Here’s what happened in crypto today

Today in crypto, the SEC has filed a lawsuit against Nova Labs, Ethereum co-founder Vitalik Buterin announces leadership changes to the Ethereum Foundation, and crypto traders bagged millions as Trump’s Solana memecoin sparked a frenzy.SEC sues Nova Labs over alleged unregistered crypto securities offeringsThe United States Securities and Exchange Commission (SEC) has filed a lawsuit against Nova Labs, the firm behind the open-source Helium Network, just days before SEC chair and known crypto critic Gary Gensler steps down as chair on Jan. 20.The SEC alleges that the company sold unregistered investment products, including those that mine cryptocurrency and a program that allowed users to trade their personal data for crypto assets.In a statement on Jan. 17, the SEC alleged that Nova Labs sold unregistered securities by offering electronic devices called “Hotspots,” which mine the company’s cryptocurrency, Helium (HNT), as well as a program called “Discovery Mapping,” where users could trade their private data for crypto.Meanwhile, the SEC also accused Nova Labs of making false claims to potential investors, saying major companies like micro-mobility company Lime, food and beverage giant Nestlé, and cloud computing software firm Salesforce were using or depending on its wireless network, when they allegedly were not.Vitalik Buterin says major leadership changes coming to the Ethereum FoundationEthereum co-founder Vitalik Buterin announced leadership changes to the Ethereum Foundation on Jan. 18, following a somewhat tumultuous year for the organization.Buterin outlined several goals designed to maximize technical expertise at the Foundation and increase communication between the organization and the many constituent parts of the Ethereum ecosystem.These included decentralized application developers, wallet providers, and layer-2 scaling networks building on the incumbent smart contract platform.The Ethereum co-founder also reiterated the Ethereum Foundation's commitment to decentralization, neutrality, and censorship-resistance, while asserting that the Foundation would not engage in political lobbying. Crypto traders profit as Trump’s Solana memecoin sparks frenzyCrypto traders are raking in millions following the launch of Official Trump (TRUMP), a Solana-based memecoin introduced by US President-elect Donald Trump.Announced on Jan. 17, just days ahead of his inauguration as the 47th president of the United States, TRUMP reached a market cap of nearly $9 billion within hours, surpassing memecoins like Pepe (PEPE) and Bonk (BONK).“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR TRUMP NOW,” Trump posted on Truth Social and X.While parts of the crypto community speculated that the announcement could result from a hack, sources close to Trump’s family confirmed to Cointelegraph that the project is legitimate and linked to his non-fungible token (NFT) ventures.A wave of high-profile trades highlighted the token’s meteoric rise.Blockchain analytics firm Lookonchain reported that a wallet named “LeBron” turned a $1 million USD Coin (USDC) investment into over $2 million by acquiring 4.52 million TRUMP tokens just minutes after the launch.Another trader transformed a $1.1 million investment into $70 million in under four hours. The individual sold 1.35 million TRUMP for 3.65 million USDC while retaining 4.62 million tokens valued at $67.5 million.Meanwhile, pseudonymous crypto trader 0xsun purchased nearly 1 million TRUMP tokens with 3,000 Solana (SOL), worth $653,000. By selling part of their holding for $812,000, they netted over $3.7 million in profit.