The DeFi and crypto world has seen significant events this week, potentially shaping the future direction of the industry. In this recap, we cover the major stories you can't afford to miss.
LIBRA: Challenges with Javier Milei's Endorsement
Argentine President Javier Milei is facing criticism for allegedly promoting the cryptocurrency LIBRA, which collapsed within hours of launch. Legal experts claim his endorsement was crucial in what they describe as a 'rug pull' scheme. A lawsuit accuses Milei of fraud and illicit association, stating he misled investors. Argentina’s criminal justice system is reviewing the case.
Binance Lawsuit in Nigeria
Nigeria has filed a lawsuit against Binance for $81.5 billion, accusing the crypto giant of tax evasion and contributing to the depreciation of the naira. The Federal Inland Revenue Service alleges Binance failed to pay $2 billion in taxes from 2022 to 2023 and is seeking a 26.75% interest rate on the sum. They also accuse the exchange of enabling currency speculation, demanding $79 billion in damages for economic harm.
Concerns Over Pi Network
Bybit CEO Ben Zhou has raised concerns about the legitimacy of Pi Network as the project rolls out its Open Network. Zhou denied any involvement with Pi and cited a 2023 Chinese police warning labeling its activities as potentially fraudulent, especially targeting the elderly. Vietnamese authorities reportedly also investigated the project last year.
These developments underline the importance of closely monitoring and understanding the rapid changes in the crypto industry. Investors and industry participants must remain vigilant and well-informed.
