The DeFi and crypto space is ever-evolving, and it's crucial to stay informed about the latest news and trends. Here is a concise and comprehensive overview of the most significant events from the past week.
Javier Milei's LIBRA Endorsement
Argentine President Javier Milei is under criticism for allegedly promoting LIBRA, a cryptocurrency that crashed within hours of its launch. Legal experts claim 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
Nigeria has sued Binance for $81.5 billion, accusing the crypto giant of tax evasion and contributing to naira depreciation. The Federal Inland Revenue Service (FIRS) 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.
Pi Network Issues and First XRP Spot ETF
Bybit CEO Ben Zhou has raised concerns over Pi Network, questioning its legitimacy 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, particularly targeting the elderly. Vietnamese authorities also reportedly investigated the project last year. Meanwhile, the Brazilian Securities and Exchange Commission (CVM) has approved the world's first XRP spot ETF, which will trade on Brazil's main stock exchange B3.
This week's headlines underscore the growing legal and regulatory challenges facing the crypto industry, as well as the gradual adoption of new blockchain-based financial instruments.
