CZ Gives First Public Interview at Binance Blockchain Week

CZ Gives First Public Interview at Binance Blockchain Week

At Binance Blockchain Week Dubai, Changpeng Zhao (CZ) made his first public appearance since completing a four-month prison sentence related to anti-money laundering violations. Reflecting on his time in prison, CZ noted that it offered him time to reassess priorities, emphasizing the importance of family and community.

He expressed gratitude for the short sentence, mentioning that he was "fortunate" to serve only four months. CZ revealed he’s shifted his focus to investing and a new project, Giggle Academy, which provides educational access to underserved populations. Although he’s no longer involved in Binance’s daily operations, CZ said he’s maintaining a “good relationship” with the company.

Remaining optimistic, CZ shared that he’s “very bullish” on the future of crypto. He also shared a funny prison story in which a couple of guards recognized him and asked what coins they should buy as CZ said before jokingly adding, "I was like, I better not pick the wrong coin".

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US Treasury Report Urges CBDC to Replace Stablecoins

In its latest report, the US. Treasury Department expressed concern over the stablecoin market’s growth and argued that privately issued stablecoins may eventually need replacement by a government-backed central bank digital currency (CBDC). The Treasury’s 132-page report highlighted the $120 billion in T-bills held by stablecoin issuers, which it sees as a risk if stablecoins were to collapse.

The department also noted stablecoins' role in nearly 80% of crypto transactions. Stablecoin issuers like Tether argue that their USD-backed tokens bolster dollar strength, yet the Treasury cited the volatility and depegging history of stablecoins as a systemic risk. The department proposed a gradual shift to a CBDC, though critics like former President Trump oppose the idea.

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Immutable Fights Back After Receiving SEC’s Wells Notice

Crypto gaming platform Immutable plans to contest a Wells notice from the SEC over alleged violations related to its IMX token sales in 2021. Immutable claimed the SEC had issued the notice abruptly, skipping the usual months-long investigative dialogue, and based the case on a single blog post’s token sale details. Immutable’s IMX token price dropped nearly 9% within an hour after the news.

Immutable disagrees with the SEC’s assertion that the IMX token sale constitutes a securities offering, arguing it involved real value exchange. Joining several firms targeted by the SEC, Immutable said it’s committed to challenging any potential enforcement action. Despite market pressures, Immutable reaffirmed confidence in the IMX token’s compliance and is prepared to defend its position.

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Franklin Templeton Expands Fund to Coinbase’s Base

Franklin Templeton has launched its OnChain U.S. Government Money Market Fund on Coinbase’s Base network, marking the first such product on the Ethereum scaling solution. This expansion offers investors access to digitized government securities and cash equivalents via the Benji Investments app and positions Base as a hub for blockchain finance.

The Nasdaq-listed fund, FOBXX, is already available on networks like Avalanche and Stellar, with investors buying shares via crypto wallets. Franklin Templeton has been a blockchain pioneer, first entering the space in 2019 on the Stellar network. The firm also operates Bitcoin and Ethereum ETFs, cementing its role in bridging traditional finance with crypto assets.

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Data of the Day

The crypto sector saw $55.1 million in losses from hacks and scams in October, marking a 56.6% decrease from September’s $126.9 million, according to Immunefi’s latest report.

This month’s losses were the second-lowest in 2024, bringing total crypto losses to over $1.4 billion for the year. October’s losses were dominated by two major exploits: Radiant Capital lost $50 million, while Tapioca DAO lost $4.4 million.

Immunefi’s report highlights a trend of declining losses as projects improve security protocols, such as enhanced auditing and smart contract designs. Most incidents targeted BNB Smart Chain, followed by Ethereum and Arbitrum, with BNB Smart Chain accounting for 50% of October’s exploits.

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More Breaking News

• The Blockchain Association reports that the SEC’s enforcement under Gary Gensler has cost crypto firms at least $426 million in litigation expenses.
• BlackRock’s iShares Bitcoin Trust saw $872 million in net inflows, the largest since its launch, as spot Bitcoin ETFs near record levels of cumulative inflows.
• The US government liquidated 82,000 ANT tokens seized from Alameda Research, converting them into $1.07 million in ETH through AragonDAO’s redemption.
• Tether posted a record $2.5 billion in Q3 profits, driven by USDT demand and Treasury yields, with reserves totaling $134.4 billion.
• Florida CFO Jimmy Patronis revealed $800 million in crypto investments and suggested allocating state retirement funds into crypto if Trump is re-elected.
• Russia has banned Bitcoin mining in certain regions facing electricity shortages, limiting mining capacity in affected areas until 2030.
• Kraken launched Kraken Desktop, a customizable trading app inspired by its retired tool Cryptowatch with additional technical features.

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