BITCOIN

A London-headquartered law firm is preparing a lawsuit against the fugitive mastermind of the Onecoin crypto pyramid scheme, ‘Cryptoqueen’ Ruja Ignatova. Its lawyers intend to file a class action suit in the United Kingdom’s High Court, the British press revealed. Fugitive Cryptoqueen May Face U.K. High Court Lawsuit Over Investor Losses Mishcon de Reya, the elite British law firm that once had Princess Diana among its high-profile clients, is now working on a lawsuit against the founder of the notorious crypto scam Onecoin, the still “missing Cryptoqueen” Ruja Ignatova. The lawyers are planning a class action lawsuit in Britain’s High Court, the Mail on Sunday reported. Mishcon seeks to recover funds lost by investors in the Ponzi scheme. Claimants can sign up on a “no-win, no-fee” basis, the newspaper detailed. Mishcon partner Rhymal Persad elaborated: The claim aims to achieve at least partial redress for investors taken in by the deception and who suffered losses as a result.

Cryptocurrency exchange Bybit is suspending services in the U.K. next month in order to comply with the new rules set by Britain’s top financial regulator, the Financial Conduct Authority (FCA). “The suspension will allow the company to focus its efforts and resources to best meet the regulations outlined by the U.K. authorities in the future,” Bybit explained. Bybit Halting UK Services Crypto exchange Bybit announced Friday that it is suspending services in the U.K. in order to comply with the new rules on marketing and communications for crypto businesses set by the Financial Conduct Authority (FCA). The new rules are outlined in Policy Statement PS23/6 , titled “Financial promotion rules for cryptoassets,” which the FCA published in June. “It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations in the U.K.,” the announcement details, adding: Bybit has made a choice to embrace the regulation proactively and paus

Recently, Ethereum has seen a shift towards inflation, sparked by a dip in network activity and onchain fees. Data reveals that, with decreased activity and lower fees, Ethereum’s inflation rate stands at 0.270%. The decline in overall activity and people transitioning to layer two (L2) networks has notably curtailed base fee burning. From Deflation to Inflation: Ethereum’s Issuance Rate Changes Course After The Merge and up until three months ago, Ethereum’s supply trended deflationary. Historical data highlights that on May 27, 2023, ultrasound.money pegged Ethereum’s inflation rate at -0.654% annually. Yet, by September 23, 2023, this rate had risen to 0.270% . Ethereum’s shift towards deflation was driven by two landmark events: the implementation of EIP-1559, known as the London hard fork, and The Merge ‘s switch from proof-of-work (PoW) to proof-of-stake (PoS). After the implementation of EIP-1559, an Ethereum transaction’s base fee now gets “burned” by sending it to a nul