Из жизни альткоинов
CoinShares: Недельный отток капитала из криптофондов достиг $206 млн
ZKasino Fiasco: Crypto Betting Site Disappears With Investor Funds
The world of crypto and decentralized finance (DeFi) is no stranger to controversy, and the latest project to raise red flags is ZKasino, a gambling platform promising anonymity and high stakes. However, a storm of accusations paints a grim picture, suggesting ZKasino might be nothing more than a meticulously crafted house of cards ready to crumble.
ZKasino Accused Of Diverting Funds And Deceiving InvestorsTrouble began brewing for ZKasino in March when ZigZag, a rival decentralized exchange, leveled serious accusations. ZigZag claims ZKasino not only lied about its funding but also diverted funds meant for development into personal pockets. The accusations don’t end there.
ZKasino allegedly failed to pay contractors who helped build the platform, further eroding trust.
I’m gonna lay this out since it gets worse and worse everyday.
Multiple people have approached me in the past week with allegations that the @ZKasino_io team owes them money or defrauded them in some way.
Multiple former employees and contractors have contacted me to let me…
— ZigZag Exchange (@ZigZagExchange) March 23, 2024
These allegations gained traction when ZKasino users voiced concerns about a broken promise. Initially, ZKasino promised users the ability to withdraw their bridged Ethereum (a process allowing Ethereum to be used on other blockchains) 1:1.
However, upon launch, users discovered their funds were locked in ZKasino’s token ($ZKAS) with a 15-month vesting period. This move fueled speculation that ZKasino was engaged in a “rug pull,” a notorious crypto scam where developers abandon a project after taking user funds.
Crypto Investors Scramble To Distance Themselves From ZKasinoThe weight of these accusations proved too much for some of ZKasino’s initial supporters. MEXC, a major crypto exchange that participated in ZKasino’s funding round at a hefty $350 million valuation, distanced itself from the project.
In a public statement, MEXC claimed it was unaware of any potential rug pull and considered itself another victim of ZKasino’s alleged deception.
Another investor, Big Brain Holdings, echoed MEXC’s sentiment. While Big Brain Holdings didn’t directly invest in ZKasino, they had invested in ZigZag back in 2022. They allege that several former ZigZag founders are now part of the ZKasino team, a fact they now see as a red flag. Big Brain Holdings stated they would not accept their offered token distribution from ZKasino and expect other investors to follow suit.
Speculations Of A Rug PullThe evidence against ZKasino paints a troubling picture. ZigZag’s claims, coupled with broken promises and investor backtracking, raise serious concerns about the project’s legitimacy. While ZKasino has yet to respond to the accusations, the silence only fuels speculation of a rug pull.
Featured image from Carpet Cleaning, chart from TradingView
В Кении арестовали сбежавшего из Нигерии топ-менеджера Binance
Литовская финансовая компания Trastra объявила о запуске крипто-SWIFT- переводов
Next Batch Of Locked Solana Tokens To Be Sold By FTX Estate
The estate of the bankrupt crypto exchange FTX is preparing for another significant disposition of assets, this time involving locked Solana (SOL) tokens. Unlike prior transactions, this batch of Solana tokens will be sold through an auction process, a departure from the fixed-price sales previously conducted.
According to Mike Cagney, CEO of Figure Markets, a decentralized financial services firm, the estate will reveal the exact details of the auction today. The decision to opt for an auction rather than a fixed-price sale reflects a strategic pivot designed to potentially maximize returns for the estate’s creditors.
How Much Are The Solana Tokens Selling For This Time?The last transaction involving Solana tokens by the FTX estate brought in $1.9 billion, with the tokens priced at approximately $64 each, in stark contrast to Solana’s current market value of around $150, representing a 67% discount to its market value at the time. As FTX disclosed in the summer of 2023, the bankrupt crypto exchange held $1.2 billion in Solana as at August 31, 2023. SOL was at $20 at the time.
Figure Markets, led by Cagney, is organizing a Special Purpose Vehicle (SPV) to allow a broader range of investors to participate in the auction. This SPV will be open to non-US investors and accredited US investors, aiming to consolidate and amplify bidding power.
Cagney’s announcement on X (formerly Twitter) serves both as a call to action and an invitation: “Just got confirmation that the next round of locked Solana coins from the FTX estate will be an auction, with exact details coming Monday. If you want in, join us.”
Cagney added in another post on X, “Ok – are you an FTX creditor upset about the SOL sales? Or you aren’t a creditor, but still think the last sales went way too cheap? Well, now you can do something about it.” This initiative not only opens up financial opportunities for investors but also provides a platform for affected parties to influence the outcome of the asset liquidation process actively.
Related Reading: Solana Lender Drama Deepens: $250 Million Outflow After Founder Quits
The locked Solana tokens represent a significant portion of FTX’s asset holdings at the time of its collapse and have been a focal point for buyers willing to speculate on the future market movements of these assets. The nature of these tokens, being locked, means they cannot be sold until a specified future date, adding a layer of risk and potential reward that appears to have attracted strong investor interest.
At press time, the Solana share price was -27% below its high for the year of $210. SOL was trading at $ 152.94 and is now heading for the crucial resistance of the 0.618 Fibonacci retracement level at $162.
Роберт Кеннеди-младший: «Я переведу весь бюджет США на блокчейн»
Хантер Хорсли: «Происходит незаметное, но значительное принятие спотовых ETF на биткоин»
Shiba Inu Shibarium Faces Technical Glitch: Network Outage Hinders User Experience
Amidst the burgeoning landscape of cryptocurrency solutions, Shiba Inu’s layer 2 protocol Shibarium suffered a major setback due to a temporary network outage within the platform that affected users’ seamless operations and experience.
Shibarium Faces Temporary Service DisruptionPopular Shiba Inu developer Kaal Dhairya shared the information on the X (formerly Twitter) platform today while offering an update on the development. This development underscores the difficulty in upholding reliable network infrastructure in the face of increasing demand and changing technological environments.
It is important to note that since the launch of Shibarium, the feature has had several network outages. Following its founding in August last year, Shibarium witnessed a significant technical problem, which resulted in the failure of its mainnet Remote Procedure Call (RPC).
Shibarium consequently underwent a rigorous two-week scaling period before relaunching on the main net and continuing to function ever since. Kaal Dhairya noted that networking problems amongst Shibarium validators caused the recent temporary service outage. Specifically, these Shibrium validators are organizations in charge of verifying transactions on the platform and preserving the integrity of the network.
Although the network has fully recovered, several services, such as the platform’s block explorer Shibariumscan and external RPCs, may still be unavailable until the suggested actions are taken, indicating the team’s continued effort to resolve the technical issues.
The post read:
There was a temporary Shibarium outage caused because of networking issues amongst the validators. The network is back up and running now, some services like Shibariumscan or external RPCs can still remain down until the steps provided are implemented.
Given some services are still down, Dhairya has urged every external team working on the platform’s infrastructure, like RPC, to get in touch in order to arrange for more efficient communication over shared Slack and Telegram channels.
Latest UI Update On The Layer 2 SolutionThe recent mishap came in light of the inception of the latest User Interface (UI) upgrade on the layer 2 protocol designed to help link Shibarium to other leading platforms and improve the blockchain experience for users. “We expanded wallet compatibility with MetaMask, Coinbase Wallet, Rainbow, Trust Wallet, and Wallet Connect to let you Shibas connect the way you want,” the team stated.
According to the team, user experience and speed were their top priorities while rebuilding the platform. Thus, they are constantly working to improve the utilization and potency of blockchain technology.
With this new UI update, the solution’s performance is bound to improve, making it more rapid, smoother, and more accessible than ever. This upgrade is also indicative of Shibarium’s consistent efforts to expand accessibility and usability in the context of decentralized finance.
SEC Таиланда заблокирует нелицензированные криптовалютные биржи
Coin Center выступила против обновленного законопроекта о стейблкоинах в США
Ив Беннаим: «ЦБ Швейцарии должен включить биткоины в свои резервы»
Сергей Рябков: «Страны БРИКС изучают возможность расчетов в стейблкоинах»
Sam Bankman-Fried Turns Rat, Cooperates In Lawsuit Vs. FTX Celebrity Backers
The drama surrounding the FTX collapse continues to unfold with a surprising twist. Sam Bankman-Fried, the crypto wunderkind turned convicted fraudster, has agreed to cooperate with investors suing the company’s celebrity endorsers, including sports stars Tom Brady and Shaquille O’Neal, and actor Larry David.
This move comes as a shock considering Bankman-Fried is currently appealing his 25-year prison sentence for defrauding FTX customers. The class-action lawsuit against the celebrity endorsers accuses them of deception and making false claims about the safety of FTX’s crypto assets. Investors believe Bankman-Fried’s insider knowledge can significantly strengthen their case.
Sam Bankman-Fried: Playing The Snitch RoleBankman-Fried, once hailed as a crypto messiah, saw his empire crumble in November 2022 when FTX filed for bankruptcy. The exchange, which rose to prominence thanks in part to a star-studded marketing campaign featuring A-listers like Tom Brady and Shaquille O’Neal, experienced a liquidity crisis and ultimately imploded.
A group of FTX investors and customers has agreed to drop their claims against co-founder Sam Bankman-Fried in exchange for his cooperation against other defendants in lawsuits over the cryptocurrency exchange’s collapse. https://t.co/9xmQo0rgpi
— Bloomberg Crypto (@crypto) April 19, 2024
Now, from his Brooklyn jail cell, Bankman-Fried appears to be playing a new game. In exchange for his cooperation, investors have agreed to drop any future civil claims against him. This deal, if approved by a judge, could significantly reduce his legal exposure. But what exactly motivated Bankman-Fried to make this move?
Some legal experts speculate that Bankman-Fried sees this as an opportunity to potentially curry favor with the court during his criminal appeal. Others believe this might be a calculated attempt to deflect some of the blame for the FTX debacle onto the celebrity endorsers.
Can Bankman-Fried Deliver The Knockout Punch?The lawsuit hinges on the ability to prove that the celebrity endorsers knowingly misled investors about FTX. Sam Bankman-Fried’s cooperation could be crucial in providing evidence of their involvement and understanding of the company’s operations.
For example, if Sam Bankman-Fried can reveal internal emails or communications where he warned celebrities about potential risks associated with FTX products, it could significantly bolster the case against them. However, the effectiveness of his cooperation might be limited.
Celebrity endorsement deals often involve carefully crafted scripts and limited due diligence on the part of the talent. If Bankman-Fried can’t provide concrete proof of deliberate deception by the endorsers, the lawsuit could fall flat.
The fallout from the FTX collapse continues to reverberate throughout the crypto industry. This latest development, with a disgraced CEO potentially turning state’s witness against celebrity icons, is sure to inject even more drama into an already captivating saga.
Featured image from Eduardo Munoz/Reuters, chart from TradingView
Swiss Referendum To Oblige Bitcoin Holdings For Central Bank
A group of Swiss Bitcoin advocates led by Yves Bennaïm has initiated a referendum to amend the Swiss constitution in a way that would mandate the Swiss National Bank (SNB) to include BTC alongside gold in its currency reserves, as reported by local media.
The proposed amendment to the Swiss constitution is succinct yet significant. It seeks to modify the clause that currently mandates the SNB to “build up sufficient currency reserves from its earnings; part of these reserves shall be held in gold,” to now include “and Bitcoin.” This change, though minimal in wording, could usher a substantial shift in the fiscal management of the nation.
Will The Swiss Central Bank (Have To) Adopt Bitcoin?Yves Bennaïm, a figure deeply ingrained in the Swiss crypto scene and a board member of the Bitcoin Association Switzerland, articulated that the initiative is not just about altering the reserve assets but is a strategic move to “protect our sovereignty and neutrality” in an uncertain global economy. According to Bennaïm, the aim is also to “initiate a debate” on the future financial direction of Switzerland.
Support comes from within the industry, notably from Luzius Meisser, President of the asset management division at Bitcoin Suisse. Meisser, who is set to present his case at the SNB’s Annual General Meeting this Friday, April 26 at 10 am CET, stated, “Bitcoin is more robust in the long term than euro and dollar investments, which are susceptible to inflationary pressures that could devalue the SNB’s investments.” He also noted that Bitcoin could serve as a declaration of Switzerland’s financial independence from major central banks like the European Central Bank.
The initiative has garnered attention from various sectors of the finance world. Leon Curti, Head of Research at Digital Asset Solutions, remarked on the evolving status of Bitcoin in global markets, noting that its classification as a commodity by the US Securities and Exchange Commission “is a legitimization that could ease the SNB’s transition towards including it in its reserves.”
From an academic perspective, Professor Gunther Schnabl, who leads the Institute for Economic Policy at the University of Leipzig and has previously advised the European Central Bank, supports the notion. Schnabl highlighted the precarious state of traditional reserve assets, stating, “Government debt has risen sharply in most industrialized countries, meaning that the risk of default has increased.” He advocates for Bitcoin as a viable tool for risk diversification within the SNB’s foreign currency reserves.
However, not all feedback is positive. Critics point to Bitcoin’s historic volatility and the regulatory uncertainties that still surround digital currencies. They argue that such characteristics might not align with the traditionally conservative strategies employed by national central banks.
Swiss National Bank Could Be $32.9 Billion RicherTwo years ago, Thomas Jordan, the outgoing SNB Chairman, had dismissed a similar proposal, stating that Bitcoin did not meet the requirements for currency reserves “from today’s perspective.” The SNB has yet to comment on whether its stance has changed in light of the new proposal and the evolving regulatory and economic landscape.
Luzius Meisser estimates that an aggressive buying strategy could have significantly enriched Switzerland’s reserves given past Bitcoin price appreciation. “If the SNB had commenced buying CHF 1 billion worth of Bitcoin every month starting in 2022, Switzerland could be around 30 billion francs ($32.9 billion) richer today,” Meisser claims, citing the strong performance of Bitcoin compared to traditional assets like German government bonds.
In Switzerland, any citizen can initiate a national referendum to amend the constitution, provided they gather 100,000 valid signatures from fellow Swiss citizens. The referendum, if successful, would not only impact Switzerland’s financial strategy but could also serve as a benchmark for other nations. As the SNB prepares for its upcoming Annual General Meeting, all eyes will be on how it addresses this unprecedented proposal.
At press time, BTC traded at $66,254.
Crypto Industry Faces New Threat: Section 702 US Surveillance Bill Passed
The US Senate has voted to reauthorize Section 702 of the Foreign Intelligence Surveillance Act (FISA), a move that has sparked widespread debate and concern among civil liberties advocates and members of the crypto community.
Section 702, originally introduced as a counterterrorism measure, grants the US government broad authority to collect data from various sources, including tech giants like Google and Facebook, without the need for a warrant.
Despite opposition from civil liberties groups and some senators, the bill passed with a landslide vote of 60-34, setting the stage for its extension for an additional two years pending US President Joe Biden’s signature.
This is bad.
Crypto is not just about trading tokens, it’s part of a broader ethos of protecting freedom and privacy and keeping power in the hands of the little guy.
And these values unfortunately continue to be under attack, globally. https://t.co/iFM932IBP6
— vitalik.eth (@VitalikButerin) April 20, 2024
Crypto Industry Braces For ImpactAmidst the renewed debate over privacy and government surveillance, the crypto industry finds itself at the forefront of the conversation. With its emphasis on decentralization and anonymity, the industry is particularly vulnerable to the expanded powers granted by Section 702.
Civil liberties activists have long argued that Section 702’s broad powers are ripe for abuse and could lead to the indiscriminate collection of data on US citizens. Senator Ron Wyden has labeled it as one of history’s most dramatic expansions of government surveillance authority, sparking fears over the erosion of privacy rights.
NEWS: Wyden Statement on Reauthorization of FISA 702 Without Reforms to Warrantless Surveillance of Americans https://t.co/ywCNELcpuV
— WydenPress (@WydenPress) April 20, 2024
Regulatory Crackdowns Loom LargeThe renewal of Section 702 raises the specter of increased regulatory scrutiny and compliance requirements for crypto businesses. Entities such as the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Department of Justice (DOJ) could intensify their crackdowns on businesses, including decentralized exchanges, to ensure compliance with surveillance and data collection requirements.
Contrasting PerspectivesWhile some senators, like Senator Elizabeth Warren, advocate for surveillance measures targeting users within the crypto industry, others express skepticism over the potential implications for privacy and civil liberties. The revelation of improper searches by government agencies, including the FBI, further underscores the need for robust oversight and accountability measures.
Collaboration And Controversy In The Crypto SphereDespite the concerns surrounding government surveillance, there are also instances of collaboration between crypto companies and law enforcement agencies in combating illicit activities. Tether CEO’s disclosure of collaboration with the FBI and the Secret Service to combat terror funding highlights the complex relationship between the crypto industry and regulatory authorities.
As the debate over Section 702 continues to unfold, the crypto industry finds itself at a crossroads. The renewal of the controversial surveillance law poses significant challenges to the industry’s core principles of decentralization and privacy, while also raising questions about the role of government oversight in emerging technologies.
Featured image from Pexels, chart from TradingView
Crypto Pundit Says Bitcoin Halving Is A ‘Buy The News’ Event
The fourth Bitcoin halving has now been completed and crypto investors look forward to its outcome in terms of the price of Bitcoin and other cryptocurrencies. As the biggest crypto asset, the price of most altcoins are largely correlated with Bitcoin’s, making the halving event very important to all investors.
According to Matt Hougan, CIO of crypto index fund provider Bitwise Asset Management, the just concluded Bitcoin halving presents a buying opportunity for crypto investors.
Is Bitcoin Halving A ‘Buy The News’ Opportunity?Bitcoin halving events are highly anticipated in the crypto world. While speaking in an interview with CNBC Squawk Box, Hougan noted that Bitcoin prices will rally substantially after the halving, making it a “buy the news” event, especially when looking at the long term.
Hougan went ahead to analyze Bitcoin’s price action in the months after the halving, noting how the asset’s price rallied substantially in the year after the last three halvings. Hougan credits this price increase to the supply crunch in the months after the halvings.
“The amount of new supply of Bitcoin coming into the market is being cut in half. We’re removing $11 billion of annual supply. I think big picture, that has to be good for price and that’s what I would expect over the next year,” Hougan said.
When asked about the potential of Bitcoin being used as a store of value amidst geopolitical tensions, particularly in the Middle East, Hougan noted the crypto’s ability is best seen in the big picture.
“If you look big picture, its done a great job of protecting us against inflation post-COVID. I think eventually it will be a good hedge against geopolitical disruptions,” Hougan said.
What’s Next For Bitcoin?The recently concluded Bitcoin halving saw the rewards given to miners slashed from 6.25 BTC to 3.125 BTC. The idea and design behind each halving are pretty simple. With fewer new bitcoins entering circulation, existing bitcoins could become more valuable. In each of the three previous halvings, the price of bitcoin fluctuated in the first few months, but it ended up being much higher one year later
For example, the price of Bitcoin lingered for at least nine months after the 2020 halving before finally going on a 458% price surge. If history were to repeat itself, a similar 450% surge would put the price of Bitcoin around $345,000 in the first quarter of 2025.
At the time of writing, Bitcoin is trading at $64,870. Bitcoin is currently up by over 130% in the yearly timeframe leading up to the just concluded halving. A similar 130% surge in a yearly timeframe after the halving puts the price of Bitcoin around $150,000 by mid-2025.
Interestingly, this price range sits better with Anthony Scaramucci, founder of SkyBridge Capital, who predicted the BTC price would reach at least $170,000 by the end of the current market cycle.
Featured image from Pixabay, chart from TradingView
Налоговая служба США представила новую форму отчетности о доходах с криптовалют
Wealth Whisperers Go Crypto: Bitcoin ETFs Set For Big Boost From Unexpected Source
As the financial world witnesses a seismic shift in the landscape of cryptocurrency investment, institutional players are making bold moves into the realm of Bitcoin Exchange-Traded Funds (ETFs).
Bitwise CEO Hunter Horsley’s recent proclamation has sent ripples through the industry, forecasting a staggering surge in Bitcoin ETF holdings by wealth management firms by the end of 2024. This prediction underscores a broader trend of growing institutional interest and confidence in Bitcoin, signaling a new era for digital asset adoption.
Bitcoin ETFs Gain Momentum Amidst Changing Market DynamicsThe emergence of Bitcoin ETFs as a preferred investment vehicle for institutional investors is highlighted by the rapid ascent of BlackRock’s iShares Bitcoin Trust (IBIT), which stands on the cusp of surpassing Grayscale’s Bitcoin Trust (GBTC) as the largest Bitcoin fund globally.
With IBIT’s assets swelling to approximately $17.3 billion, just $2 billion shy of GBTC’s, the stage is set for a potential changing of the guard within the market. This shift in dominance reflects a broader trend of institutional reallocation, as evidenced by significant outflows from Grayscale’s GBTC in recent months.
By the end of 2024, people are going to be stunned by how many wealth management firms own a bitcoin ETF.
They’re smart, many extremely well informed, and increasingly share conviction on Bitcoin. Oh, and they’re long only.
Going to be an amazing new constituent in the…
— Hunter Horsley (@HHorsley) April 20, 2024
While Grayscale’s early-mover advantage in the Bitcoin ETF market has begun to wane, other institutional heavyweights such as Fidelity and BlackRock are stepping into the fray with notable net inflows into their respective Bitcoin ETFs. Fidelity and BlackRock Bitcoin ETFs witnessed substantial net inflows of $37.3 million and $18.7 million, respectively, in a single week, signaling a shift in investor sentiment and liquidity dynamics.
Bitcoin ETFs: A Stepping Stone For Institutional AdoptionBehind the scenes, registered investment advisers (RIAs) and multifamily offices are quietly embracing Bitcoin ETFs, marking a significant milestone in the broader acceptance of cryptocurrencies within traditional financial institutions. Bitwise CEO Hunter Horsley describes this phenomenon as “stealthy but material,” indicating a growing recognition of Bitcoin’s potential as a legitimate asset class.
In response to market demand and the impending Bitcoin halving, institutional behemoths are conducting extensive studies and incorporating Bitcoin into their investment portfolios. This shift represents a fundamental reevaluation of traditional investment strategies, as institutions seek to diversify their holdings and capitalize on the potential upside of Bitcoin’s meteoric rise.
As the cryptocurrency market continues to evolve, Bitcoin ETFs are poised to play a pivotal role in driving institutional adoption and reshaping the financial landscape.
With BlackRock’s IBIT on the verge of eclipsing Grayscale’s GBTC and institutional investors flocking to Bitcoin ETFs in record numbers, the stage is set for a new era of digital asset investment.
As Bitwise CEO Hunter Horsley aptly puts it:
“By the end of 2024, people are going to be stunned by how many wealth management firms own a Bitcoin ETF.”Featured image from Pexels, chart from TradingView
Deutsche Bank: Цена биткоина после халвинга изменится не сразу
Nigerian Court Adjourns Binance Tax Evasion Trial To May 17
A Nigerian court has rescheduled the hearing of a tax evasion lawsuit against Binance and some of its executives to May 17. This adjournment represents the latest development in the ongoing regulatory saga between various agencies of the Nigerian government and the Malta-based cryptocurrency exchange.
Related Reading: Impending Extradition? Nigerian Authorities Trace Fleeing Binance Exec To Kenya – Report
Tax Case Adjourned Over Legal StandstillOn March 22, the Nigerian Federal Inland Revenue Service (FIRS) charged Binance and two of its executives, namely Nadeen Ahjarwalla, head of financial crime compliance, and Tigran Gambaryan, regional manager for Africa, with four counts of tax evasion.
These charges included “non-payment of Value-Added Tax, non-payment of Company Income Tax, failure to tax returns and complicity in aiding customers to evade taxes through its platform”, which the FIRS believed occurred from the failure of Binance to initially undergo a registration process before offering its services to Nigerians.
According to local news media BusinessDay, the case was presented for hearing on April 19, with only Tigran Gimbaryan present in court as Nadeen Ahjarwhalla has long fled the West African nation. Gimbaryan is reported to have refused to take a plea as the FIRS had failed to serve Binance any tax evasion charges.
However, the prosecution argued that the US citizen should defend the interests of himself and the crypto exchange against the charges being presented. In response, Gambaryan’s lawyer stated that since all parties were jointly charged, Binance, being the primary defendant, must be served by the IRS before his client could plead his case in accordance with the Nigerian constitution.
Following the legal impasse, Justice Emeka Nwite of the Federal High Court Abuja ruled the case be adjourned to May 17, when he will provide a definite judgment. This represents the second time the FIRS’s tax evasion case against Binance has been adjourned following an initial postponement on April 4 due to the failure of the Nigerian tax regulator to serve Gambaryan ahead of a stipulated court trial.
Binance Troubles In Nigeria ContinueThe Binance exchange is currently stuck in a hostile regulatory situation with the Nigerian government. Aside from tax evasion charges, the Nigerian Economic and Financial Crimes Commission (EFCC) has also accused the prominent crypto exchange of laundering over $35 million.
The Nigerian government has increased regulatory scrutiny of Binance after accusing the exchange of playing a major role in the massive devaluation of the Nigerian naira via speculation and rate fixing. These allegations were followed by the arrest of Gimbaryan and Ahjarwhalla, who had visited the West African nation on February 26 after reports of the government banning certain access to Binance and other crypto exchanges.
Binance has disabled all naira services on its platform and appears committed to resolving all legal issues around the detention of its employees after the exchange’s CEO, Richard Teng, recently confirmed a willingness to cooperate with the Nigerian government.
BTC trading at $64,927.40 on that daily chart | Source: BTCUSDT chart on Tradingview.comFeatured image from The Flag Shop, chart from Tradingview
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