US Judge Supports Government Bid to Quash Binance.US’s $1 Billion Deal

The US government’s bid to quash a $1 billion deal by Binance.US to buy the assets of Voyager, a bankrupt crypto lender, has received support from District Judge Jennifer Rearden. The judge stated that the government had a “substantial case on the merits” and promised to move quickly to settle the dispute, given that delays could cost as much as $10 million per month for the estate. This decision came after objections from the US Attorney, who argued that the contract effectively rendered Voyager immune by exculpating it from breaches of tax or securities law.

Earlier in March, U.S. Bankruptcy Judge Michael Wiles had approved the sale, but Judge Rearden put it on hold this week. In her further reasoning published on Friday, Judge Rearden appeared sympathetic to government arguments, saying that “the Exculpation Clause appears to go further than the quasi-judicial immunity doctrine allows.” The judge also noted that the government’s arguments have “gone entirely unrebutted” by Voyager and its creditors, neither of which has provided any authority for the proposition that a bankruptcy court can release criminal liability.

Binance.US’s bid to purchase Voyager’s assets for $1 billion has been embroiled in controversy, with the US government seeking to block the deal due to concerns about Voyager’s alleged breaches of tax and securities law. Binance.US is a cryptocurrency exchange that operates in the US and is a subsidiary of the larger Binance platform. Voyager is a crypto lender that filed for bankruptcy in February 2022 after facing regulatory issues.

The controversy surrounding the deal underscores the ongoing debate about the regulation of cryptocurrencies and related assets. While cryptocurrency advocates argue that the decentralized nature of these assets makes them immune to traditional forms of regulation, governments and financial institutions are increasingly seeking to impose greater oversight and control. The situation with Binance.US and Voyager highlights the complexities and challenges involved in reconciling these competing interests.

In addition to the issues related to the sale of Voyager’s assets, the case also raises broader questions about the role of bankruptcy courts in addressing criminal liability. Judge Rearden’s decision to put the sale on hold suggests that the court is taking seriously the concerns raised by the US government. The ultimate outcome of this case could have far-reaching implications for the regulation of cryptocurrencies and the legal responsibilities of companies operating in this space.

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Ethereum 2.0 Sees High Deposit Rate as London Hard fork Looms

Ethereum 2.0 investors are all geared up as the deposit rate into the network’s contract address has increased of late.

According to Data from CryptoQuant, the number of accounts that deposited 32 ETH into the smart contract surged to over 4,000 following the latest major correction of the cryptocurrency.

The increased bet on the future of the Ethereum blockchain comes as the next major upgrade in the network, the London hard fork is set to go live on August 5. The increased deposit rate, which typically reduces the supply of Ethereum on spot exchanges, is also set to complement the unique features that are billed to be introduced by the London hard fork.

The expected upgrade will introduce a new fee structure that will see users of the network pay a base fee for transactions against the old model in which miners determine fees. Besides this rent control structure, the upgrade, also known as the EIP 1559 upgrade, will limit the supply of Ether through periodic token burning. 

The confluence of increased ETH 2.0 deposits and an impending hard fork launch spells a bullish sentiment for the Ethereum supply and demand outlook.

While this is billed to have a good bearing on the token price, the bears currently appear to be on a sell-off spree in what seems like a move to lower price to get a good discount post EIP-1559 upgrade launch. At the time of writing, Ethereum was trading at $2,483.34, down 5.01% in the past 24 hours, according to CoinMarketCap

The current price is a sharp decline from the earlier 7-day high of $2,695.43 printed yesterday, a plunge that spells a healthy retrace. The current bullish fundamentals the Ethereum blockchain is billed to experience are poised to stir a new price rally in what may usher prices back toward the $3,000 to $3,500 price range in the near to medium term.

Image source: Shutterstock

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Just market bought the fucking shit out of this at $1.89. BUILDING ON BINANCE SMART CHAIN. I shouldn’t have to explain to you where this one may go. $TEN contract:

Just market bought the fucking shit out of this at $1.89.

BUILDING ON #BINANCE SMART CHAIN.

I shouldn’t have to explain to you where this one may go.

$TEN

contract: https://t.co/Qlr9vWvbmK https://t.co/EAJJuGrBCj

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$ETH is flowing out from centralized exchanges. It might go to DEX, staking contract, custody, etc. Whatever it is, it’s good for $ETH as decreasing market supply. Whales might use DEX for dumping, but at the same time, DEX drives Defi growth. Chart👉

$ETH is flowing out from centralized exchanges.

It might go to DEX, staking contract, custody, etc. Whatever it is, it’s good for $ETH as decreasing market supply.

Whales might use DEX for dumping, but at the same time, DEX drives Defi growth.

Chart👉 https://t.co/S6nKVygbQe https://t.co/4WhKMh50M1 https://t.co/WU2mAU9q2B

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Bitcoin (BTC) $ 26,973.23 0.67%
Ethereum (ETH) $ 1,878.21 1.26%
Litecoin (LTC) $ 94.81 4.03%
Bitcoin Cash (BCH) $ 114.44 1.54%