Yalla Crypto: Binance Struggles, Tether Freeze, Bitcoin Resilience, Gemini Lawsuit, and RAK Digital Assets Oasis Partnership

GLOBAL NEWS

Binance Faces Market Share Decline as Executives Depart Amid Regulatory Investigations

Binance is experiencing a decline in its market share as key executives resign from the company. According to reports, top officials at Binance, including the general counsel, chief strategy officer, and SVP for compliance, have left due to concerns over CEO Changpeng Zhao's handling of regulatory investigations. This development comes as Binance's market share has dropped from 72% in January to slightly over 58% currently.?

Tether Freezes $2.5M Amid Multichain Exploit; $130M Stolen from Fantom Bridge

Stablecoin issuer Tether has taken action to freeze $2.5 million worth of USDT that was connected to a suspected exploit of the cross-chain router protocol Multichain. The exploit targeted Multi Chains Fantom bridge, resulting in the loss of approximately $130 million from various bridges. Surprisingly, not all tokens within the bridge were affected, and the stolen assets were not immediately sold, which deviates from the typical pattern observed in such attacks.?

Bitcoin Hovers Above $30,000 Despite Hints of More Rate Hikes

Bitcoin maintained its position just above $30,000 on Friday, despite indications of potential upcoming rate hikes. Nexo co-founder Antoni Trenchev noted that concerns over wage growth and the unemployment rate among Federal Reserve policymakers could lead to further rate hikes. However, despite this news, Bitcoin bulls remained steadfast and resilient, holding their ground amidst the uncertain market conditions.

Gemini Sues Digital Currency Group and Founder Barry Silbert, Alleging Fraud and Seeking Damages

Crypto exchange Gemini has filed a lawsuit against Digital Currency Group (DCG) and its founder, Barry Silbert, with Gemini co-founder Cameron Winklevoss accusing Silbert of orchestrating fraud against creditors. The legal action follows an ultimatum given by Winklevoss to Silbert, demanding immediate payment of $640 million owed to Gemini's Earn clients or face legal consequences. The lawsuit aims to recover damages and losses incurred by Gemini due to alleged false representations, omissions, and facilitation of fraud by DCG and Silbert's involvement with Genesis.

Former Bitmex CEO Arthur Hayes Believes Bitcoin is the Ideal Currency for AI?

Arthur Hayes, former CEO of Bitmex and current manager of Maelstrom family office, has expressed his belief that Bitcoin possesses the essential qualities to serve as the ultimate currency for artificial intelligence (AI) systems. In a recent blog post, Hayes highlights the decentralized nature of the Bitcoin network and the control users have over their assets, aligning with the anticipated characteristics of future AI economies. Hayes argues that Bitcoin's value, intrinsically linked to the cost of electricity, serves as an efficient and predictable store of value for AI systems, which he describes as reliant on energy. According to Hayes, "Bitcoin is the monetary instrument closest to representing pure energy.

RAK Digital Assets Oasis Partners with HBAR Foundation to Drive Growth and Innovation

Digital Assets Oasis, the world's first free zone dedicated to digital and virtual asset companies, has entered into an initial agreement with UK technology firm HBAR Foundation. The partnership aims to provide growth and funding opportunities to members of the free zone, offering support in utilizing cutting-edge technologies like blockchain and building economies and applications on the Hedera decentralized public ledger. The collaboration will include a grant program, financial backing processes, expert support in technology, marketing, and business development, as well as assistance in scaling adoption and fostering innovation in the Web3 space.?

RAIN NEWS

Rain's Apprentice Internship Program: Empowering the Next Generation

Rain’s Apprentice Internship program launched in collaboration with Bahrain Institute of Banking & Finance and Bahrain Fintech Bay equipping fresh graduates with skills, fostering growth, and merging them into the labor market. Empowering the next generation.

Spotlight article:

Inside Sam Altman’s Worldcoin and its quest to catalog all humans

https://www.theblock.co/post/237647/inside-sam-altmans-worldcoin-and-its-quest-to-catalog-all-humans