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Judge Denies Justin Sun's Bid to Block Bloomberg Over Crypto Holdings
Crypto Trends

Judge Denies Justin Sun’s Bid to Block Bloomberg Over Crypto Holdings

by admin September 23, 2025



A US judge has set Tron founder and CEO Justin Sun’s lawsuit against Bloomberg back a peg after denying a temporary restraining order and injunction over publishing information about his cryptocurrency holdings.

In a Monday filing in the US District Court for the District of Delaware, Judge Colm Connolly sided with Bloomberg in Sun’s lawsuit over “disclosed amounts of specific cryptocurrency he owns.” According to the filings, the holdings included about 60 billion Tron (TRX), 17,000 Bitcoin (BTC), 224,000 Ether (ETH) and 700 million Tether (USDt).

The publication had reached out to Sun’s team in February to gather information about the Tron founder’s wealth for its Billionaires Index.

Sun claimed Bloomberg planned to publish “specific financial holdings” which were “unverified, confidential and private,” and filed a complaint seeking relief on Aug. 11. After saying he and Bloomberg were “engaged in discussions” over the matter, Sun’s lawyers renewed the motion on Sept. 11.

Justin Sun’s net worth, according to Bloomberg’s Billionaire Index. Source: Bloomberg

The initial complaint sought a temporary restraining order and preliminary and permanent injunction “prohibiting Bloomberg from publishing the amounts of any specific cryptocurrency” owned by Sun, both of which the judge denied on Monday. 

Related: Justin Sun urges Trump-linked WLFI to unlock ‘unreasonably’ frozen tokens

According to Connolly, Sun failed to establish that Bloomberg had promised him the data would not be made publicly available. In addition, he failed to show that the release of information on his crypto holdings would make him an “increased target for hacking, phishing, social engineering, kidnapping, or bodily injury,” in part due to his own crypto disclosures through social media.

“[…] Sun’s own highly detailed disclosure of his Bitcoin assets undercuts his representation that he is now under threat because Bloomberg published estimates of his cryptocurrency holdings,” said Connolly, adding:

“Sun himself has disclosed far more specific information about his Bitcoin holdings than what Bloomberg published.”

It was unclear whether Sun intended to pursue another legal avenue moving forward.

Cointelegraph reached out to a spokesperson for the Tron founder for comment, but had not received a response at the time of publication.

Sun is still under scrutiny from US lawmakers

The Tron founder was named in a lawsuit against the crypto company over allegations of offering unregistered securities filed by the US Securities and Exchange Commission (SEC) in 2023. However, once US President Donald Trump took office and former SEC Chair Gary Gensler departed, the agency asked for a stay in the case.

Last week, two members of Congress asked the SEC to answer questions related to the commission dropping its case against Sun.

They suggested that the Tron founder’s “sizable investments” in crypto ventures controlled by Trump and his family, including World Liberty Financial and his memecoin, may have influenced its decision.

Magazine: Can privacy survive in US crypto policy after Roman Storm’s conviction?



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September 23, 2025 0 comments
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Ethena-Hyperliquid
GameFi Guides

Ethena Drops USDH Hyperliquid Bid to Focus on Product Innovation

by admin September 11, 2025



Ethena Labs has abruptly pulled its bid to launch the USDH stablecoin, responding to mounting backlash and concerns about its wider goals. This decision comes just days before an important vote, giving validators a chance to rethink their choices and support other projects instead.

In his X post, founder Guy Young acknowledged community criticism and congratulated Native Markets on gaining validator support.

“Ethena is not a Hyperliquid native team, we have other product lines outside of USDH, and our ambitions extend beyond working with just one partner exchange,” Young said. He emphasized that concerns were valid and that Ethena respected the pushback.

The last few days have been incredible to witness. I’ve never seen a community rally around and engage with passion like this before.

Following direct discussions with individuals in the community and validators we have taken onboard some of the concerns, namely:

-Ethena is not…

— G | Ethena (@gdog97_) September 11, 2025

Focus Shifts to Product Innovation

Despite all this, Ethena is determined to ramp up its product development. The Founder Guy Young said that the team will be zeroing in on new offerings.  Some of them are hUSDe synthetic dollars, USDe-powered savings tools, and cutting-edge HIP-3 market designs.

These include reward-bearing trading collateral, modular prime broking, and perpetual swaps on equities. Young highlighted that their excitement lies in building solutions that expand crypto’s utility.

Moreover, Arthur Hayes, co-founder of Maelstrom’s crypto investment fund, has been increasing his stake in Ethena. According to Arkham data, Hayes purchased nearly $1 million worth of ENA tokens within 48 hours. 

This included 578,956 ENA tokens valued at $473,000 on September 11 and an earlier tranche worth $521,000. His buying spree comes ahead of Sunday’s critical vote on the USDH proposal.

As of writing, Ethena is trading at $0.767120, which shows a 2.86% decrease in the last 24 hours. The trading volume is still robust at $704.54 million, according to CoinMarketCap. 


Ethena’s withdrawal reshapes Hyperliquid’s stablecoin while Arthur Hayes’ bold ENA purchases show continued belief in Ethena’s long-term vision.

Also Read: BIT Mining Boosts Solana Holdings Ahead of Potential Year-End Rally





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September 11, 2025 0 comments
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Dogecoin news
Crypto Trends

Spot Dogecoin ETF Delayed Again As SEC Stalls Bitwise’s Bid

by admin September 10, 2025


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The US Securities and Exchange Commission (SEC) has pushed back its decision on whether NYSE Arca can list the Bitwise Dogecoin ETF, designating a “longer period” to complete its review of the exchange’s proposed rule change under Rule 19b-4.

In a notice dated Sept. 9, the agency said it is extending the deadline to Nov. 12, 2025, to either approve or disapprove the application to list Bitwise’s DOGE trust as Commodity-Based Trust Shares under NYSE Arca Rule 8.201-E. “The Commission… designates November 12, 2025, as the date by which the Commission shall either approve or disapprove the proposed rule change,” the order states.

Spot Dogecoin ETF—Nah, But DOJE Is Coming

The delay keeps Bitwise in the growing queue of spot altcoin ETFs waiting on the traditional pathway used by the spot bitcoin and ether products: an exchange rule change under the Securities Exchange Act of 1934 paired with a Securities Act registration statement. Bitwise’s DOGE product is structured as a commodity-based trust that would hold Dogecoin in custody, with Coinbase Custody listed as the Dogecoin custodian in its S-1 filing.

Even as the spot DOGE application slips to November, a Dogecoin ETF from REX Shares and Osprey Funds is slated to begin trading this Thursday via a different regulatory route. The product will list under the ticker DOJE and is distributed by Foreside Fund Services, with launch timing confirmed for Thursday. This fund leverages the Investment Company Act of 1940—rather than the ’33/’34 Act spot-commodity-trust pathway—to offer DOGE exposure, a structure the issuers previously used for their Solana product.

Bloomberg’s Eric Balchunas framed the moment succinctly, posting on X: “Meme coin ETF era about to kick off it looks like with DOJE slated for a Thursday launch, albeit under the 40 Act a la SSK. There’s a big group of ‘33 Act-ers waiting for SEC approval still. Pretty sure this is first-ever US ETF to hold something that has no utility on purpose.”

REX-Osprey’s use of the ’40 Act route echoes the playbook behind SSK, the REX-Osprey SOL + Staking ETF, which lists on Cboe and holds SOL exposure while seeking to pass through staking rewards within the constraints of a registered fund. That earlier launch established a template for crypto-exposure ETFs that do not rely on an exchange’s 19b-4 rule change to list a spot commodity trust.

The SEC’s latest Bitwise order leaves the market with two parallel tracks for Dogecoin exposure in US ETFs. On one side is the Bitwise proposal, proceeding through the familiar spot-trust approval gauntlet that culminates on Nov. 12 absent another procedural shift. On the other is DOJE, which—if it begins trading Thursday—would represent a first-of-its-kind US DOGE ETF launched as a ’40 Act fund, a structure industry analysts say can reach the market without the same exchange rule-change approval required for commodity-based trusts.

For investors and issuers, the split underscores how crypto ETFs are evolving beyond the binary of “approved or denied” for spot commodity trusts. Bitwise is pursuing a product that would hold DOGE directly in a trust structure consistent with NYSE Arca’s Rule 8.201-E framework, while REX-Osprey appear set to offer DOGE exposure inside a registered investment company—akin to SSK’s approach—highlighting the growing role of ’40 Act mechanics in bringing non-bitcoin assets to the exchange-traded market.

At press time, DOGE traded at $0.24.

DOGE price, 4-hour chart | Source: DOGEUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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September 10, 2025 0 comments
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Neuralink’s Bid to Trademark ‘Telepathy’ and ‘Telekinesis’ Faces Legal Issues
Product Reviews

Neuralink’s Bid to Trademark ‘Telepathy’ and ‘Telekinesis’ Faces Legal Issues

by admin September 4, 2025


The United States Patent and Trademark Office has rejected Neuralink’s attempt to trademark the product names Telepathy and Telekinesis, citing pending applications by another person for the same trademarks.

Neuralink, the brain implant company co-founded by Elon Musk, filed to trademark the names in March. But in letters sent to Neuralink in August, the trademark office is refusing to allow the applications to move forward. It says Wesley Berry, a computer scientist and co-founder of tech startup Prophetic, previously filed trademark applications for Telepathy in May 2023 and Telekinesis in August 2024. Prophetic is building a wearable headset to induce lucid dreaming, but only Berry is the author of the trademark applications, not Prophetic. (Berry declined to comment for this story.)

In response to Neuralink’s application for Telepathy, the trademark office also references the existing trademark for Telepathy Labs, a Tampa-based company that provides interactive voice and chatbot technology to businesses.

Musk’s Neuralink, meanwhile, is developing a brain-computer interface that involves a surgically implanted device in the skull that collects brain activity. The company has been using the name Telepathy to describe its first product, which is designed to allow paralyzed people the ability to operate their phones and computers with just their thoughts. Musk unveiled the Telepathy name in a January 2024 social media post, shortly after the company implanted its first volunteer with the technology. A total of nine people now have the Neuralink device, according to a July announcement. (Neuralink did not respond to a request for comment.)

Both Berry and Neuralink filed “intent-to-use” applications, which allow businesses and inventors to reserve trademark rights before using the mark in commerce. Berry’s application for Telepathy was accepted in December 2024 and for Telekinesis in August 2025 but the trademarks aren’t fully registered until he shows that he’s actually using them in commerce. Berry has three years to do that from acceptance, otherwise his applications would be considered abandoned and Neuralink’s application would take priority.

Berry has not yet marketed or commercialized a product called Telepathy or Telekinesis, but in his trademark applications describes both as “software that analyzes EEG to decode internal dialogue to control computer or mobile devices.” EEG, or electroencephalogram, data refers to the electrical activity of the brain recorded through electrodes worn on the scalp.

The trademark office’s letters to Neuralink are not yet final decisions. Neuralink filed a response letter on August 28 addressing the existing Telepathy Labs trademark, saying that Neuralink’s Telepathy product is not likely to be confused with Telepathy Labs. Neuralink did not address Berry’s applications in its response.

“The standard for likelihood of confusion is, if a random consumer encountered both of these products, would they think that they’re coming from the same company?” says Heather Antoine, an intellectual property partner at Stoel Rives in Sacramento.

The trademark office will consider Neuralink’s response and ultimately decide if there is a likelihood of confusion. But there’s still the fact that Berry filed to register the Telepathy and Telekinesis marks first. If Berry succeeds in registering the marks, Neuralink would have a few options. It could attempt to buy the trademarks from Berry or negotiate a consent agreement, in which Berry could agree to allow Neuralink to also use the marks. These types of agreements are usually made when the trademarks are not likely to cause consumer confusion.

If Berry is successful in registering Telepathy, Neuralink could be sued if the company continues to use it.

Josh Gerben, a trademark attorney and founder of Gerben IP in Washington, DC, says it’s difficult to know how things will shake out because there’s a lot of nuance to a trademark claim. “Certainly at the moment though, advantage goes to this other applicant,” he says, referring to Berry. “He could become a considerable thorn in the side of Neuralink in terms of these trademarks.”



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September 4, 2025 0 comments
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Stargate Draws Second Acquisition Bid With Wormhole Topping LayerZero's $110M Buy Offer
NFT Gaming

Stargate Draws Second Acquisition Bid With Wormhole Topping LayerZero's $110M Buy Offer

by admin August 21, 2025



Wormhole has jumped into the bidding plans for bridging service Stargate, promising a bid above LayerZero’s initial $110 million token-swap proposal.

It wants the Snapshot vote delayed so the community can weigh its offer.

Stargate’s numbers explain the interest. The bridge processed $4 billion in July, holds $345 million in TVL, and sits on a treasury of $92 million in stables and ether, plus $55 million in STG and other assets. The annual revenue is approximately $2 million.

“Based on our initial review, we believe that STG holders deserve a more competitive process, and we are prepared to submit a meaningfully higher bid,” the proposal said.

LayerZero’s proposal would transfer both the treasury and future income, which critics call a discount. Wormhole says the terms shortchange tokenholders and that “STG holders deserve better.”

A Wormhole–Stargate tie-up would create one of the largest cross-chain hubs in crypto, pairing Stargate’s unified liquidity pools with Wormhole’s integrations across dozens of networks. The foundation argues this would boost volume and long-term resilience for both ecosystems.

“The Wormhole Foundation sees unrealized value in the Stargate brand, protocol, and protocol assets,” the proposal said. “The Wormhole Foundation is confident that a successful combination of Stargate and the Wormhole ecosystem will lead to the most immediate and long-term value for current holders of STG, as well as current and future holders of Wormhole (W).”

Wormhole has requested a five-day delay in the vote, seeking more time for due diligence and a fairer process.

Read more: LayerZero Proposes $110M Stargate Token Merger in Consolidation Play



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August 21, 2025 0 comments
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Stargate price surges as Wormhole floats acquisition bid
GameFi Guides

Stargate price surges as Wormhole floats acquisition bid

by admin August 20, 2025



Stargate price rose sharply as the Wormhole Foundation announced its intention to enter a bidding war for the cross-chain protocol.

Summary

  • Stargate price jumped by more than 10% amid news that Wormhole Foundation wants to acquire the cross-chain protocol.
  • LayerZero has bid $110 million for the protocol, but Wormhole feels this undervalues Stargate.

The price of Stargate (STG) jumped more than 10% to climb from lows of $0.1633 and hit $0.182 across crypto exchanges on Aug. 20.

STG, native to the cross-chain protocol Stargate, had dipped in the wake of the broader crypto downturn that saw top altcoins crash to support levels on Tuesday, Aug. 19.

However, as Bitcoin (BTC) bid to bounce above $114k and Ethereum (ETH) reclaimed the $4,300 level, Stargate’s price shot up. The double digit gains for STG however coincides with another development – a key announcement from the Wormhole Foundation.

Wormhole Foundation wants to acquire Stargate

Stargate has attracted the attention of Wormhole Foundation, the entity supporting the Wormhole (W) ecosystem. 

Specifically, it believes it can offer a better deal if it acquires Stargate instead of LayerZero (ZRO).

At the WF, we have respect for the @StargateFinance protocol, its team, and especially its holders. Stargate is a leader in multichain asset transfers. That’s why we’re stepping up with our intent to acquire Stargate – to ensure holders get the fair deal they deserve.

— Wormhole Foundation (@WormholeFdn) August 20, 2025

On Aug. 11, LayerZero outlined a bid to acquire Stargate, and on Aug.17, Stargate announced that a snapshot for the proposed acquisition was live.

Terms include a figure of $110 million, with all circulating STG set to be swapped for ZRO, a revenue-sharing model, and the transition of Stargate operations to the LayerZero Foundation.

Now, the Wormhole Foundation says Stargate should pause the snapshot and allow for a competitive bidding process that will offer a deal that reflects Stargate’s worth and growth potential.

LayerZero’s offer of $110 million in ZRO for about $76.47 million in stablecoins and $15.9 million in ETH, and the “permanent capture of all future protocol revenue,” is low for Stargate, the Wormhole Foundation contended.

“Treasury alone is ~$92M, excluding STG tokens, yet the proposed deal hands over assets and ongoing economic upside for only $110M in token consideration. It doesn’t create a compelling offer, which values Stargate’s ongoing business at an unreasonably low number,” they noted.

Stargate protocol growth

In requesting a pause to the snapshot, the platform said its request is because STG holders deserve to get a better deal.

“The current bid undervalues the protocol’s assets, brand, codebase, and team. We’re prepared to submit a meaningfully higher offer, and we believe a competitive process will drive even more value for everyone involved,” WF wrote.

Stargate’s snapshot vote was scheduled to end on August 24 at 00:15 a.m. GMT.

The STG token traded to highs of $4.28 in April 2022, but has struggled to hit these highs since. However, the Stargate protocol has experienced notable growth, with bridge volume up 10x since July 2024 and the protocol’s total value locked hitting $345 million.

Stargate has gone live across more than 80 chains.





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August 20, 2025 0 comments
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NFT Gaming

Figure Joins Crypto IPO Rush With Nasdaq Listing Bid Under FIGR

by admin August 19, 2025



Figure, the blockchain-powered lender founded by SoFi co-founder Mike Cagney, has filed with the Securities and Exchange Commission for an initial public offering as the latest entrant in a growing crypto IPO wave.

The company plans to list its Class A shares on the Nasdaq under the ticker FIGR, with Goldman Sachs, Jefferies, and BofA Securities serving as lead underwriters.

Figure’s path to public markets has been years in the making. In 2021, it launched a special purpose acquisition company, Figure Acquisition Corp. I, with a $250 million raise aimed at acquiring growth-stage businesses using Provenance as an efficiency layer, however in the end this SPAC did not bring Figure to market.

A friendlier regulatory stance under the Trump administration and buoyant crypto and stock markets have set the stage for a surge of digital asset firms tapping the equity markets, including crypto exchange Bullish which is the owner of CoinDesk.

The company last month merged with Figure Markets, a blockchain marketplace also launched by Cagney that issues YDLS, a yield-bearing stablecoin structured as a tokenized money market fund.

Financials disclosed in the S-1 show revenue up 22.4% in the first half of 2025 to $190.6 million, with net income of $29 million compared with a $13 million loss a year earlier.

According to the filing with the SEC, proceeds from the IPO will fund working capital and potential acquisitions, with no dividends planned.



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August 19, 2025 0 comments
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