DeFi Highlights: FTX's $1.8B Lawsuit Against Binance, 18 U.S. States Sue SEC, and More

user avatar

by Giorgi Kostiuk

2 years ago

The weekly review in the decentralized finance (DeFi) and crypto world highlights significant events, ranging from legal disputes among major players to new legislative initiatives.

FTX Sues Binance and Changpeng Zhao for $1.8B

FTX has filed a $1.8 billion lawsuit against Binance and its former CEO, Changpeng Zhao, accusing them of fraudulent transfers in a 2021 share buyout deal. The lawsuit claims Binance received $1.76 billion in FTX tokens (FTT) and Binance coins (BNB, BUSD) in exchange for its stakes in FTX entities, with the funds allegedly misappropriated, potentially from customers.

18 U.S. States Sue SEC Over Alleged Overreach

A coalition of 18 U.S. states, led by Kentucky, has filed a lawsuit against the SEC, accusing the agency of exceeding its constitutional authority in regulating cryptocurrencies. The Republican attorneys general from states such as Texas, Florida, and Ohio argue that SEC Chair Gary Gensler's approach undermines state regulatory powers and hinders innovation.

U.S. DOJ Investigates Polymarket for Alleged Activities

The U.S. Department of Justice has launched an investigation into Polymarket, a crypto-based prediction platform, for potential regulatory breaches. Despite settling with the Commodity Futures Trading Commission (CFTC) in 2022, new allegations suggest the platform may still be accessible to U.S. citizens.

These events highlight the complex interactions in the crypto world, where legal and regulatory aspects clash with rapid technological advancements and innovations.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

MEXC Launches Initiatives to Enhance Access to Financial Markets

MEXC has launched several initiatives, including the Trade Wall Street, Without Walls campaign, to enhance access to traditional financial markets.

user avatarRajesh Kumar

MEXC Introduces Stock Trading Handbook for Crypto Traders

MEXC has launched the Stock Trading Handbook to assist crypto traders in transitioning to the stock market as part of its Opportunity Compass initiative.

user avatarLucas Weissmann

KalshiEX Seeks Approval for Perpetual Security Futures

KalshiEX has filed a proposal with the SEC to introduce perpetual security futures linked to 58 stocks and ETFs.

user avatarFilippo Romano

US Dollar Strengthens Its Dominance in Forex Market

The US dollar's share in the forex market has increased to 89%, defying challenges from rival currencies.

user avatarEmily Carter

Cipher Mining Expands into High-Performance Computing and AI Infrastructure

Cipher Mining is leveraging its mining business assets to enter the high-performance computing and AI infrastructure market.

user avatarTomas Novak

REX Shares Launches TREX 2X Long Strive Daily Target ETF

REX Shares has launched the TREX 2X Long Strive Daily Target ETF, aiming to deliver 200% of the daily performance of Strive Asset Management shares influenced by its Bitcoin treasury.

user avatarKaterina Papadopoulou

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.