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

Investigation Reveals Hacker Controls Millions in Altcoins

Investigation reveals that a hacker controls significant holdings in various altcoins, posing a risk of market impact.

user avatarFilippo Romano

ZeroBeta and Lynq Integrate Tokenized Treasury Holdings for Enhanced Institutional Finance

ZeroBeta and Lynq have announced a new integration that connects tokenized Treasury holdings to institutional borrowing and trading, allowing eligible assets to be pledged as collateral while accruing interest.

user avatarEmily Carter

Spiko Announces $238 Billion in Tokenized Investment Fund

Spiko has reported a remarkable $238 billion in its Amundi Overnight Swap Fund (SAFO), emphasizing the rising significance of tokenized investment products in business cash management.

user avatarTomas Novak

Kraken Launches New Funding Route for USDG on Arbitrum One

Kraken has launched a new funding route for Global Dollar (USDG) on Arbitrum One, enhancing the ease of transactions between the exchange and blockchain wallets.

user avatarKaterina Papadopoulou

SAT Japan Introduces Stablecoin Payment Option for Vehicle Exports

SAT Japan has launched a stablecoin payment route through TripleA, enabling cross-border car purchases using USDT and USDC.

user avatarMaya Lundqvist

Ripple and Water.org Enhance Partnership for Efficient Water Financing

Ripple and Water.org are expanding their partnership to leverage payment and stablecoin infrastructure aimed at improving water and sanitation financing.

user avatarLeo van der Veen

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