In this weekly recap, we cover:
- Binance.US’s accusation against the U.S. Securities and Exchange Commission (SEC) of making misleading remarks about the crypto platform, stirring up a regulatory drama that continues to roil the crypto space.
- Do Kwon, the former head of Terraform Labs, receiving a four-month prison sentence for document forgery in Montenegro, marking a significant development in the fallout from the TerraUSD stablecoin collapse.
- The spiraling financial troubles of FTX, as the bankrupt crypto exchange grapples with legal and advisory fees that have reached an astonishing $121.8 million in just three months, underscoring the high stakes of regulatory compliance in the crypto industry.
- The launch of 3AC Ventures, a new initiative from Three Arrows Capital co-founders Su Zhu and Kyle Davies, which is met with skepticism from the crypto community due to the partners’ past failures.
- Polygon’s contemplation of a significant upgrade to its main Proof-of-Stake blockchain, with a proposed shift to a zero-knowledge-based Ethereum virtual machine (zkEVM) validium, hinting at the ongoing pursuit of scalability and efficiency in blockchain networks.
- Ethereum’s proposal to increase its maximum validator balance from 32 ETH to 2,048 ETH, sparking a lively debate that highlights the network’s ongoing struggle to balance efficiency with decentralization.
- BitGo’s decision to abandon its planned acquisition of Prime Trust, a competitor reportedly grappling with client and deposit losses, reflecting the challenging and uncertain business environment in the crypto custody sector.
- CertiK, a blockchain security firm, receiving a $500,000 reward from the Sui Foundation for detecting a potential critical threat to the Sui network before its mainnet launch, demonstrating the importance of security in the burgeoning DeFi ecosystem.
- Renowned blockchain investigator ZachXBT raising over $1 million in donations for his legal defense, in response to a lawsuit from tech entrepreneur Jeffrey Huang.
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