Galaxy Digital sued for $100 mln for ditching landmark Bitgo deal

The cryptocurrency world is abuzz today after Ethereum completed its long-awaited 'Merge' update, which shifts the popular blockchain to a more energy-efficient proof-of-stake (PoS) system. The move has been praised by environmentalists and investors alike, but has also caused the price of Ethereum's native token, ether, to tumble 9%. Elsewhere, Galaxy Digital is being sued for $100 million for allegedly backing out of a deal with Bitgo, and a Chinese court has ruled that trading crypto is OK, as long as it's considered a virtual asset.

• Galaxy Digital is being sued for $100 million for allegedly backing out of a deal with Bitgo.
• Ethereum's blockchain has completed a major software upgrade, co-founder Vitalik Buterin says. The upgrade includes a move to a new proof-of-stake (PoS) system that is designed to be more energy efficient.
• The Ethereum cryptocurrency has completed a long-awaited update that is expected to cut its CO2 output by 99%.
• Ethereum's move to a proof-of-stake system has caused the price of the cryptocurrency to slump 9%.
• A Chinese court has ruled that trading in cryptocurrency is legal if it is considered a virtual asset.
• Ethereum mining is officially dead ahead of the launch of new GPUs.
• The merge is an important event for Ethereum because it shifts the cryptocurrency to full proof-of-stake, which is a more energy efficient system.
• The price of Ethereum's cryptocurrency has slipped post-merge alongside other major cryptocurrencies like Solana, Cardano, and Algorand.
• A new White House report on climate change could be bullish for Ethereum and other cryptocurrencies.