🕵️ SBF's 4 Million Pages of Evidence
In today's edition: 🚨 Balancer's $900K exploit, 🤔 PEPE's $15 million heist, 💸 PYUSD's market struggle, and more!
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What’s Poppin’?
by Samyuktha Sriram
SBF’s Lawyers Object to 4 Million Pages of New Evidence
The former FTX CEO’s legal counsel argued against the millions of additional pages of discovery introduced by the U.S. government last week.
Balancer Exploited for Nearly $900,000 After Disclosing Vulnerability
The DeFi protocol confirmed an exploit days after warning users about a vulnerability affecting certain liquidity pools.
PEPE Insiders Steal $15 Million From Multisig Wallet
Three former team members have been accused of stealing 16 trillion PEPE tokens and selling them on various crypto exchanges before deleting their social media accounts.
PayPal Stablecoin PYUSD Faces Low Demand: Report
The newly launched stablecoin is facing a lack of demand from crypto users, according to data firm Nansen.
On the Pod…
On Wednesday, the U.S. Government indicted Tornado Cash developers Roman Storm and Roman Semenov for three counts of conspiracy involving a staggeringly large number: $1 billion in criminal proceeds. The U.S. Department of Justice attached North Korean hackers to a large portion of this sum, alleging that Tornado’s privacy tech enabled nefarious deeds.
Amanda Tuminelli, chief legal officer of the DeFi Education Fund, joins the show to assess whether the U.S. Government got it right or is merely misguided in its understanding of how blockchain technology works.
Should Tornado Cash devs be held to account for the criminal use of their software?
Daily Bits…✍️✍️✍️
💼 The U.S. Treasury and IRS proposed new regulations requiring crypto brokers and exchanges to increase tax reporting, aligning them with traditional investment brokers.
👮♂️ The Drug Enforcement Administration (DEA) mistakenly sent over $55,000 in stablecoins to a scammer due to an airdrop error, despite efforts to freeze the funds through Tether.
🚫 A U.S. bankruptcy judge denied a motion to classify Celsius' CEL token as a security. ⚖️ Additionally, the court rejected Celsius token holders' bid to value CEL at $0.80, opting for a lower $0.25 valuation.
🇰🇷💰 Starting September, South Korean crypto exchanges must hold at least $2.3 million in reserves for consumer protection, with major exchanges like Upbit and Bithumb reportedly on track to comply.
🚨 MakerDAO's $1.84 million investment in Centrifuge's tokenized credit pool is at risk due to an impending default from the pool's largest borrower, who faces liquidation over a legal dispute.
🇷🇺 Binance severed connections with five Russian banks previously listed on its peer-to-peer service, citing compliance with local and global regulatory standards.
🐕 Shibarium, a Layer 2 blockchain linked to Shiba Inu, resumed fund withdrawals on its Ethereum bridge after a temporary pause due to scalability issues.
The $$$ Corner…
🕌 Oman invested nearly $800 million in cryptocurrency mining, including a $300 million deal with Abu Dhabi's Phoenix Group, amid ongoing debates about Sharia compliance.
What Do You Meme?
Recommended Reads
Jason Schwartz on how IRS’ proposed crypto broker reporting regulations will stop US users from accessing blockchain services
Austin Campbell on why this could be the beginning of the end of US dominance of financial markets
📈 Your Market Update 📉
BTC is down .4%, trading at $25,9634
ETH is down .8%, trading at $1,636
BTC dominance: 46.44%
Crypto market cap: $1.09 trillion
*All data as of today, 7:37 am ET
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