💰 Binance CEO denies Interpol Red Notice

Markets

Binance denies Changpeng Zhao 'CZ' faces Interpol Red Notice (2 minute read)Binance, a cryptocurrency exchange, has denied rumors about its CEO, Changpeng "CZ" Zhao, facing a Red Notice request from The International Criminal Police Organization. The notice aimed to locate and arrest the cryptocurrency founder. In an email statement to The Block, Binance's spokesperson clarified that the rumor is not true. The rumor was amplified by a well-known personality on Twitter, 'Cobie', who shared an encrypted sequence of numbers and letters using the SHA-256 hash function in a tweet. The rumor triggered a drop in the price of Binance's BNB token and the overall market.

Euler Labs hacker returns ‘all of the recoverable funds’ (4 minute read)Euler Finance, a decentralized finance (DeFi) protocol, has successfully persuaded a hacker to return the majority of the $196 million stolen in a flash loan attack. The negotiation process lasted 23 days, with Euler Finance engaging in multiple discussions with the hacker before convincing them to return the funds. The hacker stole various tokens, including Dai, USDC, StETH, and wrapped Bitcoin, in multiple transactions on March 13, resulting in Euler Finance's total value locked inside its smart contracts decreasing from over $311 million to $10.37 million. The attack also impacted 11 other DeFi protocols, including Balancer, Yearn.finance, and Yield Protocol, which either lost or froze funds.

Bitcoin Marketplace Paxful to Shut Down Amid Legal Battle With Co-Founder (4 minute read)Paxful, a peer-to-peer Bitcoin marketplace, has announced its decision to shut down, citing "key staff departures" and "regulatory challenges for the industry" as reasons for its closure. The company's co-founder and CEO, Ray Youssef, confirmed in a blog post that all customer funds are accounted for and urged users to withdraw their funds and self-custody if possible. During a Twitter space on Tuesday, Youssef also mentioned that a lawsuit brought by a Paxful co-founder who was "kicked out of the company" more than a year ago influenced the decision to close the platform. Youssef acknowledged that he is currently facing a lawsuit and did not provide any further details.

Tech

Crypto Protocol LayerZero Raises $120M at $3B Valuation (3 minute read)LayerZero Labs, a blockchain infrastructure provider, has secured $120 million in a Series B funding round, valuing the company at $3 billion, which is three times higher than its previous valuation of $1.35 billion in March 2022. The latest round saw participation from 33 investors, including Andreessen Horowitz's crypto arm, Christie's, Sequoia Capital, and Samsung Next, as well as BOND, Circle Ventures, and OpenSea Ventures. The funds raised will be utilized for the company's growth initiatives, including expanding its presence in the Asia-Pacific region and hiring new talent. This funding round is a rare nine-figure deal during a crypto bear market that has slowed investment in the industry to a glacial pace, with infrastructure-focused projects proving the most resilient.

Crypto Startups Find UK Banks Won’t Give Them Accounts (2 minute read)The UK's ambitions of becoming a global hub for the crypto industry are facing hurdles as local startups struggle to secure bank accounts. According to Bloomberg, one such firm, SavingsBlocks, a portfolio management company, was denied accounts by seven out of nine banking service providers it approached. The two banks that showed some interest demanded additional paperwork and information about how SavingsBlocks screens user transactions, making the process complicated. In response, SavingsBlocks is considering obtaining banking licenses in France. Other startups, including crypto exchange CoinPass, have had similar difficulties and have turned to payment service providers to handle deposits and payments instead of traditional banks.

Misc

Another week, another multi-million dollar crypto bust from the Department of Justice (2 minute read)The US Department of Justice has seized approximately $112 million worth of cryptocurrency investments in a continued effort to combat fraud in the digital asset space. Six digital currency accounts in Arizona, California, and Idaho were targeted with seizure warrants, as they were believed to have been used for money laundering from cryptocurrency investment scams. According to the Justice Department, the scams involved criminals building long-term online relationships with people and convincing them to invest in cryptocurrency trading platforms through fraudulent means.

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