Author: Lora

Binance Holdings and its former CEO, Changpeng Zhao, have responded to the U.S. Securities and Exchange Commission’s (SEC) attempt to incorporate Binance’s admission of guilt to the Department of Justice (DOJ) in their ongoing legal proceedings. In a filing to the U.S. District Court for the District of Columbia on December 12, Binance argued against the SEC’s move, asserting that it was procedurally incorrect and should be disallowed. The legal dispute between Binance and the SEC commenced on June 5, 2023, with the SEC accusing the company of 13 securities law violations, including allegations that Zhao and Binance mishandled customer…

YieldMax, an investment firm, has submitted an application to launch an innovative ETF providing monthly yields based on MicroStrategy shares. In a recent filing with the SEC, YieldMax proposed the “Option Income Strategy ETF,” set to debut in 2024, trading under the ticker “MSTY,” closely mirroring MicroStrategy’s existing ticker “MSTR.” Employing a “synthetic covered call” approach, the ETF combines buying call options and selling put options to generate revenue, distributed as monthly payouts to MSTY ETF holders. Notably, the ETF won’t hold any actual MicroStrategy shares, relying solely on trading MSTR derivatives. To manage potential losses, the fund caps its…

Society Generale, the third-largest bank in France, has entered the stablecoin market by launching its euro-pegged stablecoin, EUR CoinVertible (EURCV). This move positions Société Générale as one of the pioneering European banking giants to embrace stablecoins. The new stablecoin, fully backed by the euro, will be available for trading on the Bitstamp crypto exchange and open to the bank’s extensive customer base. Jean-Marc Stenger, CEO of Société Générale Forge, emphasized the significance of introducing a stablecoin denominated in euro, highlighting the bank’s commitment to adapting to the evolving crypto landscape. Stenger stressed that EURCV’s development focused on facilitating trades involving…

In a new twist of the ongoing saga, bankrupt crypto lender Genesis Global Capital has launched a legal offensive against cryptocurrency exchange Gemini, seeking to recover a substantial $689 million in alleged preferential transfers. According to court documents filed on November 21, Genesis contends that within the 90 days leading up to its bankruptcy filing in January, Gemini withdrew approximately $689,302,000, seemingly at the expense of other creditors. The lawsuit asserts that Gemini is still benefiting by retaining assets that Genesis aims to recover. Genesis’s legal representation has urged the court to utilize remedies outlined in the United States Bankruptcy…

G2A, the digital game vendor, has embarked on a new venture by introducing a dedicated marketplace for non-fungible tokens (NFTs) associated with Web3 games. This move, unveiled on November 15, aims to expand G2A’s offerings by integrating gaming NFTs into its extensive collection of gaming software. In a statement G2A Capital Group CEO Bartosz Skwarczek highlighted the marketplace’s objective to showcase curated Web3 and NFT games, providing gamers with insights into the evolving landscape of blockchain gaming. Through G2A Geekverse, gamers can explore the world of blockchain gaming and engage in buying and selling digital assets associated with the showcased…

The value of the Grok memecoin, inspired by Elon Musk’s AI project, took a nosedive, dropping over 70% following allegations that its social media account was recycled from a previous scam token project. Blockchain investigator ZachXBT raised concerns in a recent X (formerly Twitter) post, sharing screenshots that indicated the Grok (GROK) token’s online presence had been repurposed from abandoned projects, including the ANDY memecoin, which experienced a significant decline from its peak. In the aftermath of ZachXBT’s revelations, GROK witnessed a rapid decline, plunging 74% from its all-time high of $0.027 to as low as $0.007 within five hours.…

At the recent Ripple Swell event held in Dubai, Ripple CEO Brad Garlinghouse took a stand against crypto maximalists and shared insights into the future of blockchain technology. While some in the crypto space advocate for a single blockchain, Garlinghouse emphasized a different perspective, envisioning a future where multiple blockchains collaborate. During a keynote fireside chat, Garlinghouse expressed his active discouragement of maximalist views, stating, “I am very bullish about a whole bunch of different things going on in crypto. I certainly am active in trying to dissuade people from being maximalists about any particular crypto. It will be a…

Oracle employee Brian Krewson, known as “Mr. Poto” in his after-hours party entertainer role, is currently under the scrutiny of investigators for his alleged involvement in a massive $54 million cryptocurrency money laundering scheme. Although no official criminal charges have been filed against him, Krewson has found himself at the center of a contentious investigation. The allegations surrounding Krewson revolve around his purported role in storing and laundering a substantial amount of cryptocurrency on behalf of his associates, Christopher Castelluzzo and Luke Atwell. Notably, both Castelluzzo and Atwell were convicted of cocaine trafficking in 2016, resulting in prison sentences of…

U.S. Attorney Aims to Recover $54 Million in Ethereum from Convicted Drug DealerThe U.S. Attorney’s Office is making a move to reclaim $54 million worth of Ethereum in a civil forfeiture action against Christopher Castelluzzo, a convicted drug distributor. On November 2, Philip R. Sellinger, the U.S. Attorney, filed the action to recover the seized cryptocurrency, which is linked to Castelluzzo’s illegal narcotics distribution operation in New Jersey. Sellinger commented, “The civil action we are taking today seeks to recover millions of dollars of cryptocurrency.” Darknet Drug Sales Funded Ethereum Holdings Castelluzzo and his associates operated a narcotics business on…

Elon Musk has issued a firm warning to those who might attempt to misuse the community notes feature on X. He stated that any posts flagged by the community-driven fact-checking feature will be ineligible for revenue share, a move aimed at curbing the spread of misinformation and sensationalism. Musk’s announcement, made on October 29 in a post on X, clarified that posts containing misleading or inaccurate information, which are subsequently “corrected” by Community Notes, will not qualify for revenue sharing. The fact-checking process is carried out by crowdsourced fact-checkers associated with X. Musk’s rationale behind this decision is to enhance…