🌪️ Turbulence at Binance US

Good morning!

Whilst we wait for news on whether FTX will be liquidating assets later today, we have some other big news to digest!

First up, Binance US is the center of attention. CEO Brian Shroder has resigned from the exchange, and they've downsized their team by a whopping one-third, as confirmed by a company spokesperson. It's safe to say that it hasn't been smooth sailing for U.S. crypto exchanges lately, and Binance.US has definitely felt the heat.

Messaging app Telegram has given its stamp of approval to the TON network as its chosen blockchain for Web3 infrastructure. They plan to seamlessly integrate it into the app's user interface. Following the announcement, Toncoin (TON), the blockchain's native token, witnessed a surge in price.

Let's dive in.

Markets

Binance.US CEO Has Left, Crypto Exchange Cuts 1/3 of Workforce
Binance US CEO Brian Shroder has bid adieu to the crypto exchange, and they've downsized their team by a whopping one-third, as confirmed by a company spokesperson. It's safe to say that it hasn't been smooth sailing for U.S. crypto exchanges lately, and Binance.US has definitely felt the heat. In June, the Securities and Exchange Commission decided to sue them, alleging violations of securities laws, adding to their woes with accusations from another American regulator. Nevertheless, Binance.US remains optimistic, stating, "Today's actions give us more than seven years of financial breathing room and allow us to keep serving our customers as a crypto-only exchange."

Messaging App Telegram Gives Endorsement to TON Project; Token Surges (2 minute read)
Messaging app Telegram has given its stamp of approval to the TON network as its chosen blockchain for Web3 infrastructure, with plans to seamlessly integrate it into the app's user interface. Following the announcement, Toncoin (TON), the blockchain's native token, experienced a quick boost, surging by 6.5% within just 30 minutes. The TON-powered Web3 wallet, initially available as a standalone bot on Telegram with a user base of 3 million, will now become a part of the app itself, accessible to all of its 800 million users through their settings. For those outside the U.S., a self-custodial version called TON Space is set to roll out, with completion expected by November, according to the TON Foundation. Telegram's chief investment officer, John Hyman, proudly stated, "We are putting digital ownership rights in the hands of our entire user base, while also giving TON projects the tools to reach our audience in the largest Web3/Web2 partnership there has ever been."

Rising Interest Rates Could Actually Pump Bitcoin: Arthur Hayes (3 minute read)
Challenging the conventional wisdom on Bitcoin's relationship with interest rates, Bitmex founder Arthur Hayes recently penned a blog post asserting that traditional economic logic won't hold up in the face of the U.S. government's staggering debt load. In his Monday musings, Hayes humorously remarked that "Central banks and governments are like folks using typewriters in the smartphone era, desperately trying to apply yesterday's theories to today's quirks." Despite the Federal Reserve's efforts to rein in inflation by raising its benchmark rate from 0.25% to 5.25% since last year, Hayes suggests that inflation could prove "sticky" ahead, as nominal GDP growth outpaces government bond yields. His estimates, inspired by data from the Atlanta Fed's GDPNow forecast, reveal a "mind-bogglingly massive" 9.4% nominal Q3 GDP growth, while the 2-year US Treasury yield sits at a mere 5%.

Tech

MetaMask expands to include Bitcoin with Snaps rollout (2 minute read)
On September 12th, ConsenSys unveiled MetaMask Snaps, an exciting addition to the MetaMask wallet that enhances its capabilities. Historically centered around Ethereum, MetaMask has served as a gateway to the Ethereum blockchain and its array of decentralized apps (dApps). However, Snaps marks a significant expansion by introducing interoperability with various layer-1 blockchains, including Bitcoin, Solana, Cosmos, Filecoin, and more. This development has garnered substantial interest for several reasons, including its notification API, seamlessly integrated into the MetaMask browser extension. Unlike the typical generic pop-up notifications, these alerts are customized to the specific Snaps that users have installed.

Rebuilding trust: Solana’s roadmap after a challenging year (3 minute read)
In an effort to bounce back from the turbulence of FTX's collapse last year, Solana, the layer-1 smart contract blockchain, is setting its sights on a promising five-year roadmap. Anatoly Yakovenko, one of Solana's co-founders, shared these ambitions during a talk at Blockworks' annual flagship event, Permissionless. Their vision is to revolutionize the way new blocks are produced by aiming for multiple leaders per slot, a departure from the standard approach in other blockchains. Yakovenko believes that this innovative feature will inject a fresh dose of "fairness" into transaction processing. In blockchain terminology, a slot is a designated time period during which a new block can be added to the chain, typically handled by a single leader or validator, making Solana's approach a notable departure from the norm.

Misc

One Coin co-founder sentenced to 20 years and fined $300 million (2 minute read)
Karl Sebastian Greenwood, the mastermind behind OneCoin, has been handed a 20-year prison sentence for duping 3.5 million investors into the scheme and then living it up with their hard-earned money at five-star resorts, aboard a private plane, and even on a yacht. The 46-year-old Greenwood, who had earlier pleaded guilty to wire fraud and money laundering, was also slapped with a hefty $300 million fine, as per the U.S. Attorney's Office for the Southern District of New York. OneCoin, co-founded by Greenwood and the elusive "Crypto Queen" turned fugitive Ruja Ignatova in 2014, has been under legal scrutiny for years. Greenwood's arrest in Thailand in 2018 and subsequent extradition to the U.S. added to the saga, while Ignatova, who hasn't been seen since 2017 when she boarded a flight to Greece, remains on the FBI's Top Ten Most Wanted List as of June 2022.

US ‘the only country’s crypto startups should avoid, says Ripple CEO (3 minute read)
Ripple CEO Brad Garlinghouse, amidst a legal tussle with the U.S. securities regulator, has shared his candid opinion that the United States might just be the least favorable place to kickstart a cryptocurrency venture in the world today. Speaking at Token 2049 in Singapore on September 12th, he mused, "The only country I would not encourage you to start a company right now is in the U.S." Garlinghouse pointed to countries like Singapore, the United Kingdom, the United Arab Emirates, and Switzerland as shining examples of fostering crypto innovation while safeguarding consumers through supportive policies.

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