❌ CZ Can't Return to Residence Pending Sentencing

In this edition we discuss CZ’s request to return to the UAE, Circle and SBI Holding’s new partnership, the Inferno Drainer shut down and more.

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🙅 CZ Unable to Leave US

Binance Founder, Changpeng Zhao (CZ), is trying to return to the United Arab Emirates, where he is a resident. According to a court filing from November 27th, a U.S. district judge halted a prior decision that would have allowed CZ to return to the UAE. The decision is in line with the U.S. Department of Justice, who argued that CZ should remain in America until his February sentencing. CZ’s attorneys argue that he is not a flight risk as he came to the U.S. willingly. According to guidelines, CZ could receive 12-18 months of prison time for his guilty plea.

🤝 Circle and SBI Holdings Partnership

Stablecoin network and USDC issuer, Circle, has partnered with SBI Holdings, a financial service company based in Tokyo. The two companies are looking to increase the circulation of USDC in Japan. On November 27th, they announced the partnership, saying:

“the companies have signed a Memorandum of Understanding underpinning the work ahead, which includes SBI Group and Circle initially working towards the circulation of USDC and expanding the use of stablecoins in Japan”.

Jeremy Allaire, CEO and co-founder of Circle, says they wanted to “seize the opportunity” after the Japanese government announced a decision to focus on growing Web3 in Japan.

⛔️ Inferno Drainer Shuts Down 

On November 26th, the crypto wallet draining company, Inferno Drainer, announced its closure. The group made the announcement on Telegram, saying they will leave the servers running to allow a “smooth transition." In the announcement, they said to have helped drain over $80 million. Scam Sniffer, who features stats on Inferno Drainer, lists $71 million stolen and over 100,000 victims.

👀 SEC Struggling to Serve Securities Lawsuit

The SEC is attempting to serve Hex and PulseChain founder, Richard Heart, with a lawsuit alleging that Heart sold unregistered securities. In a recent report, the SEC outlined difficulties serving Heart in Switzerland, where he resides. The report states

“To date, the Commission has not received confirmation of service of process on Defendants in Finland pursuant to the Convention”.

This move follows a series of regulatory actions against crypto companies and founders in the U.S.

📚 N+1 Recommendations 

The N+1 reading and media recommendations are sourced from our team of experts and offer weekly suggestions for learning more about blockchain, crypto, finance and technology.

This weeks recommendation: The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze by Laura Shin

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N+1 Insights is meant for informational purposes. It is not meant to serve as investment advice.