Top stories in the Crypto Roundup today:

• Kik’s 130-Page answer to ‘SEC’s multitude of misrepresentations’
• Leaked UN report: North Korea stole $2 billion from banks, cryptocurrency exchanges
• $26.3 Million raised by crypto lender BlockFi and derivatives exchange FTX

At the time of writing, bitcoin (BTC) is trading at $11,530.59 (-5.45%) with a daily volume of $5.35 bn while ether (ETH) is trading at $225.31 (-3.40%) with a daily volume of $1.48 bn. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,836.63 (-1.89%).

Kik’s 130-Page Answer to ‘SEC’s Multitude of Misrepresentations’

Kik has hit back at the U.S. Securities and Exchange Commission’s (SEC’s) lawsuit claiming its $100 million token sale was illegal - filing a 130-page response Tuesday in the U.S. District Court for the Southern District of New York.

In the filing, the Toronto-based Kik claimed that material found in the securities watchdog’s earlier complaint filed against it for allegedly violating the U.S. Securities Act were twisted and taken out of context.

“We have taken the unusual step of explaining in our comprehensive Answer why the SEC’s multitude of misrepresentations are incorrect,” Kik’s General Counsel Eileen Lyon stated in a press release by Kik published on Tuesday. “I encourage everyone who was dismayed by the SEC's allegations against Kik to read the full Answer and see for themselves how the SEC repeatedly singled-out statements from a body of thousands entirely out of context to drive their false narrative."

Leaked UN Report: North Korea Stole $2 Billion from Banks, Cryptocurrency Exchanges

A leaked United Nations (UN) report claims the Democratic People’s Republic of Korea has generated an estimated $2 billion for its weapons of mass destruction programs via successful cyberattacks targeted at cryptocurrency exchanges and banks.

As broken by Reuters, the UN report says these cyberattacks allowed it “to generate income in ways that are harder to trace and subject to less government oversight and regulation than the traditional banking sector.”

Several analyses and reports over recent years have suggested that North Korean hackers had—in an effort to mitigate the effect of economic sanctions imposed on it by many of the world’s developed nations—taken to launching malicious attacks on cryptocurrency exchanges.

$26.3 Million Raised by Crypto Lender BlockFi and Derivatives Exchange FTX

Tuesday saw two burgeoning startups native to the crypto industry announce the closing of venture funding deals. The larger of the two raises came via BlockFi, Inc.—a New York-headquartered lender of cryptocurrencies—which announced it had received $18.3 million in a Valar Ventures-led Series A round.

Investing in BlockFi for the first time were several well-known venture capital firms active within the crypto ecosystem, such as Morgan Creek Digital and Winklevoss Capital. Some of BlockFi’s seed-stage backers—namely, ConsenSys Ventures and Mike Novogratz’s Galaxy Digital Ventures—also participated in the $18.3 million Series A raise.

The second company to announce it had secured new funding was FTX Trading LTD, a recently launched cryptocurrency derivatives exchange founded by the team at Alameda Research—a leading quantitative cryptocurrency trading firm and liquidity provider. FTX’s funding came in the form of an $8 million seed round, which was led by Proof of Capital. Also participating in the raise was Consensus Lab, FBG, and Galois Capital.

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