Warren's Crackdown Bill Gains Momentum? 🥶
Also today: 💥 Gemini slams DCG's remuneration plan, 📊 FTX token sale not a threat, 🤝 BitGo and Swan Bitcoin, and more!
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What’s Poppin’?
US Senators Back Elizabeth Warren’s Bill to Crack Down on ‘Crypto’s Illicit Use’
Senators Warren, Marshall, Manchin and Graham announced an expanded coalition of support for the Digital Asset Anti-Money Laundering Act.
Coinbase Says FTX Token Sale Unlikely to Flood Crypto Market
Researchers from the crypto exchange believe that there are several factors that will reduce the risk of market shocks when FTX eventually unloads its $3.4 billion worth of crypto.
Gemini Pushes Back on DCG’s Remuneration Proposal, Calling It an ‘Attempt to Bait’ Earn Users
Crypto exchange Gemini has called DCG’s proposed remuneration plan “inadequate” and an attempt to “gaslight” creditors.
BitGo and Swan Bitcoin Join Forces to Form Bitcoin-Only Trust Company
BitGo and Swan Bitcoin plan to form a Bitcoin-only trust that will provide a Bitcoin custody service that isn’t exposed to “the risks of securing many altcoins.”
On the Pod…
In the wake of FTX’s collapse, Binance – already the biggest exchange in the world by a large margin – has continued to grow. But a series of challenges, including billions of dollars worth of customer outflows, the winding down of its stablecoin BUSD and suits with the SEC and CFTC related to its U.S. operations have challenged its market dominance. Steven Ehrlich, director of research at Forbes Crypto, joins the show to discuss how Binance has been dealing with a deluge of bad news and how it plans to forge a path forward.
Daily Bits…✍️✍️✍️
🔍 Mark Cuban reported a loss of approximately $870,000 in a crypto scam.
🔄 FTX restarted its claims portal with heightened security measures following a breach in August, affirming no passwords or KYC data were compromised.
📝 The DOJ criticized Sam Bankman-Fried's proposed jury questions as "unnecessarily intrusive,” potentially aiming to bolster his defense.
🏈 Jacksonville Jaguars' quarterback Trevor Lawrence and YouTube influencers Kevin Paffrath and Tom Nash settled the FTX case.
💰 Coinbase retained approximately $1 million gained from an unusual trading opportunity during the July Curve exploit, without reimbursing the victims thus far.
📑 The SEC reported that Binance.US is not fulfilling its agreement concerning the ongoing investigation into the exchange, with inadequate documentation and cooperation.
🚫 Amid a liquidity crisis, the JPEX exchange halted select services and significantly increased withdrawal fees, promising a future adjustment to regular fee levels.
🚔 Joseph Lam, a crypto influencer and former lawyer, was arrested by Hong Kong police due to alleged ties with JPEX.
⚠️ The Hong Kong Monetary Authority cautioned unlicensed crypto firms against using the term "bank" or similar language to avoid misleading consumers.
🔗 Optimism will disburse unclaimed tokens from its initial airdrop directly to remaining eligible addresses, with 13.73% of the initial supply still to be distributed.
📉 A "sleepdropping" scam has conned Ethereum users out of $11.5 million since December 2022, with over 20,000 individuals falling victim to deceptive NFT transactions, according to Forta Network and Blockfence.
🔙 F2Pool refunded 19.8 BTC to Paxos after it inadvertently paid a $520,000 fee on a $2,000 transaction, attributed to a bug in corporate operations.
Today in Crypto Adoption...
🖥 Ethereum introduced a new testnet, Holesky, aiming to refine the testing environment; however, initial launch issues postponed its full deployment by a week.
What Do You Meme?
Recommended Reads
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NYT: ‘One of the Most Hated People in the World’: Sam Bankman-Fried’s 250 Pages of Justifications
Ally Zach on the key aspects driving DeSoc network Farcaster's growth and how it can sustain this momentum
📈 Your Market Update 📉
BTC is up 1.3%, trading at $26,923
ETH is up .3%, trading at $1,638
BTC dominance: 47.33%
Crypto market cap: $1.11 trillion
*All data as of today, 6:15 am ET
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