Weekly Article Recap: 5/13-5/17

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.

Kraken Considering Terminating USDT Support in Europe

Kraken is considering delisting Tether (USDT) from its European platform, Bloomberg reports. This comes after the EU approved the Market in Capital Assets (MiCA) regulation. Kraken's Global Head of Regulatory Strategy, Marcus Hughes, stated that the final decision will depend on further regulatory clarity. 

Details in the article.

What is MakerDAO’s Upcoming PureDai and NewStable?

Rune Christensen, CEO of MakerDAO, revealed plans for two new stablecoins, PureDai and NewStable, to replace the current DAI, aiming for increased decentralization. Additionally, MKR holders can upgrade to a new governance token, NewGovToken, at a 1:24,000 ratio, aligning the governance structure with the new stablecoin initiatives.

Read the full story. 

Nigerian Court Denies Bail to Binance Exec Tigran Gambaryan on Money Laundering Charges

A Federal High Court in Abuja has denied bail to Binance executive Tigran Gambaryan, who is facing money laundering and tax violation charges. The Economic and Financial Crimes Commission (EFCC) began its trial with Abdulkadir Abbas from the Nigerian SEC as the first witness. Gambaryan's lawyers sought a delay to obtain documents for cross-examination, but Justice Emeka Nwite denied bail due to flight risk concerns and the severity of the charges. The trial will resume on May 23.

Find more information in the article.

Bitget Wallet Launches Bitget Onchain Layer and $10M $BWB Ecosystem Fund

Bitget Wallet has launched the Bitget Onchain Layer, aiming to revolutionize the Web3 user experience. This new product will serve as the primary on-chain extension of Bitget's ecosystem, integrating native DApps to streamline interactions, enhance liquidity, and boost security. The wallet also focuses on the Meme ecosystem, offering access to new narratives, assets, and opportunities in Web3.

Details here. 

Tornado Cash Founder Found Guilty and Sentenced to 64 Months in Prison

Alexey Pertsev, the developer behind the crypto mixing platform Tornado Cash, was convicted of money laundering by Dutch judges on May 14. Pertsev was sentenced to 64 months in prison for allegedly laundering $1.2 billion in illicit assets through the platform.

Despite Tornado Cash being non-custodial, the court deemed it "intended for criminals," noting that it facilitated illegal activities. 

Find the full story here.