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- The case against Binance
GM Explorer,
A lawsuit filed on August 16th accuses Binance of being a getaway vehicle for bad actors.
Here’s what we got for you today:
🚨 Binance faces a major lawsuit!
👏 BlackRock Ethereum ETF hit $1B net inflows!
🧱 Around The Block: Crypto whale loses $55 million in Dai stablecoin to a phishing attack.
🚨 Binance Faces a Major Lawsuit!
Three plaintiffs — Philip Martin, Natalie Tang, and Yatin Khanna — are suing Binance, claiming that the company's lax compliance measures have allowed criminals to launder stolen crypto and hide the origins of illicit funds.
Basically, Binance is being accused of letting the bad guys break the traceable link that's supposed to exist for all crypto transactions.
The lawsuit also accuses Binance of purposefully bypassing anti-money laundering laws to expand its presence in America.
This isn't looking good for Binance at all! Plus, the lawyers behind these plaintiffs aren't playing around.
According to Bill Hughes (a lawyer at Consensys), we're talking about some heavy-hitting legal experts with a history of taking on giants like Facebook and Wells Fargo.
👀🚨👀🚨 @binance and @cz_binance were sued last Friday by class plaintiffs in Seattle federal court. An interesting class action brought by top class action lawyers alleging consumer harm as a result of Binance's money laundering. And the natural, predictable follow-on civil… x.com/i/web/status/1…
— Bill Hughes : wchughes.eth 🦊 (@BillHughesDC)
2:15 PM • Aug 20, 2024
If this case moves forward, it could have huge implications for Binance and the whole crypto industry.
It might even set new legal standards for regulating crypto exchanges and tracking stolen digital assets.
Do you want to find out more? Then click here!
👏 BlackRock Ethereum ETF Hit $1B net Inflows!
Just yesterday, we told you that BlackRock is now the third-largest Bitcoin holder globally, but guess what?
They’ve hit yet another milestone!
Their iShares Ethereum Trust, also known as ETHA, has become the first US spot Ethereum exchange-traded fund (ETF) to reach $1 billion in net inflows.
🧱 Around The Block
Crypto whale loses $55 million in Dai stablecoin to a phishing attack.
Crowded Bitcoin derivatives bets spur warning of ‘short squeeze.’
Vitalik Buterin makes a case for the power of plurality in crypto.
Trump trade: Bitcoin pops 4% on rumors of upcoming RFK dropout.
Controversial crypto firm Prometheum treats Uniswap and Arbitrum's tokens as securities.
Tron’s memecoin launchpad SunPump reached $1M in revenue in 11 days.
El Salvador prepares to train 80,000 officials on Bitcoin.
That's all we've got for you today.
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.
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