Planet Daily | CZ will be judged on April 30; the proposed settlement agreement between Genesis bankruptcy case and creditors has been reviewed (April 17)
Headlines
CZ will be sentenced on April 30 in the U.S. District Court for the Western District of Washington
Former Binance CEO CZ will be sentenced in the United States District Court for the Western District of Washington on April 30 local time, when Judge Richard Jones will hear statements from prosecutors and CZ's lawyers.
In November 2023, he pleaded guilty to violating the Bank Secrecy Act for failing to maintain an effective anti-money laundering program. CZ’s actions included failing to meet required anti-money laundering standards in Binance’s operations, and he has reached a settlement with U.S. authorities, agreeing to pay $4.3 billion to resolve a civil regulatory enforcement action.
He faces a recommended sentence of 12 to 18 months under U.S. sentencing guidelines. Some believe CZ may receive leniency given his guilty plea and cooperation with authorities.
Genesis Bankruptcy Settlement with Creditors to be Reviewed Today
According to GeminiTrustCo’s post on the X platform, yesterday, Genesis submitted a revised proposed order approving Gemini, Genesis and other creditors to reach a global settlement in the Genesis bankruptcy case. The settlement agreement submitted to the bankruptcy court has been completed and will be reviewed by the bankruptcy court on a non-controversial basis at 23:00 Beijing time on April 16.
500 blocks left until Bitcoin’s fourth halving
According to the latest data from BTC.com, there are less than 4 days left until the fourth Bitcoin block reward halving. The current number of remaining blocks is 500, and the estimated halving time is April 20, 2024.
To date, the Bitcoin network has experienced three halvings in 2012, 2016 and 2020.
Industry News
1 0x Research: Risk assets such as cryptocurrencies are on the verge of a major price adjustment
1 0x Research published an article on the X platform stating that risk assets represented by stocks and cryptocurrencies are on the verge of a major price adjustment. The main cause is unexpected and persistent inflation. The (US) bond market currently expects less than three interest rate cuts and the 10-year Treasury yield to exceed 4.50%. The market may have reached a critical tipping point for risk assets.
Three Chinese fund companies, Harvest Global, China Asset Management and Bosera Fund, have announced plans to launch Bitcoin and Ethereum spot ETFs, which have the potential to become the world's first Ethereum spot ETFs. It is reported that the China Securities Regulatory Commission is expected to approve the first batch of virtual currency ETFs at the end of April, similar to the US SEC's approval of 11 Bitcoin spot ETFs in January this year.
The Hong Kong Securities and Futures Commission stated that investment products approved by the SFC will be listed on the list of investment products for public sale on its website. The Hong Kong Securities and Futures Commission pointed out that if the ETF product applied for generally meets the requirements of the Commission, a conditional authorization letter will be issued, but various conditions must still be complied with, including payment of relevant fees, submission of documents, and obtaining listing approval from the Hong Kong Stock Exchange. It is believed that the relevant fund companies will submit applications to the Hong Kong Stock Exchange in the next step.
Matrixport said in its latest report that some people believe that we should be on the verge of altcoin rebound. Although a few meme coins and altcoins have seen a large-scale rebound, the broader rise may still be in its infancy in terms of Bitcoin market share, indicating that this round of bull market is very narrow and Bitcoin has gained more market share.
A report released this week by Bitfinex Alpha showed that the inactive supply of Bitcoin has dropped significantly in more than a year, indicating that long-term Bitcoin holders are either continuing to reduce their holdings or moving their assets off the exchange.
Analysts at Bitfinex said: “The fundamental reason for Bitcoin’s price dynamics is this week’s halving. As the event approaches, the amount of Bitcoin outflows from CEXs has increased significantly, and the inactive Bitcoin supply, which has not changed for more than a year, has decreased to an 18-month low.”
The report notes that Bitcoin holders’ current behavior is similar to what happened in December 2020, just before Bitcoin’s massive rally, adding: “This pattern suggests we may be entering a similar growth phase.”
PayPal: Starting May 20, NFT purchases will no longer be supported by the buyer protection program
According to PayPal's new policy, NFT purchases will no longer be supported by the company's buyer protection program starting May 20. In addition, NFT sales worth more than $10,000 will not be protected from false claims and chargebacks.
Project News
Uniswap daily trading volume climbs and hits $3 billion
Data from The Block shows that although Uniswap Labs received a Wells notice from the SEC on April 10, Uniswap broke the $2 trillion total trading volume mark on April 5; Uniswap's daily trading volume climbed over the weekend and hit the $3 billion threshold for consecutive days.
Uniswap founder Hayden Adams posted on X that he was not surprised by the Wells notice and would be “ready to fight.”
Illuvium to launch $25 million ILV token airdrop
Web3 metaverse game Illuvium announced that it will launch a token airdrop event. This airdrop season will provide a total of 250,000 ILV tokens, equivalent to approximately US$25 million. 50,000 ILV will be used for loyalty airdrops, and the remaining 200,000 ILV will be distributed in a 6-month Play-to-Airdrop event.
The loyalty airdrop will reward users who have participated in the Illuvium ecosystem over the past three years, including staking ILV tokens, providing LP liquidity, purchasing virtual plots, trading NFTs, etc., and will be distributed in Q2 2024. Illuvium took a snapshot at 23:59 UTC on April 14.
The Play-to-Airdrop event requires users to participate and interact as much as possible in the four Illuvium games, including arena battles, virtual world exploration, land development, NFT collection and trading, etc. The activity points determine the amount of airdropped ILV. The first batch of 20,000 ILV will be distributed in the Beta testnet phase, Private Beta 4 (PB 4) will be opened on April 30, and the public Beta testnet will be opened on May 28; 180,000 ILV will be airdropped in 5 months after the public Beta mainnet is officially launched.
According to official news, Solana Ecosystem DePIN Protocol io.net announced the token economic model of the token IO. At the time of creation, io.net will have an initial supply of 500 million IOs, divided into five categories: seed investors, Series A investors, core contributors, R&D and ecosystem, and community. As IOs are issued to incentivize network growth and adoption, the fixed maximum supply will grow to 800 million in 20 years. Rewards will be released to suppliers and pledgers every hour for 20 years. The rewards adopt a deflationary model, starting from 8% in the first year, and decreasing by 1.02% per month (about 12% per year) until the upper limit of 800 million IOs is reached.
Tether Treasury issues 1 billion USDT on Tron blockchain
According to Whale Alert monitoring, Tether Treasury minted 1 billion USDT on the Tron blockchain about 40 minutes ago.
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