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Countless people lost money in Do Kwon’s high-interest crypto scheme, and the time has finally come to start a formal loss claim. At its peak, the market capitalization for Luna peaked at around $40 billion, and the Anchor protocol had a peak Total Value Locked of approximately $17 billion. Many people simply saw Kwon’s advertised 19-20% interest rate, bought Kwon’s Terra stablecoin, and deposited it into his Anchor protocol in order to earn yield. Others speculated on Luna or Anchor governance tokens. It sounded too good to be true, and it was. All of Kwon’s tokens – Terra, Luna, and Anchor – have lost over 99.9% of their peak value. The SEC sued. A jury in New York agreed, deciding Kwon and his company, Terraform, are guilty of defrauding investors. Kwon and his company must pay billions of dollars to victims. Kwon is now a felon and international fugitive . If you held Terra (UST), Luna (LUNA), Anchor (ANC), or Mirror (MIR) in or prior to May 2022, you might be eligible for com...

Binance reportedly plans to reduce its stake in Korean crypto exchange Gopax within the next two months to address regulatory reporting issues. Crypto exchange Binance, the major shareholder of Korean crypto trading platform Gopax, is set to reduce its stake in the exchange within the next one to two months to address issues with reporting changes to virtual asset business operators (VASPs), Korean news outlet News1 Korea has learned. The move is expected to solve regulatory issues after Korean authorities delayed approval of Gopax’s VASP change report submitted in March 2023. Binance’s intention to sell a portion of its stake is seemingly aimed at resolving regulatory concerns. Despite the reduction, Binance could still retain an estimated 80% stake , according to local industry executives. As of the latest update, Binance has not released an official statement on the matter. You might also like: Binance.US hit with regulatory setbacks in Florida and Alaska ...

Binance founder and former CEO Changpeng Zhao saw his net worth grow by a whopping $25 billion in 2023 despite market challenges and Binance’s regulatory troubles. This year came with its unique challenges and market volatility. However, amid the issues, the market leveraged an opportunity to recover from the losses of the previous year triggered by the Terra and FTX implosions. The recovery campaign saw Zhao’s net worth, majorly denominated in cryptocurrencies, surge by astronomical margins, according to a recent Bloomberg report CZ’s net-worth ballooned this year over $20 billion. The report, citing the Bloomberg Billionaires Index, also noted that Coinbase CEO Brian Armstrong saw his wealth growth this year. In addition, Gemini co-founders, Cameron and Tyler Winklevoss were among the crypto billionaires who witnessed an increase in their portfolio value. However, Bloomberg suggests Zhao’s wealth growth outpaced the increase recorded by other crypto entrepreneurs. You mi...

A federal judge ruled on Dec. 9 that Changpeng Zhao must remain in the U.S. until his sentencing on criminal charges related to anti-money laundering violations. The latest decision overturns an earlier ruling by a magistrate judge that would have allowed Zhao to return to the United Arab Emirates. In his ruling, U.S. District Judge Richard Jones acknowledged the uncommon nature of overturning a magistrate judge’s pre- sentencing decision, but he was convinced by the Justice Department’s reasoning that Zhao posed a flight risk. Breaking News: CZ Must Stay in the U.S. Until His Sentencing US District Judge Richard Jones just ruled that Binance founder Changpeng Zhao (CZ) can’t return to his home in the United Arab Emirates (UAE) before he is sentenced in the US, which will not be for at least six… pic.twitter.com/5kD5psAZTn — John Reed Stark (@JohnReedStark) December 8, 2023 Jones also noted that while Zhao’s $175 million bond is big, possibly even withou...

The anchored euro (AEUR) stablecoin, which is supposedly pegged to 1 euro, surged over 200% on Dec. 5 after being listed on the crypto exchange yesterday. Throughout most of the day, the AEUR-USDT trading pair hovered around $1.08, aligning closely with the prevailing EUR-USD exchange rate, as per Binance’s trading data. However, at approximately 17:45 UTC, the token’s value began to climb rapidly, accompanied by high trading volumes, reaching a peak of $3.25. Binance halts trading on euro stablecoin $AEUR after it pumped 170% pic.twitter.com/uHgxBgSLQM — db (@neuralinkdb) December 5, 2023 Binance responded to this unexpected volatility by halting trading of the token, as announced in a later X post. #Binance has suspended trading of $AEUR due to abnormal volatility. Thanks for your patience and our team is working towards reopening trading soon.https://t.co/F80OVDG1qk — Binance (@binance) December 5, 2023 AEUR is issued by Anchored Coins, a Swit...

On the day that Binance and its founder (CZ) pleaded guilty to federal crimes in Seattle, the crypto industry was stunned. There were endless reasons to be gobsmacked. Why did CZ step foot on US soil at all? How long might he go to prison? How could he and his company afford to pay their multi-billion dollar settlement? Does Binance have distant ties to Jeffrey Epstein? Astute observers were questioning another, perhaps far more important event that day. In an obstinate post to X (formerly Twitter), CZ issued an incredible declaration, “I am proud to point out that in our resolutions with the U.S. agencies they do not allege that Binance misappropriated any user funds .” Journalists blinked twice. One word in that sentence might impact CZ’s civil liberties. Were it not for “resolutions” that post would have been a lie on the very day that he thought he had signed a criminal settlement. It’s not the best idea to mislead the public about a settlement with the US Department of ...

Binance customer support has responded to a slew of angry users who are having problems with card withdrawals, which began three days after the Department of Justice indicted Binance and its former chief Changpeng Zhao (CZ). The crypto exchange is “unable to process card withdrawal s to card services,” the official Binance customer support account has said to numerous users.  The problem appears to have started on November 17, just three days after the sealed indictment against Binance and its former CEO, CZ, were filed. These indictments were released earlier this week when both pled guilty and agreed to pay $4.4 billion in fines. Hi Eric! We are currently unable to provide card withdrawal to card services, we are working to resolve this. In the meantime, users can access alternative withdrawal channels here: https://t.co/F2XzhemQKz If you require more assistance, feel free to reach out to us at our chat:… — Binance Customer Support (@BinanceHelpDesk) November 24, 2...

Two U.S. elected officials wrote to the Department of Justice, calling for a concluded investigation on Binance and Tether that could lead to litigation against the pair of crypto heavyweights. Senator Cynthia Lummis, who sits on the Senate Banking Committee, cited an Oct. 10 Wall Street Journal (WSJ) report claiming that Hamas and its affiliate raised millions through cryptocurrencies.  The article in question and subsequent reports of the same ilk have since been refuted by blockchain data companies like Elliptic, per crypto.news. Lummis’ letter noted the likelihood of inaccuracies in WSJ reporting but insisted that the Justice Department exercise judicial might to counter crypto terror financing.  Though subsequent reports have highlighted that the level of funding reported in the article is likely not accurate we believe it is nonetheless imperative that the Department of Justice hold bad actors accountable if they are shown to facilitate illicit activity. Senator Cynthi...

The SEC, Binance, and its CEO Changpeng Zhao agreed on a joint motion to file confidential information under seal. On Sept. 11, a joint motion was submitted by parties in the U.S. Securities and Exchange Commission (SEC)’s lawsuit against Binance and Changpeng ‘CZ’ Zhao to request how certain documents or potential evidence would be handled during court proceedings. The protective order filed by the SEC, Binance Holdings Limited, BAM Trading Services Inc, BAM Management US Holdings Inc, and Zhao holds all sides to keep discovery under seal. This means that confidential or other non-public information must be filed as protected materials, and the order restricts access to such documents to parties like the judge, attorneys, plaintiffs, defendants, and court-approved non-parties. These protected materials would be designated as either “CONFIDENTIAL or HIGHLY CONFIDENTIAL – ATTORNEYS’ EYES ONLY”, according to the joint filing. SEC vs Binance The update is the latest filing ...

The Ethereum network has faced withdrawals from its smart contract applications, putting the recent ETH price rally in check. Ether (ETH) price faced resistance after hitting the $1,970 level on July 3. A number of factors capped the rally, including higher odds of more interest rate hikes in the coming months and a tighter regulatory cryptocurrency environment. Macro headwinds from the Fed Besides the external factors, the Ethereum network has faced withdrawals from its smart contract applications, which also put the June rally in check. Investors now question whether the tailwinds from Bitcoin’s (BTC) ETF requests have faded, opening room for a correction down to the $1,700 level last seen on June 16. The recent macroeconomic events may provide some hints, including the, U.S. Gross Domestic Product grew by an annualized 2% in the first quarter, Germany’s Consumer Price Index increased 6.8% in June versus the previous year, and The China Caixin global services purchasing managers’ i...

Also Read: Binance CEO Refers SEC’s Chat Evidence In Internal Staff Letter Long Position Liquidations Lead Crypto Crash As per the Coinglass data, more than 184k traders were liquidated in the last 24 hours. The total liquidation registered comes in at $387 million. Bitcoin, the world’s largest crypto witnessed most of the liquidation (approx worth $50 million) over the past day. Data depicts that out of the cumulative liquidation of $387 million, 88% of the liquidation (approx worth $343 million) turns out to be long positions. While just $43 million worth of shorts were liquidated. This suggests that traders were betting on the market gains. However, Binance registered $151 million worth liquidation in the last 24 hours, where $129 million worth of long positions were liquidated. The digital asset market witnessed a broad sell off as the biggest cryptos like Polygon (MATIC) and Solana (SOL) prices dropped by a massive 25% and 22%, respectively. Read More Crypto News Here…...

The Securities and Exchange Commission (SEC) left many scratching their heads when it designated BUSD, a so-called stablecoin, as an unregistered security. The commission’s reasoning is complex yet intriguing — and raises questions about the classification of other stablecoins. The SEC has explicitly classified dozens of digital assets as SEC urities, including many ICOs like cardano (ADA), solana (SOL), ripple (XRP), algorand (ALGO), tron (TRX), and filecoin (FIL).  Interestingly, commissioners also classified Terra (UST), the failed stablecoin associated with Do Kwon’s Terra Luna (LUNA), as an investment contract. Many observers dismissed this securities classification without much thought, due to UST’s obvious collapse and algorithmic dependence on the hyperinflationary LUNA token. However, the SEC turned heads on Monday when it classified another stablecoin which still trades near $1 as an unregistered security: Binance’s BUSD. The stablecoin’s ecosystem...

Although no official date is mentioned for the launch of Binance Japan, the notice stated that the exchange could start after June. Crypto exchange Binance is set to reenter Japan after acquiring the regulated crypto exchange platform Sakura Exchange Bitcoin (SEBC). Binance acquired the exchange  — a  Japan Financial Services Agency-licensed business — in November 2022, intending to reenter the Japanese crypto market. According to a report published in a local daily, SEBC would terminate its current crypto exchange and brokerage services by May 31 and reopen as Binance Japan after June 2023. The SEBC notice didn’t announce any official launch date. Users of the SEBC exchange must withdraw their funds before the deadline of May 28. Any funds remaining in these accounts will be automatically converted to Japanese yen by June 5 and transferred to users’ bank accounts. The users of Binance Japan would have to carry out new identity verification and Know Your Customer checks. Binance...

The total crypto market cap has stalled at the $1.2 trillion level, but derivatives data shows bulls are preparing for the next breakout. After gaining 11% between March 16 and March 18, the total crypto market capitalization has been battling resistance at the $1.2 trillion level. This same level was reached on August 14, 2022 and was followed by a 19.7% decline to $960 billion over the next two weeks. During the lateralization period between March 20 and March 27, Bitcoin (BTC) gained 0.3%, while Ether (ETH) posted modest gains of 1.6%. Total crypto market cap in USD, 12-hour. Source: TradingView One source of favorable short-term momentum is a change in the Federal Reserve’s monetary policy The U.S. Federal Reserve was forced to increase its balance sheet by $393 billion between March 9 and March 23 in order to provide short-term loans to failing banks. The objective of the plan was to reduce inflation, which has significantly impacted the cost of living and ultimately hampered ec...

Binance assured its users that this change will not impact them in any way, and that their funds will continue to be held in publicly verifiable addresses. Cryptocurrency exchange Binance announced on March 17 that it has replaced BUSD holdings in the Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos' recent decision to stop minting new Binance USD (BUSD), leading to a decrease in BUSD's market capitalization over time.  As Paxos will no longer be minting new BUSD, #Binance has swapped the BUSD in the SAFU Fund for TUSD & USDT. This change will have no impact on users, and the funds remain on publicly verifiable addresses. Funds are SAFU.https://t.co/edLVgpdCUQ — Binance (@binance) March 17, 2023 The Secure Asset Fund for Users (SAFU) is an emergency insurance fund that was established by Binance in July 2018 to protect users' funds in case of security breaches or other unforeseen events. Binance committed ...