Not a Happy Holiday for Justin Sun 🚨
In today’s edition: ⚖️ SBF's release denied, ⚖️ Prosecutors want CZ in US, 🔓 KyberSwap security breach, 💰 HTX, Heco lose $85M, and more!
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What’s Poppin’?
by James Rubin and Samyuktha Sriram
SBF’s Bid for Release Rejected by US Appeals Court
The U.S. Court of Appeals rejected Sam Bankman-Fried’s request for a release on the grounds that he attempted to tamper with witnesses leading up to his trial.
U.S. Prosecutors Urge Court to Keep Ex-Binance CEO CZ in Country Until Sentencing
Citing flight risk concerns, authorities request Changpeng Zhao to stay in the U.S. ahead of his February 2024 sentencing following a guilty plea.
$48 Million Drained from KyberSwap in Hack
KyberSwap alerted users to a “security incident” on its platform, where an estimated $48 million worth of crypto has been drained so far.
Crypto Exchange HTX, Blockchain Protocol Heco Chain Drained of $85M in Exploit
Justin Sun, an investor in Hex confirmed the hack in a post on X. Onchain data provider Arkham Intelligence is offering a bounty to identify the source of the hack.
The Chopping Block: What Does Binance’s Record $4.3 Billion Settlement Mean for Crypto?
This week, the gang breaks down the record $4.3 billion settlement between Binance and the U.S. government — whether it was fair, the chances CEO Changpeng Zhao will face any jail time, whether it was ultimately a good thing for Binance and for the U.S., and what this changes for the industry going forward. They also delve into the SEC’s lawsuit against Kraken, and the drama around Sam Altman’s firing from Open AI and what it says about corporate governance and crypto companies.
Daily Bits…✍️✍️✍️
📜 Coinbase accused the SEC of delaying their request for new crypto industry regulations, urging the court to mandate action.
🔚 Binance processed nearly $1 billion in net outflows as CEO Changpeng 'CZ' Zhao resigned amid the $4.3 billion settlement.
💰 Binance moved $3.9 billion in Tether from its cold wallet shortly before settling DOJ charges, raising questions about the transaction's timing and purpose.
⛏️ F2Pool, a major Bitcoin mining pool, stirred controversy by allegedly censoring transactions from a U.S.-sanctioned address, challenging Bitcoin's anti-censorship ethos.
💼 The UK finance minister announced legislation aimed at fostering the growth of the nation's digital asset sector as part of the "mini-budget."
🚶♂️ Joseph Naggar, who led GoldenTree's push into crypto, is set to leave the firm, casting uncertainty on the future of its crypto unit.
Today in Crypto Adoption...
🤝 KPMG Canada teamed up with Chainalysis to combat crypto fraud and enhance compliance with anti-money laundering regulations.
👥 South Korea plans to pilot a central bank digital currency (CBDC) with 100,000 citizens in early 2024 to improve government grant systems.
💱 Austria's Raiffeisen Bank International will offer cryptocurrency trading services to retail customers in Vienna starting January 2024 in partnership with Bitpanda.
What Do You Meme?
Recommended Reads
Unchained: What Is MEV in Crypto?
Forbes: Here are all the crypto firms facing charges from regulators this year
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📈 Your Market Update 📉
BTC is up 2.2%, trading at $37,335
ETH is up 1.8%, trading at $2,057
BTC dominance: 49.53%
Crypto market cap: $1.47T
*All data as of today, 06:35 am ET
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