Author: Monicah W

XRP News Today: Judge Rejects $50M Settlement Deal, Ripple and SEC to Revisit Court

Monicah W

Ripple News Today

The post XRP News Today: Judge Rejects $50M Settlement Deal, Ripple and SEC to Revisit Court appeared first on Coinpedia Fintech News

Another important update has come in the ongoing legal fight between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). Judge Analisa Torres has denied the joint request made by Ripple and the SEC for an indicative ruling that would have helped move their settlement plan forward.

Why Was It Denied?

In simple terms, the court said that even if it had the power to decide on the matter right now, it would reject the request because it didn’t follow the correct legal process. The motion, filed on May 8, 2025, asked the court to lift its earlier order stopping Ripple from selling XRP in violation of the law and to reduce Ripple’s $125 million penalty to $50 million. But the judge pointed out that the parties didn’t meet the legal requirements needed for such a request.

A Quick Recap of the Case

This is the latest chapter in a case that began in 2020 when the SEC sued Ripple, accusing the company of selling XRP as an unregistered security. In 2024, Ripple was ordered to pay a large penalty, and both Ripple and the SEC later appealed that decision. While those appeals are still ongoing, the two sides recently agreed to settle the case.

As part of their settlement plan, Ripple and the SEC signed an agreement in April and May of this year. They also asked the court to pause the appeals and filed a motion for the court to support their deal. However, Judge Torres denied this request because the parties didn’t properly follow Rule 60, which covers how final court decisions can be changed. The court noted that the motion didn’t explain why an exception should be made in this case.

What Happens Next?

Reacting to the decision, attorney Bill Morgan explained how the settlement process was supposed to work. He said the agreement was signed, the appeals were paused, and the parties asked the court for an indicative ruling. If that had been approved, they would have asked the appeals court for a limited remand to officially complete the settlement. Now, with the motion denied, the process has hit a roadblock.

Ripple’s CLO Stuart Alderoty said, “Nothing in today’s order changes Ripple’s wins (i.e. XRP is not a security, etc). This is about procedural concerns with the dismissal of Ripple’s cross-appeal. Ripple and the SEC are fully in agreement to resolve this case and will revisit this issue with the Court, together.”

This means Ripple and the SEC must decide whether to fix their legal paperwork and try again or take a different approach

The post XRP News Today: Judge Rejects $50M Settlement Deal, Ripple and SEC to Revisit Court appeared first on Coinpedia Fintech News
Another important update has come in the ongoing legal fight between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). Judge Analisa Torres has denied the joint request made by Ripple and the SEC for an indicative ruling that would have helped move their settlement plan forward. Why Was It Denied? In simple terms, …

XRP Price Prediction: Expert Says ‘This Could Be the Next Bitcoin’

Monicah W

The post XRP Price Prediction: Expert Says ‘This Could Be the Next Bitcoin’ appeared first on Coinpedia Fintech News

The cryptocurrency market has always been full of surprises — and one coin that’s made serious growth recently is XRP. From trading at just a few cents not long ago, XRP has skyrocketed to $2.40, even briefly overtaking Tether to grab the third spot on the crypto leaderboard. With all the ongoing developments, it’s natural to wonder: Is XRP gearing up to become the next Bitcoin?

The FOMO Factor

Dave Portnoy, owner of DDTG Global, recently spoke out about the growing crypto craze. Sharing a personal story, he revealed how he got outbid on an apartment in Miami by a crypto investor. “Just like that,” he said. “Bitcoin’s up to about $100k. I’ve worked hard for 20 years and yes — there’s 100% FOMO on everything now.”

Portnoy admitted that while Bitcoin feels more established today, coins like XRP are now catching the attention of people chasing the next big opportunity. “But that’s why I am in XRP. It’s FOMO. It’s not like I have some brand belief in it. What if that’s the next Bitcoin?”

SEC vs Ripple Saga Nearing Its End

One of the biggest obstacles for XRP has been its long legal battle with the U.S. Securities and Exchange Commission (SEC). The case, which has dragged on since 2020, accused Ripple of selling XRP as an unregistered security. But with settlement talks gaining momentum and both parties moving closer to a resolution, the crypto world is watching closely.

Many believe that once this case wraps up, it could open the doors for XRP to surge even higher. The end of regulatory uncertainty might attract big investors and new partnerships — something Ripple has already been actively securing around the world.

While it’s too soon to tell if XRP can truly reach Bitcoin’s level, there’s no denying the momentum it’s building. With a sharp price rally, a major lawsuit nearly resolved, and increasing global partnerships, XRP is positioning itself as a serious contender in the crypto world.

The post XRP Price Prediction: Expert Says ‘This Could Be the Next Bitcoin’ appeared first on Coinpedia Fintech News
The cryptocurrency market has always been full of surprises — and one coin that’s made serious growth recently is XRP. From trading at just a few cents not long ago, XRP has skyrocketed to $2.40, even briefly overtaking Tether to grab the third spot on the crypto leaderboard. With all the ongoing developments, it’s natural …

Ripple News: How Long Till XRP vs SEC Case Actually Ends? Deaton Breaks It Down

Monicah W

The post Ripple News: How Long Till XRP vs SEC Case Actually Ends? Deaton Breaks It Down appeared first on Coinpedia Fintech News

The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has felt like a never-ending saga for the crypto community. Just when it seemed like both sides were ready to wrap things up, a surprise twist delayed the process yet again.

A Curveball from Judge Torres

According to pro-XRP lawyer John Deaton, both Ripple and the SEC had agreed to settle the case. The SEC dropped its appeal regarding XRP’s secondary sales on exchanges, and Ripple agreed to settle its cross-appeal concerning institutional sales and a hefty $150 million fine. The plan was to reduce the fine to $50 million and lift the injunction restricting Ripple’s institutional sales.

The parties then asked Judge Analisa Torres for an indicative ruling — essentially a heads-up on how she would rule if the case was sent back to her from the appeals court.

But in a move no one expected, Judge Torres denied the motion. She pointed out procedural issues and said that the parties hadn’t addressed the “heavy burden” required to convince the court that lifting the injunction was in the public’s best interest.

Why the Judge Might Be Frustrated

Deaton explained that Judge Torres’ refusal wasn’t just about legal technicalities. After years of intense courtroom battles, mountains of paperwork, and over $250 million spent between both sides, the judge might be frustrated at the SEC’s sudden change of heart — essentially dropping its case after tying up the court’s resources for so long.

The judge is asking both sides to explain why lifting the injunction serves the public good, especially since her original ruling found Ripple’s institutional sales violated securities laws.

What Happens Next?

So, how long until this finally ends? According to Deaton, the case isn’t deadlocked — but it has hit another “speed bump.”

He believes both Ripple and the SEC will now have to submit a joint brief making their case to Judge Torres. Ripple’s institutional clients are sophisticated investors like banks and hedge funds — not retail traders harmed by the sales.

If they can convince the judge that dissolving the injunction aligns with public interest and regulatory clarity, Deaton thinks she’ll eventually approve the settlement.

How Long Will It Take?

Deaton estimates it could still take a few more months before the XRP vs SEC case is fully resolved. “Ultimately, this is just another speed bump along the way,” he said. Once Judge Torres is satisfied, the case would go back to the Second Circuit Court of Appeals, get officially remanded to her, and the final settlement terms would be approved.

The post Ripple News: How Long Till XRP vs SEC Case Actually Ends? Deaton Breaks It Down appeared first on Coinpedia Fintech News
The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has felt like a never-ending saga for the crypto community. Just when it seemed like both sides were ready to wrap things up, a surprise twist delayed the process yet again. A Curveball from Judge Torres According to pro-XRP lawyer John Deaton, …

News

Sonic Price Drops 6% As Wintermute Offloads Token Holdings

Monicah W

Sonic publicly revealed that it ended its five-year partnership with Wintermute. A few hours prior, the market maker dumped over $850,000 in S tokens, causing a 6% price drop.

Wintermute was involved in a controversial token dump last month, but today’s events may be part of a normal business interaction. Sonic claimed no foul play, stating that the market maker sold token holdings to return loaned money.

Wintermute and Sonic Part Ways

Sonic (formerly Fantom) has been on an impressive run since launching its native token in January. It hit $1 billion in TVL in only 66 days, and continued its forward momentum with a Binance airdrop.

However, Sonic’s price fell dramatically over the last few hours, as the market maker Wintermute began offloading around $857,000 in S tokens.

Sonic price
Sonice (S) Price Chart. Source: TradingView

Intel Scout, a Sonic ecosystem decoder, was the first to connect S’s price action with Wintermute’s token dumping. He claimed that the market maker sold around 3 million S tokens in 24 hours, and several other whales disposed of even more.

Sonic’s anonymous Head of Strategy responded to these claims, revealing that the companies had split ways:

Sonic’s Head of Strategy went on to state that the company was in talks with several market makers to replace Wintermute.

Specifically, they claimed that CEX only support is “simply no longer enough,” and that this successor needs to proactively engage with Sonic’s DeFi ecosystem, community, apps, and developer team.

Even if Sonic and Wintermute had an amicable breakup, this is not the market maker’s first controversy. In January, the firm faced accusations of market manipulation after $20 million in transactions with Binance.

Last month, Wintermute’s token dump tanked ACT by 50%, only a few months after it partnered with the project. This also led to community outrage.

Nonetheless, today’s actions have not caused a similar scandal yet. If Sonic was dissatisfied with Wintermute’s actions, the company could’ve addressed this, but it didn’t.

It even gave a sympathetic reason for the token sales, explaining that Wintermute needed to return loaned funds. Wintermute, for its part, hasn’t said anything about the episode.

The post Sonic Price Drops 6% As Wintermute Offloads Token Holdings appeared first on BeInCrypto.

News

Bittensor (TAO) Struggles to Maintain Strength After Rising 6.5% In One Week

Monicah W

Bittensor (TAO) has been up 6.5% over the past seven days, and its market cap is now hovering just below $4 billion despite correcting 6.6% in the last three days. The recent pullback has weakened key technical indicators, with both momentum and trend strength showing signs of deterioration.

While TAO has managed to hold key support levels and remains above $440, bearish signals are starting to emerge across multiple charts. Whether bulls can reclaim control or TAO slips below $400 will likely define its next major move.

Bittensor Trend Weakens as Bearish Momentum Overtakes Bulls

TAO’s DMI (Directional Movement Index) chart shows a weakening trend, with its ADX (Average Directional Index) falling sharply from 47 to 23.16 over the past three days.

The ADX measures the strength of a trend—regardless of direction—on a scale from 0 to 100. Values above 25 typically indicate a strong trend, while readings below 20 suggest a weak or ranging market.

TAO’s current ADX is just above 23, suggesting the recent trend is losing strength and may be nearing a transition phase. Despite that, according to CoinGecko data, Bittensor is the biggest artificial intelligence coin in the market, surpassing players like NEAR, ICP, and RENDER.

TAO DMI.
TAO DMI. Source: TradingView.

Meanwhile, the +DI (Positive Directional Indicator) has dropped from 23.87 to 17.41, signaling a decline in bullish pressure. At the same time, the -DI (Negative Directional Indicator) has risen from 17.86 to 23.15, showing that bearish momentum is gaining control.

This crossover—where -DI moves above +DI—indicates that sellers have overtaken buyers, and with ADX still above 20, the downtrend may continue to develop.

If this divergence persists, TAO’s price could face further downside pressure in the short term unless bulls re-enter to shift the momentum.

TAO Recovers but Lacks Clear Strength

TAO’s Relative Strength Index (RSI) is currently at 48.46, after experiencing a sharp intraday dip from 53.82 yesterday to as low as 35.25 just a few hours ago.

The RSI is a momentum indicator that measures the speed and magnitude of recent price movements on a scale from 0 to 100. Typically, values above 70 suggest overbought conditions and potential for a pullback, while values below 30 indicate oversold conditions and a possible rebound.

Readings between 30 and 70 are considered neutral, with the 50 mark often acting as a balance point between bullish and bearish momentum.

TAO RSI.
TAO RSI. Source: TradingView.

TAO’s current RSI of 48.46 places it slightly below that midpoint, signaling a mild bearish bias after a brief period of stronger selling pressure.

The recovery from the 35.25 low shows that buyers have stepped back in, but the failure to hold above 50 suggests that bullish momentum remains weak. This level could reflect consolidation or indecision in the market, where TAO may trade sideways unless new catalysts emerge.

If RSI stabilizes or climbs above 50 again, it may indicate renewed strength, while another drop toward 30 would increase the risk of further downside.

TAO Holds Support but Faces Key Test for Momentum Recovery

TAO recently tested key support around $417.6 and bounced back above $440, showing resilience after a brief dip. Its EMA lines still reflect a bullish structure, with short-term moving averages positioned above the long-term ones.

However, the narrowing gap between them suggests that momentum is weakening. If selling pressure returns, the trend could shift, threatening Bittensor’s leadership as the biggest AI coin.

TAO Price Analysis.
TAO Price Analysis. Source: TradingView.

If Bittensor regains strength, it could aim for a retest of the $492.79 resistance area, which would fully recover recent losses.

On the downside, failure to hold the $434 and $417.6 support levels would put TAO at risk of entering a sharper downtrend.

A break below these zones could drag the price down toward $380, pushing TAO below $400 for the first time in roughly one week.

The post Bittensor (TAO) Struggles to Maintain Strength After Rising 6.5% In One Week appeared first on BeInCrypto.

News

Whale Flow to Binance Hits Six-Month Low at $3.27 Billion | Weekly Whale Watch

Monicah W

Bitcoin whales have moved just $3.27 billion of BTC to Binance over the past 30 days. This figure marks the lowest whale inflow since November 2024, according to CryptoQuant.

Consequently, this drop signals declining sell-pressure from major holders. Fewer coins entering exchange order books often underpin stronger price support.

Bitcoin Whales Continue Holding

CryptoQuant analyst JA Maartunn explains that during March and November 2024 rallies, whale inflows surged above $6.17 billion and $8.44 billion. Those peaks coincided with sharp pullbacks, as whales locked in gains at higher prices.

Furthermore, subdued whale deposits suggest holders now prefer to retain or relocate coins off-exchange. Many may move BTC into cold storage or over-the-counter venues, reducing visible supply.

Binance bitcoin whale
Binance Whale Flow Chart. Source: CryptoQuant

As a result, the market faces tighter liquidity. Lower sell-walls on Binance create room for price advances. Traders often view this as a bullish backdrop.

On the price front, Bitcoin recently climbed to about $104,000. That rally found support partly because large-scale sell orders failed to materialize. Last week, CryptoQuant data showed that ‘new Bitcoin whales’ hold most of the capital. 

These whales bought at an average price of $91,922, so they likely aim for a much higher selling price. 

However, macro factors still influence market direction. Fed policy decisions, regulatory shifts and geopolitical events can trigger sudden supply surges. 

In addition, on-chain metrics show long-term holders increasing their positions. Such accumulation often precedes sustained up-moves, as coins effectively vanish from the circulating supply.

Nonetheless, subdued whale activity does not guarantee uninterrupted gains. Retail sentiment, derivatives positioning, and institutional flows can reignite volatility. 

Ultimately, the six-month low in Binance whale inflows reflects tentative confidence among large holders. 

If whales maintain this restraint, Bitcoin may find firmer footing above $100,000. Yet market watchers will track any shift in whale behavior for early warning of changing sentiment.

The post Whale Flow to Binance Hits Six-Month Low at $3.27 Billion | Weekly Whale Watch appeared first on BeInCrypto.

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Sygnum Allows Staked Solana as Loan Collateral for Liquidity and Passive Income

Monicah W

Sygnum announced today that it’s adding staked Solana to its portfolio of tokens eligible to use as loan collateral. This will allow institutional clients to access fiat liquidity and staking rewards at the same time.

The firm already accepts Solana and at least 20 other tokens for loan collateral, but this is its first staking option. Booming institutional demand caused Sygnum’s loan volumes to double in one year, encouraging the company to diversify.

Staked Solana at Sygnum

Sygnum, a Swiss-Singaporean digital asset bank, began offering crypto staking nearly four years ago. The firm has since diversified its interests, securing a crypto brokerage license in 2023 and achieving unicorn status with a massive funding round earlier this year.

Today, Sygnum offers another staking service by letting staked Solana act as collateral for Lombard loans.

To be clear, Lombard loans are a specialized type of loan that bears no relation to Lombard Protocol, a crypto staking firm. These products are typically offered to high-net-worth individuals or institutional investors, and Sygnum is offering this Solana deal to the latter category.

Sygnum already accepts over 20 different tokens as collateral for these loans, but this is its first staked option. The bank offers several key advantages for clients who pledge staked Solana.

For one thing, the loans are low-cost because a large chunk of the staking rewards goes towards paying the usual fees. Clients pledging regular Solana tokens have to pay significantly more and do not receive any passive income. Sygnum hopes that this new collateral option will appeal to clients:

“By enabling staked Solana as collateral, we’re addressing a key client need to optimize yield while maintaining liquidity. This enhancement builds on our proven track record in crypto-backed lending, recently demonstrated by our $50 million Bitcoin-backed syndicated loan to Ledn last August,” claimed Benedikt Koedel, Head of Credit & Lending at Sygnum.

Last November, the firm’s published research suggested a growing institutional demand for crypto exposure. Its recent experience corroborates this data, as Sygnum claimed that institutional demand caused its own loan volumes to double in the last year.

Staked Solana will help develop Sygnum’s loan collateral portfolio to meet this increased demand.

The bank’s in-house custody service will offer full segregation of client positions on-chain, instead of a pooled solution that mingles assets together.

Sygnum will also stake Solana itself through channels like its “user interface, API integration, or client relationship managers.” These tools ensure security and flexibility for all institutional clients.

The post Sygnum Allows Staked Solana as Loan Collateral for Liquidity and Passive Income appeared first on BeInCrypto.

News

DOJ Targets $263 Million Theft Ring and Tornado Cash Co-Founder

Monicah W

The US Department of Justice (DOJ) just indicted 12 additional defendants as part of a conspiracy involved in crypto crimes worth $263 million. It accused them of working with Malone Lam, who was arrested last September.

Most of the group’s actions involved social engineering scams, but members also stand accused of burglary. Additionally, the DOJ pressed charges against Tornado Cash co-founder Roman Storm today.

DOJ Takes On Major Crypto Crimes

As part of sweeping pro-crypto regulatory reforms, the US Department of Justice disbanded its Crypto Enforcement Unit and reduced the scope of its investigations this year.

However, as today’s indictments clearly show, the DOJ is still interested in taking down high-level crypto crime. The twelve defendants stand accused of many serious offenses:

“[The defendants] allegedly participating in a cyber-enabled racketeering conspiracy throughout the United States and abroad that netted them more than $263 million. [Their] various roles included database hackers, organizers, target identifiers, callers, money launderers, and residential burglars targeting hardware virtual currency wallets,” the DOJ claimed.

These defendants were allegedly in league with Malone Lam, the group’s ringleader, who was arrested last September. The DOJ claimed that Lam organized the whole crime ring, targeting victims, employing scams, laundering money, and more.

The group’s sophisticated money laundering techniques allowed Lam to allegedly continue benefiting after his arrest.

The bulk of this $263 million came through social engineering and similar scam methods. The group systematically stole and purchased databases of crypto users, identified valuable targets, and attempted to defraud them.

Lam personally scammed $230 million from one victim alone. However, the group soon moved on to much more brute-force methods.

Specifically, the DOJ accused the defendants of much more serious crimes. In an effort to steal hardware wallets, Lam remotely monitored a target’s iCloud metadata while a co-conspirator burglarized his home.

Unfortunately, violent thefts are far from unheard of in this industry: a prominent crypto kidnapping took place in France two days ago.

The indictments named 10 of the 12 co-defendants, claiming that several of them have been arrested. At least two remain anonymous and at large, believed to be living in Dubai.

The DOJ has been demonstrating its resolve on several crypto crimes today. Specifically, it announced that it would indeed be pressing charges against Roman Storm, co-founder of Tornado Cash.

Although crypto enforcement has been loosened somewhat, the Department of Justice is still determined to prosecute prominent offenders.

The post DOJ Targets $263 Million Theft Ring and Tornado Cash Co-Founder appeared first on BeInCrypto.

Pi Network Launches A $100M VC Fund To Support Real-World Use Cases

Monicah W

Pi Network Launches A $100M VC Fund To Support Real-World Use Cases

Pi Network has its sights on expanding its ecosystem with the latest play involving the launch of a $100M VC fund. The new fund will fund projects and startups advancing real-world utility and adoption of the Pi Network.

Pi Network Launches $100 Million Venture Capital Fund For Ecosystem Expansion

According to a press release, Pi Network has announced a fresh $100 million venture capital (VC) fund to support innovative startups in the ecosystem. Per the statement, the fund will feature assets in both USD and Pi Coins, propping up projects pursuing real-world Pi utility.

The new $100M fund will be disbursed via the Pi Network Ventures, a newly minted entity created by the Pi Foundation. Per the announcement, the Pi Coins forming a portion of the funds stem from the Pi Foundation’s reserves.

Pi Network Ventures will invest in Pi-focused companies in the early stage, including Series B and subsequent rounds. Furthermore, the Pi fund will expand support beyond blockchain-native startups with an eye on AI and e-commerce startups.

“This initiative gives creators the resources they need to build solutions that solve real problems while reinforcing the value of the Pi ecosystem,” said Nicolas Kokkalis.

The announcement comes at the start of Consensus 2025, with the project expected to make a major appearance at the event.

Is This The Widely Anticipated Ecosystem Announcement?

The Pi Core Team (PCT) has previously teased an ecosystem announcement for May 14, leaving community members on edge. While the $100M fund has triggered a wave of excitement, there is speculation that the launch is only the tip of the iceberg.

Community members have their sights on a potential exchange listing for the Pi Network. While chatter of a potential Binance listing continues to percolate, an HTX listing for Pi Network has gathered significant steam.

HTX has dropped a string of hints pointing to a potential listing in its social media posts, stoking waves of optimism. Upbit is another potential exchange listing, given the sheer number of Pi Coin holders in South Korea.

Ahead of the ecosystem announcement, Pi Network price crossed $1, to leapfrog Litecoin (LTC) and Bitcoin Cash (BCH). A listing announcement during the Consensus 2025 event will signal mainstream adoption for in addition to the upside of a potential Pi Coin rally.

The post Pi Network Launches A $100M VC Fund To Support Real-World Use Cases appeared first on CoinGape.

Tether Announces QVAC Platform: Revolutionizing Artificial Intelligence Development Via USDT

Monicah W

Tether CEO Paolo Ardoino Announced New Project _ Tether ai

The post Tether Announces QVAC Platform: Revolutionizing Artificial Intelligence Development Via USDT appeared first on Coinpedia Fintech News

  • Tether intends to empower next-generation AI agents with the QVAC platform.
  • Through Tether’s wallet development kit, the QVAC platform will allow AI agents to transact in USDT and BTC. 

Tether, a top-tier stablecoins issuer that is heavily invested in the Bitcoin (BTC) network, announced its QuantumVerse Automatic Computer (QVAC) is in the final phase of the development process. According to the announcement, the QVAC platform will play a crucial role in the mainstream adoption of AI agents.

The QVAC platform allows scalable artificial intelligence (AI) applications and agents to run directly on local devices without necessarily requiring centralized cloud infrastructure. Ultimately, QVAC platform users will have control over their private data.

“Artificial intelligence should empower the next wave of growth for society and humanity, not delegate even more control to corporations that own servers and access keys,” Paolo Ardoino, CEO of Tether, noted.

Market Impact of QVAC Platform on Tether’s Products 

The upcoming launch of the QVAC platform will play a crucial role in democratizing the mainstream adoption of Tether’s products, particularly USDT. Moreover, one of the notable features of the QVAC platform is the integrated payment.

Through Tether’s Wallet Development Kit (WDK), the QVAC platform will enable AI agents and applications to autonomously transact in USDT and Bitcoin (BTC). The USDT stablecoin has grown rapidly in the recent past to reach and surpass a market cap of about $150 billion. 

“Integrated payments through WDK by Tether also allow AI agents to autonomously transact in Bitcoin and USDt, opening new possibilities for decentralized, self-sustaining AI systems,” the announcement highlighted.

The post Tether Announces QVAC Platform: Revolutionizing Artificial Intelligence Development Via USDT appeared first on Coinpedia Fintech News
Tether intends to empower next-generation AI agents with the QVAC platform. Through Tether’s wallet development kit, the QVAC platform will allow AI agents to transact in USDT and BTC.  Tether, a top-tier stablecoins issuer that is heavily invested in the Bitcoin (BTC) network, announced its QuantumVerse Automatic Computer (QVAC) is in the final phase of …