Top stories in the Crypto Roundup today: 

• Coinbase’s Bitcoin Cash Listing Fraud Claims Dismissed by U.S. District Court Judge
• European Central Bank Uses CryptoCompare Data in Latest Report
• Just 318 Addresses Control 80% of Tether

At the time of writing, bitcoin (BTC) is trading at $11,864.80 (2.97%) with a daily volume of $3.44 bn while ether (ETH) is trading at $225.04 (0.07%) with a daily volume of $1.36 bn. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,877.74 (1.11%).

Coinbase’s Bitcoin Cash Listing Fraud Claims Dismissed by U.S. District Court Judge

A judge of the U.S. District Court for the Northern District of California has dismissed allegations of fraud brought against Coinbase as part of a still-ongoing class action lawsuit filed last year by disgruntled Coinbase users who accused the cryptocurrency exchange of allowing insider trading on its since-rebranded GDAX trading platform in the days preceding its December 20, 2017 listing of bitcoin cash (BCH).

“The motion to dismiss the fraud claims is granted,” District Judge Vince Chhabria wrote in his order dated August 6. “While the factual allegations paint a compelling picture of an incompetent launch by Coinbase, the complaint does not outline a coherent account of fraud by Coinbase.”

Unfair competition claims were also thrown out by Judge Chhabria. He did, however, reject Coinbase’s argument that the lawsuit should move to arbitration. Now, the exchange operator must prepare to face a negligence lawsuit for allegedly rushing its decision to launch BCH trading support “under subpar conditions.”

European Central Bank Uses CryptoCompare Data in Latest Report

The European Central Bank (ECB) published a report Wednesday—entitled, ‘Understanding the crypto-asset phenomenon.' Utilizing trade and volume data from CryptoCompare, the report outlines the ECB's plan to develop a monitoring framework of the cryptocurrency market that makes use of both on-chain data and metadata related to off-chain transactions. 

“Statistical initiatives by the ECB and the central banking community are expected to provide a valuable input to efforts aimed at closing the data gaps associated with crypto-assets,” the report concludes. “Looking ahead, the ECB will continue to work on indicators and data by dealing with the complexity and growing challenges encountered in analysing on-chain and layered protocol transactions.”

The central bank will also continue investigative efforts “regarding the new data sources for information on interlinkages of crypto-assets.” It will also focus on “harmonising and enriching the metadata and developing best practices for indicators on crypto-assets.”

Just 318 Addresses Control 80% of Tether

Cryptoasset research firm Coin Metrics reported that 318 addresses hold no less than $1 million worth of the tether (USDT)—comprising 80 percent of the controversial stablecoin’s supply.

“The high ownership concentration of Tether [sic] raises the level of risk in the already volatile $300 billion cryptocurrency market,” wrote Bloomberg in its coverage of Coin Metrics’ findings. “With a market capitalization of $4 billion, Tether [sic] was used in 40% and 80% of all transactions on two of the world’s top crypto exchanges, Binance and Huobi, respectively, according to Coin Metrics.”

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