DOJ Talks $4B Settlement with Binance, Microsoft Hires Ex-OpenAI Heads, and ENS Challenges Patent in Crypto Market Developments
Summary:
The U.S. Department of Justice (DOJ) is in talks with Binance for a settlement deal, which might result in a $4 billion fine for the crypto exchange. Simultaneously, Microsoft hires ex-OpenAI heads Sam Altman and Greg Brockman. In crypto market related news, Worldcoin experiences notable price volatility following OpenAI's leadership upheaval. Lastly, Ethereum Name Service (ENS) developer Nick Johnson threatens legal action against Unstoppable Domains over a disputed blockchain tech patent.
In a move to resolve its investigation into cryptocurrency exchange Binance, the U.S. Department of Justice (DOJ) has initiated talks for a possible settlement deal. The proposed terms of the settlement, as reported by Bloomberg on November 20, indicate that Binance will be asked to pay a significant fine of $4 billion, allowing it to continue its operations in the U.S. It is expected that an agreement could be reached by the end of this month.
Binance CEO, Changpeng Zhao, might face possible criminal charges linked to allegations of money laundering, bank fraud, and sanctions violations, as a part of this settlement deal. Currently residing in the UAE, a country with no extradition treaty with the U.S., Zhao had previously sued a Bloomberg subsidiary in 2022 for purportedly disseminating false stories about him operating a Ponzi exchange.
On another front, Microsoft CEO Satya Nadella announced on November 20 the hiring of Sam Altman and Greg Brockman, former heads of OpenAI. This follows their sudden exit from OpenAI, a research organization dedicated to ensuring artificial general intelligence (AGI) benefits all of humanity. Microsoft aims, with this move, to bolster its AI research capabilities while remaining committed to ongoing collaboration with OpenAI.
Worldcoin, a project spearheaded by Altman, experienced significant price volatility following Altman's dismissal from OpenAI. While Altman's Worldcoin project has no direct ties to OpenAI, the impact on the firm saw WLD, Worldcoin's token, experience a price drop. However, following discussions around Altman's possible reinstatement at OpenAI, WLD saw a sharp rise in price, only to drop again after Twitch co-founder, Emmett Shear, replaced Altman as CEO.
Turning focus to another domain, Nick Johnson, founder and lead developer of the Ethereum Name Service (ENS), recently issued an open warning to Web3 company Unstoppable Domains. Johnson asked the company to renounce a blockchain tech patent, threatening potential litigation otherwise. Unstoppable Domains received its first U.S. patent in January 2023 for a technology that employs blockchain to determine domains. Johnson, however, contends that ENS is the rightful creator of the patent.
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Published At
11/20/2023 8:10:59 PM
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