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Yuga Labs wins settlement for Bored Apes lawsuit, Binance suspends USD deposits, DCG cuts deal with creditors

Yuga Labs wins settlement for Bored Apes lawsuit, Binance suspends USD deposits, DCG cuts deal with creditors
A Bored Ape image and Barry Silbert, founder and CEO of Digital Currency Group

Binance shuts down USD deposits this week

Binance is trying to ensure investors that its upcoming suspension of USD deposits is nothing to worry about. The reason for the suspension — which Binance has yet to elucidate — has caused outflows in the millions from the exchange, but the company has voiced confidence that it’s only a temporary measure. “We’re still overwhelmingly net-positive on net deposits,” a spokesperson was quoted by CNBC as saying. The company’s branch within the United States, Binance US, is unaffected by the suspension.

FTX asks politicians to return money

FTX has sent a flurry of “confidential letters” to recipients of political donations in hopes of recovering close to $93 million, CoinDesk reports. In a release, the beleaguered exchange took on the mantle of debtor, claiming recipients have a legal obligation to return funds by the end of the month. Sam Bankman-Fried’s political donations were always big news, but the revelation of systemic fraud in FTX has cast his prior claims of effective altruism in a new, nauseating light. Perhaps the most outlandish fact of the growing case is that one in three Congress members received contributions from FTX or Bankman-Fried.

Genesis and DCG scores initial agreement with creditors

Genesis and its parent company Digital Currency Group have reached a tentative agreement to stave off catastrophe, reports CoinDesk. Genesis, which is currently under Chapter 11 bankruptcy protection, has agreed to sell certain bankrupt entities, as well as refinance outstanding loans. There are currently somewhere close to $2.4 billion in claims against DCG and Genesis. Central to the dealings are failed claims pertaining to the 2022 collapse of Three Arrows Capital, or 3AC, which created a $1.2 billion hole in Genesis’ books. Genesis declined to comment to CoinDesk.

Hong Kong beefs up security for industry supervision

Hong Kong regulators filed a report on Monday that includes plans to hire additional virtual asset supervisor staff. The move comes in anticipation of the upcoming Anti-Money Laundering and Counter-Terrorist Financing Bill, which activates June 2023. Hong Kong aims to beef up its Web3 industry despite the bear market and increasing CCP oversight, so the exact role played by the new staff is muddy. As with the other major markets in transition (U.S., Korea, EU), the interplay between adoption and regulation is firing up, and it definitely isn’t boring.

Binance releases tool for crypto taxes

In other Binance news, the company has released a new tool, billed Binance Tax, to assist crypto holders in keeping track of their transactions. The company has often been at the forefront of regulations battles, leading to bans or retreats from certain regulatory districts, such as the UK or the Canadian province of Ontario, in recent years. Despite such regulatory setbacks, it seems Binance’s “regroup and reapply” mentality is paying off. Binance Tax will have its pilot run in Canada and France before expanding into other markets.

Bored Ape settles for victory amid Nazi allegations

The company behind NFT mainstay project Bored Ape Yacht Club has won a settlement against the developer of a copycat project, but its battle isn’t over. The lawsuit, initiated by Yuga Labs, initially targeted internet artist Ryder Ripps, who has waged a crusade of sorts to link the BAYC project to racism and Nazism. Ripps released a copycat NFT project that emphasised his accusations against Yuga, while highlighting philosophical debate over NFT reproducibility. Monday’s settlement was not focused on Ripps, however, but developer Thomas Lehman, who helped write smart contracts for Ripps’ project.

From around the web…

The Treasury and the Bank of England are kicking off a consultation on a digital currency - BBC

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