5 Things to Know in Crypto Today – XRP Holds Gains From Ripple Retort

Key Insights:

• SEC gets hit with Ripple’s response to latest Amicus brief opposition, supporting XRP.
• Do Kwon faces the prospect of an invalidated passport after authorities freeze $40 million in cryptos.
• Celsius (CEL) is under scrutiny after executives withdraw more than $40 million in cryptos before the bankruptcy filing.

The SEC Hits the Crypto News Wires for the Wrong Reasons

This week, activity in the ongoing SEC v Ripple case has drawn greater interest, with the SEC receiving a blow from the defendants.

On Tuesday, the SEC opposed I-Remit and TapJets motions to file amicus briefs. I-Remit and TapJets are independent third parties that use XRP for payments.

Ripple filed a letter in response to the SEC opposition that said,

“The SEC remarkably suggests that it would be prejudiced by its inability to evaluate the factual veracity of their claims or show that Movants’ ‘facts’ are disputed.

The SEC has sought summary judgment based on what it erroneously claims are undisputed facts that every purchase of XRP is an investment and that every XRP purchaser expects profits from Ripple’s efforts.”

The letter went on to say,

“Nothing could be more to the point than these two amicus briefs (or at least disputing) both points.”

Ripple concluded by saying,

“If the SEC cannot evaluate the veracity of such claims, then it had no business bringing this litigation in the first place.”

XRP responded favorably to the Ripple response, rising by 1.78% on Wednesday to buck the top ten trend.

This morning, XRP was up 0.96% to $0.49344.

South Korea Readies to Invalidate Do Kwon’s Passport

Do Kwon, Terra founder, remains unaccounted for, while reportedly not on the run but yet to be located despite an Interpol Red Notice.

In response, the South Korean authorities have taken things a step further by issuing a notice for Do Kwon to relinquish his passport within 14-days after which the authorities would invalidate his passport. The authorities stated,

“Disclosure due to inability to deliver passport return order notice.”

Overnight, Do Kwon responded to another report of South Korean prosecutors freezing $39.6 million of crypto owned by @terra_money CEO Do Kwon,

“I don’t get the motivation behind spreading this falsehood – muscle flexing? But to what end?

Once again, I don’t even use kucoin and OKEx, have no time to trade, no funds have been frozen.

I don’t know whose funds they’ve frozen, but good for them, hope they use it for good.”

Investors Matter: Sushi Swap Jumps 22% for the Current Week

News of Golden Tree Asset Management holding $5.2 million in SUSHI delivered SUSHI support this week. For the current week, SUSHI is up 22.54% to $1.2649. While up from a June 18 current year low of $0.8577, SUSHI sits some way off its 2022 high of $9.5037, struck on January 1.

Celsius (CEL) Sees Red as Reports of Withdrawals Pre-Bankruptcy Surface

Former Celcius CSO Daniel Leon, CTO Nuke Goldstein, and CEO Alex Mashinsky reportedly withdrew in excess of $41.8 million in May 2022, shortly before the company filed for bankruptcy in July.

Celsius (CEL) responded badly to the news, falling by 5.64% to $1.2802 this morning.