ParaSwap DAO members were split, with some supporting the conditional return of the fees and others voting against the refund.
Bybit confirmed it was behind a proposal requesting that decentralized finance (DeFi) protocol ParaSwap return fees earned from swaps conducted by the Lazarus Group using digital assets stolen from the exchange.
On March 4, a proposal was posted on ParaSwap’s decentralized autonomous organization (DAO) forum asking to freeze and return 44.67 Wrapped Ether (wETH), worth almost $100,000, to a wallet address.
The proposal initially attracted skepticism, with several DAO members calling for verification before advancing the proposal. Bybit shared a verification post on its official X account on March 5, confirming that it was behind the proposal to return the funds.
The long-standing legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs could face another potential delay.
This possibility looms as both parties have yet to refile their motion correctly, with the June 16 deadline quickly approaching.
Could the Ripple SEC Lawsuit Face a Delay?
On May 8, BeInCrypto reported that the SEC and Ripple jointly requested an indicative ruling from Judge Torres to approve a settlement that would reduce the penalty to $50 million and dissolve the injunction placed on Ripple.
On May 15, Judge Analisa Torres rejected the parties’ request. She stated that if jurisdiction were returned to the court, she would deny the motion because it was procedurally improper.
However, as of June 5, 2025, the parties haven’t refiled. This has raised concerns about the next steps in the case. Attorney Fred Rispoli highlighted the absence of a proper refiling in a recent post on X (formerly Twitter).
He emphasized that on June 16, both parties must submit a status update to the United States Court of Appeals for the Second Circuit.
“20 days later, no refile yet by SEC and Ripple in district court, and the June 16 deadline for the status update in the 2nd Circuit looms large,” Rispoli posted.
The June 16 deadline holds significant weight, as it will determine the next steps in the case. Rispoli noted that if nothing is refiled, the Second Circuit will only have the denial of the first motion to work with. This could restart the briefing schedule.
Alternatively, if a motion is pending before Judge Torres at the time of the status update, the Second Circuit will likely extend the process by an additional 60 days.
“The next step? The message by Torres was clear that both parties need to beg for forgiveness. Ripple will say whatever to get it done, but how much public groveling is the SEC willing to do? And how much groveling will be authorized? We have 12 days to find out,” Rispoli added.
“Rumors swirling. Hearing SEC, Ripple & Judge Torres have finally reached an agreement. Word is Ripple came out on top,” a user stated.
The user added that an announcement could come as early as Friday, June 13. However, he cautioned that the news remains unverified. Additionally, the associated parties have not provided any official confirmation.
Meanwhile, amid the uncertainty, XRP’s price has also taken a hit. BeInCrypto data showed that over the past week, the altcoin’s value has seen an 8.8% decline.
