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

CF Benchmarks Introduces CFB Oracle to Enhance On-Chain Price Integrity

CF Benchmarks has launched CFB Oracle, a service providing cryptographically signed index information for applications on Ethereum mainnet, HyperEVM, and Robinhood Chain.

user avatarLuis Flores

SEC Proposes New Custody Framework for Crypto Assets

The SEC has proposed a new custody framework for investment advisers and registered funds dealing with crypto assets, allowing for potential self-custody and the use of state trust companies as custodians.

user avatarArif Mukhtar

FINMA Approves First Swiss Retail Bitcoin ETF

Switzerland's financial regulator, FINMA, has approved its first retail ETF that invests directly in Bitcoin, allowing retail investors to gain regulated exposure to Bitcoin.

user avatarMaria Gutierrez

EIP7906 Proposal Considered for Enhancing Ethereum Transaction Safety

The Ethereum Foundation is considering EIP7906, which proposes a readonly post-transaction frame to evaluate changes and events before accepting transaction outcomes.

user avatarDavid Robinson

Ethereum Foundation Investigates Enhancements to Transaction Safety

Researchers at the Ethereum Foundation are examining native transaction assertions to enhance transaction safety and reliability in digital asset markets.

user avatarAndrew Smith

Ethereum Developers Delay Glamsterdam Upgrade on Hoodi Testnet

Ethereum developers have postponed the Glamsterdam upgrade initially scheduled for the Hoodi testnet on October 26, with no new activation date provided.

user avatarJacob Williams

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