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The dizzying week is coming to an end, and we have seen that another week, which was expected to be calm, brought chaos. There are always surprises in the crypto world. Last Sunday, no one expected such a busy agenda when we said that this week would be relatively calm. The same thing happened at the beginning of June when the SEC filed lawsuits against Coinbase and Binance exchanges during a week that was expected to be very calm.
Latest Developments in Cryptocurrencies
This week, the crypto community witnessed the historic $4.3 billion fine imposed by the US on Binance exchange. On the other hand, Sam Altman, the CEO of OpenAI (also the founder of WLD Coin), returned to his position. Under pressure from investors and the OpenAI team during the five-day period, the board of directors had to backtrack. So, let’s take a look at the brief summaries.
Shiba Inu and Artificial Intelligence
The correspondence between Shytoshi Kusama, the developer of Shiba Inu, and Balaji Srinivasan, the former CTO of Coinbase, gave rise to the idea that the meme coin initiative could also do something in the field of artificial intelligence. Especially when Shibarium is struggling with irrelevance, this could open the door to impressive rallies.
The problem is that the Shiba Coin team has not been successful in achieving their goals in various hype areas they have tried to venture into. From DeFi initiatives to metaverse and layer2 solutions, if they now come up with a chat bot based on open source code, it should not surprise anyone. After all, a few months ago, there were allegations that the layer2 solution Shibarium’s code was stolen, which shook the agenda.
DOGE Going to the Moon
It is going to the moon, but it will achieve this without Elon Musk. The expression “going to the moon” used for the parabolic rise in price will be realized this time. It was a long-standing debate, and SpaceX was supposed to do it, but it was postponed. However, before that, DHL announced that it will send a physical Dogecoin in the DHL Moonbox. A physical Bitcoin sent from BitMEX will accompany the Dogecoin in the Moonbox. The package will be carried by Astrobotics’ Peregrine spacecraft.
Sad Farewell: CZ
He may not have complied with US laws enough, prioritized the global growth of Binance in the gray area, and overlooked some rules. However, CZ was a much more ethical leader than many crypto players. Just last year, we saw what wrongs many cryptocurrency managers did due to power intoxication. SBF, who loves to pose with US politicians, went on vacation with his customers’ money, traded and eventually lost their money. Do Kwon sank himself, Zhu Su stole his customers’ money, Alex locked the entire analyst team in a room and clumsily traded with customer balances, and many more.
Former Binance CEO Changpeng Zhao knew all these things would happen one day. He went to the US for Binance to survive and start with a clean slate, was tried, approved the $4.36 billion fine, and bid a sad farewell.
The accusations against the exchange by the US were full of KYC violations and no fraud charges that unauthorized spending and mixing of customer assets. Who would want to share their identity with Binance in 2017, 2018? In order for global adoption to grow rapidly, Binance did what it thought was right and is paying the price.
