Ethereum's Progress, Binance's Plea Deal, and Crypto Landscape Updates
Summary:
Grayscale Investments estimates significant benefits from ongoing Ethereum network upgrades. The U.S. Department of Justice approves Binance's $4.3 billion plea, imposing heavy fines and monitoring requirements. U.S. Representative Tom Emmer criticizes the Office of Management and Budget's mandate requiring Bitcoin miners to disclose data. Adrian Wojnarowski's X account hack exploited to promote a NFT scam, while Grayscale's Bitcoin Trust records lowest daily outflow since its launch. Lastly, failing crypto exchange FTX intends to sell FTX Europe back to its founders.
Continuous improvements to the Ethereum network are expected to yield substantial benefits soon, according to the analysts at Grayscale Investments. The firm believes these enhancements, particularly those that bolster scalability, are maturing the platform and mitigating its historical issues of cost and throughput. With the impending defense upgrade, Ethereum’s deflationary supply model, and potential earnings, among other factors, Ethereum's future looks bright. Although the network still struggles with high fees and sluggish transaction speeds, these issues are expected to be resolved with the defense upgrade, which can lower rollup costs significantly.
In other news, Binance's proposed $4.3 billion settlement with the U.S. Department of Justice has court approval. Binance will pay $1.8 billion in penalties and forfeit the remaining $2.5 billion. This represents one of the heftiest fines in U.S. history. The plea agreement also includes a requirement for Binance to be subject to external compliance monitoring for up to five years.
US Representative Tom Emmer has criticized the Office of Management and Budget (OMB) for issuing an emergency request requiring Bitcoin mining companies to disclose specific data, claiming it an abuse of power. Emmer asserts that emergency orders should only be utilized in instances of immediate threats to public safety, a category in which Bitcoin mining does not fall.
On a different note, the X account of Adrian Wojnarowski, ESPN’s NBA reporter, was compromised on February 24, promoting a bogus NBA Top Shot Non-fungible Token (NFT) scam to his 6.3 million followers. This incident underscores the importance of exercising caution and verifying links before clicking them, especially those promising free NFT mints.
Meanwhile, Grayscale's Bitcoin Trust witnessed its lowest daily outflow of $44.2 million since its launch, a significant reduction from January's outflows. FTX, the failing cryptocurrency exchange, plans to sell FTX Europe back to its founders for $32.7 million, after efforts to find other buyers proved to be futile.
Published At
2/26/2024 6:44:41 AM
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