Weekly Article Recap: 2/17-2/21

The Stories that You Can’t Afford to Miss This Week

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 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.

Javier Milei's LIBRA Endorsement: What Went Wrong?

Argentine President Javier Milei is under fire for allegedly promoting LIBRA, a cryptocurrency that crashed within hours of launch. Legal experts say his endorsement was key in what they call a "rug pull" scheme. A lawsuit accuses Milei of fraud and illicit association, arguing he misled investors. Argentina’s criminal justice system is reviewing the case.

Details in the article. 

Binance Sued for $81.5B in Nigeria: What You Need to Know

Nigeria has sued Binance for $81.5 billion, accusing the crypto giant of tax evasion and fueling naira depreciation, Reuters reports. The Federal Inland Revenue Service (FIRS) claims Binance failed to pay $2 billion in taxes from 2022 to 2023 and seeks a 26.75% interest rate on the sum. Officials also allege the exchange enabled currency speculation, demanding $79 billion in damages for economic harm.

Read the full story. 

Pi Network Under Investigation?! Bybit CEO Speaks Out

Bybit CEO Ben Zhou has raised alarms over Pi Network, questioning its legitimacy as the project rolls out its Open Network. Zhou denied any involvement with Pi and cited a 2023 Chinese police warning labeling its activities as potentially fraudulent, particularly targeting the elderly. Vietnamese authorities also reportedly investigated the project last year.

Find more information here. 

The First SEC-Approved Yield Stablecoin? What Does It Mean for Crypto?

The U.S. SEC has approved YLDS, the first stablecoin registered as a security. Developed by Figure Markets, YLDS accrues daily interest and operates within a regulated framework. Unlike USDT and USDC, YLDS complies with U.S. financial laws and is backed by assets similar to prime money market funds. Interest is paid monthly in USD or YLDS tokens.

Learn more about YLDS in the article. 

The First XRP Spot ETF Gets Approved in Brazil: How it Matters

Brazil’s Securities and Exchange Commission (CVM) has approved the world’s first XRP spot ETF, the Hashdex NASDAQ XRP Index Fund. The ETF will trade on B3, Brazil’s main stock exchange, with Genial Investimentos as its administrator. Ripple’s Latin America director, Silvio Pegado, highlighted XRP’s strong market presence and institutional demand as key factors behind the approval. Meanwhile, Brazil’s Braza Group is launching a Real-pegged stablecoin (BBRL) on the XRP Ledger, further expanding Ripple’s presence in the country.

Details here.