Crypto Corner: Lightning Leaps and Legal Landmarks

1ATH.Studio
3 min readMay 18, 2023

Today is Thursday, which means that the workweek is coming to an end. We invite you to familiarize yourself with the most discussed news that have occurred over the past 4 days.

Banking System Blues

The US banking system has seen a precipitous fall in deposits since May 2022, enduring a total loss of $910 billion. This accounts for a notable 5% decline, tumbling from $18.06 trillion to a still substantial $17.15 trillion.

Litecoin’s Lightning Leap

Litecoin has achieved a landmark by successfully completing its first-ever lightning transaction, demonstrating its evolving scalability. In addition to this, the cryptocurrency has boosted its technological prowess by implementing MWEB, a feature that provides tenfold scalability.

North Korea’s Crypto Coup

North Korean hacker groups have allegedly pilfered a significant $721 million in cryptocurrency assets from Japan since 2017. This accounts for a hefty 30% of total global losses in the cryptocurrency realm.

Yellen’s Default Danger

US Treasury Secretary Janet Yellen has delivered a stern warning to congressional leaders, cautioning that the US government could face a default as early as June 1. This comes amidst increasing concern over the country’s financial stability.

Dogecoin Defies Expectations

Dogecoin, once a meme-based joke, has seen an unexpected surge in network activity, with active addresses reaching an all-time high of over 300,000 in May 2023. This marks a significant milestone in the cryptocurrency’s surprising rise.

Ledger’s Privacy Puzzle

Ledger, the crypto wallet manufacturer, faced criticism for its new “Ledger Recover” feature, as users expressed concerns that storing encrypted seed phrases with third-party custodians compromises privacy and security.

Ledger CEO Pascal Gauthier defended the offering, claiming it meets the demands of future customers and facilitates crypto adoption.

Ripple’s Regulatory Victory

Ripple has secured a significant legal victory, as U.S. District Judge Analisa Torres denied a request from the U.S. securities regulator to seal records of its internal deliberations. This decision permits public access to these documents, shedding light on the inner workings of the regulatory process.

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