Weekly Article Recap: 5/15-5/19

by BSC News

May 20, 2023


A recap of notable news from the week.

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.

Tether Announces Massive Bitcoin Purchase to Diversify Reserves

Prominent Stablecoin provider Tether has declared its plans to allocate 15% of its net profit into purchasing Bitcoin, starting this month. The aim is to diversify the assets backing its USDT token. In a move intended to strengthen the stablecoin, the investment would be worth approximately  $222 million, based on Tether's latest attestation report.

Get all the details in this article.

Ledger Stirs up Controversy with New Product “Ledger Recover”

Is Ledger on the brink of self-destruction? Or nothing to worry about? The popular hardware wallet provider recently announced the release of a new product “Ledger Recover”, allowing users to back up their Secret Recovery Phrase (SRP). However, this development does not seem to sit well with the wider crypto community. 

Find more information here

US DOJ to Crack Down on Crypto Exchanges Facilitating Criminal Activity

The U.S. Department of Justice (DOJ) plans to take action against cryptocurrency exchanges that facilitate criminal behavior. The agency's Crypto Enforcement Director, Eun Young Choi, announced the crackdown as a response to the increasing involvement of cryptocurrencies in criminal behavior. 

Find out what areas the DOJ crackdown will focus on in this article

Justin Sun Exposes Unfair HT Token Acquisition: Huobi Global Takes Action to Protect HT DAO Community

Justin Sun recently revealed that Li Wei, the younger brother of Li Lin, was illegally obtaining and selling a significant amount of HT tokens on the Huobi platform. To protect the community's interests, the Huobi Global Advisory Committee and the HT DAO community have decided to recover and destroy the HT tokens acquired by Li Wei without any cost, demonstrating Huobi Global's commitment to fairness and safeguarding the interests of its community members.

More details in this article.

PancakeSwap Launches Trading Reward Program for Loyal Users

PancakeSwap has introduced a Trading Reward Program designed to enhance the trading experience for loyal PancakeSwap users by offering attractive incentives. Through various engaging campaigns, PancakeSwap will provide rewards to Pancake Profile holders, users with fixed-term CAKE staking positions, and high-volume traders.

Get all the details of the program here.