Gm Degens,

Welcome back to our weekly dose of No Rug News. In case you missed what has been happening this week, tea is served!🍵 

Here is what we have for you today

• SEC drops lawsuit against Ripple and its execs

• Crypto exchange Binance restores euro services after finding new fiat partners

• Reddit NFT avatars facing uncertain future

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• ConsenSys employees sue Joseph Lubin as shares are now ‘worthless’ (cryptonews)

• Wallet Wars NFT spaceships sell out in 5 minutes (nftnews)

• Sui token struggles to regain despite denial of ‘unfounded’ allegations (cointelegraph)

• Habbo pivots from Web3 terminology: Substitutes NFTs for “Collectibles” (nftnews)

• Shiba Inu set for recovery as investors eye Neo and InQubeta (cryptonews)

• Winds of Yawanawa NFT collection defies market slump, grossing $4.2M in a week (nftnews)

• EtherHiding: Why hackers may prefer Binance’s BNB Smart Chain (cointelegraph)

• LBRY announced closure due to debts to SEC (cryptonews)

• Aptos celebrates Graffio launch; Resumes operation after unexpected downtime (nftnews)

• Yuga Labs CEO reflects on his first 6 months at the helm (cryptopolitan)

• FTX CEO receives email from Bahamian Prime Minister asking for NFT advice (nftnews)

• Coinbase open sources code for layer-2 network Base (cointelegraph)

Here is what else we dug for you

SEC drops lawsuit against Ripple and its execs

A "dismissal with prejudice" between Ripple and the U.S. Securities and Exchange Commission (SEC) has been agreed to, possibly avoiding an impending trial.

Here is what we know about the story:

• In its ongoing lawsuit against Ripple, the U.S. Securities and Exchange Commission (SEC) has notified the U.S. District Court for the Southern District of New York that the parties have reached a "dismissal with prejudice" agreement.

• This suggests that the previously planned trial is not necessary.

• The announcement does not, however, imply that the 2020-started civil lawsuit brought by the SEC against Ripple has been completely abandoned.

• It's unclear exactly what will happen and how this dismissal will turn out. The proper remedies for Ripple's purported Section 5 violations with regard to its institutional sales of XRP will be discussed by both parties.

• They will either seek a plan from the court or come to an agreement on a briefing schedule by November 9, 2023.

Crypto exchange Binance restores euro services after finding new fiat partners

Following the loss of its former fiat partner, PaySafe, in September, cryptocurrency exchange Binance revealed one month later that it had brought on new partners to manage deposits and withdrawals in euros.

Here is what we know about the story:

• Binance said in a statement on October 19 that it had secured contracts with new fiat partners for deposits, withdrawals, and payments in euros.

• The company was compelled to hunt for new banking partners after losing backing from PaySafe in September due to regulatory and debanking issues in the European Union, which prompted the move.

• Users have reportedly begun switching to the new services offered by "a number of new regulated and authorized fiat partners," according to Binance. But it didn't say whose companies it had partnered with.

• According to the release, the new partners' fiat offerings include euro withdrawals and deposits through SEPA/SEPA Instant and Open Banking.

Reddit NFT avatars facing uncertain future

Reddit administrators declared yesterday that they would no longer be supporting Community Points natively. Community Points is a blockchain-based rewards scheme that has been in place for more than three years. Regulation issues were the basis for the move, which has many users wondering if Reddit's NFT collectible avatars would also be phased out.

Here is what we know about the story:

• Reddit made another controversial decision that infuriated the community after the contentious API changes that were enacted in July and sparked widespread protests.

• Both users and moderators invested a lot of effort and considerable influence into cultivating the Community Points that were canceled.

• But in spite of all the work, the platform managers have decided to end the project without providing a backup plan.

• The initiative was first presented to Reddit members as a method to become independent of centralized authority.

• Critics counter that this action demonstrates Reddit's inability to adhere to the very values it had promised to protect.

NFT Spotlight: Guido Pako Campo

Pako Campo is a Spanish Artist. Since he was really young, has been curious about all artistic fields and has received education on Painting and Drawing, Color Theory, Dramatic Arts, Voice-overs & Dubbing, Design Software, Web Design, Photography, etc. He considers himself a self-taught person on many other skills with good results.

He started his artistic path at the age of ten, when he staged his first exhibition of paintings. Pako has been responsible for the graphic design and scenography of many theater plays and worked as illustrator for many purposes. As dubbing actor, he has worked on advertising, international film productions as Atonement (Joe Wright) or Hot Fuzz (Edgar Wright) and TV series as Stargate SG-1 or Storm Hawks.

Pako is very multifaceted develops his work online as a graphic designer, building the branding and identity of several international clients. He also owns his sound studio and lends his voice to many companies all over the world. In the last few months he is being immersed in the launching of the international production company Dynamita Productions as a founding member and Associate Art Director.

Essential links: Website, Instagram, Twitter, YouTube

Chart of The Week: ETH/USD

Meme Drop

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