ZachXBT Gets $1M in Donations!

READ TIME - 1 min 21 seconds

Author

Daniel Akpobare
June 19, 2023

This is The Crypto Explorer! your Crypto tour guide.

Last week was a total sh*t show, but with Binance getting a bit of a breather, let's hope this week comes with some more great news.

Here’s what we got for you today:

  • 😱 ZachXBT Gets $1M in Donations!

  • 💃 Binance U.S. Escapes Asset Freeze!

  • 📲 Solana Takes on Mobile Industry.

  • 🧱 Around The Block: Binance cancels registration in the UK amid regulatory scrutiny.

 😱 ZachXBT Gets $1M in Donations!

ZachXBT, a widely respected blockchain sleuth, has inspired over $1 million in donations from across the crypto community to help fund his legal defense.

Here’s what led to this:

A defamation lawsuit was brought by Jeffrey Huang, a Taiwanese-American musician and tech entrepreneur, against ZachXBT over an article posted a year ago.

In the article, ZachXBT accused Huang of embezzling millions of dollars worth of Ethereum from Formosa Financial, a defunct crypto treasury management platform co-founded by Huang. (ZachXBT's claims were supported by on-chain data).

In response to the lawsuit, ZachXBT posted a digital wallet address on Twitter to seek donations for his legal defense, which he described as a "David and Goliath story".

And now, the crypto community has rallied behind ZachXBT.💪

Within a day, he received over $1 million in donations, primarily in the form of stablecoins, from individuals and prominent figures in the crypto industry.

Binance CEO, Cangpeng "CZ" Zhao made a $50k donation while Justin Sun, the founder of Tron and an advisor to crypto exchange Huobi donated $10,000 worth of the stablecoin True USD.

Also, according to Nansen data, ZachXBT’s wallet received funds from wallets linked to exchanges such as Bitfinex, Bybit, Coinbase, Kraken, OKX, Uniswap, and 1inch.

This is a sight to behold!😮

And proof of the unity and unwavering support within the crypto community.💪

ZachXBT has pledged to return any leftover funds to contributors on a pro-rata basis.

 💃 Binance U.S. Escapes Asset Freeze!

The SEC had tried to freeze the assets of Binance U.S following its lawsuit that the exchange was evading “critical regulatory oversight” by mishandling customer funds and operating an unregistered securities exchange.

But now Binance.US has managed to wiggle its way out of the clutches of an asset freeze.

Unfortunately, this victory comes with several stringent conditions.

According to the consent order, Binance.US has agreed to:

  • Repatriate assets held for the benefit of domestic customers and keep them under the control of domestic personnel, specifically ensuring that parent Binance Holdings and CEO Changpeng Zhao do not have access to such funds.

  • Limit company spending to regular business expenses.

  • Submit to expedited discovery regarding the custody and security of client assets.

  • Binance personnel are prohibited from destroying documents or other evidence relevant to the consent order.

So, while Binance.US can now breathe a sigh of relief, they're still dancing to the SEC's tune.🎶

📲 Solana Takes on Mobile Industry.

About a year ago, Solana released its Android phone called “Saga”.

The Saga phone, which has a Solana logo and distinctive green accent buttons, offers seamless functionality for approving transactions on decentralized applications.

So, what do users think of it?

Early users of Saga, including developers and venture capitalists, have praised its smooth web3 experience and the security provided by features like the Seed Vault.

However, there are still barriers to adoption, such as the inability to use Apple Pay and savings on the Android-based phone.

But despite these challenges, Saga is seen as a bridge between secure hardware wallets and mobile devices.

Solana's dive into the mobile space also includes the Solana Mobile Stack.

The Solana Mobile Stack is a set of libraries for developers to build mobile-first decentralized applications on the blockchain.

And it offers an open platform for developers to build decentralized applications without the restrictions of major app stores like Apple and Google.

Impressive right?😃

The success of Saga and the Solana app store depends on developers, though.

Developers are challenged to create groundbreaking web3 apps, and Saga provides them with a unique platform to iterate and capture more value, with no fees for in-app purchases compared to the standard 15%-30% charged by iOS and Android app stores.

So if you’re a developer, you might want to get in on this.🏃

And here’s the intriguing part.

Solana isn't looking to take down giants like Samsung and Apple.

Instead, Solana Labs' focus is on showcasing the potential of a great web3 experience on mobile and pushing the entire space forward by curating unique mobile-first experiences for a web3 audience.

Sure, that’s what they say now but I bet they won’t mind being the industry’s top dog.🐶😃

🧱 Around The Block: Binance cancels registration in the UK amid regulatory scrutiny.

That's all we've got for you today.

Please don't forget to rate today's email and let us know what you like about it.

In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

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. Please be careful and do your own research.

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