Nigeria v. Binance

Alpha-Team
March 01, 2024

🇳🇬 Nigeria's $10 Billion Claim Against Binance

Significant Financial Demand: Nigeria's government has accused Binance of profiting from illegal activities and demands $10 billion in damages, a substantial claim affecting the cryptocurrency exchange's operations.

Regulatory Scrutiny Intensifies: The Nigerian authorities are intensifying their scrutiny of Binance. This includes the detention of company executives and an investigation into the exchange's business practices, signaling a serious regulatory challenge for Binance in Nigeria.

Binance's Response and Actions: In response to these developments, Binance has removed the Nigerian naira from its peer-to-peer service. This decision highlights the escalating tension between the cryptocurrency exchange and Nigerian regulators. Read More.

️ On today's Top Picks:

🤝 Robinhood teams up with Arbitrum.
⚖️ Elon Musk sues OpenAI & Sam Altman .
👾 New phishing kit targets cryptocurrency.
🔓 Sui ~$55M token unlock on March 2nd.

Read time: ⏰ 7 minutes

Crypto News

• ⭐️ Nigerian government demands $10B from Binance claiming it profited from illegal transactions at the country’s expense.

• Morgan Stanley $MS considers offering spot Bitcoin $BTC ETF.

• BlackRock spot Bitcoin ETF $IBIT now holds $10B worth of Bitcoin $BTC.

• ⭐️ Robinhood $HOOD teams up with Arbitrum $ARB to offer access to swaps on Arbitrum L2.

• US State Attorneys argue SEC overstepped its bounds in Kraken lawsuit.

• SEC raises objections to Terraform's $166M retainer payment to Dentons law firm.

• Gemini agrees to return more than $1B to customers and pay $37M fine.

• Coinbase to migrate half of Ethereum $ validators to Nethermind.

Alpha

• Blast Mainnet is live by Earndrop.

• Blast Mainnet Intract Quest by Earndrop.

• Morpho Blue now supports Renzo $ezETH.

• Bebop launches Hop on Blast with Bebop Achievement.

• Ambient Finance launches of Ambient Points Season 1.

• RedStone Oracles posts, "season one loading ▓▓▓▓▓▓▓▓▓▓▓░ 95%" on X.

• Rabby Wallet iOS now live on the Apple App Store.

• Blur posts, "Time for something new. April." on X with blurry image attached.

• Zora adds support for Blast and releases free BLORB NFT.

• Proof of Play Apex Chain now live with Pirate Nation.

Airdrops

• Aark announces MOON FESTIVAL airdrop campaign.

• Fluence announces $FLT developer airdrop for contributions to open source Web3.

• SynFutures posts, "...we’re on the path to a token launch." on X.

Finance News

• ⭐️ Elon Musk sues OpenAI & CEO Sam Altman for alleged breach of contract.

• Vanguard CEO Tim Buckley set to retire at the end of 2024.

• Snowflake $SNOW shares plunge ~17% amid CEO retirement.

• Electronic Arts $EA to lay off ~670 (5%) employees citing the sunsetting of games.

Security and Exploits

• SlowMist Monthly Security Report highlights ~$404M in estimated losses.

• ⭐️ New Phishing Kit targets cryptocurrency users with similar tactics to Scattered Spider group.

• Revoke Cash adds support for Blast Mainnet.

• US President Biden issues executive order that prohibits transfer of US citizens' data to countries of concern.

Token Unlocks

⭐️ • Sui $SUI / 34.62M / ~$55M / MAR 02

Funding

• Binance Labs announces MVB Season 7 cohort.

• Morpho Labs, an Ethereum lending protocol; raises an undisclosed amount in funding from Pantera Capital.

• Cetus Protocol, a Move-based DEX & concentrated liquidity protocol; raises an undisclosed amount in Strategic funding from the Sui Foundation.

The Degen Farmer

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PROTOCOL	ASSETS	APY
Curve DEX (Ethereum)	SDAISUSDE	181.44%
Aerodrome (Base)	DOLAUSDC	172.02%
Uniswap V3 (Ethereum)	USDEUSDT	94.70%
Turbos (Sui)	USDTUSDC	54.75%
Notional V3 (Arbitrum)	NDAI	53.97%
Abracadabra (Arbitrum)	MIMUSDCUSDT	44.55%
Umami Finance (Arbitrum)	GMUSDC	39.38%
Jones DAO (Arbitrum)	JUSDC	35.56%

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. . .

That’s it for today’s edition! See you soon.

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