As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space.
Javier Milei's LIBRA Endorsement: What Went Wrong?
Argentine President Javier Milei is under fire for allegedly promoting LIBRA, a cryptocurrency that crashed within hours of launch. Legal experts say his endorsement was key in what they call a 'rug pull' scheme. A lawsuit accuses Milei of fraud and illicit association, arguing he misled investors. Argentina’s criminal justice system is reviewing the case.
Binance Sued for $81.5B in Nigeria: What You Need to Know
Nigeria has sued Binance for $81.5 billion, accusing the crypto giant of tax evasion and fueling naira depreciation. The Federal Inland Revenue Service claims Binance failed to pay $2 billion in taxes from 2022 to 2023 and seeks a 26.75% interest rate on the sum. Officials also allege the exchange enabled currency speculation, demanding $79 billion in damages for economic harm.
The First XRP Spot ETF Gets Approved in Brazil: How it Matters
Brazil’s Securities and Exchange Commission (CVM) has approved the world’s first XRP spot ETF, the Hashdex NASDAQ XRP Index Fund. The ETF will trade on B3, Brazil’s main stock exchange, with Genial Investimentos as its administrator. Ripple’s Latin America director, Silvio Pegado, highlighted XRP’s strong market presence and institutional demand as key factors behind the approval. Meanwhile, Brazil’s Braza Group is launching a Real-pegged stablecoin (BBRL) on the XRP Ledger, further expanding Ripple’s presence in the country.
This week, the crypto world was once again in the spotlight with significant events like the LIBRA scandal, the lawsuit against Binance, and the approval of the first XRP spot ETF. These events highlight the ongoing evolution and importance of the cryptocurrency industry on a global scale.
