The dive into the top news last week in the world of cryptocurrency is now here on CryptoWatch, with the news of Binance's settlement to the US DOJ and Changpeng Zhao's resignation shocking the world of its happenings. This also came at a time when HTX Global, the Heco Chain, and Poloniex saw massive hacks, all linked to a single person, Justin Sun, the controversial investor.
Apple's lawsuit also centers on complaints from customers who allegedly saw unfair treatment with high transfer fees for several mobile apps, including crypto wallets.
Binance's Settlement, CZ's Resignation and Guilty Plea
There is good news and not-so-pleasant news. The delightful information regarding the top crypto exchange platform is that it will continue its operations as it agreed to settle the $4 billion fee to the US DOJ for its continued operations in the country.
Bad news for Changpeng Zhao, though, as this means that he will take the fall amidst the company's controversy, with the renowned CEO resigning his post as its leader, but it also centers on him pleading guilty to the charges. Zhao has faced these charges for several months, focusing on federal money laundering charges after violating the Bank Secrecy Act.
Zhao will be succeeded by the recently named Richard Teng as the new CEO of Binance, with CZ also banned from getting involved with the company for at least three years.
Read Also: Binance DOJ Lawsuit Settlement: $4B Reportedly Set for Crypto Platform's Continued US Operations
HTX Global, Poloniex Airdrop After Massive Hack
The massive hack, which took $100 million from customers at HTX Global, the Heco Chain, and Poloniex, is now seeing an "epic airdrop" coming to its users in a bid to return the lost funds from the yet-known hackers. This was reportedly a bid to regain user trust, with the platform already resuming operations after the notorious theft.
Its controversial events all center on a single executive, and it is with Justin Sun, the renowned TRON Foundation founder and crypto investor.
According to Sun, the airdrop would return what crypto users lost amidst the hack, and he also pleaded to the threat actors with a white-hat bounty, promising 5 percent if they returned the $100 million.
Apple's Lawsuit: High Transfer Fees for Crypto
Customers of Venmo and Cash App sued Apple last week, and this is because of the "high transfer fees" that the company imposes upon the mobile wallets, also blocking selected cryptocurrency wallets in the App Store. This class action suit centers on another antitrust complaint against the Cupertino company, with the customers claiming their violations.
Moreover, this suit centers on Apple's setup with Paypal's Venmo and Block's Cash App as mobile wallets for money transfers.
Amidst this, the high transfer fees give customers no other options for their transaction needs.
