Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

Circle Refutes Terror Funding Claims Amid Regulatory Scrutiny

Stablecoin issuer Circle has denied allegations of supporting terrorist organizations, specifically Hamas, amidst increased regulatory scrutiny in the U.S. The company refutes claims of ties to controversial figure Justin Sun and emphasizes its commitment to crypto industry compliance standards. This follows reports linking the Tron blockchain, associated with Sun, to terrorist financing, despite the absence of U.S. government designations.

Read the full story here. 

Cristiano Ronaldo Sued for Investor Losses in Binance Promotion 

Football icon Cristiano Ronaldo is now the target of a class-action lawsuit filed in a Florida District Court on November 27. Investors Michael Sizemore, Mikey Vongdara, and Gordon Lewis allege that Ronaldo's endorsement of the crypto exchange Binance contributed to significant financial losses. The lawsuit focuses on Ronaldo's active promotion and involvement in the sale of what the plaintiffs claim are unregistered securities on the Binance platform. 

Find more information here. 

Philippines SEC Initiates Blocking of Binance: Alleged Unregistered Operations and Promotion

The Philippines Securities and Exchange Commission (SEC) is moving to block access to Binance, citing the cryptocurrency exchange's lack of required permits and licenses to operate in the country. The SEC emphasizes Binance's failure to comply with the Philippines' Securities Regulation Code, which mandates registration and licensing for securities issuers.

Details here. 

Decentralized Exchanges Velodrome and Aerodrome Face Frontend Security Breach

Decentralized exchanges Velodrome and Aerodrome have cautioned users against interacting with their websites due to a recent security breach. The attackers targeted the Domain Name System (DNS), affecting the platforms' functionality. Investigations are ongoing, and users are advised to refrain from site engagement until further notice.

Learn more about the breach in the article.

FTX Secures Court Approval to Sell $873M Trust Assets to Pay Creditors

Cryptocurrency exchange FTX has received approval from the Delaware bankruptcy court to sell trust assets worth over $873 million. This move is part of FTX's ongoing bankruptcy proceedings and aims to settle creditor claims. The assets include FTX's stakes in trusts by Grayscale Investments, valued at $807 million, and assets from Bitwise worth $66 million. FTX owns significant units in Grayscale's Bitcoin and Ethereum Trusts, along with other trusts eligible for sale.

Learn more about the development here.