Binance faces leadership changes and litigation amid stable crypto market
Investing.com | Editor Pollock Mondal
Published Sep 17, 2023 10:03PM ET
The cryptocurrency market experienced a relatively calm week with most leading cryptocurrencies, including Bitcoin and Ethereum, showing minimal price movement. However, Stellar's XLM was an exception, posting notable losses following a high-budget commercial featuring Idris Elba last Tuesday. Contrary to Stellar's intentions, the XLM price dropped 11% since last week, following a 10% rally in anticipation of the announcement.
On Monday, Bitcoin enthusiast Udi Wertheimer urged Swan customers to withdraw their funds after a hack targeted the Bitcoin-exchange's stash held by Fortress Trust. This incident led many to believe that it explained Ripple's sudden acquisition of Fortress. Jameson Lopp, CTO of self-custody solution Casa, highlighted the discrepancy between Ripple's narrative and Fortress'.
In other news, Binance CEO Changpeng Zhao (CZ) announced a $3 million donation to Moroccan Binance users from earthquake-stricken Marrakesh-Safi Province who completed their Proof of Address before September 9. This philanthropic move came amidst a turbulent period for Binance. The exchange is currently facing litigation from the SEC for alleged securities laws violations. The CEO of Binance's U.S. arm, Briah Schroder, resigned on Wednesday amid news of a new round of layoffs. He was replaced over the weekend by former Ripple/SEC and First Reserve Bank executive Norman Reed.
In related news, OneCoin co-founder Karl Sebastian Greenwood was sentenced to 20 years for fraud on Sunday. OneCoin was exposed as a $4 billion scam that enticed people to invest in a cryptocurrency for a non-existent blockchain. Journalist Matthew Russell Lee (@InnerCityPress) live-tweeted some key moments from the trial.
Meanwhile, Google (NASDAQ:GOOGL) Cloud engineer Sam Padilla shared news about his company's collaboration with interoperability protocol LayerZero on Tuesday. Google Cloud has become LayerZero's default oracle operator, enabling automatic verification of transactions on the protocol using Google Cloud.
Finally, John Crain, CEO of SuperRare, announced layoffs at his company on Friday. Despite these developments, the overall industry outlook remains positive with Visa (NYSE:V) supporting USDC payments on Solana and the London Stock Exchange Group (LON:LSEG) utilizing blockchain technology for a digital exchange selling tokenized traditional financial assets.
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