VanEck Backs Web3 Gaming with Investment in Gunzilla Games

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In today edition we talk about

• Tether Reports $2.5 Billion in Q3 Profits, Year-to-Date Total Hits $7.7 Billion

• IcomTech Promoter Sentenced to 8 Years as Judge Seeks to Deter Crypto Fraud

• Blockchain Association: SEC Has Cost Crypto Firms $426M Under Gensler’s Leadership

• VanEck Backs Web3 Gaming with Investment in Gunzilla Games

Tether Reports $2.5 Billion in Q3 Profits, Year-to-Date Total Hits $7.7 Billion

Tether, the top stablecoin provider, announced $2.5 billion in net profit for Q3, bringing its year-to-date profit to $7.7 billion, up from $5.2 billion in the first half of 2024. The company's USDT circulation reached a record high of nearly $120 billion, marking a 30% growth year-to-date, or $27.8 billion, nearly matching the market cap of its closest competitor.

Stablecoin demand has risen amid inflation concerns and rising interest rates. Tether’s reserves now total over $105 billion, with $102.5 billion in U.S. Treasury-related holdings. Tether CEO Paolo Ardoino emphasized the company’s strengthened reserve buffer of over $6 billion, underscoring its commitment to financial stability.

IcomTech Promoter Sentenced to 8 Years as Judge Seeks to Deter Crypto Fraud

Gustavo Rodriguez, a promoter of the cryptocurrency firm IcomTech, has been sentenced to eight years in prison for conspiracy to commit wire fraud. Judge Jennifer Rochon of the Southern District of New York issued the sentence on Oct. 31, noting “intentional false statements” in Rodriguez’s testimony. Prosecutors argued that Rodriguez showed no remorse and committed perjury.

Rodriguez was involved in what authorities describe as a Ponzi scheme, which allegedly defrauded users of more than $8 million between 2018 and 2019. The eight-year sentence, although less than the government’s requested 160 months, reflects the court’s aim to curb crypto-related fraud.

The Southern District of New York remains active in prosecuting crypto cases, handling charges against former FTX executives, Celsius's former CEO, and Coinbase and Ripple Labs in SEC-related cases.

Blockchain Association: SEC Has Cost Crypto Firms $426M Under Gensler’s Leadership

The Blockchain Association (BA) reports that the SEC, led by Chair Gary Gensler, has cost crypto firms at least $426 million in legal expenses since 2021. This figure stems from 104 enforcement actions by the SEC against the digital assets sector. BA, a prominent crypto advocacy group, criticizes Gensler’s “regulation by enforcement” approach, citing lost jobs, innovation, and investment in U.S. tech.

BA urges crypto advocates to back leadership change at the SEC, an issue it sees influencing the 2024 election. While Donald Trump has pledged to replace Gensler if elected, other potential Democratic replacements are reportedly being considered. The BA notes that “crypto voters” make up 18% of the electorate, a group it says is ready to support candidates who encourage digital asset innovation.

VanEck Backs Web3 Gaming with Investment in Gunzilla Games

VanEck’s private crypto fund has invested in Web3 gaming startup Gunzilla Games, known for developing Off The Grid, a cyberpunk shooter where players can earn and trade Gunzilla’s GUN tokens. This marks VanEck’s second Web3 gaming investment, following a March investment in the NFT-based game Parallel. VanEck’s Matt Maximo emphasized that blockchain technology offers transparency and control over in-game assets, addressing a longstanding gamer demand. Off The Grid leverages Avalanche’s subnet for its marketplace, allowing players to buy and trade items directly with GUN tokens. Gunzilla has enlisted Altered Carbon author Richard Morgan and filmmaker Neill Blomkamp to design the game’s creative elements.

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