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Weekly Article Recap: 9/25-9/29
September 30, 2023
MINS
A recap of notable news from the week.
Recapping the Week in DeFi
As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.
Binance Completes Russian Exit, Sells Business to CommEX
Binance has officially ended its operations in Russia and is selling its business to CommEX, completing its exit from the country. The off-boarding process will take about a year, with Binance ensuring the safety of its Russian users' assets.
Learn more in the article.
Mixin Network Hacked for $200M
Mixin Network has reported losses of around $200 million due to a cyberattack on its cloud service provider database. They've partnered with Google and security experts SlowMist to investigate the breach and vulnerabilities. To prevent more damage, Mixin has temporarily suspended deposit and withdrawal services until all vulnerabilities are resolved, but transfers are unaffected.
Find more information here.
Coinbase Gains Regulatory Nod from BMA for Retail Perpetual Futures Trading
Coinbase has gained regulatory approval from Bermuda to offer perpetual futures trading for non-US retail customers, showcasing its commitment to compliance and aligning with strict guidelines. This expands on their earlier launch of Coinbase International Exchange in May 2023, providing more trading options for non-US retail customers.
Find details here.
Chase Bank Bans Crypto for UK Users
JPMorgan's UK bank, Chase, is banning cryptocurrency transactions from October 16, 2023, citing security concerns due to rising crypto-related scams and malicious activities. Users were notified by email on September 26.
Learn more here.
Three Arrows Capital Co-Founder Su Zhu Arrested in Singapore
Su Zhu, co-founder of the bankrupt crypto hedge fund Three Arrows Capital, was arrested at Changi Airport in Singapore on September 29. This followed a committal order issued by Singapore Courts, as confirmed by Teneo, the joint liquidators handling the aftermath of Three Arrows Capital's collapse.
Find the details in the article.
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Do Kwon Faces Extradition to the United States Over Terra Crypto Collapse
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December 7, 2023
The decision, yet to be officially announced, follows the US Securities and Exchange Commission's (SEC) charges against Kwon for alleged crypto asset securities fraud.
Montenegro's Justice Minister is reportedly inclined to extradite Do Kwon, the founder of Terraform Labs, to the United States, according to a recent report from The Wall Street Journal.
Do Kwon, a key figure in the Terra blockchain ecosystem, is wanted by the United States and South Korea for his alleged involvement in the downfall of Terra's digital assets.
The decision follows Kwon's arrest in Montenegro last March. The collapse, which occurred in May 2022, triggered a broader market downturn affecting major players in the cryptocurrency space.
Legal Maneuvers and Extradition Talks
Kwon, who initially agreed to be extradited to South Korea, now faces the possibility of extradition to the United States. Montenegro's Justice Minister has privately communicated the decision to send Kwon to the US to answer charges related to financial crimes.
The specific charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation during Kwon's tenure at Terra.
Despite Kwon's earlier agreement for extradition to South Korea, the final decision rests with Justice Minister Milovic. The minister may await the outcome of a potential last-ditch appeal by Kwon against the court ruling.
Milovic emphasized that the decision would be made public "in a timely manner," leaving room for speculation on the intricate legal proceedings.
SEC Charges and Market Impact
The United States Securities and Exchange Commission (SEC) had previously charged Kwon with defrauding investors in crypto schemes in February. The legal action marked a pivotal moment, linking Kwon to allegations of orchestrating a multibillion-dollar crypto asset securities fraud.
In May 2022, Terraform Labs' collapse had a significant impact on the broader cryptocurrency market, impacting major platforms like Voyager Digital, BlockFi, Celsius Network, and FTX.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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