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

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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.

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Other news

HTX Strengthens Global Compliance and Showcases at TOKEN2049

HTX has made significant strides in global compliance initiatives while participating in TOKEN2049, a major event in the crypto industry held in Singapore.

user avatarDiego Alvarez

SEC Files Charges Against Richard Heart for Fraud

The SEC charged Richard Heart and his entities with conducting unregistered offerings of crypto asset securities.

user avatarMaria Fernandez

HTX Marks 13th Anniversary with Major Celebrations and Trading Events

HTX celebrated its 13th anniversary with major events, including the Anniversary Carnival and Trading Championship 3, highlighting its resilience in the crypto market.

user avatarKenji Takahashi

Richard Heart Arrested in Istanbul on Interpol Charges

Richard Heart, founder of Hex cryptocurrency, was detained in Istanbul under an Interpol Red Notice for aggravated tax fraud.

user avatarGustavo Mendoza

MediaMarkt Saturn Ceases Sales of Ledger Devices Amid Security Concerns

MediaMarkt Saturn has stopped selling Ledger devices due to security concerns following a customer report of a hidden implant.

user avatarRajesh Kumar

Binance Expands into Traditional Finance as Mining Pool Closes

As Binance prepares to shut down its mining pool, the exchange is expanding into traditional finance by providing access to over 7,000 US stocks and ETFs for customers outside the United States.

user avatarMiguel Rodriguez

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