Famous thrash metal band Megadeth launches NFT collection; Judge accepts Binance CEO CZ’s guilt! CZ to stand trial!; Binance suspends euro stablecoin after massive price spike
Binance CEO CZ Faces Legal Proceedings After Judge Accepts Guilt!
In a significant legal development, a federal judge has accepted the money laundering charges against Binance founder Changpeng “CZ” Zhao. The verdict came through a filing on December 6 in the Seattle District Court, where Judge Richard Jones acknowledged Zhao’s admission of guilt to a criminal complaint filed on November 21.
The charges implicated CZ in violating the Bank Secrecy Act and breaching a $4.3 billion settlement agreement with US regulatory agencies.
As part of the settlement, Zhao stepped down from his role as CEO of Binance and paid a hefty $150 million fine to regulatory authorities.
Zhao is set to be sentenced on February 23, 2024, facing a potential imprisonment term of up to 18 months. Currently out on a $175 million bail, which initially allowed him to return to his residence in the United Arab Emirates (UAE), his future plans remain uncertain.
With a family, including three young children and a partner, residing in the UAE, CZ faces a critical decision on whether to return to the US for the sentencing or remain in the UAE. Prosecutors argue against his departure from the United States, emphasizing the potential flight risk and the need for him to fulfill his legal obligations.
Despite Zhao’s contention that he is not a flight risk and has demonstrated responsibility by voluntarily flying from the UAE to the US, Judge Jones issued a travel ban on November 27. This ruling prohibits Zhao from traveling to the UAE until the court addresses a pending request for review from the US government.
As the legal proceedings unfold, the cryptocurrency community watches closely, anticipating the outcome of the trial that could have far-reaching implications for one of the most prominent figures in the industry.
Famous thrash metal band Megadeth launches NFT collection
Legendary thrash metal band Megadeth announced the NFT collection on 5 December, giving fans access to both digital and physical content.
The band shared the announcement about the NFT collection on their X account and said that the 5,000-piece collection includes the band’s digital mascot Vic Rattlehead.
The group announced that the digital collection will also offer various physical benefits, including one-on-one meetings with band members.
“It’s not just a fan club, it’s a community that you own.”
The band and frontman Dave Mustaine have millions of fans and many have reacted positively to the announcement of the collection.
Previously, another metal band, Avenged Sevenfold, made a similar move.
The band released NFT concert tickets at the end of last month and received extremely positive reactions from their fans.
Avenged Sevenfold frontman M.Shadows congratulated Megadeth for entering the NFT industry and said
“Every project should be judged by the value they provide, not the technology that supports it. Blockchain gives you more choice and ownership. We hope to see more artists making breakthroughs with their communities.”
The relationship between Web3 and the music industry is growing every day. Blockchain-based music platform Anotherblock, in partnership with Recordpool, announced that a previously unheard demo of Michael Jackson’s first studio recording will be released on 5 December.
Binance suspends euro stablecoin after massive price spike
Cryptocurrency exchange Binance delists Anchored Coins Euro stablecoin (AEUR), whose value increased by more than 200 percent after listing
According to the announcement made on 6 December, Binace decided to compensate users who bought AEUR at high value and could not sell it after trading was stopped earlier in the day. It was announced that users affected by what happened will be reimbursed over the constant of 1 AEUR = 1.08 USDT.
After AEUR was listed, it attracted the attention of community users. However, some users did not realise that AEUR was a stablecoin. In the short term, demand increased, which led to price deviations.
The huge price fluctuation also affected the prices of AEUR trading pairs, including Bitcoin and Ether, which are covered by the compensation scheme. AEUR transactions are currently suspended.
AEUR is issued by Anchored Coins, a fintech company based in Zug, Switzerland. The company is approved by the Swiss Financial Market Supervisory Authority (FINMA).
Anchored Coins states that each AEUR is backed 1:1 by reserves in banks licensed by the Swiss FINMA. The company’s stablecoin is currently minted in Ether and BNB Chain.
An image of the AEUR stablecoin shortly before trading was suspended.
