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  • 9/22/23: Binance Stands Against SEC 👨‍⚖️💰⛏️

9/22/23: Binance Stands Against SEC 👨‍⚖️💰⛏️

Author

Valko
September 22, 2023

Today’s Top Stories ⌐◪-◪

  • 👨‍⚖️ Binance seeks dismissal of SEC lawsuit for regulatory overreach

  • 💰 FTX aims to recover $157M from former Hong Kong employees

  • ⛏️ Bitmain plans to invest $54M in bankrupt miner Core Scientific

Binance and CEO Changpeng Zhao Seek Dismissal of SEC Lawsuit, Citing Regulatory Overreach - Decrypt

The crypto exchange accuses the U.S. regulator of misinterpreting securities laws and retroactively imposing its authority.

⌐◪-◪ → Yesterdays filing accuses the SEC of failing to provide clear crypto guidelines, misinterpreting securities law, and retroactively imposing authority. This is the first positive news we’ve seen for Binance in a while, but something tells me it won’t last long.

FTX seeks $157.3M in legal action against former employees from Hong Kong affiliate

FTX has filed a legal action to recover $157.3 million from the former employees of its Hong Kong affiliate.

⌐◪-◪ → The defendants are accused of leveraging employee access to expedite pending withdrawals ahead of other customers. Whatever happens, one thing is clear, the FTX estate is not messing around and will do whatever it takes to recover funds.

Bankrupt Bitcoin Miner Core Scientific to Buy 27K Bitmain Servers for $77M

The deal will see Bitmain receive $53.9 million worth of common CORZQ stock.

⌐◪-◪ → Core Scientific filed for bankruptcy last December following a drop in revenue amid rising energy prices. As for this deal, it’s effectively a $54M injection of capital to turn the bankrupt mining operation around, expanding its mining capacity by 4.1 exahashes.

Peripheral Vision ⌐◪-◪

⛓️ Crypto & DeFi

  • Ethereum core devs discuss Dencun upgrade for early 2024

  • Base network hints at token, “not ruled out entirely”

  • Conspiracy theory suggests that the NSA created Bitcoin

  • Linear Finance suffers exploit that drives token to zero

  • Consensus to sunset developer tools Truffle and Ganache

  • Nansen security breach impacts 6% of its users

🏛️ Legal & Regulatory

🏦 Wallstreet

  • JPMorgan says Ethereum’s Shanghai-upgrade was disappointing

  • FarmVille co-creator’s startup raises $33M from a16z crypto

🌎 Rest of the World

  • Bybit suspends its services in the UK, which we saw coming

  • CoinShares starts hedge fund division to access American investors

  • South Korean mobile developer NHN building crypto games on Sui

  • India risks falling behind on crypto policy if transaction tax is approved

  • Crypto Startup School applications open for London Spring 2024

🖼️ NFTs

  • Yuga Labs brings on new partners to expand its metaverse Otherside

  • Dmitri Cherniak partners with LACMA to release variations of Ringers

  • Fewocious dropping new collection Fewoworld on 9/25-29

  • The Island helps onboard traditional artists and museums to NFTs

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