By Frank Martin (MoneyAmped.com)
Crypto enthusiasts had much to discuss between January 27th and February 2nd. Here were the most-discussed stories within that timeframe.
Binance Didn’t Facilitate Hamas’ Transactions, Exchange’s Lawyers Tell Court
On January 30th, Binance lawyers appeared in a US court to deny the exchange’s involvement in facilitating transactions by terror group Hamas in 2023.
The complainants behind the lawsuit are families of victims of the deadly attack on Israel in October of that year. They claim that Binance and its ex-boss Changpeng Zhao allowed Hamas to receive funds in crypto from donors to finance the attack.
However, Binance attorneys have argued that the crypto exchange did not have any special relationship with Hamas, and it managed to flag several accounts believed to be owned by the Gaza-based terror group. The US District Court for the Southern District of New York will rule on the lawyers’ motion to throw out the lawsuit against Binance later this year.
Kraken Resumes Staking Service for American Customers
After pausing crypto staking for American users two years ago, leading exchange Kraken has restored the service, allowing customers in over 35 US states to stake 17 cryptocurrencies, including Cradano, Solana, and Ethereum.
Kraken started offering its crypto-staking service in 2019. However, the US Securities and Exchange Commission, under its former Chair Gary Gensler, ordered the exchange to halt the service, claiming it offered unregistered securities. In addition, Kraken paid $30 million to settle the charges.
Sam Bankman-Fried’s Parents Want Trump to Pardon Their Son
The parents of FTX’s ex-CEO Sam Bankman-Fried are seeking pardon for their son from US President Donald Trump, according to Bloomberg. The media house reported on January 30th that the parents met with several figures close to Trump last Monday to determine whether Bankman-Fried could receive a presidential pardon.
Once considered crypto’s golden child, Bankman-Fried is serving a 25-year jail term after he was found guilty of masterminding the downfall of FTX, which caused users to lose billions in 2022.
Meanwhile, data from Polymarket, a top decentralized prediction market, shows there is only a 4% chance that Trump will pardon Bankman-Fried.
Elon Musk’s Dad Seeks to Raise $200 Million From His Upcoming Meme Coin
Since Trump’s family launched its Solana meme coins, $TRUMP and $MELANIA, in mid-January, investor interest has been renewed, with several celebrities now looking to capitalize on their fame to roll out their own projects. Elon Musk’s dad, Errol Musk, is the latest influential figure planning to launch a meme coin.
Last Thursday, he told a journalist from Fortune that he planned to raise at least $200 million from his yet-to-be-launched token and use the money to support the Musk Institute, an entity specializing in advanced engineering projects.
MicroStrategy Hopes to Raise $563 Million From Selling Strike Preferred Stock
The largest institutional Bitcoin holder, MicroStrategy, has announced its strike preferred stock offering as it seeks to raise at least $563 million to purchase more BTC. According to the firm’s statement, each share will go for $80 on February 5th.
We Won’t Hire Your Graduates Unless You Drop Gary Gensler, Gemini Tells MIT
Top crypto exchange Gemini has said it would not hire graduates from MIT (Massachusetts Institute of Technology) unless the learning institution fires Gary Gensler, who secured a teaching role last month.
Sued in January 2023 by the Securities and Exchange Commission for allegedly selling unlicensed securities via its Earn program, Gemini has constantly accused Gensler of attempting to hinder blockchain innovations in the United States while serving as the Chair of the agency.
Winners and Losers
BTC and ETH have suffered significant losses in the past seven days as Trump introduced tariffs on imports from China, Mexico, and Canada. The former is down 7% to $93,002, while the latter has dropped 21.7% to $2,469.
The entire market has mirrored the performance of the two leading cryptocurrencies, meaning no asset among the top 100 has posted noticeable gains. Tokens with massive losses include Dogecoin, down 31.6% to $0.22, and Cardano and Avalanche, which have plunged 30.3% and 31% to $0.64 and $23, respectively.
