Friday🌑Web3 Weekly Buzz: Tether’s New Move, SEC Showdown, $10B Crypto Case, and Bitcoin-Powered Sports League

Kickstart Your Friday with the Latest Web3 News! The Web3 world is buzzing with game-changing updates today. From Tether’s bold leap into a $6.5B tokenization boom with Hadron, to a massive legal challenge by 18 U.S. states against the SEC’s crypto regulations, the landscape is shifting rapidly. Meanwhile, justice is served as the Bitfinex hacker faces a 5-year sentence, closing a $10 billion crypto theft case. And in a groundbreaking move for sports, Russell Okung’s Bitball league plans to pay players in Bitcoin, merging athletics with blockchain innovation.Dive into these stories and discover how they’re shaping the future of Web3. Let’s explore!

1. Tether unveils Hadron in a $6.5B tokenization boom

Tether has unveiled Hadron, a tokenization platform designed to digitize real-world and digital assets, marking a significant move in the $6.5 billion tokenization market. Hadron enables users to tokenize assets like stocks, bonds, and stablecoins, offering tools for full lifecycle management. The platform promises enhanced liquidity, transparency, and accessibility for both retail and institutional investors. Currently in beta, Hadron also collaborates with developing nations and adheres to strict KYC and AML regulations. This launch aligns with a broader surge in real-world asset tokenization, positioning Tether as a key player in this rapidly expanding market.

Tether Launches Hadron Amid $6.5B Tokenization Boom for Real-World Assets | Bitget News

From decrypt by Liz Napolitano Stablecoin giant Tether has launched Hadron, a tokenization platform for digital and real-world assets, amid a boom in t | Bitget crypto news!

Bitget Exchange

2. 18 US states challenge SEC's crypto regulations

Eighteen U.S. states, including Texas and Florida, have filed a lawsuit against the SEC, accusing it of overreach in regulating the crypto industry. The lawsuit claims the SEC’s “regulation by enforcement” undermines state rights and hampers innovation in the $3 trillion digital asset sector. States argue their diverse regulatory frameworks foster growth while protecting consumers, challenging the SEC’s push for federal control. Filed in Kentucky, the suit targets SEC Chair Gary Gensler, whose leadership faces criticism. This legal action highlights the ongoing tension between state-level autonomy and federal oversight in the rapidly evolving blockchain and crypto landscape.

18 US states file lawsuit against SEC for overregulating crypto

18 US states sue SEC over crypto regulation, alleging unconstitutional overreach, impacting state-level frameworks for oversight.

Crypto BriefingEstefano Gomez

3. Bitfinex hacker sentenced for $10B crypto thef

Ilya Lichtenstein, responsible for the 2016 Bitfinex hack that stole over 119,000 Bitcoin, has been sentenced to 60 months in prison for money laundering. His actions, along with his wife Heather Morgan, led to the theft of approximately $4.5 billion. Despite attempts to cover his tracks using advanced privacy tools, blockchain forensics helped trace the stolen assets, resulting in a $10 billion recovery. Lichtenstein's sentencing marks the resolution of one of the largest cyber thefts in history, with significant implications for cryptocurrency-related financial crimes and law enforcement's evolving capabilities in tracking illegal activities.

Bitfinex Hacker Sentenced to 5 Years as DOJ Ends $10 Billion Crypto Theft Case - Decrypt

Lichtenstein’s sentence is expected to serve as a deterrent amid rising concerns over cyber-related financial crimes.

DecryptSebastian Sinclair

4. Bitball League to pay players in Bitcoin

In 2020, NFL player Russell Okung made history by becoming the first to accept part of his salary in Bitcoin, converting $6.5 million into 240 BTC. His decision was a bold statement against inflation and control, positioning Bitcoin as a hedge against traditional financial systems. As Bitcoin's value has surged to nearly $90,000, Okung's initial crypto earnings have grown to over $20 million. Even after retiring in 2023, he continues to advocate for Bitcoin, viewing it as a route to generational wealth. Okung's move highlights the growing importance of cryptocurrencies in sports and finance.

Russell Okung Became The First NFL Player To Be Paid In Bitcoin In 2020, And The Decision Has Led To A Massive Payout In 2024 - AfroTech

Russell Okung has no regrets about deciding to be paid in bitcoin. The two-time Pro Bowler previously played for the Carolina Panthers when he made history as the first NFL player to receive part of his salary in bitcoin, according to Sports Illustrated. In 2020, he decided to accept half of his $13 million salary in bitcoin, converting the $6.5 million at market rates and receiving 240 bitcoins. no more broke athletes. no more lost generational wealth. pay me in bitcoin pic.twitter.com/ZqTM0Y1fsC — OKUNG 🐆 (@RussellOkung) November 13, 2024 “I’m looking at Bitcoin. I’m talking to this young kid, young Silicon Valley type. We’re talking about me being paid in Bitcoin. I’m giving ’em the vision, but how will we do it,” Okung recalled in a video clip shared on X. “They’re not willing to adjust the collective bargaining agreement between the players and the owners. So what can I do to get the Carolina Panthers to play ball? Here’s the power of Bitcoin with U.S. dollars. You have to rely…

AfroTechSamantha Dorisca

The Web3 World Awaits: Stay Connected!As the Web3 revolution unfolds, today’s stories highlight just how dynamic this space is. From Tether’s Hadron innovation to the Bitcoin-powered Bitball league, it’s clear that crypto and blockchain are reshaping industries.Stay informed and ahead of the curve by following these developments closely. The future of Web3 is here—don’t miss your chance to be part of it!

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