The DeFi and crypto markets continue to evolve rapidly, and it's crucial to stay informed about the latest developments and trends. Our weekly recap offers a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space.
Javier Milei's LIBRA Endorsement: What Went Wrong?
Argentine President Javier Milei is under fire for allegedly promoting LIBRA, a cryptocurrency that crashed within hours of launch. Legal experts say his endorsement was key in what they call a 'rug pull' scheme. A lawsuit accuses Milei of fraud and illicit association, arguing he misled investors. Argentina’s criminal justice system is reviewing the case.
Binance Sued for $81.5B in Nigeria: What You Need to Know
Nigeria has sued Binance for $81.5 billion, accusing the crypto giant of tax evasion and fueling naira depreciation. The Federal Inland Revenue Service (FIRS) claims Binance failed to pay $2 billion in taxes from 2022 to 2023 and seeks a 26.75% interest rate on the sum. Officials also allege the exchange enabled currency speculation, demanding $79 billion in damages for economic harm.
Pi Network Under Investigation?! Bybit CEO Speaks Out
Bybit CEO Ben Zhou has raised alarms over Pi Network, questioning its legitimacy as the project rolls out its Open Network. Zhou denied any involvement with Pi and cited a 2023 Chinese police warning labeling its activities as potentially fraudulent, particularly targeting the elderly. Vietnamese authorities also reportedly investigated the project last year.
This week's events in the DeFi and crypto sectors highlight the importance of caution and vigilance for investors and market participants. Thorough examination of project endorsements and legal aspects can help mitigate potential risks.
