DeFi
Weekly Recap: CZ’s Phrase, DeFi Token Fall, and Tether’s Triumph
This Week in Crypto: Stablecoin Regulation Halts, Hong Kong Launches Spot ETFs, a16z Buys Optimism, FTX Offloads Solana Holdings, and More!
Posted May 3, 2024 at 10:07 AM EST.
In this weekly recap, we cover:
- Changpeng Zhao sentenced to four months: Former Binance CEO Changpeng Zhao, commonly known as “CZ,” was sentenced to four months in prison for violating the Bank Secrecy Act, concluding a lengthy Justice Department investigation into anti-money laundering practices of money from Binance.
- DeFi token decline after airdrop: DeFi protocol tokens Renzo and Kamino suffered sharp declines after their market debut.
- Tether records stellar first quarter: Tether made a record profit of $4.52 billion in the first quarter, thanks to large holdings of US Treasuries, Bitcoin and gold.
- Regulatory hurdles for stablecoins: Efforts to regulate stablecoins in the United States faced setbacks as proposed legislation failed to attach to the FAA reauthorization bill.
- Hong Kong leads with Spot Bitcoin and Ethereum ETFs: Hong Kong financial markets marked a first in Asia with the successful launch of six Bitcoin and Ethereum spot ETFs.
- A16z’s strategic investment in optimism: Venture capital firm a16z has invested $90 million in Optimism’s OP token, furthering its commitment to Ethereum’s layer 2 scalability solutions.
- Tax fraud accusations against “Bitcoin Jesus”: Roger Ver, also known as “Bitcoin Jesus,” faces tax fraud allegations for failing to report capital gains on large Bitcoin sales in 2017.
- FTX Continues Liquidation with Solana Token Sales: The FTX domain has made progress in its liquidation efforts, concluding a second auction of locked Solana tokens with substantial investor interest.
- Legal Oversight of Crypto Privacy Tools: Keonne Rodriguez, co-founder of Samourai Wallet, has pleaded not guilty to charges related to operating a privacy-focused crypto service.