This article explores major happenings in the DeFi and crypto sector this week, from Javier Milei's endorsement of LIBRA to investigations into Pi Network.
Javier Milei's LIBRA Endorsement: What Went Wrong?
Argentine President Javier Milei is under scrutiny for allegedly promoting LIBRA, a cryptocurrency which crashed shortly after its launch. Legal experts highlight Milei's role as a key factor in what is described as a 'rug pull' scheme. He is facing accusations of fraud and illicit association, currently being reviewed by Argentina’s criminal justice system.
Binance Sued for $81.5B in Nigeria: What You Need to Know
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. Additionally, the company is accused of enabling currency speculation, causing economic harm worth $79 billion.
Pi Network Under Investigation?! Bybit CEO Speaks Out
Bybit CEO Ben Zhou has voiced concerns over the legitimacy of Pi Network, which recently rolled out its Open Network. Zhou disclaimed any involvement and cited a 2023 Chinese police warning that branded Pi Network's activities as potentially fraudulent. The project has also reportedly been under investigation in Vietnam.
This week, trust and regulatory compliance have been pivotal themes in the crypto world, as shown by developments in Argentina, Nigeria, and regarding Pi Network.
