so quickly. The group is seeking damages of at least $5 million. The lawsuit claims that Nike violated consumer protection laws in several U.S. states, including New York, California, Florida, and Oregon. Based in Beaverton, Oregon, Nike has not yet commented on the lawsuit. Lawsuit wants courts to define NFTs as securities An even more fundamental legal inquiry for those in litigation is: Are NFTs securities ? It’s a problem that United States regulators and courts are still wrestling with. It’s something that many investors are concerned about: what rights and protections are in place when they buy this asset. The group claims in the suit that Nike sold the NFTs without registering them with financial agencies. That, they say, flies in the face of laws to protect investors. The case is part of a rising wave of litigation involving NFTs and crypto assets. As digital collectibles caught on, firms rushing to cash in sometimes operate without clearly established rules or accountability. This case could set a precedent for addressing losses tied to NFTs. Phillip Kim, the lawyer representing the plaintiffs, did not immediately return a request for additional comment about the case. Users report glitches in RTFKT NFTs after shutdown RTFKT, pronounced “artifact,” was once hailed as Nike’s big play in the future of fashion and gaming. The athletic giant bought the startup in December 2021, describing it as a bold move into the next generation of collectibles. However, after the service shut down in December 2024, numerous users said they had experienced technical issues with their NFTs. For instance, the photos of the popular items in the clone nodes of the Clone X series were not shown. Instead, prospective purchasers received a “holding page” from Cloudflare — a provider of web services — indicating that the content had been removed. This led to speculation that Nike had stopped paying for the servers or server platforms that hosted the NFT visuals. Some digital art has resurfaced online since then, but the episode prompted serious questions about a piece of digital art tied to a centralized service and its long-term value. In December, Nike said the innovation that RTFKT brought will live on through the many creators and projects it inspired. But that promise rings hollow for many purchasers. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
Cryptopolitan 2025-04-26 04:40
The world’s largest cryptocurrency exchange by trading volume, Binance, triggered renewed speculations regarding Pi Coin after it updated its token listing guidelines. The streamlined, more transparent criteria have led many to suspect that Pi is about to be listed on the world’s largest crypto trading exchange. Binance overhauls the listing process with new structured paths for digital assets Binance recently announced they were changing their listing process when adding digital assets. The exchange has now divided its new listing procedure into three main paths – Alpha, Futures, and Spot – each type has a different set of requirements. This structured model heavily emphasizes factors such as user adoption, tokenomics, technical security, and trading profile. The goal is to ensure that only trusted, secure, scalable tokens are onboarded. Binance Alpha is an early access path for projects in development. To be considered, a project needs to show proven utility and ongoing development, have an established user base, and be capable of token distribution. Red flags are raised by tokens that insiders overwhelmingly hold. Full technical and compliance verifications are necessary as well. Binance scrutinizes project teams for regulatory red flags like sanctions or financial chicanery and carries out technical reviews to catch bugs and past security breaches. For existing assets trading elsewhere (e.g., BitMart, other exchanges), selecting assets to add onto the Futures and Spot trading platform will also need to satisfy Binance’s standards of trading volume, liquidity, market cap, and price stability before listing. These clearer standards are intended to create simpler, more predictable processes for developers and communities as they consider what listings should look like in the future. Pi Coin gains momentum with strong community support and regulatory progress Pi Coin was recently overwhelmingly voted for in a Binance community vote , with nearly 295,000 voters voting for the listing, or around 86%. While not a formal endorsement, the poll indicated how well-liked Pi is in the community. The Pi Coin, on the other hand, has also been in the news lately as Crypto analyst Dr. Altcoin tweeted that Pi Coin has been back on trading on BitMart after a one-month suspension over Know Your Business (KYB) compliance risks. The return of the token signifies a step toward regulatory conformity, which is an integral part of Binance’s revised list of conditions. With a powerful community and rising visibility, Pi’s moves to meet compliance might increase the possibility of it passing Binance’s review. CoinMarketCap said Pi Coin traded at $0.6470 at press time, reflecting a 0.52% dip over the previous 24 hours. Despite ongoing market volatility and difficulty maintaining a price above $1, Pi appears to stabilize as investor interest picks up. Dr. Altcoin revealed that the Pi Network team has been buying coins from crypto exchanges to help reduce the selling pressure on the token. So far, the team has allegedly used a sub-wallet to buy over 48 million coins from these exchanges. Meanwhile, the team has also made progress in the ecosystem to help drive the token’s utility. The expert revealed that they recently approved the decentralized application FruityPi. He also mentioned that the team could approve other dApps soon. Amid these developments, analysts like Moon Jeff say that the Pi coin price could rally to as high as $5, marking a new all-time high. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
Cryptopolitan 2025-04-26 04:38
In a recent statement reported by Coindesk on April 26th, the Swiss National Bank (SNB) has declined to incorporate Bitcoin into its reserve holdings. This decision stems from persistent concerns
CoinOtag 2025-04-26 04:36
Coinbase is charging ahead in its relentless mission to fully restore crypto staking rights across America, fighting massive barriers and protecting millions in potential staking rewards. Coinbase Fights on to Fully Restore Staking Rights Across the US Crypto exchange Coinbase (Nasdaq: COIN) reaffirmed its commitment to defending crypto staking Friday on social media platform X,
Bitcoin.com 2025-04-26 04:30
Get ready for some eye-opening numbers from the world of Bitcoin mining! A recent report from CoinShares has revealed a significant jump in the cost to produce one Bitcoin, reaching figures that might surprise many. What Did the Latest CoinShares Bitcoin Report Uncover? According to the detailed analysis by CoinShares, a leading digital asset investment firm, the weighted average cash cost for listed Bitcoin mining companies to mine just one Bitcoin saw a dramatic increase in the final quarter of 2024. Specifically, the report indicates this cost hit an average of $82,162 in Q4 2024. This figure isn’t just a small uptick; it represents a substantial 47% increase when compared to the previous quarter (Q3 2024). This sharp rise in the average BTC mining cost highlights the evolving economic landscape for professional miners operating at scale. It’s important to note that this specific figure from the CoinShares Bitcoin report focuses on the ‘cash cost’ for publicly traded mining companies. This typically includes operational expenses like electricity, hosting fees, and direct labor, but might exclude significant capital expenditures on new hardware. What’s Driving These Soaring Bitcoin Mining Costs? Several factors likely contributed to this significant surge in Bitcoin mining costs during Q4 2024. Understanding these drivers provides crucial insight into the pressures faced by the industry: The Post-Halving Environment: The Bitcoin halving event, which occurred in April 2024, cut the block reward for miners by half. While the raw cost per hash might not change drastically overnight, the reward per unit of work is halved. This means miners need twice the efficiency (or higher Bitcoin prices) to maintain the same revenue, effectively increasing the cost *per Bitcoin mined* if other factors remain constant or increase. Increased Network Difficulty: As more powerful mining hardware comes online and more participants join the network, the computational difficulty required to mine a block increases. Miners need to deploy more hash rate (and thus consume more energy and capital) to find a block, pushing the Bitcoin production cost higher. Energy Price Volatility: Electricity is the single largest operational expense for Bitcoin miners. Fluctuations and increases in global or regional energy prices directly impact the cash cost of mining. Q4 2024 could have seen unfavorable energy price movements in key mining regions. Investment in Newer Hardware: While cash cost often excludes CapEx, the *need* to invest in newer, more efficient Application-Specific Integrated Circuits (ASICs) is a constant pressure. Less efficient machines become unprofitable faster in a high-difficulty, low-reward environment, forcing miners to upgrade, which adds to the overall economic burden, even if not immediately reflected in the ‘cash cost’ metric reported. These combined pressures create a challenging environment, pushing the average crypto mining costs upwards for large-scale operations. How Does This Impact Listed Bitcoin Miners? A BTC mining cost of $82,162 per coin presents significant implications for the profitability and strategy of listed mining companies: Profitability Squeeze: If the market price of Bitcoin is below or close to this cash cost, miners face severe pressure on their profit margins. This can lead to selling treasury reserves to cover operational expenses or even shutting down less efficient machines. Focus on Efficiency: The high cost environment accelerates the need for operational efficiency. Miners must secure the lowest possible energy costs and deploy the most energy-efficient hardware to remain competitive. Potential Consolidation: Smaller or less efficient mining operations may struggle to survive at these cost levels, potentially leading to consolidation within the industry as stronger players acquire distressed assets. Balance Sheet Management: Companies with strong balance sheets and access to capital are better positioned to navigate periods of high costs by investing in infrastructure or holding mined Bitcoin during unfavorable market conditions relative to their production cost. Understanding the CoinShares Bitcoin report gives investors a clearer picture of the operational health and challenges facing these companies. Does the Cost of Mining Influence Bitcoin’s Price? This is a complex and debated topic. While the Bitcoin production cost doesn’t act as a strict price floor in the short term (miners might sell below cost if necessary), some argue that over the long term, the cost of production provides a fundamental baseline. If the price consistently stays below the cost for a significant portion of the network, it could lead to miners shutting down, difficulty adjusting downwards, and potentially reducing selling pressure, which could indirectly support the price. However, the market price is driven by supply and demand from a wide range of participants, not just miners. While miner economics are a significant factor in the supply side, they are not the sole determinant of Bitcoin’s value. Key Takeaways and Future Outlook The CoinShares report highlighting the rise in Bitcoin mining costs to $82,162 in Q4 2024 underscores the increasing operational challenges in the post-halving era. This figure, representing the weighted average cash cost for listed miners, serves as a critical benchmark for the industry. The significant 47% quarterly increase points to the combined effects of the halving, network difficulty increases, and potentially rising energy prices. For miners, this necessitates a relentless focus on securing low-cost power and deploying the most efficient hardware to maintain profitability. The landscape for crypto mining costs is constantly shifting. As we move forward, the industry will likely see continued innovation in mining technology and energy sourcing. The ability of miners to adapt to these rising costs will be crucial for their long-term viability and will continue to shape the dynamics of the Bitcoin network. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action.
Bitcoin World 2025-04-26 04:30
FLOKI price jumped 32%, outperforming top meme coins like Dogecoin. Analysts predict FLOKI could hit $0.00027 if breakout confirms. On-chain activity spikes: more transactions, active wallets, and holders in profit. Meme coin Floki Inu (FLOKI) is once again making headlines after a sharp price rally. Over the past 24 hours, FLOKI surged by more than 32%, outperforming other popular meme coins like Dogecoin and Shiba Inu. At the time of writing, Floki Inu is trading at $0.0000792, with analysts predicting that the coin could soon test the $0.0001 level if bullish surge continues. Crypto analyst Shiba Knight believes FLOKI may be on the verge of a major breakout. According to them, the meme coin is “at an interesting spot” and could soon see a powerful move upward. Notably, Floki Inu is the only one among the major meme coins from the last cycle — Dogecoin, Shiba Inu, and Floki — to actually hit a new all-time high (ATH) during the current market cycle. Related: ADA Founder Predicts The Close of ETH. Is This the Fall of a Crypto Giant? Despite rising competition from newer tokens like PEPE, FARTCOIN and BONK, FLOKI has shown impressive strength a… The post Floki Inu (FLOKI) Surges Over 30% In a Week as Analysts Anticipate Breakout This Weekend appeared first on Coin Edition .
Coin Edition 2025-04-26 04:30
On April 26th, COINOTAG reported significant trading activity involving the TRUMP crypto asset. An analysis conducted by on-chain data specialist Embermonitor highlighted a prominent whale address that realized a remarkable
CoinOtag 2025-04-26 04:22
Get ready for potentially game-changing news in the world of finance and cryptocurrency! According to recent reports circulating on social media, specifically from Solid Intel on X, payment processing giant Stripe is diving headfirst into the digital asset space with the development of its very own Stripe stablecoin product. This isn’t just idle speculation; the reports suggest that Stripe is actively working on this new offering and is planning to kick off beta testing in the near future. If confirmed and successful, this move could have significant implications for how businesses and consumers interact with digital currencies, potentially bridging the gap between traditional finance and the burgeoning crypto economy. Understanding the Significance of Stablecoin Development Before we delve deeper into what a Stripe stablecoin could mean, let’s quickly touch upon why stablecoins are such a crucial part of the crypto ecosystem. Unlike volatile cryptocurrencies like Bitcoin or Ethereum, stablecoins are designed to maintain a stable value, usually pegged to a fiat currency like the US dollar, or sometimes to commodities or other cryptocurrencies. This stability makes them ideal for transactions, savings, and other financial activities where price swings are undesirable. They offer the benefits of blockchain technology – speed, lower costs, global reach – without the speculative risk associated with more volatile digital assets. The ongoing stablecoin development across the industry is a key indicator of crypto’s maturation and its potential for real-world use cases beyond speculation. Why Stripe’s Entry into Stablecoins Matters Stripe is a behemoth in the online payment processing world, serving millions of businesses globally, from small startups to large enterprises. Their infrastructure powers e-commerce, subscriptions, and various other digital transactions. When a company with Stripe’s reach and reputation considers building a stablecoin, it signals a significant shift in the mainstream adoption of digital assets. Stripe has previously shown interest in the crypto space, exploring integrations and payment options. However, developing their *own* stablecoin suggests a deeper commitment and a vision for how digital currencies can be integrated directly into their core payment rails. This could dramatically simplify how businesses handle crypto payments , removing many of the current complexities and volatilities. The Potential Benefits of Stripe’s Stablecoin Development What advantages might a Stripe stablecoin bring to the table? Here are a few potential benefits: Ease of Integration: Businesses already using Stripe could potentially integrate stablecoin payments with minimal friction, leveraging their existing infrastructure. Reduced Volatility Risk: By using a stablecoin, businesses accepting crypto payments would be shielded from the price fluctuations of assets like Bitcoin, simplifying accounting and pricing. Faster Settlements: Stablecoins operate on blockchain networks, which can offer faster settlement times compared to traditional banking systems, especially for international transactions. Lower Transaction Costs: Depending on the underlying blockchain and Stripe’s fee structure, stablecoin transactions could potentially be cheaper than traditional payment methods or even other crypto payment solutions. Global Accessibility: Stablecoins can be sent and received anywhere with internet access, potentially opening up new markets and customer bases for businesses. New Financial Products: A native Stripe stablecoin could potentially pave the way for other integrated financial services within the Stripe ecosystem, such as lending or yield-bearing accounts. The potential impact on facilitating seamless crypto payments for businesses of all sizes is immense. It could make accepting digital currency as straightforward as accepting a credit card today. Navigating the Challenges of Fintech Integration with Stablecoins While the potential is exciting, launching a stablecoin product, especially for a company like Stripe, comes with significant challenges. The landscape of fintech integration with cryptocurrencies is complex and rapidly evolving. Key hurdles include: Regulatory Compliance: Stablecoins are under increasing scrutiny from regulators worldwide. Stripe would need to navigate a complex web of financial regulations, KYC/AML requirements, and potential licensing issues in every jurisdiction they operate in. Technical Implementation: Choosing the right blockchain network, ensuring scalability, security, and interoperability with existing systems is a major technical undertaking. Custody and Security: Handling large volumes of digital assets requires robust security infrastructure to prevent hacks and theft. User Adoption: While stablecoins offer benefits, educating businesses and consumers and driving adoption requires significant effort and trust-building. Competition: The stablecoin market already has established players like Tether (USDT) and Circle (USDC). Stripe’s offering would need to differentiate itself and gain market share. Successful fintech integration in this space requires not just technical prowess but also a deep understanding of the regulatory environment and user needs. What Stripe Crypto Users and Businesses Can Expect For businesses already using Stripe or considering accepting Stripe crypto payments in the future, this development is definitely one to watch closely. The beta testing phase will be crucial in revealing the specifics of Stripe’s offering – which stablecoin standard it will use (e.g., ERC-20), the underlying blockchain, the fee structure, and the integration process. If the product moves beyond beta and launches widely, it could become a standard option within the Stripe dashboard, sitting alongside credit cards, digital wallets, and other payment methods. This would dramatically lower the barrier to entry for businesses wanting to accept digital currency. Beta Testing: The Next Step The report of impending beta testing is a strong indicator that Stripe’s stablecoin development is progressing beyond the conceptual stage. Beta tests typically involve a limited group of users or businesses trying out the product in a real-world environment to identify bugs, gather feedback, and refine the user experience before a wider release. Who might be included in the beta? Likely existing Stripe merchants who are open to experimenting with new payment technologies, or perhaps partners in the crypto or fintech space. The insights gained during this phase will be critical in shaping the final product. Looking Ahead: The Future of Fintech and Crypto Payments Stripe’s potential entry into the stablecoin market through dedicated stablecoin development is more than just a new product launch; it’s a powerful signal about the future direction of online commerce and finance. It suggests that major fintech players see digital assets, particularly stablecoins, as a viable and potentially superior alternative for certain types of transactions. Successful fintech integration of stablecoins by a company like Stripe could accelerate mainstream adoption of digital currencies for everyday transactions, moving them beyond the realm of pure investment or speculation. This could, in turn, spur further innovation in crypto payments and related services. Actionable Insights If you’re a business owner using Stripe or interested in accepting crypto: Stay Informed: Keep an eye on official announcements from Stripe regarding their stablecoin plans. Understand Stablecoins: Familiarize yourself with how stablecoins work and their potential benefits for your business. Assess Your Needs: Consider if integrating stablecoin payments aligns with your customer base and business model. For developers and entrepreneurs in the crypto space, this highlights the growing demand for robust, compliant, and user-friendly solutions that bridge crypto and traditional finance. Conclusion The news that Stripe is developing a Stripe stablecoin product and moving towards beta testing is undeniably exciting. It represents a significant potential leap forward for fintech integration and the mainstream adoption of crypto payments . While challenges remain, particularly around regulation and technical implementation, Stripe’s resources and expertise could make their stablecoin offering a major force in the market. This development underscores the increasing importance of stablecoin development in building a more efficient and accessible global financial system, one where Stripe crypto could soon play a central role. To learn more about the latest crypto market trends and stablecoin development , explore our articles on key developments shaping crypto payments and fintech integration .
Bitcoin World 2025-04-26 04:20
As Oregon escalates its legal actions, Coinbase faces scrutiny regarding the trading of numerous unregistered tokens, sparking debate on state versus federal regulation in the crypto sector. Oregon intensifies legal
CoinOtag 2025-04-26 04:16
COINOTAG News reports that on April 26th, on-chain data analyst Yu Jin observed a significant movement in the crypto market. A notable **whale** has strategically utilized **leverage borrowing** to accumulate
CoinOtag 2025-04-26 04:13
Big news is shaking up the world of crypto funding and decentralized philanthropy. Gitcoin , a well-known platform connecting developers and projects with funding through quadratic funding and grants, has announced a significant change. Its core development firm, responsible for building and maintaining key parts of the platform, is set to close its doors. The Crucial News: Grants Lab Shutdown Confirmed The core development team behind Gitcoin, known as Grants Lab , is scheduled to shut down operations on May 31st. This announcement has sent ripples through the community that relies on the platform for crypto grants and ecosystem funding. The primary reason cited for this difficult decision is the lack of a clear pathway towards profitability for Grants Lab. Building and maintaining public goods infrastructure in the Web3 space is notoriously challenging from a business perspective, and it seems Grants Lab ultimately couldn’t find a sustainable financial model. What the Grants Lab Shutdown Means for Gitcoin Grants The immediate and most direct impact of the Grants Lab shutdown is on the maintenance and development of the Grants Stack product. Grants Stack is a crucial tool used by communities and projects to run their own grant rounds on Gitcoin. With the core team disbanding, maintenance for Grants Stack will be discontinued. This doesn’t necessarily mean the product will immediately break, but it implies that bug fixes, updates, and new features from this specific team will cease. This could potentially pose challenges for those relying heavily on Grants Stack for their Web3 funding initiatives. Here’s a quick look at the immediate implications: Discontinuation of Grants Stack Maintenance: No more updates or dedicated support from the Grants Lab team. Potential Impact on Future Development: The roadmap for Grants Stack under Grants Lab is effectively halted. Shift in Responsibility: The future of Grants Stack development and maintenance will likely need to fall to the broader Gitcoin DAO and community. Navigating the Future of Crypto Grants and Web3 Funding The news highlights the inherent difficulties in sustaining infrastructure for public goods within the decentralized ecosystem. While Gitcoin Grants has been incredibly successful in distributing funding and fostering development, the business model for the entities supporting the underlying technology remains complex. This situation raises important questions about the future of crypto grants and how decentralized autonomous organizations (DAOs) can effectively fund and manage the development of the tools they rely on. Can the community step up to maintain Grants Stack? Will new teams emerge to take over development? These are critical points the Gitcoin DAO will need to address. Despite this challenge, the Gitcoin platform itself, managed by the Gitcoin DAO, is expected to continue operating. The community and DAO have been increasingly involved in governance and operations, and this event may accelerate the decentralization process further. Actionable Insights for Users and Communities If you are a project relying on Grants Stack or a regular participant in Gitcoin Grants rounds, here are a few things to consider: Stay Informed: Keep a close eye on announcements from the Gitcoin DAO regarding the future of Grants Stack and platform maintenance. Explore Alternatives/Contingencies: While the platform isn’t shutting down, understand the implications for Grants Stack and consider potential backup plans if its functionality becomes critical to your operations. Engage with the DAO: If you’re a GTC token holder or an active community member, participate in governance discussions about how the DAO plans to address this gap. Support Community Initiatives: Look out for and support any community-led efforts to fork or maintain Grants Stack. The Grants Lab shutdown is undoubtedly a setback for a specific part of the Gitcoin ecosystem, but it also serves as a stark reminder of the challenges and opportunities in building sustainable infrastructure for Web3 public goods. The resilience and adaptability of the decentralized community will be key in navigating this transition. Summary: A Turning Point for Gitcoin The upcoming shutdown of Grants Lab on May 31st marks a significant turning point for Gitcoin , specifically impacting the maintenance of its Grants Stack product. Driven by profitability challenges, this event underscores the complexities of funding development in the Web3 funding landscape. While the immediate future of Grants Stack maintenance is uncertain, the broader Gitcoin platform and its commitment to fostering crypto grants are expected to continue, relying more heavily on the decentralized efforts of the DAO and its community to navigate these new waters. To learn more about the latest crypto funding trends, explore our article on key developments shaping Web3 funding future oriented activity e.g. institutional adoption, etc.
Bitcoin World 2025-04-26 04:10
DeFi Development Company, previously known as Janover, has recently made headlines by submitting a $1 billion shelf registration statement to the SEC. This strategic maneuver, akin to that of “MicroStrategy
CoinOtag 2025-04-26 04:05
Nike sued over abrupt shutdown of RTFKT NFT unit
