Highlights
Binance Agrees to $4.3 Billion Settlement; CEO CZ Resigns
Justin Sun-Linked Platforms, HTX Exchange and Heco Chain, Hit by $115M Hack
Pyth Token Launches with $468M Valuation after 90,000 Wallet Airdrop
Binance is leaving the U.S. following a $4.3 billion settlement with the Department of Justice (DOJ), Financial Crimes Enforcement Network (FinCEN), and Office of Foreign Asset Control (OFAC). The charges include violating the Bank Secrecy Act and sanctions programs. Founder Changpeng “CZ” Zhao is resigning, and a monitor will oversee sanctions compliance for five years, with the Treasury Department having access to Binance’s records. Binance.US, a separate registered entity in the U.S., remains unaffected. The charges involve Binance facilitating transactions for illicit actors associated with terrorism, money laundering, and cybercrime.
Two platforms connected to entrepreneur Justin Sun, HTX exchange (formerly Huobi) and Heco Chain, were hacked, resulting in a total loss of around $115 million. Hackers drained $30 million from HTX and $85.4 million from Heco Chain, exploiting vulnerabilities in the blockchain bridge. The attack prompted protective measures, including the suspension of deposits and withdrawals on both platforms. HTX has vowed to fully compensate users for losses caused by the hot wallet attack. CryptoQuant data revealed hackers moving around $23 million worth of cryptocurrency, with assets shifted to the more liquid ETH due to the freezing risk of stablecoins USDT and USDC.
Pyth’s token debuted with a $468 million market cap after an airdrop to 90,000 wallets. Trading at around $0.32 (peaking at $0.51), the PYTH token is crucial for the project’s on-chain governance. Pyth Network has $1.5 billion in total value secured across 120 protocols. This makes it the fourth-largest pricing oracle, with Chainlink as its main competitor. The mainnet launch enables token-led governance through staking and voting.
News
Binance Settles U.S. Charges with $4.3 Billion, Exits U.S., Agrees to 5-Year Monitoring, and CZ Resignation
$115M Stolen in Hacks Targeting Crypto Firms Linked to Justin Sun
KyberSwap Decentralized Exchange Exploited, $46M Stolen, TVL Drops 68%
Bitcoin User Accidentally Pays $3.1 Million Transaction Fee for 139 BTC Transfer
Products
Pyth Token Debuts at $468M After Airdrop to 90,000 Wallets
JPMorgan Warns Grayscale Bitcoin Trust of Potential $2.7B Outflows with ETF Approval
SpookyZ Gaming: Transforming Classics into Web3 Play-To-Earn Experiences
Illuvium Set for Epic Games Store Debut and Governance Overhaul
Regulation
SEC Accuses Kraken of Operating Unregistered Platform, Mixing Customer Funds
Singapore to Implement Stricter Crypto Regulations for Retail Customers
South Korea to Launch CBDC Pilot with 100,000 Citizens in 2024
Alchemy Pay Expands in the U.S., Secures Money Services License in Iowa
Funding
Binance Labs Returns Capital Amid Regulatory Challenges
Bitfarms Announces C$60 Million Private Placement with U.S. Institutional Investors
Crypto Inflows Surge: $176 Million Added, Led by Bitcoin and Solana
Matr1x Secures $10M Funding for Web3 Shooter Game, Matr1x Fire
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