The EdgeCloud upgrade for Theta Network coincides with these legal developments.
Summarize the content using AI
ChatGPT
Grok
ContentsTheta Coin LawsuitTheta Coin Developments
For a long time, news concerning cryptocurrency related lawsuits mostly revolved around cases being dismissed or investigations concluding. However, today saw the initiation of a substantial fraud lawsuit concerning one of the popular altcoins. This case stands out due to serious allegations brought forth by former employees of the company.
Theta Coin Lawsuit
Two former employees of Theta Labs Inc. have made significant allegations in a lawsuit filed today at the California Superior Court, Los Angeles County. The accusers claim that Mitchell Liu, the CEO of Theta Labs for the past few years, has been engaging in speculation to boost the value of crypto products. To elevate his project’s visibility, Liu reportedly formed notable partnerships with major Hollywood studios and celebrities, including the likes of Katy Perry.
Such weighty accusations from former employees could lead to adverse outcomes for Theta, particularly due to the potential for more witnesses being encouraged to come forward in related cases. Although Theta has not yet experienced any major price movements, the ongoing legal proceedings could pressurize the charts.
Theta Coin Developments
Coincidentally, today the team announced the EdgeCloud upgrade for the Theta Network. This significant infrastructure update, coinciding with the lawsuit’s filing, offers NVIDIA H200 GPUs at the same price as the H100. According to W1lliamLogan:
“The Theta Network’s EdgeCloud upgrade delivers 2.5 times faster AI training and inference speeds with 141 GB of VRAM. This leap enhances capacity and efficiency for developers and businesses benefiting from the platform. With support from enterprise validators like Sony Europe, Theta continues to advance decentralized video streaming and edge computing infrastructure.”
Thus, December 16 presents both good and bad news for Theta. Analyzing the chart reveals that the price remained nearly flat throughout the day above the $0.317 support level.
In March and December of 2024, Theta Coin marked lower peaks and could not establish continuity above $1.03 throughout 2025. Even surpassing the previous year’s peaks above $3 has been an elusive goal for the altcoin, which dipped to $0.2 during the October 10 downturn. Such levels were last witnessed in September 2020.
Should the lawsuit begin to adversely affect the chart or if selling across the market accelerates, a test of the 2020 support level at $0.118 could be possible.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
