Binance has been in the news for top executives’ resignations in recent weeks and the trend continued this week. On Thursday, Binance.US Head of Legal, Krishna Juvvadi, and the Chief Risk Officer, Sidney Majalya decided to part ways with the exchange.
Note that this batch of departures came a day after the departure of Binance.US CEO Brian Shroder and the layoff of a third of its staff. Although the reasons behind these departures remain undisclosed, their timing is conspicuous.
Binance has been forced to make tough decisions in response to escalating regulatory pressures that have cast a shadow over its operations.
Here are major crypto stories from around the world this week
Vitalik reveals the cause of X (Twitter) hack
Ethereum co-founder Vitalik Buterin has confirmed that the recent hack of his X (Twitter) account was the result of a SIM-swap attack. Discussing on Farcaster on Tuesday, Buterin said that he has finally recovered his T-Mobile account after the hacker managed to gain control of it via a SIM swap attack.
“Yes, it was a SIM swap, meaning that someone socially-engineered T-mobile itself to take over my phone number.”
A SIM-swap or simjacking attack is a technique used by hackers to gain control of a victim’s mobile phone number. With control of the number, scammers can use two-factor authentication (2FA) to access social media, bank, and crypto accounts.
Read also: Ethereum founder Vitalik Buterin X (Twitter) account hacked followers lose $690k
Last Saturday, Buterin’s X account was breached. The scammer posted a fake NFT giveaway prompting users to click a malicious link, which resulted in victims collectively losing over $691,000.
Thailand authorities arrest suspect involved in $27 million crypto scam
According to local reports on Monday, authorities in Thailand arrested five foreign nationals linked with a fraudulent cryptocurrency investment platform that fleeced over $27 million from local investors.
Per Bangkok Post, Thailand’s Cyber Crime Investigation Bureau detained four persons in connection with a fraudulent investment scheme that duped more than 3,200 locals. The accused were arrested and charged with colluding to commit transnational crime, public fraud and money laundering.
FTX granted permission to sell crypto assets
On Wednesday, bankrupt crypto exchange FTX received United States court permission to liquidate cryptocurrency assets, a move the company said would allow it to repay customers and minimize risks related to price volatility in crypto markets.
United States Bankruptcy Judge John Dorsey approved FTX’s proposal at a court hearing in Delaware. With the approval, FTX is allowed to sell up to $100 million in cryptocurrency per week and enter into hedging and staking agreements that will allow FTX to minimize the risk of price volatility and earn passive income on more mainstream crypto assets like bitcoin and ether.
More key departures at Binance
According to a Wall Street Journal report on Thursday, Binance.US lost two more high-level executives. Recall that on Wednesday, the subsidiary CEO Brian Shroder left amid intensifying regulatory scrutiny.
Citing people familiar with the issue on Thursday, WSJ said Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya are leaving the company. Binance hired Juvvadi in May 2022 while Majalya was appointed in December 2021.
Binance.US announced on Wednesday that its CEO Brian Shroder has left the crypto exchange and the company has eliminated one-third of its workforce.
Read also: Binance to end BUSD by 2024; this is the time to convert your holdings
Earlier this month, Global Product Lead Mayur Kamat left the company after almost a year and a half. Binance also lost Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price and Senior Vice President for Compliance Steven Christie, among others, this year.
SBF complains about jail food
On Tuesday, FTX founder Sam Bankman-Fried pleaded not guilty to seven new charges brought against him in a Manhattan federal court. He did this while making an appearance in court after spending ten days in jail and also raised complaints about the food being served in jail.
During his hearing, lawyers representing SBF informed the federal court that jail authorities had failed to provide him with a vegan diet as he had requested.
Judge Sarah Netburn assured Mr Cohen that she would ask the United States Justice Department’s Bureau of Prisons, which is in charge of running the jail, to address concerns related to SBF’s medication.
That is all from us this week. See you same time next week!
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