Day: October 26, 2023

Citadel Securities accused by Terraform of acting in ‘bad faith’ over UST depeg incident

The legal fight between Terraform Labs and Citadel Securities over the 2022 UST stablecoin issue presents a complicated situation filled with accusations, calling for a careful and unbiased review to find out what really happened. Citadel Securities is caught up in a legal issue with Terraform Labs, connected to the 2022 instability of the stablecoin UST. In a strong response to Terraform’s legal request, Citadel firmly denies having any part in the matter, calling the accusations a far-fetched conspiracy theory. This article aims to break down this complex legal situation,…

Binance Crypto Exchange Launches Futures Trading for Ethereum-Based Altcoin That’s Surged Over 50% in a Week

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The world’s largest crypto exchange platform by volume is launching futures trading for one Ethereum (ETH)-based altcoin that’s jumped over 50% in a week. In a new announcement, crypto exchange Binance says that it will be launching futures contracts with up to 50x leverage for Powerledger (POWR), a decentralized energy market built on top of ETH that democratizes energy tokens. According to Powerledger’s official website, the crypto asset aims to aid the decentralization of the energy grid, help transition toward renewable energy, and help consumers keep track of their power…

DOJ Investigation Requested For Illicit Finance

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In a recent development, US lawmakers have urged the US Department of Justice (DOJ) to initiate a criminal investigation into cryptocurrency exchange Binance (BNB) and stablecoin issuer Tether (USDT).  The lawmakers, led by Senator Cynthia Lummis, reference a controversial Wall Street Journal (WSJ) report that alleges Hamas and its affiliate raised significant funds through cryptocurrencies.  Binance And Tether Face Calls For Criminal Charges In a joint letter signed by Senator Lummis and Representative French Hill, the lawmakers express deep concern over reports indicating that “unregulated crypto intermediaries” outside the United…

Cynthia Lummis leads the charge calling for DOJ action against Binance and Tether

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Cynthia Lummis, a crypto proponent representing Wyoming in the United States Senate, has called on the U.S. Justice Department to consider charges against crypto exchange Binance following the terrorist group Hamas’ attack on Israel. In an Oct. 26 letter to U.S. Attorney General Merrick Garland, Lummis and Arkansas Representative French Hill urged Justice Department officials to “reach a charging decision on Binance” and “expeditiously conclude” investigations of allegedly illicit activities involving Tether. The two lawmakers’ remarks followed Hamas launching a coordinated attack against Israel on Oct. 7, which they suggested…

LooksRare Monthly NFT Trading Volume Flash Crashes 97% In October: What’s Next?

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The monthly trading volume of LooksRare, a decentralized non-fungible token (NFT) and digital collectible marketplace, is down 97%, crashing from $71.9 million registered in September 2023 to just $2.1 million in October, Token Terminal data shared by Web3 Academy on October 26, via X shows.  LooksRare’s Monthly Volume Tanking, Falls To $2.1 Million In October The unprecedented drop in activity couldn’t be pinned on any particular LooksRare-related event when writing on October 26. This contraction is despite the broader cryptocurrency market recovering, rising as seen by the welcomed expansion of leading…

HTX’s Justin Sun claims record profits despite staff cuts

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Chinese blockchain personality Justin Sun, who also serves as the de facto owner of crypto exchange HTX (formerly Huobi Global), claims that the firm posted a profit of $98 million in Q3 2023. According to the October 26 thread, Sun says that HTX generated a total of $202 million in revenues during the quarter, which was offset by $104 million in expenses, leaving a total profit of $98 million. For Q4 2023, Sun projects that HTX will generate $190 million in revenue, along with $88 million in expenditure, for an…

Bitcoin is evolving into a multi-asset network

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For more than a decade, the primary narratives surrounding Bitcoin (BTC) have focused on its role as a peer-to-peer digital cash and store of value. However, all indications suggest that we are witnessing a significant shift in this paradigm. Since the beginning of 2023, one of the most discussed topics in the Bitcoin ecosystem has been the use of the world’s leading blockchain to store information that goes beyond the previously mentioned use cases. Related: Bitcoin fragments could become more valuable than full Bitcoins If you have been isolated in…

Sam Bankman-Fried denies knowledge of moving FTX deposits to North Dimension: Report

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Testifying in court but without the jury for his criminal trial present, Sam “SBF” Bankman-Fried faced questions from prosecutors who pressed the former FTX CEO on his alleged involvement in using customer funds for investments through Alameda Research. According to reports from the New York courtroom on Oct. 26, Bankman-Fried denied knowing why crypto exchange FTX began moving user funds from a bank account with Alameda to a firm called North Dimension — a “shadowy entity” allegedly used for money laundering. SBF suggested that banks may have been more comfortable…

SBF grilled in court on deleted messages during testimony

Disgraced FTX founder Sam Bankman-Fried (SBF) tried to explain his rationale for deleting corporate messages during a closed-door testimony without the presence of the trial’s jury on Oct. 26. When prompted as to why he started using corporate communications on the encrypted messaging app Signal by prosecutor Danielle Sassoon of the Southern District of New York, SBF claimed that he only did so with the approval of FTX counsel Daniel Friedberg. However, SBF later said that while counsel approved the use of Signal, he never sought prior approval before utilizing…