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📣 Compound DAO vote to pay developer for major bugfix falls 15,000 votes short of quorum
By all appearances, pseudonymous developer 'KP' did everything right after discovering a vulnerability with Compound COMP's v3 protocol, also known as Comet. The vulnerability would've allowed a hacker to directly steal user funds, though at a massively unprofitable cost — it would cost an attacker billions in gas fees to steal $1 million in funds, KP estimated. After finding and validating the vulnerability, KP reported it to Compound and its security partner OpenZeppelin.
KP explained that a bug bounty would help in "greatly motivating security researchers and developers in identifying and disclosing Compound bugs and vulnerabilities in the future." KP added that he's developing a startup on the Comet protocol, and that the reward would "greatly prolong our runway and enable us to see through our efforts of providing value and becoming a mainstay of the ecosystem." KP's proposal brought with it endorsements from Kevin Cheng, head of protocol at Compound Labs, and Michael Lewellen, head of solutions architecture at OpenZeppelin, who praised KP's professionalism in fixing the bug during the DAO's discussion of the proposal.
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🟠 Changpeng Zhao Guilty Plea Accepted By US Judge: Report
According to Reuters, Changpeng Zhao guilty plea has been approved by U.S. District Judge Richard Jones, Zhao awaits sentencing in February, with prosecutors requesting that he stay in the U.S. until then. Sentencing is scheduled for February 23, 2024. The company pleaded guilty to breaking U.S. anti-money laundering and sanctions laws. Alongside Binance, Changpeng Zhao himself also pleaded guilty to the charges and is currently awaiting sentencing, which is scheduled for February.
As of now, the sentencing is scheduled for February 23, 2024. Despite awaiting sentencing, Zhao has been released on bond. However, prosecutors have requested that he be required to stay in the U.S. until the sentencing process is complete. They argue that Zhao poses a serious risk of flight. On the other hand, Zhao’s attorneys have strongly asserted that he is not a flight risk and should be allowed to return to the UAE, where his family currently resides, until February. Under the current terms of his bond release, Zhao would be permitted to return to the UAE, but he would have to come back to the U.S. two weeks before the scheduled sentencing date. However, Judge Jones recently stayed that part of Zhao’s release until a final ruling is made on the matter.
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💰 Marathon Digital Holdings November Bitcoin Operations Achieve Record-Breaking Milestones
Marathon Digital Holdings showcasing impressive Bitcoin production figures and a substantial holding of unrestricted BTC. As of November 30, Marathon Digital Holdings successfully mined and produced 1,187 Bitcoins, attesting to its position as a powerhouse in the cryptocurrency mining sector. The company’s robust performance is further underscored by its substantial Bitcoin holdings, revealing a total of 14,025 unrestricted BTC in its possession as of the end of November.
Marathon Digital Holdings ability to not only generate impressive Bitcoin yields but also to strategically manage its cryptocurrency assets speaks to its commitment to long-term success and stability in the crypto mining space. The company’s decision to sell a portion of its holdings to cover operational costs is a testament to its adaptability and prudent financial strategy, aligning with the demands of the ever-changing crypto ecosystem. Investors and industry enthusiasts are keenly observing Marathon’s moves, given its influential position in the public mining sector. As the company continues to navigate the challenges and opportunities presented by the crypto market, its November accomplishments serve as a beacon.
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💰 Solana DEX aggregator Jupiter starts token airdrop, with 10% of supply set to be allocated
Jupiter, a DEX aggregator on Solana blockchain, opened up inital claims for its JUP token airdrop, the project announced on X on Friday. As users started claiming their tokens, some expressed discontent over their allocation on X and Discord, saying they should have received more tokens due to the age of their wallets and how much they used the protocol over the years. The airdrop is designed to distribute four out of 10 billion of JUP, or 40% of the total supply.
The project's pseudonymous founder who goes by Meow said on X that the first phase would see 2% of tokens distributed to all wallets, with 7% allocated in a "tiered score based distribution, with score based on adjusted volume." Another 1% would be allocated to community members on Discord and Twitter, and developers. "We believe this breakdown will reward power users and contributors significantly more, while likely giving everyone else a reason to come back and engage," Meow said. According to the founder, Jupiter facilitated $35 billion in cumulative trading volume by October, with 80% of that made by 0.2% of all wallets.
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📣 KyberSwap hacker demands full control over Kyber in bizarre on-chain message
The hacker responsible for draining $47 million from decentralized exchange protocol KyberSwap last week outlined their demands in a bizarre on-chain message. Liquidity providers who deposited crypto assets to KyberSwap’s liquidity pools would also receive a 50% rebate on losses that occurred from recent market-making activity, the attacker added — saying it was “more than you deserve.”
The attacker said this was their best and only offer. If the demands are unmet by Dec. 10, their “treaty” deal will fall through. The hacker also warned that if they were “contacted by agents from any of the 206 sovereignties” concerning their activity, the deal would be void and rebates zeroed. “Kyber is one of the original and longest-running DeFi protocols. No one wants to see it go under,” they added. The on-chain message comes roughly a week after $47 million was suspiciously drained from KyberSwap’s Elastic Pools liquidity solution and two days after the hacker promised to outline a potential deal. KyberSwap advised all users to withdraw their funds in the immediate aftermath of the incident.
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🇺🇸 U.S. Treatment of CZ, Binance Is 'Absurd:' Arthur Hayes
Binance and its founder Changpeng "CZ" Zhao have been treated the way they have been in the U.S. because the crypto exchange – and other centralized exchanges – represent a threat to the traditional American-led global financial system, former BitMEX CEO Arthur Hayes argues in a new essay posted on his Substack account. Binance and its founder were criminally charged for violating sanctions and money-transmitting laws.
Compared with penalties given out to large traditional financial institutions, those handed out to Binance and CZ are "absurd" and highlight "the arbitrary nature of punishment at the hands of the state," Hayes wrote. "Did Former Goldman Sachs CEO Lloyd Blankfein get the same treatment as GS under his reign helped Former Malaysian Prime Minister Najib Razak and financier Jho Loh steal more than $10 billion," Hayes wrote, referring to the 1Malaysia Development Bhd. (1MDB) scandal that was uncovered in 2015. Goldman Sachs ended up being fined $2.9 billion in 2020. "The state powers centralization, and collaboration is achieved through threats of violence," he wrote.
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💰 Shiba Inu (SHIB) Community Warned About This Dangerous Scam
SHIB Army should be careful when connecting their wallets to dubious websites. The cryptocurrency industry is an attractive sector for numerous investors and offers the chance to make substantial profits in a short period of time. However, the space is also full of fraudsters who target market participants aiming to swindle their holdings. The team alerted that this was a scam, advising individuals to check the URLs and not conduct such operations without proper due diligence.
The X (Twitter) account focused on treats surrounding Shiba Inu and its native token SHIB – Shibarmy Scam Alerts – warned that there are a lot of fake sites and NFT airdrops that request people to connect their wallets and supposedly redeem money. The team recently issued another alert to the community, claiming people should be utterly cautious when using Telegram since potential scammers are looking for an opportunity to attack. Shibarmy Scam Alerts urged people to verify the identity and confirm the authenticity of the mysterious individuals they are communicating with. Checking official website links for verification could also prevent one from being involved in a cryptocurrency fraud.
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🏦 Binance's Bitcoin Reserves Drop as Retail Flow Moves to Coinbase: CryptoQuant
Bitcoin (BTC) is flowing from Binance to Coinbase, according to on-chain data compiled by CryptoQuant. Since yesterday, Coinbase's reserves have increased by around 12,000 BTC, while Binance's have decreased by 5,000 BTC, the research firm wrote in a recent note. "The decrease in Bitcoin reserves on Binance appears to be due to retail outflows," Bradley Park, a Web 3 analyst at CryptoQuant wrote to CoinDesk in a note.
"The market is still nervous about the recent legal implications against Binance," Greta Yuan, head of research at Hong Kong-based digital-asset platform VDX said in a note to CoinDesk. "In the short term, we will see more users move funds to compliant or licensed exchanges for peace of mind." Some analysts say that Binance's recent settlement with the U.S. Department of Justice was the last hurdle to getting approval for a spot bitcoin ETF, and that is also affecting fund flows. "With this plea deal, the expectations for a spot Bitcoin ETF might have increased to 100% as the industry will be forced to follow the rules that TradFi firms must follow," crypto services provider Matrixport wrote.
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🇨🇦 Canadian regulator asks banks for feedback about crypto reporting rules
Canada's banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), is calling for comments about guidelines for how banks should report crypto exposure. "Digital innovation is transforming how we transact, manage money, and view value but poses risks to our financial system," the OSFI said in a statement. "Recent crypto events underscore risks of unregulated financial innovation.
Public disclosures enhance transparency, comparability of data, and market discipline for a safer financial system." Draft guidelines are scheduled to be published by the fall of 2024, with final rules to be communicated the following year. The effort comes as the Basel Committee on Banking Supervision is seeking feedback from internationally active banks through its own consultation. The OSFI said it intends to combine feedback received though its consultation with developments coming from the BCBS. Specifically, the regulator asked for feedback about three questions.
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📣 Poloniex confirms hackers identity, offers $10M white hat reward to return stolen funds
Poloniex has officially identified the hacker responsible for stealing $120 million from the exchange on Nov. 10 and offered a $10 million white reward if the funds are returned by Nov. 25, according to on-chain data shared by blockchain security firm PeckShield. Sun’s wallets initiated sixteen transactions, each worth $0.10 in Ethereum, containing the same message in multiple languages.
The purpose of the transaction barrage was to inform the hacker that Poloniex had successfully confirmed their identity and to offer a white hat reward of $10 million. According to the on-chain message, Poloniex has engaged law enforcement agencies from China, Russia, and the U.S. to take legal action against the hacker if the funds are not returned. The message stated that all stolen funds had been identified and marked for tracking, rendering them unusable. Furthermore, it warned that any financial counterparties receiving these assets would face freezing of their accounts. The company set a deadline of Nov. 25 for the attacker to return the funds voluntarily.
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Today is Day 2 of Vertex Protocol’s 7-day Liquidity Bootstrap Auction (LBA)! Over $2 million has been supplied already.
Vertex offers some of the lowest fees in the industry for spot and perpetuals trading: 0.02-0.04% taker / FREE maker. It is currently a top 5 derivatives DEX by volume in DeFi.
VRTX is the protocol utility token that is launching via this week’s LBA. Here’s how you can participate: get onto the Vertex app at https://app.vertexprotocol.com/vrtx, connect your wallet, and deposit USDC.e.
Participants earn two sets of rewards: LP fees from the VRTX-USDC.e AMM and the VRTX trading rewards.
Visit the Vertex LBA docs to learn more:
https://vertex-protocol.gitbook.io/docs/community-and-tokenomics/the-vertex-lba
Don’t miss this exciting opportunity to participate at a crucial time in the development of a leading DEX in crypto!
Trading crypto is risky, please consult Vertex’s Statement of Risk: https://vertex-protocol.gitbook.io/docs/more/statement-of-risk
📣 Crypto Fund Inflows of $293M Bring Yearly Total Above $1B: CoinShares
A third consecutive week of sizable net inflows into cryptocurrency funds has pushed the yearly total above $1 billion, according to digital asset manager Coinshares. Digital asset investment products saw net inflows of $293 million last week, bringing year-to-date inflows to a total of $1.14 billion. That makes 2023 as having the third highest yearly inflows on record, said Coinshares. Much of that is thanks to the last three weeks, which have witnessed nearly $900 million in net inflows.
Bitcoin funds accounted for $240 million of the $293 million of net inflows last week. This comes as the crypto market has been rallying on the back of optimism about possible imminent U.S. regulatory approval of a spot bitcoin ETF. Bitcoin (BTC) has gained about 37% since the start of October, bringing its year-to-date advance to roughly 122% Bitcoin exchange-traded product (ETP) volumes made up 19.5% of total bitcoin trading volumes on exchanges, noted Coinshares. “This has rarely happened and suggests ETP investors are participating much more in this rally compared to 2020/21," the firm added. Ether (ETH) funds saw $49 million of net inflows last week – their largest such total since August 2022 – with the catalyst for this likely being last week's spot ether ETF application from BlackRock.
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💰 Solana's SOL Rallies 20% in a Day, Erasing Woes of Past 18 Months
Solana's native token SOL has rallied 20% in the last 24 hours, continuing a three-week upswing that erased the asset's yearly losses – and then some. The token was trading hands near $54 at press time according to CoinDesk market data. It had last held that level in the weeks following Terra Luna's market-shattering collapse in May 2022. The price surge comes on the heels of Solana's annual conference and in spite of market jitters over going-on at FTX Group, a major holder of the SOL token.
SOL's price jump could prove to be a win for the many creditors of FTX. The asset is now trading in a range that will make customers of the crypto exchange whole, according to Thomas Braziel, the CEO of 117 Partners, a company that closely follows the distressed asset markets. Sam Bankman-Fried was just convicted for stealing that customer money. Of course, that would require SOL to at the very least hold this level for possibly years. Much of FTX's SOL holdings are locked up until 2027 or later. The price surge comes on the heels of Solana's annual conference and in spite of market jitters over going-on at FTX Group, a major holder of the SOL token. That bankrupt company has sent mixed messages about what it plans to do with its sizable stake.
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🇺🇸 The SEC has opened talks with Grayscale over its bid for a spot bitcoin ETF conversion: report
The Securities and Exchange Commission has opened talks with Grayscale Investments over the firm's application to convert its flagship fund into a spot bitcoin exchange-traded fund, according to a report. Grayscale has been in contact with both the SEC's Division of Trading and Markets and the Division of Corporation Finance, following a court ruling that the agency has to re-review the firm's bid for a spot bitcoin ETF, CoinDesk reported on Wednesday, citing a person familiar with the situation.
Three judges in the U.S. Court of Appeals for the D.C. Circuit ruled in August that the SEC has to re-review Grayscale's bid for a spot bitcoin ETF after the asset management firm sued the agency last year following the rejection of its plan for the conversion of its flagship GBTC fund. The court specifically addressed the SEC's differential treatment of spot bitcoin ETFs and similar funds based on futures contracts, which the regulator has approved. SEC Chair Gary Gensler said that the agency was still reviewing the court's decision during a Senate Banking Committee hearing in September. Multiple firms have filed for spot bitcoin ETFs, including BlackRock and Fidelity. Some experts say the Grayscale court decision could tip a decision into their favor.
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🪙 Over 11 million LINK staked in half hour as Chainlink staking v0.2 early access goes live
Early access to Chainlink Staking v0.2 has gone live, and more than 11 million LINK were staked in first 30 minutes, according to a statement. The early-access launch follows last month's nine-day "priority migration" period where existing v0.1 stakers could transition their staked LINK and rewards to the new version. Chainlink Staking v0.2 comes with an expanded pool size of 45 million LINK.
Decentralized computing protocol Chainlink is crypto's most popular oracle network that provides external, real-world data to blockchain applications. Chainlink staking first went live a year ago. The move increased utility for the token and enabled LINK holders to back the performance of oracle services. Holders can earn rewards for helping to secure the network. With the early access, "eligible participants now have the opportunity to stake up to 15,000 LINK," according to the statement. "Early Access lasts for four days, before Staking v0.2 enters General Access, where anyone can stake up to 15,000 LINK, provided the pool hasn’t yet been filled."
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🏦 Coinbase rolls out money transfers via links sent on WhatsApp, TikTok and Instagram
U.S.-based crypto exchange Coinbase is introducing a new service that allow customers to send money to each other through the world's most popular modes of communication at no cost. "We've made it easy to send money anywhere you can share a link, whether it's through messaging apps like WhatsApp, iMessage, and Telegram, social media platforms like Facebook, Snapchat, TikTok, and Instagram, or even via email," the company said in a blog post.
Coinbase also said people will be able to send money to others even if they are located in other countries, and the settlement of transfers will be instant and free of charge. Both the sender and the receiver of the funds will have to possess the Coinbase Wallet. If a person is sent a link and doesn't already have Coinbase's digital wallet, they will be directed to download it either from the Apple or Android app stores, the company said. If funds are sent and not retrieved within two weeks, the money will automatically be returned to the sender. The company's share price has also performed well this year as the intensity of its battles with the Securities and Exchange Commission has waned, while major traditional finance players like BlackRock.
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🪙 Lido Achieves 9 Million Ethereum Milestone as Rocket Pool Surpasses 1 Million in Defi's Booming Staking Sector
The industry of liquid staking, now valued in the billions, is led by Lido, the leading liquid staking protocol in today’s decentralized finance (defi) landscape. Liquid staking, at its core, involves staking tokens while the assets remain “liquid” or “unlocked,” allowing for diverse applications. This method allows stakers to earn rewards while maintaining access to their funds. For an extended period, Lido has been at the forefront of this market, and on November 21, 2023.
As of December 3, 2023, Lido holds a substantial 9.28 million ethereum (ETH) in deposits. In the preceding 36 days, dating back to October 27, 2023, the platform saw an influx of 490,000 ether. The current total value locked (TVL) in the protocol is estimated at $20.05 billion, based on prevailing exchange rates. Among the 25 liquid staking protocols (LSPs), Lido accounts for a commanding 77.81% of the market share. The second-largest player, Rocket Pool, recorded a deposit of 49,214 ether in the same 36-day period. Additionally, Rocket Pool recently celebrated a significant achievement, surpassing the 1 million ETH mark in TVL.
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🔵 Circle says it doesn't service Justin Sun in letter to US senators refuting claims about illicit financing activities
In a letter to U.S. Senators Sherrod Brown and Elizabeth Warren, Circle refuted what it said were false claims it facilitated illicit financing activities. It also said it does not provide banking services to Justin Sun, the TRON Foundation or Huobi Global, which now goes by HTX. "Neither Mr. Sun nor any entity owned or controlled by Mr. Sun, including the TRON Foundation or Huobi Global, currently have accounts with Circle."
"To date, the U.S. government has not specifically designated Mr. Sun or his entities as Specially Designated Nationals," the letter continued. "Nonetheless, Circle terminated all accounts held by Mr. Sun and his affiliated companies in February 2023."The crypto finance company's Chief Strategy Officer and Head of Global Policy Dante Disparte penned the letter in an effort to refute "false claims" made by the Campaign for Accountability, which earlier this month sent a letter to Senators Brown and Warren and advised them to "turn their attention to the role crypto entrepreneur Justin Sun, his blockchain TRON, and the US-based stablecoin issuer Circle may be playing in the financing of terrorist organizations."
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🟠 CZ steps down as Binance.US board chairman
Changpeng 'CZ' Zhao has stepped down as chairman of the board of directors for Binance.US, the crypto exchange's American arm, the company said on Tuesday. The former Binance CEO has transferred his voting rights through a proxy agreement, the firm added. The move removes Zhao's influence from Binance.US's governance and renders his interest in the firm "purely economic." A judge said yesterday that Zhao will have to stay in the U.S. ahead of his sentencing in February, at least until a further review is conducted.
Zhao pleaded guilty in a Seattle court last week to violating, and causing a financial institution to violate, the Bank Secrecy Act. He also agreed to pay a $50 million fine and stepped down as CEO of Binance. "Binance.US is not a party to the settlements announced last week, nor do we have any outstanding enforcement matters with the DOJ, FinCEN, OFAC, or CFTC," the company wrote on the social media platform X. It said that it remains fully operational. Judge Richard Jones of the U.S. District Court for the Western District of Washington in Seattle ordered that a condition that would have allowed Zhao to return to his home in United Arab Emirates before his sentencing be "stayed until such time as this Court resolves the Government’s motion for review.
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📊 Crypto Funds Attract Largest Weekly Inflow in 2023 as Bitcoin 'Short-Sellers Capitulate': CoinShares
Crypto investment funds last week attracted their largest net inflows this year, extending their strongest run since the 2021 bull market as anticipation for a spot bitcoin (BTC) exchange-traded fund (ETF) continued to entice investors, digital asset fund management firm CoinShares reported Monday. Digital asset-focused investment vehicles saw net inflows of $346 million in the week ended Nov. 24, the largest amount in what's now been nine consecutive weeks of inflows, according to the report.
"This run, spurred by anticipation of a spot-based ETF launch in the US, is the largest since the bull market in late-2021," CoinShares head of research James Butterfill said. Meanwhile, short BTC funds – which seek to profit from declining prices – saw their third week of outflows in a sign of "short-sellers continuing to capitulate," the report said. Funds holding ether (ETH) experienced $34 million of net inflows last week, extending the positive trend to four consecutive weeks and surpassing $100 million of net inflows during this period. ETH funds now have almost nullified their dismal run of outflows earlier this year, which marks "a decisive turnaround in sentiment" towards the second largest cryptocurrency, CoinShares added.
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🏦 HTX Deposits And Withdrawals About To Reopen With Airdrop After $30 Million Hack
On November 22, 2023, HTX, formerly Huobi Global, encountered a significant security breach, resulting in a staggering loss initially estimated at $13.6 million, later revised to approximately $30 million. Justin Sun, the prominent figure associated with HTX and Poloniex, reassured users about the safety of their assets, expressed regret for the inconvenience caused and pled to cover all losses. In response to the incident, HTX deposits and withdrawals are set to reopen, accompanied by an upcoming airdrop as a gesture of appreciation for affected users.
Sun urges users to stay vigilant by monitoring platform announcements. This breach marked the fourth cybersecurity incident affecting Sun-related businesses in the past two months, raising concerns about the effectiveness of their security protocols. Particularly notable was the attack on Poloniex on November 10, attributed to a meaningful private key breach. The breach results in a substantial $100 million loss, prompting an ongoing investigation to determine the root cause. To encourage the return of the stolen funds, a $10 million white-hat reward has been announced. HTX deposits and withdrawals are reopened together with Poloniex. HTX affirmed that the overall financial health of the platform remains stable and normal operations are unaffected.
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🪙 HashKey Exchange Launch Aave, Ushering in a New Era!
HashKey exchange launch Aave, a licensed virtual asset exchange based in Hong Kong. The listing, scheduled for 16:00 on November 23, 2023, Hong Kong time, marks a pivotal moment for users seeking diverse and regulated trading options. As of now, the doors to deposits and withdrawals on HashKey Exchange are wide open, allowing users to prepare for the imminent listing of AAVE. This move not only expands the offerings of HashKey Exchange but also provides AAVE/USD enthusiasts with a regulated platform.
AAVE/USD trading pair is exclusively reserved for professional investors. This strategic decision ensures a controlled and specialized trading environment, catering to the needs of seasoned market participants. The collaboration between Aave and HashKey Exchange signifies a dynamic synergy between a prominent decentralized finance (DeFi) protocol and a licensed exchange, offering users a secure and regulated avenue to trade AAVE. The listing on HashKey Exchange not only elevates the market presence of Aave but also strengthens the position of HashKey Exchange as a reputable platform for virtual asset trading. Aave listing on HashKey Exchange reinforces the industry’s commitment to responsible.
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📣 Media Site Coindesk Acquisition Now Completed By Bullish
Bullish, the cryptocurrency exchange helmed by former New York Stock Exchange President Tom Farley, has successfully acquired CoinDesk, a crypto-focused media company, in an all-cash transaction, as reported by the Wall Street Journal. Media site Coindesk acquisition also includes Bullish’s involvement in the acquisition of FTX 2.0. Former Wall Street Journal editor-in-chief Matt Murray is set to serve as the chairman of CoinDesk’s independent editorial board, ensuring the media outlet’s editorial autonomy.
The financial details of the media site Coindesk acquisition remain undisclosed, but it marks a significant development since Digital Currency Group, CoinDesk’s parent company, acquired it in 2016 for $500,000. CoinDesk, known for breaking news about Sam Bankman-Fried’s crypto empire, will maintain its current management team, led by CEO Kevin Worth. The publication will operate as an independent subsidiary within Bullish, with plans to launch an editorial committee to safeguard journalistic independence. CoinDesk, a leading digital media, events, and information services company for the crypto and blockchain community, generated $50 million in revenue last year.
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⚪️ Worldcoin price drops 6% after Sam Altman unseated as OpenAI CEO
The price of the token belonging to Worldcoin, the cryptocurrency project co-founded by former OpenAI CEO Sam Altman, fell 6% following news that Altman has been removed as CEO from OpenAI. WLD traded hands at $2.03 at around 3:30 p.m. ET. However, the coin fell to $1.91 — a 6% decrease — after news of Altman's removal from the role at around 4:15 p.m. ET. The coin dropped 12.83% over the last 24 hours, according to The Block's Price Page.
OpenAI announced that Altman would no longer serve as the firm's CEO or on its board of directors after he was allegedly dishonest in communication. "Mr. Altman’s departure follows a deliberative review process by the board, which concluded that he was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities. The board no longer has confidence in his ability to continue leading OpenAI," the firm wrote in an official release. Worldcoin is a cryptocurrency project that pays people in a cryptocurrency called WLD for scanning their retinas at orbs, with the ultimate goal of building a large-scale identity and financial public network.
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📣 Tether And Bitfinex Lawsuit Take A New Step As Judge Dismisses Class Action
In a decisive legal triumph, Tether and Bitfinex have emerged victorious as Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York dismissed the “meritless” class action complaint lodged by Shawn Dolifka against the stablecoin issuer and its sister company. Following the denial of Dolifka’s motion to amend the complaint, he opted not to appeal the judgment. The dismissal, ruled in favor of Tether and Bitfinex, stands as conclusive.
The plaintiff’s allegations accused Tether and Bitfinex of false statements regarding the reserves backing their stablecoin, USDT. However, the judge ruled that the plaintiffs failed to substantiate actual reliance on the alleged false statements, a crucial element for breach of contract and unjust enrichment claims. Despite the victory, the case continues, as the judge granted the plaintiffs 30 days to file an amended complaint. This development follows the Tether and Bitfinex lawsuit filed by U.S. citizens Matthew Anderson and Shawn Dolifka against Tether Holdings, accusing the stablecoin issuer of falsely disclosing USDT reserve information and misleading consumers about the properties of Tether tokens.
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🏦 Nana Murugesan Leaves Coinbase Amid Global Expansion Drive
The Vice president of international and business development, Nana Murugesan leaves Coinbase in the first quarter of next year. Nana Murugesan leaves Coinbase in the first quarter of next year but will stay on as an advisor until July. During his tenure, Murugesan worked with Brian, Emilie, and the team to establish international growth. Now, he is embarking on his next adventure while facilitating the transition at Coinbase.
The company has capable regional managing directors and country directors in place. Coinbase’s global expansion efforts come at a time when it faces regulatory challenges in the U.S. In June, the U.S. Securities and Exchange Commission filed a lawsuit against Coinbase for securities law violations. As part of its international expansion, Coinbase, co-authored by Murugesan, unveiled the second phase of its “Go Broad, Go Deep” strategy. This blueprint outlines the company’s plans and recently led to the acquisition of a comprehensive license in Singapore. In an interview, Murugesan revealed Coinbase’s collaboration with finance ministries, central banks, and regulators in 24 countries, including G20 members and regions like Hong Kong, Switzerland, the United Arab Emirates, and Singapore.
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💰 Former FTX General Counsel To Launch New Crypto Exchange With Focus On Trust
In the aftermath of the FTX bankruptcy, a group of former FTX executives, led by Can Sun, the former FTX general counsel, is joining forces to establish a new cryptocurrency exchange. The initiative aims to address the issues that led to the downfall of their previous employer. Sun, a key witness in the criminal trial of ex-FTX CEO Sam Bankman-Fried (SBF), testified against SBF under a no-prosecution agreement. The venture seeks to sell a 10% stake to investors at a valuation exceeding $100 million.
Sun’s involvement was not initially disclosed when Backpack, the Web3 digital wallet company founded by Armani Ferrante, announced the exchange last month. Claire Zhang, Ferrante’s wife and a former legal deputy of Sun’s, is also part of the executive board of Trek Labs, the Dubai-based entity operating as Backpack Exchange. Trek Labs has obtained a license from the Dubai Virtual Assets Regulatory Authority (VARA), regulating digital assets in the region. Sun’s Trek Labs employs former FTX legal and compliance staff, with transparency being a key focus. The former FTX general counsel emphasized the importance of trust and transparency in the post-FTX landscape. Backpack Exchange plans to utilize Backpack’s technology to enable users to hold funds in their own “self-custody” crypto wallets.
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💰 Celsius Bankruptcy Reorganization Plan Approved by Court; Implementation by Early 2024
Crypto lender Celsius secured approval for its reorganization plan from a bankruptcy court on Thursday, with the implementation expected to be completed by early 2024, the company said. The order marks Celsius' exit from bankruptcy, filed in July last year, a process that also saw it make a $4.7 billion settlement with U.S. authorities over fraud allegations. At the time of settlement in July, former CEO Alex Mashinsky – who had resigned in September, 2022.
Chief Judge Martin Glenn of the United States Southern District of New York Bankruptcy Court confirmed a modified plan that was mostly agreed upon in late September, when Celsius' creditors voted to approve a plan that would return 67%-85% of holdings back to them. Customers who had funds tied up in Celsius will be getting back about $0.25 per CEL token. CEL was a utility token and its underlying value was based on the utilities it offered on the Celsius Network. The judge's order also hands control of the implementation of the reorganization to Fahrenheit Holdings, a group that includes Arrington Capital and crypto miner U.S. Bitcoin Corp. Fahrenheit won a bid to acquire the insolvent lender in May 2023.
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/channel/DeFi_Ethereum
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/channel/+RS-e_5lUrDk3MThk