💥 ETH hits 11 month highs

Good morning! Ethereum, has surged over $2,100 for the first time in 11 months. Furthermore, following last weeks ETH upgrade, stakers are now able to withdraw their ether rewards, and the total amount of withdrawals has already reached 1 million coins. In other news, Gary Gensler, the Chair of the SEC, is scheduled to appear before the U.S. House Committee on Financial Services on Tuesday as a witness to discuss the "Oversight of the Securities and Exchange Commission."

Also, Shaquille O'Neal, the renowned basketball player, has been served with a class-action lawsuit against Sam Bankman-Fried, the founder of FTX, according to a tweet by the Moskowitz law firm on Sunday.

Markets

1 million ether has been withdrawn since Ethereum's Shanghai hard fork (2 minute read)Following the successful launch of the Shanghai hard fork on April 12, Ethereum stakers are now able to withdraw their ether rewards for the first time since Beacon-chain deposits began in late 2020. The hard fork is part of the Shapella upgrade package, and has resulted in over one million ether coins being withdrawn as of the time of writing. According to data from token.unlocks, the total amount of withdrawn ether is 1.02 million coins, while the deposited ether since the hard fork stands at 373,040, creating a net staking balance of -646,210.

Ethereum hits 11-month highs (1 minute read)Ethereum has pushed over $2,100 for the first time in 11 months. While members of the Crypto community were initially split on what impact Shapella would have on the price of Ether, the first four days have produced close to a 10% rise, Catching many off guard.

U.S. Congress to Tackle SEC Oversight, Stablecoin Legislation (4 minute read)Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), is set to appear before the U.S. House Committee on Financial Services on Tuesday as a witness to discuss the "Oversight of the Securities and Exchange Commission". The next day, the Subcommittee on Digital Assets, Financial Technology and Inclusion will consider draft legislation regarding stablecoins. Gensler has recently come under criticism from his own agency, with SEC Commissioner Hester Peirce filing a strong dissent against Gensler's latest policy move. This change to the statutory definition of a securities exchange includes cryptocurrency and digital asset exchanges, with Gensler stating that it's necessary to address platforms that trade crypto asset securities, including DeFi systems. Peirce's response, titled "Rendering Innovation Kaput," argues against this amendment.

Tech

‘Next Bull Rull’—Ethereum Founder Issues Bullish Prediction After ‘Game Changing’ Upgrade Helps Bitcoin Price Rally (2 minute read)Vitalik Buterin, Ethereum's co-founder, has emphasized the need for the network to prioritize solving its scaling issues before the next crypto bull run, which could result in high transaction fees for users. In a recent live stream, Buterin stated that if the scaling issue is not resolved, users could face transaction fees as high as $500. Buterin cautioned that if Ethereum does not address its scaling issues before the next crypto bull run, it could suffer from a spike in on-chain activity, resulting in high transaction fees, as was seen in previous bull runs for Bitcoin, Ethereum, and other cryptocurrencies.

Misc

Shaquille O'Neal Finally Served FTX Lawsuit (2 minute read)Shaquille O'Neal, the renowned basketball player, has been served with a class-action lawsuit against Sam Bankman-Fried, the founder of FTX, according to a tweet by the Moskowitz law firm on Sunday. The plaintiffs in the billion-dollar FTX class action case were able to serve Shaq outside his house, and the encounter was recorded by his home video cameras. The lawyers made it clear that the security tapes should not be destroyed or erased as they are crucial evidence for the lawsuit. The video recording has not yet been released to the public. The lawsuit had taken an unusual turn as the lawyers claimed that Shaq had been "hiding and driving away" from their process servers for the past three months. However, serving him at his Atlanta home brings an end to this chase. CoinDesk has been unable to reach Shaq for comment.

US crypto exchange Bittrex faces potential action from SEC (1 minute read)Bittrex, a cryptocurrency exchange based in the United States, may face legal action from the U.S. Securities and Exchange Commission (SEC) despite its plans to shut down its local operations. According to The Wall Street Journal, the enforcement division of the SEC is likely to recommend that the agency sue Bittrex for alleged violations related to investor protection. Bittrex's general counsel, David Maria, reportedly stated that the enforcement unit informed Bittrex about the potential action from the SEC in March. However, by that time, the Seattle-based crypto firm had already started winding down its U.S. operations.

Silk Road Bitcoin Thief, Once Worth $3.4 Billion, Receives One-Year Prison Sentence (2 minute read)James Zhong, a man from Georgia, has been sentenced to one year and one day in prison for stealing over 50,000 Bitcoin from the Silk Road marketplace in 2012, according to a press release from the US Justice Department on Friday. The charges are related to a scheme executed by Zhong to steal more than 51,680 Bitcoin from the Silk Road drug-trafficking site, and he has been charged with one count of wire fraud for unlawfully obtaining approximately 50,000 Bitcoin from the dark web internet marketplace. In 2021, US law enforcement officers searched Zhong's home in Gainesville, Georgia, and found approximately 50,676 Bitcoin worth over $3.36 billion, according to the federal agency.

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