Daily Crypto News | June 7th, 2022

1. Elon Musk Could Terminate the $44B Deal with Twitter.

In recently letter sent to Twitter filed with U.S. Securities and Exchange Commission (SEC), Tesla and Spacex CEO Elon Musk said that Twitter is in material breach of the merger agreement with him.

His legal team said that Twitter did not provide the information that Musk has requested since May 9, 2022 to facilitate his evaluation of spam and fake accounts on the company’s platform. The requested data is stated to be necessary to form a complete and accurate understanding of Twitter’s active user base, which is “the very core of Twitter’s business model.

According to the merger agreement, Musk will have to pay Twitter a $1 billion fee if he breaks the deal for the social media company. However, this changes if Twitter is in breach of the agreement.

2. SEC Investigated Binance on the BNB offering.

The United States Securities and Exchange Commission (SEC) is investigating whether Binance Holdings broke the securities rules on launching BNB token in an initial coin offering 5 years ago. The BNB’s ICO took place in July 2017 on several platforms, in the middle of the ICO boom, and the Binance exchange opened just days afterward.

According to Bloomberg, at least one US resident claimed to have taken part in the ICO, which could be a crucial fact for an SEC case, if the agency chose to pursue one. Eversince there’s a huge number of ICOs, the SEC has claimed most cryptocurrencies are securities and brought cases against a number of ICO projects.

More over, Reuters published a detailed special report saying that Binance’s processed at least $2.35B of transactions from hacks, investment frauds, and narcotics sales.

3. Indonesian Exchange Pintu Raises $113M.

In the Series B funding, the Indonesian cryptocurrency exchange and wallet Pintu announced it has raised $113M from Lightspeed, Pantera Capital, Northstar Group, and Intudo Ventures. Pintu says it will use the newly-raised funds to further develop its product offerings and expand its educational arm.

As an exchange, crypto wallet, and staking platform with its own token, Pintu app has reached 4 million downloads in just two years. Its founder Eddy Chan views that the app could become “the Coinbase of Southeast Asia”. Specifically, crypto adoption in Indonesia becomes fasternd supported by Indonesia’s fiat currency inflation, young demographics, rising middle class, growing population, and a national interest in cryptocurrency are why he’s optimistic on the future of crypto as a whole in the country.

4. Epic Games Bashes Crypto Exchanges Over Fake Fortnite Token.

Epic Games CEO and Co-Founder Tim Sweeney blaimed crypto exchanges and marketplace unofficial and unauthorized cryptocurrencies bearing the “Fortnite” name. Fortnite is an Epic’s massively popular Battle Royale shooter game first released in 2017, it now has more than 350M registered users worldwide.

Sweeney wrote on Twitter that there’s no such thing as Fornite token. These Twitter accounts promoting such a thing are scams. Moreover, Epic’s lawyers are on it.

5. Hong Kong’s Securities and Futures Commission warn of NFTs risks.

Hong Kong’s Securities and Futures Commission (SFC) released a statement warning investors about the risks of NFTs, which have soared in popularity in recent years. As with other virtual assets, NFTs are exposed to heightened risks, including illiquid secondary markets, volatility, opaque pricing, hacking and fraud. Investors should be mindful of these risks, and if they cannot fully understand them and bear the potential losses, they should not invest in NFTs.

However, it turn out that the SFC’s specific concern lies in the securitization of NFTs. The majority of NFTs observed by the SFC are intended to represent a unique copy of an underlying asset such as a digital image, artwork, music or video, which do not require regulation by the SFC.

 

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