Sequoia Capital and Binance Still Funding Elon Musk's Takeover of Twitter
The top news this week from stack
Hi everyone,
Here’s the top stories this week in crypto-land. Enjoy!
Top News This Week
About Capital Management (HK) Becomes Controlling Shareholder of Huobi Global
The cryptocurrency exchange known as Huobi Global made an announcement that ABout Capital Management (HK) Co. Ltd, a Hong Kong based-asset management firm, has become a controlling shareholder in the company following a successful buyout deal.
The transaction of an undisclosed amount has made About Capital the new controlling shareholder; however, the exchange also stated that the core operations and business management team would have no impact on this transition. About Capital aims to further Huobi's international brand promotion and business expansion initiatives.
Sequoia Capital and Binance Still Funding Elon Musk's Takeover of Twitter, Binance Claims BSC Hard Fork Is Successful, and Binance Pool Started a $500 Million Fund
Two major equity investors in the takeover of Twitter by Elon Musk, Sequoia Capital and Binance, will still fund the purchase, based on sources close to both companies. Sequoia Capital has committed $800 million to the deal, while Binance has contributed around $500 million.
Binance Global Inc., which is the operator of the largest cryptocurrency exchange on a global level, claims to have successfully completed a hard fork of its BNB Smart Chain (BSC) network. The network was forked in the upgrade v1.1.16 to address a software weakness that allowed $100 million to be drained from the network in an Oct. 6 hack.
Binance Pool began a $500 million lending project for private and public miners. The miners will pledge security in the form of physical or digital assets for the loan, and these will have a duration between 18 to 24 months.
Solana-Based DeFi Platform Known As Mango Got Exploited for Over $100 Million While MakerDAO Revenue Decreases by 86%
Mango Markets is a decentralized finance (DeFi) platform that is hosted on top of the Solana (SOL) blockchain, which was exploited for over $100 million. Based on a report by blockchain auditor OtterSec, "It appears the attacker was able to manipulate their Mango collateral. They temporarily spiked up their collateral value and then took out massive loans from the Mango treasury.". Mango also announced that they are taking steps to have their parties freeze the funds in flight and that they would disable deposits on the front end. They also made a public announcement to the explorer to contact them and discuss a bug bounty.
MakerDAO, which is the governing body of the Maker Protocol, saw its revenue plummet in the third quarter of 2022. This was caused by a fall in loan demand as well as a few liquidations, while the expenses have remained high. Based on a Messari analyst post on Twitter, which goes by the name Johnny_TVL and is the co-author of "The State of Maker Q3 2022," he said that the DAO saw its revenue decrease to just over $4 million in Q3, down 86% from the previous quarter.
Bored Ape Yacht Club (BAYC) Creator Yuga Labs Faces SEC Probe, Grayscale Fires First Salvo in Case Against SEC and Treasury Sued by Coin Center Over Tornado Cash Ban
The US Securities and Exchange Commission has begun its investigation on Yuga Labs Inc., which is the creator of the Bored Ape Yacht Club collection of NFTs, over whether the sale of its digital assets violates federal law.
Grayscale filed its opening brief against the United States Securities Exchange Commission (SEC) to challenge its decision denying Grayscale’s application to essentially convert the Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin exchange-traded fund (ETF).
The crypto advocacy group Coin Center filed a lawsuit against the Treasury Department over its unilateral imposition of sanctions on Tornado Cash, based on an announcement by Coin Center Executive Director Jerry Brito on Twitter.
Coinbase Gets a License in Singapore
Coinbase, which is the largest cryptocurrency exchange in the United States, said that it had received approval from Singapore's central bank to offer payment services.
This in-principle approval, which the bank originally began giving to crypto firms last year, means that individuals, as well as institutions, are provided with the opportunity to use digital payment token services, and the firms are now fully regulated by the central bank under its Payment Services Act.
Coinbase called this a "significant milestone" and said that it has been building up its presence in Singapore and has nearly 100 employees in the Southeast Asian state.
Thanks for reading,
James