Home Latest Insights | News Mark Cuban, US SEC, Binance US, Changpeng Zhao, DCG and other Global News

Mark Cuban, US SEC, Binance US, Changpeng Zhao, DCG and other Global News

Mark Cuban, US SEC, Binance US, Changpeng Zhao, DCG and other Global News

Mark Cuban, the billionaire entrepreneur and owner of the Dallas Mavericks, has fallen victim to a phishing attack that cost him $860,000 worth of cryptocurrency. According to a report by The Wall Street Journal, Cuban received an email from a fake company claiming to be a decentralized finance (DeFi) platform that offered high returns on crypto investments.

The email contained a link to a website that looked identical to the legitimate platform but was actually a malicious site designed to steal users’ funds. Cuban said he was intrigued by the offer and decided to invest $860,000 in a digital token called Titan. However, soon after he made the transaction, he realized that he had been scammed and that his tokens were worthless.

He said he contacted the real DeFi platform, but they could not help him recover his money. Cuban said he learned a hard lesson from the incident and warned other crypto investors to be careful and do their research before investing in any project. He also said he would not give up on crypto and that he still believed in its potential.

Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.

Tekedia AI in Business Masterclass opens registrations here.

Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.

The U.S. Securities and Exchange Commission (SEC) has expressed dissatisfaction with the level of cooperation and transparency from Binance.US, the American affiliate of the global cryptocurrency exchange Binance. According to a report by Bloomberg, the SEC has been seeking information from Binance.US about its operations, compliance policies, and relationship with its parent company, but has not received adequate responses.

The SEC is concerned that Binance.US may be engaging in activities that violate U.S. securities laws, such as offering unregistered securities or facilitating insider trading. The SEC’s scrutiny of Binance.US is part of a broader investigation into the crypto industry, which has faced increasing regulatory pressure in recent months. Binance.US has said that it operates independently from Binance and complies with all applicable laws and regulations. However, the SEC is not convinced by this claim and wants to see more evidence of Binance.US’s autonomy and oversight.

The SEC has also requested documents from Binance.US’s former CEO, Brian Brooks, who resigned abruptly in August after less than four months on the job. Brooks, a former acting head of the Office of the Comptroller of the Currency (OCC), was hired by Binance.US to help improve its regulatory compliance and reputation. However, he reportedly clashed with Binance’s founder and CEO, Changpeng Zhao, over the direction and strategy of the company. The SEC’s investigation into Binance.US is still ongoing and could result in enforcement actions or penalties if violations are found.

The legal team of SBF, the controversial social media platform, has submitted a list of questions to the judge that they want to ask the potential jurors in the upcoming trial. The questions are designed to assess the jurors’ familiarity with SBF, their opinions on free speech and censorship, and their political leanings.

However, the prosecutors have objected to many of the questions, arguing that they are irrelevant, biased, or intrusive. They claim that the questions are an attempt by SBF to influence the jury selection process and to exclude jurors who might be critical of the platform. The judge will have to decide whether to allow or reject the questions before the jury selection begins.

The founder and CEO of Binance, Changpeng Zhao, has revealed the reason behind the sudden departure of Brian Brooks as the head of Binance.US, the US affiliate of the global crypto exchange. In an interview with Bloomberg, CZ said that Brooks decided to leave the company after only four months on the job because he needed some time off from the intense regulatory pressure that Binance.US faces.

CZ said that Brooks had been working very hard to navigate the complex and evolving regulatory landscape in the US, but he felt that he could not continue at the same pace and intensity. CZ said that he respected Brooks’ decision and wished him well. He also said that Binance.US is still operating normally and is looking for a new CEO.

CZ added that Binance.US is a separate entity from Binance, and that the global exchange has no control over its operations or strategy. He said that Binance.US is fully compliant with all US laws and regulations, and that it has a strong team of compliance and legal experts. He also said that Binance.US has a positive relationship with its regulators and is cooperating with them on various issues.

CZ also commented on the recent crackdown on Binance by regulators around the world, saying that he welcomes more clarity and guidance from them. He said that Binance is always willing to work with regulators and adapt to different rules in different jurisdictions. He said that Binance is not trying to evade or avoid regulation, but rather to comply and innovate.

The legal battle between Gemini and DCG over the failed crypto exchange has taken a new turn, as Gemini’s lawyers have accused DCG of gaslighting in their latest recovery plan. In a blog post published on Monday, Gemini’s legal team claimed that DCG’s proposal to distribute the remaining assets of Bitcoin among the creditors was “a blatant attempt to manipulate and deceive the court and the public”.

According to Gemini, DCG’s plan would unfairly favor their own interests and leave Gemini and other creditors with little or no compensation. Gemini argued that DCG was responsible for the collapse of Bitcoin, as they had breached their fiduciary duties and engaged in fraudulent activities. Gemini also alleged that DCG had tried to cover up their involvement and mislead the regulators and the media.

Gemini’s lawyers said that DCG’s gaslighting tactics were “an insult to the intelligence and dignity of the victims of Bitcoin”. They urged the court to reject DCG’s plan and appoint an independent trustee to oversee the liquidation of Bitcoin. They also demanded that DCG be held accountable for their actions and face criminal charges.

Gemini’s blog post was met with mixed reactions from the crypto community. Some praised Gemini for standing up to DCG and exposing their corruption, while others criticized Gemini for being greedy and opportunistic. Some also questioned the credibility of Gemini, as they had invested in Bitcoin despite its dubious reputation.

No posts to display

Post Comment

Please enter your comment!
Please enter your name here