CDS Crypto News 28 March Crypto News- What Happened Crypto Markets Today
Crypto News

28 March Crypto News- What Happened Crypto Markets Today

The SEC filed a lawsuit against Coinbase in June 2023, accusing the crypto exchange of violating securities laws. At the time, the regulator claimed that Coinbase facilitated the listing of 13 tokens deemed to be securities.

28 March Crypto News- What Happened Crypto Markets Today

Crypto News– 28 March crypto news: Logan Paul has once again captured attention in the news cycle, this time amidst controversy surrounding his CryptoZoo NFTs. In a recent interview, Paul vehemently defended the integrity of his NFT project, refuting any allegations of fraudulent intent and asserting that the CryptoZoo collection was not designed to deceive investors.

28 March Crypto News- What Happened Crypto Markets Today

Meanwhile, Ethereum’s BlobScriptions have been making waves in the crypto community, garnering significant interest and participation. However, the surge in popularity has also led to a notable increase in transaction fees associated with these subscriptions, raising concerns among users about the rising cost of Ethereum transactions.

YouTuber Logan Paul Defends CryptoZoo as Non-Fraudulent in Latest Documentary

YouTuber Logan Paul has contended that his controversial CryptoZoo venture, which resulted in substantial losses for many investors, was not fraudulent.

In a recent documentary titled 5 Months with Logan Paul, journalist Graham Bensinger conducted an interview with Paul to explore his perspective on the CryptoZoo non-fungible token (NFT) gaming project.

Paul maintained that he incurred financial losses as well, suggesting that he, too, suffered as a result. He stated, I didn’t make any freaking money, bro. I’ve lost half a million dollars on this. Where is the scam?

In addition to defending himself against accusations, Paul expressed his intention in the documentary to rectify the situation for those who were led to believe that CryptoZoo was a scam orchestrated by him.

The Rise of BlobScriptions and Associated Fees

A novel method for storing data on Ethereum, known as BlobScriptions, is causing an uptick in fees associated with blobs — a feature introduced to the blockchain as part of its March 13 DenCun upgrade.

28 March Crypto News- What Happened Crypto Markets Today
28 March Crypto News- What Happened Crypto Markets Today 1

The Ethscriptions protocol released a tool on March 27, enabling users to imprint various types of data — ranging from images to text — directly onto blobs. These blobs are designed to serve as cost-effective and temporary data carriers, alleviating the strain on the blockchain. Within five hours of the launch of BlobScriptions, gas fees for blobs surged dramatically, reaching as high as 585 gwei (approximately $18), a significant increase from the previous average of $0.01 for minting data onto a blob before BlobScriptions. However, fees have since declined to under $1.

Similar to Bitcoin Ordinals, BlobScriptions users are generating numerous random pieces of text and images. However, unlike their permanently inscribed counterparts, blob data is only retained on Ethereum nodes for approximately 18 days before being removed from the network. Nevertheless, Ethscriptions’ indexer will preserve the data indefinitely.

Court Denies Coinbase’s Request to Dismiss SEC Lawsuit

A bid by Coinbase to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC) was rejected by the court on March 27th.

The Court finds the SEC has sufficiently pleaded that Coinbase operates as an exchange, as a broker, and as a clearing agency under the federal securities laws, and through its Staking Program engages in the unregistered offer and sale of securities.

According to court documents

U.S. District Judge Katherine Failla ruled in favor of the SEC, allowing the legal proceedings against Coinbase to proceed. The lawsuit alleges that Coinbase operated as an unregistered exchange, broker, and clearing agency.

28 March Crypto News- What Happened Crypto Markets Today

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