Nubank halts Nucoin trading to protect users from market volatility. Nucoin tokens can be redeemed for Bitcoin or USDC until December 9. Financial concerns, including rising non-performing loans, prompted the move.

In a surprising turn of events, Nubank, the prominent Brazilian fintech company, has announced the immediate suspension of trading for its Nucoin cryptocurrency. This decision, unveiled in a blog post on September 10, is intended to shield users from potential market volatility associated with the digital asset. Nucoin will not be tradable after redeeming deadline Nubank, known for its innovative digital banking services, introduced Nucoin in late 2022 on the Polygon blockchain following a partnership between Nubank and Polygon. The cryptocurrency was part of a rewards program designed to offer customers various perks, such as discounts and exclusive benefits. However, as of now, all trading activities related to Nucoin within the Nubank app have been halted. This includes the suspension of both purchases and sales of the token. For those who currently hold at least 1,745 Nucoins, there is still an opportunity to redeem their tokens for Bitcoin or USD Coin (USDC) until December 9. After this deadline, Nucoins will no longer be tradable but can still be used to access in-app benefits and products. This move reflects Nubank’s shift in focus from active trading to maintaining a stable user experience within its platform. Concerns over Nubank’s financial stability The abrupt policy change comes amid growing concerns over Nubank’s financial stability. Recent scrutiny has highlighted rising levels of non-performing loans within the bank’s portfolio, which have reached levels above industry norms. Despite a notable surge of over 60% in Nubank’s stock this year, analysts have raised concerns about the bank’s valuation, considering it potentially overvalued. While the exact reasons for the sudden suspension of Nucoin trading remain unclear, it is evident that Nubank aims to mitigate any further financial risks and stabilize its operations amidst a challenging economic environment.

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US judge dismissed a class-action lawsuit against Atomic Wallet due to no jurisdiction. The court ruled that there was insufficient evidence and that there was no deliberate Colorado targeting. Plaintiffs have 21 days to justify claims against shareholder Ilia Brusov.

In a recent legal victory for Atomic Wallet, a US federal judge has dismissed a class-action lawsuit against the Estonian-based crypto firm and its key figures, citing lack of jurisdiction. The lawsuit was filed in 2023 by a group of users after Atomic Wallet suffered a $100 million hack earlier in June. The allegations against Atomic Wallet According to the plaintiffs, Atomic Wallet had made its app available for download in Colorado and advertised on platforms like X (formerly Twitter), which, they argued, should have established jurisdiction. One of the plaintiffs, Graham Dickinson, a Colorado resident, claimed he had frequently communicated with Atomic Wallet’s customer service team from his home in the state. Insufficient evidence Judge Brimmer dismissed the plaintiffs’ argument, noting that because Atomic Wallet’s products are digital, it was unlikely the company deliberately targeted the Colorado market. “The nature of the products at issue here — software applications — makes it even less likely that Atomic Wallet deliberately exploited the Colorado market,” Brimmer wrote in his ruling. The Colorado District Court Judge Philip Brimmer also ruled that there was insufficient evidence to show that Atomic Wallet had significant contact with the state of Colorado, thus denying the court’s jurisdiction over the company, its CEO Konstantin Gladyshev, shareholder Pavel Sokolov, and Evercode Infinite, the software development firm responsible for the wallet’s technology. However, while the case against most of the defendants was dismissed, the judge granted the plaintiffs an additional 21 days to explain why the claims against Ilia Brusov, a shareholder and founder of Evercode Infinite, should not be dismissed. The judge’s ruling marks a crucial step in favour of the crypto wallet provider amid ongoing legal challenges in the aftermath of the hack. This legal victory provides temporary relief to Atomic Wallet as it continues to navigate the fallout from the massive security breach.

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