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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