As the DeFi and crypto space continues to evolve rapidly, staying informed about the latest developments and trends is essential. Our weekly recap offers a comprehensive overview of the most significant news and trends happening in the DeFi and crypto world.
Javier Milei's LIBRA Endorsement: What Went Wrong?
Argentine President Javier Milei is facing criticism for his endorsement of LIBRA, a cryptocurrency that crashed within hours of launch. Legal experts claim his endorsement was pivotal 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 Sued for $81.5B in Nigeria
Nigeria has filed a lawsuit against Binance for $81.5 billion, accusing the company of tax evasion and causing 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 accuse the exchange of enabling currency speculation and demand $79 billion for economic damages.
Pi Network Under Investigation?! Bybit CEO Speaks Out
Bybit CEO Ben Zhou has raised concerns over Pi Network, questioning its legitimacy as it launches its Open Network. Zhou denied any involvement with Pi and cited a 2023 Chinese police warning labeling its activities as potentially fraudulent, particularly aiming at the elderly. Vietnamese authorities also reportedly investigated the project last year.
This week, the DeFi and crypto industry faced several significant new developments and challenges. From LIBRA's endorsement issues to Binance's lawsuit, these events underscore the importance of careful examination and assessment in the rapidly evolving digital landscape.
