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🔐 Ripple Enhances Price Stability with 800M XRP Returned to Escrow

Ripple has once again locked a major portion of its XRP holdings into its escrow system as part of a strategy initiated in 2017 to ensure XRP price stability.

Data from Whale Alert shows that 800 million XRP tokens were returned to the escrow after their recent release. In a related development, Ripple's CTO David Schwartz unveiled intriguing details about his early days in cryptocurrency, including an early investment by his father in XRP in 2014. Schwartz opted for a salary and a stake in Ripple, rather than accumulating XRP, and his diversified approach to cryptocurrency investment has been highlighted.

⏰ Binance's Big Changes: No More BUSD and Court Time

Binance's CEO is being sued in a class action lawsuit alleging he attempted to eliminate competitor FTX.

The lawsuit was initiated by ex-FTX CEO Sam Bankman-Fried and other retail customers. They attribute the downfall of FTX entities in November 2022 to CZ's actions and seek over $5 million in damages. In parallel, Binance has declared its intention to terminate all BUSD borrowing and lending services by 25 October 2023, as part of phasing out all BUSD-related services by 2024. The shift is linked to regulatory pressures and the dissolution of its partnership with Paxos amidst a decreasing market capitalization for BUSD.

🎉 Ripple Wins a Round in Court Game Against SEC

District Court Judge Analisa Torres has denied the SEC’s request to appeal its case against Ripple Labs.

The judge claimed that the SEC did not sufficiently demonstrate valid grounds for appeal. This decision, however, does not equate to a total defeat for the SEC, as Judge Torres has set a trial date for April 23, 2024, to further deliberate on the unresolved issues. Following this announcement, XRP's price saw a 6% rise. It's worth noting that in July, Judge Torres had ruled that while Ripple's retail sales of XRP didn't constitute a security, the company did breach securities regulations when selling to institutional buyers.

🙊 Meta Under Fire for Unauthorized Crypto Ads

Mining magnate Andrew Forrest is leading legal proceedings against Meta for hosting unauthorized cryptocurrency advertisements that utilized his image.

Forrest contends that Meta inadequately addressed his requests to eliminate these misleading advertisements in 2019. Beyond being a civil matter, Forrest's legal team believes the oversight is grave enough to warrant criminal charges. In response to these serious allegations, Meta's legal team issued a summons demanding Forrest provide certain documents, including personal emails. This case emerges amidst other legal challenges for Meta, including a copyright infringement lawsuit over the illicit use of content by authors Sarah Silverman, Richard Kadrey, and Christopher Golden to train their AI tool, LLaMA.

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