Changpeng Zhao, former CEO of Binance, will pay USD 175 million to avoid jail after pleading guilty to criminal charges in the USA.
Former Binance CEO Changpeng Zhao, who submitted his resignation as Binance CEO, agrees to post a $175 million personal recognizance bond. This, after pleading guilty to criminal charges in the United States.
Court documents reveal that the former CEO of Binance must post the sum of $175 million as bail and appear in court in Seattle on February 23 of next year for sentencing hearings. Additionally, Zhao is depositing $15 million into a trust account managed by Davis Wright Tremaine. The bail agreement requires two guarantors, who must pledge $250,000 and $100,000, respectively.
Grayscale and SEC Meet Again to Discuss Bitcoin ETFs
Senior executives at Grayscale Investments, led by CEO Michael Sonnenshein and CFO Ed McGee, sat down with key representatives from the SEC’s Division of Trading and Markets to discuss the proposal to transform the Grayscale Bitcoin Trust (GBTC) into an ETF of Bitcoin spot. This meeting follows an order from the Court of Appeals that urged the SEC to reconsider its initial denial, calling it “arbitrary and capricious.”
The drama began to unfold in October 2023, when the US Court of Appeals intervened, ordering the SEC to review Grayscale’s application to convert GBTC into a spot Bitcoin ETF. The SEC, initially dissatisfied, faced pressure from the court and was forced to reconsider its position.
Hackers Raid Justin Sun’s HECO Chain and HTX
Cyvers Alerts, the on-chain security platform, has revealed that suspicious addresses have received more than $85 million from the HECO Chain bridge, signaling the execution of an exploit.
Yesterday, Cyvers Alerts posted on X the following:
“Code Red (Ongoing) Our AI powered system has detected multiple suspicious transactions from @HECO_Chain bridge. Suspicious address has received around $85M. Suspicious address: https://etherscan.io/address/0xfc146d1caf6ba1d1ce6dcb5b35dcbf895f50b0c4. First transaction is 10,145 $ETH from @HECO_Chain bridge to suspicious address. @justinsuntron, have a look! More investigation will come!”
The attackers have repeatedly targeted Justin Sun’s platforms. However, the identity of the hackers remains unclear. Likewise, it has not been confirmed if it is a single entity carrying out these incidents.
KuCoin Drives the Payments Revolution with the Launch of KuCard
KuCoin, recognized as one of the leading cryptocurrency exchange platforms, is leading the vanguard in the future of payments with the launch of KuCard. This innovative crypto debit card seamlessly merges digital assets with traditional banking infrastructure. Giving users the freedom to spend their crypto anywhere that accepts conventional debit cards.
Billion Dollar Legal Battle Involves Tether at London High Court
In London’s High Court, an intense legal battle has broken out with a billion-dollar deposit held by Tether, the entity that oversees USDT cryptocurrency assets, as its epicenter. The conflict arises from a dispute between Britannia Financial and Arbitral International regarding the sale of a brokerage in the Bahamas in June 2021.
Arbitral says it is entitled to receive extra money from assets generated by the company in the year following the sale, according to an agreement between the two companies. In other words, Arbitral argues that the terms of the agreement give them the right to compensation based on the performance of the business after the sale.
According to the report, Britannia claims that Tether deposited the funds with its subsidiary, Britannia Global Markets, and therefore the transaction is not related to the brokerage it bought from Arbitral.
By Leonardo Perez