Top crypto tweets of the day – August 28th

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• SEC requests asset freeze on Binance.US amidst lawsuit alleging compliance failures

  TL;DR Breakdown The SEC has filed a lawsuit against Binance.US, Binance Global, and CEO Changpeng Zhao, alleging compliance and control failures. The commission has requested a temporary restraining order to freeze assets tied to BAM Management US Holdings and BAM Trading Services, the holding and operating firms for Binance.US. The U.S. Securities and Exchange Commission (SEC) has taken legal action against Binance.US, Binance Global, and Binance CEO Changpeng Zhao, filing a lawsuit that alleges a range of compliance and control failures. In a court filing on Tuesday, the SEC requested a temporary restraining order to freeze assets tied to BAM Management US Holdings and BAM Trading Services, the holding and operating firms for Binance.US. The SEC’s move aims to protect customer assets and prevent the dissipation of funds amid concerns about regulatory evasion and undisclosed financial transfers. Ensuring customer safety and asset preservation In its court filing, the SEC emphasized the necessity of expedited relief to safeguard customer assets. The regulatory body cited years of violative conduct, disregard for U.S. laws, and evasion of regulatory oversight by the defendants as…

  Article 2023年6月12日

• Crypto.com to list PayPal USD

  TL;DR Breakdown PayPal introduced the PYUSD stablecoin, leading to listings on crypto exchanges like Crypto.com. PYUSD, backed by U.S. dollars, aims to enable efficient transfers but faces concerns over backing and fees. PayPal suspended UK customers’ crypto purchases to comply with new regulations while existing holdings remain accessible. Description PayPal payment company made waves by becoming the first major player in fintech to introduce the PYUSD stablecoin. As a result of the buzz surrounding it, many crypto exchanges are adding the stablecoin to their platform. The latest on the list is Crypto.com. The platform has decided to be part of the early listing of … Read more PayPal payment company made waves by becoming the first major player in fintech to introduce the PYUSD stablecoin. As a result of the buzz surrounding it, many crypto exchanges are adding the stablecoin to their platform. The latest on the list is Crypto.com. The platform has decided to be part of the early listing of the stablecoin. The crypto platform announced today that it will list PayPal USD (PYUSD) on its platform. According…

  Article 2023年8月20日

• OPNX Exchange extends $30 million offer to acquire ailing crypto lender Hodlnaut

  TL;DR Breakdown Digital-asset exchange OPNX has submitted a $30 million offer in FLEX digital tokens to acquire a 75% stake in struggling crypto lender Hodlnaut, aiming to fund a partial creditor payout and finalize claims. Both OPNX and Hodlnaut have faced legal challenges, including operating without a local license in Dubai and ongoing liquidation issues, adding complexity to the offer’s potential success. The fate of Hodlnaut’s restructuring hangs in the balance as creditors and a Singapore court consider OPNX’s offer, leaving the final outcome uncertain in a situation already complicated by previous financial difficulties. Description Open Exchange (OPNX), a digital-asset exchange linked to the founders of Three Arrows Capital, which collapsed in 2022, has submitted an offer to take control of struggling crypto lender Hodlnaut. The restructuring of Hodlnaut is currently being overseen by a court in Singapore, and OPNX’s offer involves an injection of the equivalent of $30 million … Read more Open Exchange (OPNX), a digital-asset exchange linked to the founders of Three Arrows Capital, which collapsed in 2022, has submitted an offer to take control of struggling…

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• Why is JPMorgan dissing Ethereum and calling it disappointing?

  TL;DR Breakdown JPMorgan criticizes Ethereum’s Shanghai upgrade, terming its aftermath as disappointing. Despite a 99% drop in energy consumption due to the shift from PoW to PoS, Ethereum’s supply is shrinking and network activity has declined. Key metrics, like daily transactions and active daily addresses, have decreased post-upgrade. Description The much-hyped Shanghai upgrade to Ethereum, the world’s top smart contract blockchain, was supposed to be a game-changer. But JPMorgan has some bones to pick, and they aren’t mincing their words. In a recently released research report, JPMorgan analysts led by Nikolaos Panigirtzoglou took the gloves off and landed a critical punch, labeling the aftermath … Read more The much-hyped Shanghai upgrade to Ethereum, the world’s top smart contract blockchain, was supposed to be a game-changer. But JPMorgan has some bones to pick, and they aren’t mincing their words. In a recently released research report, JPMorgan analysts led by Nikolaos Panigirtzoglou took the gloves off and landed a critical punch, labeling the aftermath of the upgrade as, quite frankly, disappointing. Here’s a deep dive into the bank’s concerns and what this…

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• Lawyer arrested for laundering OneCoin funds denied a new trial

  TL;DR Breakdown OneCoin lawyer Mark Scott has been denied a new trial in his money laundering case. The Judge is set to move forward with sentencing after the dismissal. Description In a significant development, a U.S. judge has denied a request for a new trial by Mark Scott, a lawyer implicated in the laundering of $400 million from the notorious OneCoin crypto pyramid scheme. This ruling paves the way for the sentencing of the 54-year-old Scott, despite revelations of a key prosecution witness, Konstantin Ignatov, … Read more In a significant development, a U.S. judge has denied a request for a new trial by Mark Scott, a lawyer implicated in the laundering of $400 million from the notorious OneCoin crypto pyramid scheme. This ruling paves the way for the sentencing of the 54-year-old Scott, despite revelations of a key prosecution witness, Konstantin Ignatov, admitting to lying in court. Mark Scott had been accused of playing a pivotal role in Onecoin’s fraudulent activities. Investors lost $4 billion in the OneCoin scam Prosecutors alleged that he earned $50 million by establishing a…

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