Binance and CZ Turn a Deaf Ear to SEC Accusations 🙉
Also today: 🚫 Why were SBF's expert witnesses barred?, 🚩 Tether's lending reboot, and more!
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What’s Poppin’?
Binance and CEO File Motion to Dismiss SEC Lawsuit
Binance and its CEO filed a joint motion to dismiss the lawsuit, alleging the securities regulator overstepped its authority.
SBF’s Expert Witnesses Barred From Testifying at Trial
A federal judge overseeing the former FTX CEO’s case has granted the DOJ’s motion to exclude testimony from seven expert witnesses.
Tether Has Resumed Lending Its Stablecoins: WSJ
The USDT issuer, which announced plans last year to wind down lending, showed an increase in lending in a quarterly report.
On the Pod…
As lawsuits continue to pile up in the FTX saga, FTX chief John Ray III is focused on clawing back funds from former affiliates to pay back creditors. But how might that play out in court? Founder of 117 Partners Thomas Braziel, who specializes in the trading of bankruptcy claims, explains the different paths Ray may choose to go down and the potential outcomes of these cases.
Daily Bits…✍️✍️✍️
✖️ FTX filed a lawsuit against former employees of a Hong Kong affiliate company to recoup $157 million in assets.
👨⚖️ A court ruled that Sam Bankman-Fried will have to remain in jail during his trial.
🛑 Linear Finance announced a cyber attack that led to the depletion of its Linear USD token's liquidity; halting specific protocol functions.
🏛️ Ex-Senator Pat Toomey expressed doubt that the current U.S. Senate will pass any cryptocurrency legislation despite advancements in the House of Representatives.
🛠️ Celo may switch to Polygon's technology for its new layer-2 network on Ethereum, challenging initial plans to use Optimism's OP Stack.
💱 Binance discussed grace periods for stablecoin operators in the EU with the European Banking Authority, aiming for compliance with MiCA regulations.
🔬 Stader Labs introduced "Liquid Restaked Token" (rsETH) on testnet to enhance ether staking rewards by enabling staking on multiple networks at once.
⛏️ Bankrupt miner Core Scientific will invest $77 million in 27,000 bitcoin mining servers.
The $$$ Corner…
🤖 Tether, through its subsidiary Damoon, invested $427 million in Nvidia chips to expand into generative AI cloud computing.
🎮 Proof of Play secured $33 million in funding, co-led by a16z, for the development of blockchain-based games including Pirate Nation.
🌐 Orb Technology, developer of the web3 social app Orb, garnered $2.3 million in pre-seed funding from various investors, including Stani Kulechov and Sandeep Nailwal; the app is built on Lens Protocol.
What Do You Meme?
Recommended Reads
John Reed Stark on why NFTs will go down in history as pet rocks on steroids
📈 Your Market Update 📉
Bitcoin Dips Below $26.5K in Delayed Reaction to Hawkish Fed Chair Comments
BTC and most major altcoins spent Thursday in the red, joining equities in a swoon as investors worried over the prospect of at least one more Federal Reserve rate hike.
BTC is down .6%, trading at $26,589
ETH is down .2%, trading at $1,593
BTC dominance: 47.4%
Crypto market cap: $1.09 trillion
*All data as of today, 7:00 am ET
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