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Binance Accuses SEC of Unfair Tactics Admist The Ongoing Legal Battle Binance accuses SEC of unfair tactics in their legal battle, stating that the settlement with the DOJ is unrelated to the SEC’s charges. Binance has accused the U.S. Securities and Exchange Commission (SEC) of unfair tactics in their ongoing legal battle. The exchange argues that the SEC’s supplementary brief did not present any new effective evidence in the case. Binance with the U.S. Department of Justice (DOJ) and Financial Crimes Enforcement Network (FinCEN) is not materially related to the SEC’s charges against Binance. On 9 December, the SEC claimed that Binance’s $4.3 billion settlement agreement with the DOJ and others supported the SEC’s lawsuit against the exchange. The SEC requested the court to consider the admissions made by Binance CEO Changpeng Zhao (CZ) in the settlement. However, Binance and CZ have asked the court to dismiss the SEC’s lawsuit. Binance‘s settlement with the U.S. government concluded investigations conducted by the DOJ, various branches of the Treasury Department, and the Commodity Futures Trading Commission (CFTC). SEC was not part of the settlement and instead filed a separate lawsuit against Binance and CZ in June. The SEC’s lawsuit alleges that Binance mishandled customer funds, misled investors and regulators.

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El Salvador offers 'Freedom Visa' for $1 million crypto investment El Salvador, which hit the headlines in 2021 by giving Bitcoin legal tender status, has launched a $1 million “Adopting El Salvador Freedom Visa” program. Limited to 1,000 participants per year, the Freedom Visa program aims to attract individual to seek residency and citizenship via investment, similar to Golden Visa programs in other countries. El Salvador’s Ministry of Foreign Affairs said the program can generate $1 billion annually for the country. Notably, the initiative is 10 times more expensive than similar citizenship by investment programs in the neighboring Caribbean island nations of Antigua and Barbuda, Dominica and St. Lucia, according to migration consultancy firm Henley & Partners. Tether is providing support for the initiative as El Salvador’s technology partner. “This initiative highlights our commitment to supporting cities and communities in their pursuit of financial freedom and innovation,” Tether CEO Paolo Ardoino said. “This partnership reinforces our dedication to advancing technology, empowering nations and enabling individuals to invest in a future where innovation and progress go hand in hand."

DeFi Market Rebounds to $50B as Speculators Hunt for Yield The total amount of capital locked or staked across all decentralized finance (DeFi) protocols reached $50 billion on Tuesday for the first time in six months as the value of underlying assets surged and investors sought to secure a yield on their crypto holdings. Data from DefiLlama shows that since Oct. 13, when the sector was at multiyear lows, the figure has increased by $15 billion. The search for yield was illustrated last week, when Blast, a newly announced layer 2 project that hopes to go live next year. Since Oct. 13, ether (ETH), the primary asset used across the DeFi market, has risen by 42%, outpacing the whole DeFi market, which increased by 41%. It's worth noting that a significant portion of DeFi protocols offer yields on stablecoins, which are pegged to traditional fiat currencies like the dollar, euro or sterling. The sector experienced a boost earlier this year as a result of Ethereum's shift to a proof-of-stake blockchain, which meant holders could stake ether to become a network validator and receive rewards. The transition spurred the liquid staking market, led by the likes of Lido and RocketPool, which combined are responsible for 45% of DeFi's total value locked (TVL). More than $5.4 billion changed hands on a single day last month, the most since March.

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USDC Stablecoin Issuer Circle Rejects Accusations of Facilitating Illicit Financing CfA had previously asserted that there might be involvement from Circle and Justin Sun in financing terrorist organizations. Stablecoin issuer Circle has dismissed false claims of facilitating illicit financing activities. In a letter addressed to US Senators Sherrod Brown and Elizabeth Warren, the company also said it does not provide banking services to Justin Sun, the Tron Foundation, or HTX (formerly known as Huobi Global). In February 2023, Circle terminated all accounts belonging to Sun and companies associated with him. In response to a previous letter from the non-profit organization Campaign for Accountability (CfA), Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, issued a rebuttal, asserting that the agency’s communication contained numerous errors, omissions, and misleading information. Circle clarified that it does not, directly or indirectly, facilitate or finance Hamas or any illicit actors while emphasizing that the company does not provide banking services to Justin Sun. It highlighted its adherence to various regulatory frameworks, including the Bank Secrecy Act (BSA) and laws targeting anti-money laundering and counter-financing of terrorism.

EU lawmakers want metaverse strategy that supports the bloc's businesses European Union lawmakers want the bloc to lead in developing virtual worlds that support EU businesses. On Tuesday, the European Parliament's Committee on Internal Market and Consumer Protection voted in favor of a report that advocates for developing a metaverse strategy to reduce tech dependency on countries outside of the EU. "As we step into web4 with the development of virtual worlds, we have to lay a foundation, rooted in strong EU digital rules, guiding principles, and values. The report called for a clear regulatory framework to support virtual world development. It stressed that most companies concerned with developing metaverse technologies are domiciled outside the EU. It added that the EU should "foster a level playing field to bolster European businesses." It was also noted that many metaverse projects have been developed by "a few companies based outside the EU, which have the necessary resources and financial capabilities." The report thus called for the bloc to take a leading role instead. The European Commission, the EU's executive body, has created a strategy on web4 and the metaverse. In this strategy, virtual worlds are defined as "persistent, immersive environments based on 3D and extended reality (XR) technologies."

Analysis Claims Discovery of Selective Transaction Filtering in Bitcoin Mining Pools The investigation by 0xB10C, detailed in a comprehensive report, scrutinized the activity of today’s most prominent bitcoin mining pools. It focused on six specific transactions linked to addresses sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). This analysis is part of a broader project, the developer’s miningpool-observer, aimed at detecting instances where bitcoin mining pools may not include transactions that they could be mining. The findings suggest a pattern of selective transaction filtering, a practice that could have significant implications for the network’s decentralized nature. In September and October 2023, 0xB10C’s miningpool-observer reported six blocks missing an OFAC-sanctioned transaction. These transactions were notably absent from blocks mined by three different pools: Viabtc, Foundry USA, and F2pool. The study meticulously analyzed the transaction patterns and block compositions to understand whether these omissions were intentional acts of filtering or coincidental outcomes based on other factors like transaction fees or propagation times.

HECO Chain Hack Occurs Causing $86 Million In Losses A substantial $86 million has been illicitly transferred from a HECO account to an undisclosed address, as reported by the on-chain security platform Cyvers Alerts. The stolen assets, detailed by BitJungle Monitor, encompass a variety of cryptocurrencies, including 346,994 TUSD, 42,399 LINK, 619,000 USDC, 173,200 UNI, 346.9 million SHIB, 489 HBTC, 42.11 million USDT, and 10,145 ETH. Peckshield Alert noted an additional 10,145 ETH transfer, suggesting a potential compromise of the operator’s address in the HECO Chain hack. Justin Sun confirmed the compromise between HECO Chain and HTX in a recent statement, assuring users that HTX would fully compensate for losses incurred in the hot wallet. Deposits and withdrawals on the platform are temporarily suspended, emphasizing the platform’s commitment to securing the remaining funds during the investigation. The HECO Chain hack follows a previous $8 million exploit of HTX in October, where hackers pilfered 500 ETH. Despite the breach, HTX emphasizes that all funds within the platform remain secure, and users can trust the implemented security measures. The platform’s proactive suspension of deposits and withdrawals underscores its dedication to mitigating potential risks and protecting user assets during the ongoing investigation.

Cardano Maestro Hoskinson Propels OpenAI Outcast Altman into Decentralized Language Revolution! Charles Hoskinson has extended a compelling invitation to Sam Altman, the ousted CEO of OpenAI outcast, to collaborate on a pioneering project within the Cardano ecosystem. The venture aims to delve into the realms of a decentralized large language model (LLM) integrated into the Cardano partnerchain. The utilization of the Polkadot stack signifies Cardano’s commitment to harnessing cutting-edge technologies and interoperability within its blockchain infrastructure. The decentralized large language model, a key focus of this collaboration, holds immense potential in revolutionizing the way language is processed and understood within the blockchain space. The integration of Altman, a prominent figure in the field of artificial intelligence and machine learning, adds substantial weight to the project’s credibility. The partnership between Cardano and Sam Altman, known for his forward-thinking approach and transformative work at OpenAI, has the crypto community buzzing with anticipation. The synergy between Altman’s expertise in artificial intelligence and Cardano’s commitment to decentralized solutions creates a compelling narrative for the future of blockchain technology.

Hackers claim to have compromised bankrupt Bitcoin ATM firm Coin Cloud: Report An unidentified hacking group claims to have stolen 70,000 customer selfies and sensitive personal information for 300,000 customers of Coin Cloud, a Bitcoin ATM firm which operated over 4,000 machines in the U.S. and Brazil until its bankruptcy filing this February. The hacking group also claims to have stolen the source code to Coin Cloud's backend system, according to a post on X from cybersecurity expert vx-underground. The post includes redacted images, purportedly depicting the customer selfies and personal identifying information the group has accessed, which includes the Social Security numbers of customers along with their name, address, date of birth, occupation, phone number, and more, according to the report. Vx-underground told The Block that the unidentified hacker was sharing the claims in private channels and that the leaked database may be posted online soon. Coin Cloud could not immediately be reached for comment. Coin Cloud filed for bankruptcy in February following "business difficulties and legal problems" resulted in losses of $40 million over the first nine months of 2022, its former CEO told the Wall Street Journal.

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China declares stealing digital collections like NFTs liable for criminal theft sentence The Chinese government says theft of digital collections violates the protection law and interests of the crime of illegally obtaining computer information system data. It outlines three views on the type of crime that theft of digital collections falls under, the first two classifying it as either data or digital property. However, the statement stresses that the third view, which sees digital collections as both data and virtual property, would fall under the umbrella of “co-offending.” The statement explained that stealing a digital collection includes intrusion into the system on which it is housed, therefore also committing the crime of illegally obtaining computer information system data and theft. It elaborates on this topic, naming digital collections “network virtual property” and stressing that in the criminal law context, “collections should be recognized as property.” NFTs were specifically mentioned, establishing that digital collections are derived from the concept of NFTs “abroad” and use blockchain technology to “map specific assets” with “unique, non-copyable, tamper-preventing, and permanent storage characteristics.”

JPMorgan Adds Programmable Payments to JPM Coin Users of JPMorgan's (JPM) blockchain-based settlement token, JPM Coin, can now program their accounts to make payments automatically according to preset conditions. The financial giant is allowing clients to plug in conditions for funds to be moved to cover overdue payments or margin calls, according to an email on Friday. Previously, they had to set standing orders for payments to take place at a particular time, whereas now they can program them to kick in when the relevant criteria are met. JPMorgan introduced JPM Coin in 2019 to enable institutional clients to make wholesale payments on a blockchain. Last month it reached the milestone of handling $1 billion of transactions daily, though this remains a trivial figure compared with the $10 trillion the bank moves every day in total. "This new feature helps clients to respond dynamically to events, which is ever more important as 24x7 payment infrastructure proliferates, and responding to volatility becomes vital," the bank said. Previously clients would need to set standing orders for payments to take place at a particular time; now they can program them to kick in when the relevant criteria are met. whereas now they can program them to kick in when the relevant criteria are met.

Arbitrum DAO voting on $24 million 'backfund' for projects that missed out on grants The Arbitrum DAO is currently voting on a proposal that could inject 21.4 million ARB tokens ($24 million) into projects that were approved but fell short of the 50 million ARB total funding cut-off in last month’s first round of grants for its Short-Term Incentive Program. Dubbed a one-time “backfund,” it outlines plans to increase the total STIP budget to 71.4 million ARB, funding a further 26 protocols in addition to the 29 initially successful projects. By nearly doubling the projects receiving support, the proposal, prepared by the Arbitrum STIP Inclusion Working Group following a series of community calls and workshops, argues it represents a critical opportunity to “support diverse, emerging builders” and “avoid potentially irreversible harm of crushing small, high potential builders.” The majority of temperature check voters, some 90.3% are currently in favor of the proposal, with 8.3% against and 1.4% abstaining. Voting began on Tuesday and is set to conclude on Nov. 14. If passed, the program is designed to maintain the timeline and process of STIP 1, approving funding of an additional 21.4M ARB through the end of Jan. 31, 2024.

Not a week goes by without interesting news about the Sundae project. After a post by one of the founders of the Odyssey project regarding Bitget exchange opening Sundae deposits was published, Elon Musk made a post on his X network: "Ice cream is one of the great joys of life." It's hard not to agree with Elon. In just two months, the Sundae token's value has increased from $0.25 to $4, making its many followers 16 times richer. We'd like to remind you – this is at least the third mention by Musk of some "ice cream." The first mention miraculously coincided with the listing on MEXC. So, what is Sundae? What's the secret behind the rapid token's value growth during such a depressive period of bear market rally? The secret of this growth partly lies in rumors that Sundae senators have established an accumulation fund where about 30% of the token's sales profit goes. The fund plans to invest in various sources of income, such as trust funds, media, online schools, IT companies, digital agencies, and even immortal canvases by world-famous authors. The project has all chances to become revolutionary, as evidenced by its listing on major exchanges like MEXC and Bitget, the participation of bloggers with a million-strong audience and funds that previously invested in the current market "monsters." One of the Odyssey co-founders explains: "Sundae means 'ice cream dessert.' Yesterday, the token cost only $0.25, less than ice cream. Today it's already $4, and tomorrow it could be worth thousands. Can you buy your secure future at the price of an ice cream? A foolish question, of course, you can!"

US Supreme Court agrees to take up Coinbase case involving arbitration jurisdiction The U.S. Supreme Court announced on Friday that it would hear a case involving Coinbase and whether a dispute involving a Dogecoin sweepstakes can be settled through arbitration. The move comes almost a year after Judge Sallie Kim, for the U.S. District Court for the Northern District of California, denied Coinbase's motion to take the dispute to arbitration, according to an opinion from December 2022. Arbitration can be favored by companies because it can cost less and be resolved more quickly. The case involves two different contracts, one that would lead to arbitration and the other that would be required to be figured out in a California court. David Suski, a Coinbase user among others, opted into Coinbase's Dogecoin Sweepstakes in June 2021 and agreed to a user agreement, which included an arbitration provision. Suski then later opted into a separate "officials rules" for the sweepstakes, which included a clause that California courts would have "exclusive jurisdiction over any controversies regarding the sweepstakes," according to Kim's opinion. Coinbase argued that the user agreement should have superseded the official rules, but the California judge ultimately disagreed.

Binance Ruble Payment Partnership Completely Terminates Amid Regulatory Challenge Binance, one of the world’s leading cryptocurrency exchanges, is set to terminate its partnership with payment processor Advcash, also known as Advance Cash. This decision comes as part of Binance’s ongoing efforts to navigate regulatory challenges and increase compliance in its operations. The partnership, established in 2019, allowed Binance customers to deposit and withdraw Russian rubles, even from sanctioned Russian banks, through Advcash. However, recent developments suggest that Binance is now distancing itself from this arrangement. According to the Wall Street Journal, Binance informed a client of its decision through an email, though Advcash claims it has not received any official communication regarding the termination of the Binance ruble payment partnership. This move is in line with Binance’s strategy to discontinue associations with payment processors across Europe and the Americas amidst an investigation by the U.S. Department of Justice. The investigation centers on concerns related to money laundering, sanction evasions, and alleged fraud. Despite facing substantial regulatory hurdles and compliance challenges due to Western sanctions against Russia, Binance continued to serve Russian users until August 2023. The departure from the Russian market also saw top Russian executives leave the company in early September.