As the DeFi and crypto industry continues to evolve, staying informed about the latest developments and trends is essential. Our weekly recap offers a concise overview of the most significant news and trends.
Javier Milei's LIBRA Endorsement Controversy
Argentine President Javier Milei is under scrutiny for allegedly promoting LIBRA, a cryptocurrency that collapsed within hours of launching. Legal experts argue his endorsement was crucial in what is described as a 'rug pull' scheme. A lawsuit accuses Milei of fraud and illicit association, claiming he misled investors. Argentina's criminal justice system is reviewing the case.
Binance Faces $81.5 Billion Lawsuit in Nigeria
Nigeria has filed a lawsuit against Binance, accusing the company of tax evasion and contributing to the depreciation of the naira. 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 facilitated currency speculation, demanding $79 billion in damages for economic harm.
Pi Network Under Investigation for Fraud Allegations
Bybit CEO Ben Zhou has voiced concerns over Pi Network, questioning its legitimacy as it launches its Open Network. Zhou denied any involvement with Pi and referred to a 2023 warning by Chinese police, labeling its activities as potentially fraudulent, especially towards the elderly. Vietnamese authorities also reportedly investigated the project last year.
This week has been eventful in the crypto space, from the controversy with Argentine President and LIBRA to legal battles involving Binance and investigations surrounding Pi Network. Keeping track of these and other developments is crucial to understanding the ever-evolving crypto world.
