New developments in the cause of collective action against Ripple while Sirin Labs is another example of reckless spendthrift

• New developments in the cause of collective action against Ripple

Jake Chervinsky, a lawyer for Kobre Kim LLP, has shared some new details on the collective action lawsuit currently filed against Ripple Labs.

The case claims that the XRP token issued by Ripple Labs was originally a security when the plaintiffs bought it, which apparently led to their damage. The cause is a consolidated collective action that combines collective legal actions classified by plaintiffs Avner Greenwald, David Oconer and Vladi Zakinov. As a reminder, the lawyers of Ripple Labs managed to merge the lawsuits and transfer the case before the United States District Court of the Northern District of California (federal court) from its original San Mateo High Court (state court) to the beginning of November.

The plaintiffs of these lawsuits are now demanding that their lawsuits be split up and returned to the state court level. In addition, they asked Ripple to pay their legal fees, claiming that the removal at the federal court level was not based on laws or facts.

"The plaintiffs of the class action on the Ripple titles have filed petitions for trial in a federal court, asking to return to court (again) They also say that the ripple should pay their legal fees, saying that the removal the federal court was "frivolous" and had no legal or factual basis " he tweeted Chervinsky.

• Bitcoin drops more than 80% from its historical highs, altcoins follow the example

The popular crypto analyst and asset manager Charlie Bilello has published his regular update on how much the world of cryptocurrency has fallen from its historical highs.

Bitcoin managed to fall below 80% for the first time during this last bear race; with its current price of $ 3,593.79, BTC is currently at -83% of its high historical values ​​of $ 20,236.69. Interestingly, during this last month he managed to lose 47% of the value he had at the beginning of the period of time mentioned.

At the moment, even other cryptocurrencies are not going much better.

Biliello has noticed how the popular and now defunct platform of the Bitconnect / MLM loan platform is currently the biggest loser on the market, with a drop of 100% compared to the historical highs of January.

Qtum, once envisioned as a cryptocurrency intended to facilitate inter-company / institutional transactions with the help of smart contract technology, is currently 99% below its historical value of more than $ 106.43.

The ICON "Korean Ethereum" also declined significantly, from an all-time high of $ 12.43 to its current value of $ 0.20 in a fall of 98%.

Further down the list we can see the most popular altcoins that were advertised as the future of business and finance only less than a year ago, but are currently experiencing the worst lows of this bear race. The list is as follows:

• Cardano: -98%
• Bitcoin Gold: -98%
• Bitcoin cash: -98%
• NEO: -97%
• Lisk: -97%
• NEM: -96%
• IOTA: -96%
• Hatch: -96%
• TRON: -95%
• zCash: -94%
• Ethereum: -93%
• Litecoin: -93%
• XRP: -92%
• EOS: -92%
• Monero: -90%

To quote the popular promoter of Bitconnect and the likely future prisoner Trevon James:

"Listen, you did not lose your money … technically, you lost your money."

• Coinbase Pro lists Civic (CVC), district0x (DNT), Loom Network (LOOM) and Decentraland (MANA)

Coinbase continued its recent trend to expand its range of activities by listing 4 new cryptocurrencies on its Coinbase Pro platform. The currencies in question are Civic (CVC), district0x (DNT), Loom Network (LOOM) and Decentraland (MANA).

The addition has surprised many people, as these ERC-20 tokens are not exactly the most popular cryptocurrencies out there. Coinbase explained why they added these resources before anything else:

"Our decision to first add the ERC20 tokens is based on the relative ease of integration of the standard with our existing infrastructure, particularly from a security point of view".

Coinbase Pro (formerly GDAX) offers high volumes of digital currency exchanges and portfolio services to US and global customers. Like legal currencies, digital coins offered through Coinbase Pro are traded against the US dollar. There will be 4 stages to add these currencies:

1. Transfer-only. Customers will be able to transfer CVC, DNT, LOOM and MANA to their Coinbase Pro account. Order books have remained in transfer only mode for at least 12 hours after transfers have been enabled.
2. Post-alone. In the second phase, customers were given an option to publish limit orders, but there will be no matches (completed orders). Order books were in post-only mode for at least a minute. This state of the market has been reduced to improve the health of the market during the launch.
3. Limit-only. In the third phase, limit orders will start to be matching, but customers will not be able to send market orders. Order books will be in limit mode only for a minimum of ten minutes.
4. Complete trading. In the final phase, complete trading services will be available, including limits, market and stop orders.

The addition to Coinbase Pro does not mean that these projects will be added to Coinbase itself in the future. Most community members are starting to question this new Coinbase listing policy:

Coinbase has moved from the most conservative society in the crypt to YOLO in six months https://t.co/ndwF5wtb4t

– Crypto Bobby (@crypto_bobby) December 7, 2018

• The Sirin Labs project has sufficient funds for 6-12 months, CEO accused of financial irresponsibility

Sirin Labs, an ICO project that managed to raise $ 158 million for the creation of blockchain smartphones during the 2017 ICO, is currently struggling to raise funds.

The company will start shipping its first crypto-focused phones this December but has enough money to operate for only 6-12 months, said the project's CEO, Moshe Hogeg.

The project situation was brought to light by Larry Cermak, chief crypto analyst of theblockcrypto, who questioned his financial responsibility over time:

"Sirin Labs raised $ 158 million in an ICO last year, and today their CEO said they had sufficient funds for 6 to 12 months and are turning from smartphones to software – how much they spent on partnering with Lionel Messi ? How about Lambos? Crazy, " Cermak said on Twitter.

The CEO of Sirin Labs responded to allegations of irresponsibility and blamed the project's financial strain on the overall decline in encryption prices.

"Ok ok, let's fix things, Sirin has 205,000 ETH, today there are about 17 million, thank God we managed the risks and sold enough to overcome this difficult year and I think we have enough to become profitable" Hogeg said. He also commented on charges of over spending on Lionel Messi as a project marketer:

"Messi's budget is called marketing, it's not big and it's doing a great job according to us." Good Roi for Sirin. "

Hogeg has been criticized by the community for not being very cautious with his money. He made several purchases and donations of several million dollars in the past period, including the purchase of land in Tel Aviv worth $ 19 million and the purchase of an Israeli football team Beitar Jerusalem for $ 7, 2 millions.