Since the beginning of this year, Bitcoin [BTC] and other cryptocurrencies have been on a roller coaster ride. The year started off with all the coins booming in the market and now some of them have reached its all-time low for the year, like Ethereum [ETH]. The community has also gone through hacks such as Bithumb and Coincheck to fraudulent tokens such as BitConnect [BCC].
According to Coinmarketmetrics, the coins which have lost more than 90% since hitting its all-time high value are: NEM [XEM], Cardano [ADA] and Tron [TRX]. The other most prominent coin which has made it to the list is Verge [XVG].
Cardano [ADA] has made it to the list irrespective of the positive announcements made by the platform. Cardano is known as the third-generation blockchain. ADA has fallen by 92.17% since its all-time high in the cryptocurrency market.
The platform released Cardano 1.3 in the month of July and also released an update on its Daedalus wallet. It is also believed that the platform will be launching new projects by the end of this year.
The team is building blockchain languages: Marlowee, for financial transactions and Plutus, for smart contracts. Moreover, the platform recently launched the Iele Testnet. Cardano [ADA]’s Ouroboros protocol is believed to surpass Ethereum [ETH]’s Casper. Charles Hoskinson, the Founder of Cardano and Co-Founder of Ethereum, announced the upcoming project launch, Icarus, a Google Chrome extension.
Tron [TRX], another most-spoken about coin has also made it to the list. The coin has witnessed a downward trend of 91.17% in the market after hitting its all-time high of $0.30 according to CoinMarketMetrics.
The coin witnessed a surge in the market at the beginning of the year and also received support from John McAfee, the Founder of McAfee Associates, and a well-known cryptocurrency influencer. Since then, the Foundation has launched its Mainnet and stormed the space by acquiring BitTorrent, world’s biggest Torrent platform.
Tron is also set to surpass Ethereum with the launch of Project Atlas and its much awaited Virtual Machine. Moreover, the Founder and CEO of Tron Foundation, Justin Sun announced that there are more exciting announcements coming up in Q4.
NEM has also made it to the list of cryptocurrencies in the top 20 which has lost more than 90% since its inception. The coin is famous in the cryptocurrency space because of its numerous partnerships and the famous CoinCheck hack. The coin was popular in the east than the west before the news of the hack broke out in the space. Even the Head of South-East Asia, Stephen Chia stated the coin became famous in the cryptocurrency because of the hack.
This was because Coincheck hack is recorded as the second biggest hack since Mt. Gox. The platform lost more than $500 million worth of NEM to the hack. This led to the platform being sued by almost 132 investors.
The NEM team has announced that they will be expanding to South Korea this year. Moreover, the platform’s partnership list includes: Cagayan Special Economic Zone, Enspiral Dev Academy, Mana Labs and Pillar.
At the beginning of the year, Verge [XVG] was the most controversial coin in the market and now has lost 95.08% since its all-time high. The reason is the DDoS attack which occurred twice and the partnership with Pornhub, one of the biggest adult entertainment industry around the world. The token became the first ever cryptocurrency to be accepted as a mode of payment by the adult industry.
Before the announcement of the partnership with Pornhub, the whole cryptocurrency community was curious about the secret collaboration. This also had a massive impact on the coin as it witnessed more than 30% gain in the market. Although, right after the announcement, the coin fell by more than 30% in the market. All of this led to the coin being trolled in the market.
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FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer
Stephen Palley, a prominent lawyer at Anderson Kill, spoke out about the FLiK token case via his official Twitter handle. Notably, unlike most tokens in the space, FLiK made headlines because of its celebrity backing.
Towards the end of last year, it was reported that the US Rapper Clifford Joseph Harris Jr., who goes by the stage name T.I. and T.I.P., was sued for $5 million over the alleged failure of the token promoted by him and his partner, Ray Felton. The rapper was being sued by a group of 25 individuals who claimed that that they invested around $1.3 million in the tokens.
Additionally, there were allegations that the rapper used the raised money to increase the token’s value, following which the duo sold their holdings after the coin crashed. Other well-renowned celebrities such as Kevin Hart and Mark Cuban were also reportedly associated with this project.
On the recent developments surrounding the case, Stephen Palley stated,
“Utility tokens” take another hit in case allegedly involving rapper TI. Court says FLiK ICO tokens = securities under Howey Test, for motion to dismiss purposes. That they offered some functionality ≠ relevant given buyers’ expect of profits solely from efforts of others. 1/4″
The lawyer further stated that,”use of funds” was already determined by the defendants, “per the FLiK token whitepaper.” He went on to state that there was a time problem, adding that Federal Law rules that “unregistered sale” of security tokens were supposed to be reported within 12 months after the violation.
Even so, court says there’s a time problem — claims for unregistered sale of securities have to be brought within a year after the violation on which they are based, under federal law. Because this isn’t pleaded, these claims are dismissed with leave to refile. 4/4
— Palley (@stephendpalley) May 20, 2019
The lawyer concluded by tweeting,
“ps — form was never going to be exalted over substance, so none of this is a huge surprise. Also, this is a ruling on Rule 12(b)(6) motion to dismiss so the Court takes the allegations as true for purposes of ruling. The merits still have to be litigated.”
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