Daily Legal Evening News | CZ releases internal memo stating that Binance will be fine; Sam Altman to return to OpenAI as CEO.
Selected News:
1. BLUR short-term breakthrough $0.41, 24-hour increase of 10.39%.
2. x.TAI releases the first AI-related protocol XRC-20 for Ordinals.
3. OpenAI: Sam Altman will return to OpenAI as CEO;
4. CZ releases internal memo: Binance will be fine, we will overcome this difficulty;
5. Data: Blast Network TVL breaks $100 million
Price Observation
BLUR short-term breakthrough $0.41, 24-hour increase of 10.39%
According to OKX market data, BLUR has broken through $0.41 in the short term and is currently priced at $0.408, with a 24-hour increase of 10.39%.WLD short-term rise over 5%, currently priced at $2.55
According to OKX market data, WLD has risen over 5% in the short term, currently trading at $2.55, possibly influenced by the news of Sam Altman returning to OpenAI as CEO.Transaction Tracking
During this period, AVAX price decreased by approximately 13%.
A whale address transferred 2000 ETH to Binance, worth about $3.95 million.
According to on-chain data analyst @ai_9684xtpa, a whale address withdrew 2000 ETH from Spark Protocol and transferred it to Binance approximately 3 hours ago, worth about $3.95 million.
Transfer 975,859 AVAX worth $18.83 million to the crypto broker FalconX;
Transfer 12,602,687 MATIC worth $9.27 million to Coinbase.
Project Updates
马斯克：Grok will be available to all Twitter Premium+ subscribers next week
Elon Musk posted on social media that the AI model Grok system of xAI will be available to all X (formerly known as Twitter) Premium+ subscribers next week.
x.TAI releases Ordinals, the first AI-related protocol XRC-20
The decentralized AI project x.tai will end Phase 1 fundraising and launch a new XRC-20 protocol based on Ordinals within 24 hours.
Binance paid a fine of $1.35 billion to the CFTC, which is the largest fine ever paid to this regulatory agency.
CFTC Chairman Rostin Behnam said at a press conference on Tuesday that Binance's actions "undermined the foundation of a safe and sound financial market," and the CFTC charged it $1.35 billion in transaction fees. This is the largest fine ever imposed by the regulatory agency. Rostin Behnam said that internal conversations with Binance CCO and others showed that Binance recognized that its platform was being used to facilitate criminal activities, including terrorism financing, but chose to turn a blind eye in the name of profit. "Binance and its leaders attempted to deceive and indoctrinate their employees and customers, establishing a cult-like following premised on evading their own compliance controls to maximize company profits above all else." (CoinDesk)
The Commissioner of the Commodity Futures Trading Commission (CFTC) in the United States, Caroline Pham, stated that in addition to fines against Binance and CZ, if the proposed settlement plan is approved by a federal judge, Binance's former Chief Compliance Officer, Samuel Lim, will also pay a fine of $1.5 million and be prohibited from serving as an unregistered futures broker or operating any illegal cryptocurrency derivative platform. Caroline Pham stated that this is the first time the CFTC has held a compliance executive personally responsible.
CZ appeared in Seattle court and photos were disclosed
GeekWire reported on-site photos of Binance founder CZ appearing in a Seattle court. BlockBeats previously reported that Binance founder and former CEO CZ was released on bail after paying a personal guarantee of $175 million, and the sentencing hearing is scheduled for 9:00 am Pacific Time on February 23, 2024 (1:00 am Beijing Time on February 24).
Binance Labs has returned some funds to external investors this summer.
According to The Block, Binance Labs returned some funds to external investors of a $500 million fund this summer.In June 2022, Binance Labs announced the establishment of a new $500 million fund, Binance Labs Fund II, for investing in Web3 projects. This marks its first time receiving funding from external supporters. Institutions such as DST Global Partners and Breyer Capital participated, but Binance itself still contributed the majority of the $500 million.
However, according to three sources familiar with the matter, a large portion of the funds provided by external supporters or limited partners (LPs) have been repaid during the summer. One of the sources stated that nearly half of the $150 million total invested by limited partners in the Binance Labs fund has been repaid.
Binance's new CEO: the platform has strong revenue and profits and no debt
Binance's newly appointed CEO, Richard Teng, responded to comments made by a Coinbase executive stating that "Binance is highly likely to fully pay the $4.3 billion fine without selling any cryptocurrency assets."
"The foundation of Binance's business is very strong, continuing to operate the world's largest cryptocurrency trading platform. Binance's capital structure has no debt and has moderate fees. Despite charging users lower fees, we have strong revenue and profits."
CZ 发布内部信：Binance 会没事的，我们会渡过难关 Translation:
CZ releases internal memo: Binance will be fine, we will overcome this difficult timeAccording to Wu Blockchain News, CZ released an internal memo stating:
Thank you for your warm, caring, and touching words, which are even more important in keeping the Binance ship flying. Due to the overwhelming amount of messages received, I am unable to reply to each one individually. Therefore, I will say it here.
For me, this is definitely a difficult day. I went through this unprecedented experience with a 12-hour time difference, and I couldn't use my phone for most of the day in court.
I wrote this tweet at 4am in advance. I really didn't have time to write an internal memo in advance among all the other long legal documents I had to review. I think our communication team did a great job. I won't repeat what has already been said.
I just want to say that I am proud of your work today, in the past, and in the future.
Binance will be fine. I will have to endure some pain, but I will get through it. Although there will be some changes in Binance's structure, when we look back in a few years, everything that happened today may not be a bad thing. I need to take a break, and now I finally have some free time. At the same time, you still need to continue working hard, and I hope you don't complain about me taking a break during this time.
In order to relax a little bit, this famous phrase/clip from "Star Trek" (2009) came to mind. "I need everyone to continue to perform well." If you haven't seen it, it's a good movie.
DWF Labs Venture: CZ has played a critical role in the cryptocurrency industry
BlockBeats News, on November 12th, Andrei Grachev, co-founder of DWF Labs, wrote that CZ has played a key role in the entire cryptocurrency industry, building the largest market, chain, ecosystem, and a generation of millions of cryptocurrency users.
But how the game is played is how it is played. We need to learn and then move forward. The starting point is the ending point, and the ending point is the starting point.
Coinbase executive Conor Grogan posted on social media that according to Binance's Proof of Reserves (PoR) data, its cryptocurrency holdings are worth $6.35 billion, including $3.19 billion in stablecoins, but excluding cash balances off the chain or funds not in the PoR wallet. Binance is likely to pay the full $4.3 billion Department of Justice fine without selling any cryptocurrency assets.
Justin Sun, founder of TRON and member of the HTX Global Advisory Committee, posted on social media, "I have known CZ for almost 10 years, and during these ten years, CZ has been a leader in the community, industry, and for me personally. In the past six years, CZ founded Binance, pushing the entire industry to unprecedented heights. Without CZ, the cryptocurrency industry would not have reached the heights it has today. When I think about you leaving the CEO position, I feel a little sad, but when I think about you having more time to rest and enjoy life, I am truly happy for you. Thank you for everything you have done for the entire industry."
The Shenyu team expressed their views on their social media platform, stating that the regulatory agreement reached between the US Department of Justice and Binance has paved the way for ETFs. They thanked CZ for his outstanding contributions to the industry and look forward to exploring the infinite possibilities of DeFi together with CZ.
Sam Altman posted on social media, "I love OpenAI, and everything I've done in the past few days has been to maintain the integrity of this team and its mission. When I decided to join Microsoft on Sunday night, it was clear to me and the team that this was the best choice. With the support of the new board and Satya Nadella, I look forward to returning to OpenAI and continuing to develop on the strong foundation of our collaboration with Microsoft."
Financing Express
Derivative trading agreement IntentX announced the completion of a $2.5 million seed round of financing, led by Magnus Capital, with participation from Agnostic Fund, Prismatic Capital, MS2 Capital, Coral DeFi, Contango Digital Assets, Castle Capital, and others.
It is reported that IntentX is a full-chain off-exchange derivatives market aimed at solving the problem of low efficiency in decentralized derivatives. IntentX has released an Open Beta version, providing trading for over 180 perpetual currency pairs.
AI21's flagship product is AI21 Studio, which is a pay-as-you-go developer platform for building custom text-based business applications using AI21's proprietary text generation AI models. The startup also sells Wordtune, a multilingual reading and writing AI assistant similar to Grammarly.
Regulatory News
According to a report by CoinDesk, cryptocurrency lending firm Genesis Global Capital has filed a lawsuit against its former business partner, cryptocurrency exchange platform Gemini Trust, seeking to recover over $689 million, according to court documents submitted on Tuesday evening.
The accusation alleges that Gemini, at the expense of sacrificing the interests of other creditors, prioritized the transfer of assets totaling no less than approximately $689,302,000 for Genesis, and requested the court to correct this unfair situation.
BlockFi: The final deadline for international customers to submit debt proof is December 9th
The US Department of Justice (DOJ) has announced the seizure of $9 million worth of USDT, which is believed to be linked to a "pig-killing" scam organization.
This seizure was carried out after agents and analysts from the US Secret Service tracked the victim's deposits laundered through various cryptocurrencies. The Department of Justice referred to this technique as "chain hopping" in a press release issued on Tuesday. (CoinDesk)
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