Web3🌕Monday Frontiers: Binance, Nigeria, Terra, and Polygon Shake the Crypto Landscape!
1. Binance Ceases USDC Support on Tron Blockchain
2. Nigeria Accuses Binance, Detained Executives of Tax Evasion: Reports
3. Terra's Founder, Do Kwon, Freed in Montenegro
4. Polygon's zkEVM Chain Faces 10-Hour Downtime
Welcome to the forefront of Web3, where the landscape is ever-evolving and filled with groundbreaking developments. Today, we embark on a journey through the latest news shaping the decentralized realm. From significant shifts at Binance to legal battles in Nigeria, and even moments of freedom for Terra's founder, Do Kwon, our exploration delves deep into the heart of the crypto world's most recent narratives. Plus, we uncover the temporary hiccup experienced by Polygon's zkEVM Chain. Join us as we unravel these compelling stories and navigate the twists and turns of this dynamic digital frontier. Let's dive in!
1. Binance Ceases USDC Support on Tron Blockchain
Binance announces the cessation of TRC20 USDC support on the Tron blockchain, affecting deposit and withdrawal services, effective April 5th. Circle, the stablecoin's issuer, recently terminated USDC minting on Tron. However, USDC trading on Binance and transactions on other networks like Ethereum remain unaffected. This decision follows Circle's risk management strategy to maintain USDC's reliability and safety across supported blockchains. Despite Tron's dwindling prominence for USDC, it still dominates USDT's supply, the leading stablecoin. Stay tuned for more updates on crypto developments.
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2. Nigeria Accuses Binance, Detained Executives of Tax Evasion: Reports
One of two Binance executives in Nigeria's custody escaped amid tax evasion charges against the exchange. Federal authorities charged Binance with four counts of tax evasion, including VAT and income tax non-payment. The standoff intensified after the government detained the executives, accusing Binance of facilitating criminal funds and manipulating the naira exchange rate. Nadeem Anjarwalla, one of the detained executives, fled, prompting Nigeria to seek an international arrest warrant. Binance confirmed Anjarwalla's escape, collaborating with Interpol. The saga underscores the clash between crypto exchanges and governments, with Nigeria intensifying scrutiny on Binance's operations.
Sandali Handagama
3. Terra's Founder, Do Kwon, Freed in Montenegro
South Korean crypto fugitive Do Kwon has been freed from Montenegro prison as the Supreme Court suspends his extradition amid fraud charges from both the US and South Korea. This decision follows a challenge by Montenegro's chief prosecutor, citing procedural errors in favor of South Korea's request. Kwon's release, attributed to the Council of the Supreme Court, marks a pivotal moment in his legal saga. While his passport is withheld to prevent him from leaving the country, Kwon's lawyer plans to appeal for his continued freedom until an extradition ruling is made. With no specified timeline provided, Kwon's fate remains uncertain. The Terraform Labs co-founder faces potential extradition to the US, where he could encounter eight felony charges. As both nations vie for his prosecution, Kwon's case underscores the complexities of international legal proceedings in the realm of cryptocurrency.
Amaka Nwaokocha
4. Polygon's zkEVM Chain Faces 10-Hour Downtime
Polygon's zkEVM network encountered a 10-hour outage on March 23 due to a sequencer issue during a layer 1 chain reorganization. The team identified the problem and activated an "emergency state" to resolve it, allowing the zkEVM mainnet beta chain to resume operations. Despite this setback, Polygon's Proof-of-Stake (PoS) chain saw significant growth in transactions and total value locked (TVL). While the incident raised concerns, stakeholders remain optimistic about Polygon's technology, recognizing occasional setbacks as part of early tech development.
Samyuktha Sriram
As we conclude our journey through the latest in Web3, it's evident that the world of cryptocurrency and decentralized finance is as vibrant as ever. From regulatory challenges to technical hiccups, each development underscores the complexities and potential of this rapidly evolving ecosystem. As we move forward, let's remain vigilant and engaged, staying informed about the ever-changing landscape of Web3. Whether you're a seasoned investor or a curious newcomer, the future promises even more excitement and innovation. Thank you for joining us on this exploration, and we look forward to continuing this journey together as we navigate the fascinating world of decentralized technology. Until next time, stay curious and keep exploring!
