Coinbase was scrutinized for allegedly converting Songbird tokens, igniting legal battles and debates on crypto asset rights. Ripple’s CLO exposes contradictions in SEC’s crypto regulation, spotlighting the need for clear guidelines. Legal experts suggest Coinbase’s actions could breach principles of unjust enrichment, opening new avenues for litigation. Coinbase has come under scrutiny over allegations related to handling certain customer assets. Fred Rispoli, an attorney at HODL Law firm, criticized the exchange for allegedly converting customer assets, specifically Songbird’s SGB tokens, to its control. This claim has stirred discussions within the legal and crypto communities about token holders’ rights and the exchanges’ responsibilities.
Rispoli’s remarks on X accused Coinbase of taking unauthorized control of customers’ SGB tokens, a move he likened to the conversion of customer property. He further revealed that HODL Law is actively pursuing litigation against Coinbase, highlighting a broader legal battle that could have significant implications for the crypto industry. Rispoli’s interest in related legal matters, such as the ongoing Ripple vs SEC case, underscores his firm’s engagement in cryptocurrency-related legal issues.
I'm often asked why @coinbase illegally converts customer property into its own possession and control, like when the company did that with customers' $SGB. It's because Coinbase and its executives will take from you whatever they can get away with. They are not your advocate. https://t.co/ktzc4RF13l
— Fred Rispoli (@freddyriz) February 7, 2024 Additionally, lawyer Bill Morgan echoed Rispoli’s concerns on X, emphasizing the questionable nature of Coinbase’s actions regarding the SGB tokens. Morgan pointed out that Coinbase’s lack of agreement to participate in the SGB airdrop snapshot, which took place in 2020 and targeted participating XRP wallets, does not justify retaining or selling tokens not meant for the exchange.
Morgan suggested that were such a case brought in Australia, it could be framed as unjust enrichment, a principle that seeks to prevent one party from benefiting at another’s expense without a valid reason.
In a related development, Ripple’s Chief Legal Officer, Stuart Alderoty, highlighted inconsistencies in the regulatory stance between the SEC and Treasury Secretary Janet Yellen. Alderoty pointed out the contradiction between the SEC’s dismissal of crypto as a minor concern in the Coinbase lawsuit and Yellen’s call for legislative action to fill regulatory gaps. This ambiguity in regulatory perspectives challenges the crypto industry, seeking clarity and consistency in legal standards.
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During the previous month, the value of Flare’s native currency, FLR, has increased by more than 165%. By including XRP as an FAsset on its Songbird testnet, the Flare network will be able to include smart functionality. An airdrop reward pool consisting of $260,000 in rFLR is being offered in order to encourage the adoption of Songbird. In preparation for the launch of the mainnet, the blockchain network Flare, which was designed specifically for data, has added XRP to the FAssets on its canary network Songbird.
FAssets is a new development by Flare that offers smart-contract capabilities for blockchains like XRP, BTC, and DOGE, which do not support smart contracts. By including XRP as an FAsset on its Songbird testnet, the Flare network will be able to include smart functionality, which will enable it to demonstrate greater DeFi capabilities.
I want Flare to provide a similar service to XRP that Babylon provides for Bitcoin. I will personally pay a grant of $500k in FLR to a group that builds a fully fledged staking service for XRP on Flare (through FXRP) using Flare’s FDC to slash stake. The purpose would be to allow…
— Hugo Philion ☀️ (@HugoPhilion) December 2, 2024 The innovative bridging method that will be used for this integration is now being tested on Songbird prior to the functionality being rolled out on Flare mainnet. Once it is released, FAssets will make it possible to create robust apps that provide improved capabilities to standard crypto assets. This will be a new door that will open.
The Flare team is of the opinion that FAssets have the potential to revolutionize the way that crypto assets such as XRP and BTC are used within the ecosystem of decentralized finance. In order to offer these tokens with the same usefulness as native smart-contract assets, Flare intends to create a decentralized system that will allow for the minting, trading, and redemption of bridged assets.
An airdrop reward pool consisting of $260,000 in rFLR is being offered by the team in order to encourage the adoption of Songbird. This reward pool will serve as an incentive for agents and collateral pool participants. It is possible to get these rewards by putting the minting, redeeming, and trading processes to the test.
Audits are now being performed on these integrations, and the findings are anticipated to be available by the middle of December.
Whopping 165% increase in Flare during the previous month During the previous month, the value of Flare’s native currency, FLR, has increased by more than 165% in anticipation of the debut of FAsset. It is the 79th biggest cryptocurrency asset, with a market valuation of $1.72 billion and $3.35 of FDV.
As of right now, the price of FLR is hovering around to the $0.033 level, and the 24 hour trading volume for the cryptocurrency is $45.16 million, as per data from Coinmarketcap. FLR reached its all-time high price of $0.0797 on January 10, 2023, marking the day it was driven by bulls.
In the event that the launch of FAssets and the dynamics of the market are favorable, FLR may come back to its prior price gains and come close to breaking to a new all-time high rate. It is anticipated that the next Altseason will bring about a significant increase in the value of a variety of low and mid cap altcoins, including FLR.
An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.
This significant event signifies the next stage in the implementation of Flare Labs’ FAssets protocol. The FAssets system handled approximately 263,000 mints, 395,000 redemptions, and over 48,000 participants during the open beta. The blockchain for data, Flare, has officially introduced FXRP (tokenized XRP) on its canary network Songbird. This significant event signifies the next stage in the implementation of Flare Labs’ FAssets protocol, which is intended to allow non-smart contract cryptocurrencies like DOGE, BTC, and XRP to interact with DeFi apps.
The FAssets system handled approximately 263,000 mints, 395,000 redemptions, and over 48,000 participants during the open beta. These tests yielded insightful information on user behavior and system performance in a range of network scenarios. Before being deployed on the Flare mainnet, FXRP’s rollout on Songbird, which follows a successful beta phase, offers a number of improved features to guarantee real-world use and security.
Now that FXRP is operational on Songbird, testing moves from virtual to real-world settings, using USDX, Flare’s US Treasury-linked stablecoin, and Songbird’s native token (SGB) as collateral. The goal of this phase is to improve system usability and resilience while accurately simulating behavior in an actual network environment. The addition of an optional “handshake” method is one of the main enhancements, allowing permissioned agents to confirm the legitimacy of addresses used for minting and redeeming.
FXRP on Songbird has a $2 million issuance limit per asset to maintain controlled liquidity, among other protections to provide a transparent and controlled testing environment. In addition, Flare Labs will cover up to $300,000 in possible losses to safeguard participants during testing.
While customers may use the minting app across many platforms to prevent dependency on a single point of access, developers are able to explore the Songbird test’s settings on the Flare Developer Hub. Participants will have the chance to get retroactive rewards throughout Songbird’s testing phase, such as a $260,000 rFLR airdrop for minting and redeeming, as well as extra incentives in SGB for trading FAssets. Each asset will undergo testing for a minimum of six weeks in order to fully assess the system.
The FAssets system is a significant advancement in connecting DeFi with cryptocurrencies such as XRP, BTC, and DOGE. Through its overcollateralization model, Flare maintains high levels of security while opening up new trading, lending, and staking options by allowing these assets to communicate with decentralized apps.
FAssets minimize trust dependencies and over-leveraging concerns by ensuring that each bridging unit is backed by larger collateral value than typical custodial solutions or multisig setups. Automated liquidation methods that preserve system integrity and safeguard users further enhance this model.
The following deployment of FAssets on the Flare mainnet is made possible by the Songbird phase. Songbird will undergo extensive testing to find edge situations and improve the system so that it operates flawlessly in every situation.
Integrating non-smart contract cryptocurrencies into DeFi markets and turning them into liquid, programmable assets that can fully engage in the decentralized economy is part of Flare’s long-term ambition. With this move, Flare is one step closer to achieving its goal of being a liquidity center for integrating assets across markets worth multi-trillion-dollar.
A crypto enthusiast. Loves to write. Gives full dedication to every task assigned. Specializes in delivering on tight deadlines. An animal lover, especially dogs.
ghost.fun has announced the development of the first onchain marketplace for AI video influencers. The platform introduces a new category at the intersection of AI video, crypto native tokenomics, and the creator economy, enabling users to launch, customize, and invest in programmable AI video personas.
The project features Songbird (@0xSongbird) – a prototype AI video persona showcasing ghost.fun’s vision. Equal parts cultural provocateur and platform demonstration, Songbird represents what programmable influence can become: autonomous, expressive, and viral by design.
ghost.fun fuses AI video generation with performance intelligence, empowering agents to adapt in real time based on campaign results, trend data, and cultural insights. Users earn XP (experience points) for meaningful participation, from launching agents to ‘ghosting’ KOLs, prompting content, and unlocking cultural trends.
“We’re building the onchain rails for programmable media agents – AI personas that create, grow, and tokenize influence,” said Songbird. “ghost.fun is where culture and code converge.”
ghost.fun Roadmap & Vision AI-powered video agents – customizable influencers with video, voice, style, and persona, generated from a prompt or image Tokenized influence – the most popular agents on the platform will unlock their own token XP Engagement System – users can earn XP for testing and hiring agents and contributing to the ecosystem Planned Autonomous Campaigns – agents are designed to post across major social platforms including X, TikTok, and more, with no human input required Performance Intelligence Layer – designed to track agent performance, adapt output, and surface real time trends Alpha Launch June 2025 ghost.fun begins early access in June 2025 with initial platform features, expanding capabilities for creators and partners throughout the year.
About ghost.fun Backed by top creators and early partners, ghost.fun is unlocking a new frontier for programmable influence. Join the alpha at ghost.fun (https://ghost.fun/) and follow @ghostdotfun and @0xSongbird on X for updates.
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
Today, the Songbird (SGB) cryptocurrency exploded with an impressive 8.9% jump, making it one of the top crypto gainers that are on every crypto trader’s radar. SGB is the native token of the Songbird network, a blockchain platform serving as an omni-chain communication layer that powers universal connectivity and interoperability among on-chain protocols.
According to a revelation disclosed by market analyst PumpDumpAlert, SGB rose from a low of $0.00179 to a high of $0.00195, recording a remarkable 8.9% increase earlier today. With the rise, Songbird shows signs of rising excitement in its network, pointing out high-momentum breakout capability.
What Falling Wedge Pattern Says About Songbird Amid the ongoing volatility in the larger crypto landscape, Songbird stands out as a promising asset drawing investor interest for its potential in price pump. The analyst analyzed the latest chart dynamics for SGB and, as a result, disclosed a consolidation phase that could either bring a breakout or a further price contraction.
On the chart shared by the analyst, together with the trading pattern printed out on TradingView’s chart technical analysis, Songbird’s price action is in the formation of a falling wedge structure, a chart pattern that builds up when price action is enclosed between two downward-sloping, converging trendlines. While this structure indicates the asset’s decreasing prices (as reflected by SGB’s recent 9.2% and 26.8% price decline noted over the past week and month, respectively), interesting actions are developing in the market. Despite the contracting price range, the pattern shows that the volatility is decreasing over time, suggesting an accumulation phase is developing among market participants.
As per the analyst, the current Songbird structure indicates a historical pattern that often triggers an explosive rally. The SGB trading timeframe shows a developing long accumulation phase that traditionally brings out a clean breakout and retest to the $0.003046 resistance level from the current price, projecting an upcoming 70.2% pump.
The current price of Songbird is $0.001789. Is SGB’s Surge Speculative or Real? As highlighted above, today, February 5, 2026, the Songbird witnessed a dramatic 8.9% price surge, peaking at $0.00195 before settling at $0.001766 currently. This sharp rise ignited discussion about whether the upturn is triggered by a genuine demand or fueled by speculation.
On-chain metrics show that this significant price jump was mainly driven by increasing trading activity on the Songbird market. Data from CoinMarketCap shows that today, SGB recorded a massive 35.62% increase in its trading volume, indicating buyers are increasingly entering the market, trying to outweigh selling pressure. This rise indicates a surge in trading engagement and an increase in real user participation.
According to CoinGecko data, Songbird is one of the top interoperability coins by market cap, following the likes of PHALA (PHA), Omni Network (OMNI), Axelar (AXL), Nervos Network (CKB), Wormhole (W), and OriginTrail (TRAC).
AUTHOR
Nicholas Otieno is a fintech writer specializing in cryptocurrency markets. Since 2019, he has written articles to educate readers about cryptocurrency and its substantial positive impact on global prosperity. Nicholas is a Bitcoin holder, believing firmly in its fundamentals. His work has been featured in publications such as Finance Magnates, Blockchain.News, Bitcoin Magazine, Coincub, and among others. When he's not writing, Nicholas enjoys performing domestic tasks, spending time with friends, listening to music, and watching football.
