Ex-Binance CEO CZ Can’t Leave US Until Court Ruling

Ex-Binance CEO CZ Can’t Leave US Until Court Ruling

Changpeng “CZ” Zhao, Binance founder, is currently required to stay in the U.S. as a federal judge reviews a U.S. Department of Justice request to keep him in the country until his sentencing in early 2024. Zhao, had initially been granted release on a $175 million bond, allowing him to return to the UAE where his family resides. However, U.S. prosecutors argue Zhao could be a flight risk, highlighting his significant wealth and the absence of a U.S.-UAE extradition treaty. 

Zhao’s legal team contends his return to the U.S. to face charges demonstrates his commitment to responsibility. Zhao faces a potential prison sentence ranging from several months to a maximum of 10 years, although he can appeal any sentence over 18 months. He has also agreed to a $50 million fine in his plea deal.

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EVM Chains’ Transactions Soar 1,000% Since Mid-November

Since mid-November, several Ethereum Virtual Machine (EVM) chains, including Avalanche, Celo, Fantom, BNB Chain, and Polygon, have experienced significant increases in transaction counts. 

Notably, Fantom’s transactions surged by 1,321%, rising from 239,920 on Nov. 17 to 3.41 million on Nov. 26. Celo also saw a substantial increase, with transactions climbing 1,277% in just four days, from 277,500 on Nov. 22 to 3.82 million on Nov. 26. Polygon recorded a 155% rise within the same period. Avalanche’s transactions jumped by 857%, and BNB Chain initially saw a 55% increase before experiencing a subsequent decrease.

The Block’s data research analyst Rebecca Stevens suggests that high Ethereum transaction fees and positive price movements of native tokens on these EVM chains might have contributed to this uptrend.

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Vitalik Buterin Suggests “d/acc” Concept in Tech-Optimism Article

Ethereum founder Vitalik Buterin has proposed a new philosophy called “d/acc” (Defensive/Decentralization/Differential Acceleration) for technological development. This concept, introduced in a recent blog post, emphasizes a balanced and deliberate approach to technology, particularly in areas that promote defense, decentralization, and human well-being. “d/acc” arises as a response to uncontrolled techno-optimism, urging intentional steering of technology’s future. 

Buterin highlights the benefits and risks of technology, citing examples like medicine and climate change. He stresses the need for cautious AI development, advocating for a decentralized AI ecosystem to prevent dominance by any single entity. Buterin views blockchain as key to building a secure, private world less reliant on central entities. He calls for collaborative efforts in technology shaping, focusing on maximizing benefits while minimizing risks, especially in AI.

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5M Crypto Addresses Hold Dogecoin, Concentration a Concern

The cryptocurrency Dogecoin (DOGE) has reached a new milestone with over 5 million crypto addresses holding it, as per IntoTheBlock data. The number of active DOGE addresses has more than doubled to 168,000, the most since March 2022, and transaction count on its blockchain has soared by 1,000% in the past ten days. 

Despite these signs of increased adoption and activity, ownership concentration remains high, with fewer than 5,000 addresses controlling over 80% of DOGE’s supply. This could impact price stability. DOGE’s market value has risen 14% this month, pushing its market capitalization to nearly $11 billion.

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Other breaking news

• CEO Richard Teng Embraces “Binance Way” Post-CZ Guilty Plea
• TORN Drops 42% After Binance Delists “Problematic” Coin
• BitMEX’s Arthur Hayes Criticizes U.S. Actions Against CZ, Binance
• Crypto Fund Investments Hit $1.5 Billion Amid Bitcoin ETF Hopes
• ARK Sells $5.2M in Coinbase Stock at 18-Month Peak

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Wrapping up

In today’s wrap-up: Binance’s drama shows no signs of slowing down with its CEO potentially stuck in the US until early 2024 sentencing. Despite the regulatory hurdles for major crypto firms, the crypto world buzzes with activity: EVM Chains’ transactions have soared 1,000% since November, and Dogecoin’s wallet count now exceeds 5 million, signaling rising optimism and a possible bull market. Meanwhile, Vitalik Buterin introduces the “d/acc” concept in his latest blog post, advocating for a balanced path in technological development. Stay tuned!