As the DeFi and crypto space continues to rapidly evolve, staying informed about the latest events and trends is essential.
FTX Sues Binance and Changpeng Zhao
FTX has filed a $1.8 billion lawsuit against Binance and its former CEO Changpeng Zhao, alleging fraudulent transfers in a 2021 share buyout deal. According to the lawsuit, Binance received $1.76 billion in FTX (FTT) and Binance (BNB, BUSD) tokens in exchange for its stakes in FTX entities. FTX’s bankruptcy estate claims the funds were misappropriated, potentially from customers, and that FTX was insolvent at the time, rendering the transaction invalid.
18 U.S. States Sue SEC
A coalition of 18 U.S. states, led by Kentucky, has filed a lawsuit against the SEC, accusing the agency of exceeding its constitutional authority in regulating cryptocurrencies. The Republican attorneys general from Texas, Florida, and Ohio argue that SEC Chair Gary Gensler's approach undermines state regulatory powers and hinders innovation in the $3 trillion digital asset market.
DOJ Investigates Polymarket
The U.S. Department of Justice has reportedly launched an investigation into Polymarket, a crypto-based prediction platform, for potential regulatory breaches. Despite settling with the Commodity Futures Trading Commission in 2022—paying $1.4 million and restricting U.S. users—new allegations suggest the platform may still be accessible to U.S. citizens. The DOJ is examining Polymarket’s operations and compliance measures.
These events highlight the growing tensions in regulation and operations within the crypto and DeFi space, continuing to shape the future of digital assets.
