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🤝Binance Agrees To Multi-Billion Settlement With DoJ
The Defiant Daily
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Binance agreed to plead guilty to a raft of illicit financing charges and pay an enormous $4.3B fine to the U.S. Department of Justice. The exchange's founder and long-time CEO, Changpeng Zhou, also agreed to step down as part of the settlement.
Aragon's DAO is making the unprecedented move of pursuing legal action against the project's development team, the Aragon Association. Tokenholders accuse the association of seeking to withhold $50M in assets as part of an unfair redemption plan amid the entity's dissolution.
And Blast, the forthcoming Layer 2 from the co-founder of the leading NFT marketplace, Blur, has attracted more than $100M in deposits from airdrop opportunists. However, Blast is quickly garnering criticism from many prominent web3 voices.
✍️ In today’s newsletter:
- Binance to settle with DoJ for $4.3M
- Aragon DAO to sue Aragon Association
- Degens pile $100M into Blast
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📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $37,489 | ↗ 0.2% |
| ETH | $2,022 | ↗ 0.56% |
| S&P 500 | $4,538 | ↗ 0.2% |
| GOLD | $1,999 | ↗ 1.09% |
| Arch WEB3 | 1.02pts | ↙ -6.8% |
| ↳ FINANCE | 0.96pts | ↙ -6.1% |
| ↳ INFRA | 1.17pts | ↙ -6.77% |
| ↳ CONSUMER | −8.81 | ↗ 0.3% |
Learn more about Arch Indices here.
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Legal
Binance CEO Changpeng Zhao to Step Down and Agree to $4.3B Settlement
TLDR Binance, the leading centralized exchange, agreed to a multi-billion settlement with the U.S. Department of Justice. Binance will pay a criminal fine of $1.8B and forfeit an additional $2.5B to resolve investigations into alleged criminal violations, while its CEO, Changpeng Zhou, has resigned.
SO WHAT The settlement brings the Department of Justice's five-year investigation into Binance to a close, likely coming as a relief to many investors. Richard Teng, the former CEO of Abu Dhabi Global Market who joined Binance in 2021, has taken the reins as Binance's new chief executive.
READ MORE: Binance CEO Changpeng Zhao to Step Down and Agree to $4.3B Settlement
DeFi
Aragon Tokenholders Vote To Sue Aragon Association
TLDR Aragon's ANT tokenholder holders passed two governance proposals outlining plans to take legal action against the Aragon Association. The DAO alleges the association is offering an unfair token redemption plan that was concocted without input from ANT holders as part of its plan to dissolve.
SO WHAT The news follows a lengthy battle between ANT tokenholders and the Aragon Association, with the former demanding redemptions for treasury assets while the latter claimed it was targeted by a carefully crafted governance attack. The DAO has distributed $300,000 USDC to Patagon Management to pursue the legal action on its behalf.
Read More: Aragon Tokenholders Vote To Sue Aragon Association
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Read more: What is Vertex Protocol?
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Layer 2
Upstart Layer 2 Blast Draws In $100M With Airdrop Scheme
TLDR DeFi degens have piled more than $100M into a multi-sig account for Blast, the forthcoming Layer 2 network from the co-founder of Blur, the top NFT marketplace. Blast announced plans for an airdrop campaign, native staking rewards via Lido, and said its network will launch in February.
SO WHAT However, Blast has attracted condemnation from prominent web3 influencers over its use of a multi-level referral system, reliance on a multi-signature wallet to store deposits, and the inability for users to withdraw assets until the network is live.
Read More: Upstart Layer 2 Blast Draws In $100M With Airdrop Scheme
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🔎 OUR REPORTERS ARE WATCHING
🌍 ELSEWHERE
- Mt. Gox to start repaying creditors in cash 'shortly' this year, trustee says (The Block)
- Celsius debtors to restructure defunct lender into Bitcoin miner instead of asset transfer (CryptoSlate)
- Justin Sun Confirms HTX, Heco Chain Exploited After $100M in Suspicious Transfers (CoinDesk)
