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American Chain of Fast-Casual Restaurants, Chipotle Can Now Accept Shiba Inu as Payments via Flexa

Zabi
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American Chain of Fast-Casual Restaurants, Chipotle Can Now Accept Shiba Inu as Payments via Flexa

Shiba Inu (SHIB) holders can now enjoy Boorito at Chipotle using their SHIB holdings.



Chipotle, an American chain of fast-casual restaurants, is now accepting payments in a total of 98 cryptocurrencies including Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and more, exclusively through Flexa, a digital payments platform.

This partnership will enable customers to spend their Shiba Inu token and other digital currencies from any Flexa-enabled app for burritos, bowls, and more at any of the 2,975+ Chipotle restaurants in the United States.

To pay with Flexa, one has to download the Gemini or SPEDN app, both of which store digital assets. Customers can then use these apps and tap them in-store to make a payment.

On December 10, Flexa, the global leader in pure-digital payments, officially added support for Shiba Inu. With this support, it became possible for 40,000 stores across the US to accept Shiba Inu as payment.

Chipotle is the popular Mexican-style fast-food restaurant chain currently serving in the United States, United Kingdom, Canada, Germany, and France. The restaurant is specialized in tacos and Mission burritos that are made to order in front of the customer.

In 1998, McDonald’s Corporation acquired a major share of the restaurant chain.

With this acquisition, Chipotle was able to grow to over 500 locations. Following this, in 2006, McDonald’s Corporation fully divested itself from Chipotle. At present, Chipotle has nearly 3000 restaurants in the United States alone. As of December 2021, 97,660 employees were serving the leading fast-casual Mexican chain.

On October 28, 2021, Chipotle Mexican Grill celebrated the 21st year of Boorito, a fan-favorite Halloween event in style. On that day, it becomes the first restaurant brand to open a virtual location on Roblox, a global platform bringing millions of people together through shared experiences.

On April 7, 2022, at the event of National Burrito Day, Chipotle Mexican Grill become the first brand to enable Roblox players to exchange in-experience currency for real-world items by launching Chipotle Burrito Builder on Roblox, a new simulation experience.

In this experience, players were challenged to roll burritos in the metaverse to earn Burrito Bucks, the brand’s in-experience currency on Roblox. Later these Burrito Bucks could be exchanged for an entrée code that can be used on the Chipotle app, Chipotle.com, or Chipotle.ca.

Shiba Inu’s Mainstream Adoption on the Rise:

The mainstream adoption of Shiba Inu is on the rise. Since May 16th, The Cardinale Automotive Group, MotoRenn, Tag Heuer, Gafisa, XcelTrip, and Wolf & Company have begun accepting SHIB as a payment.

Besides this, a new cross-distribution partnership between Lavu, major global restaurant software and payments solution provider, and Verifone, a global FinTech leader, and payment solution provider, also made it possible to accept Shiba Inu as a payment in thousands of restaurants in 65 countries.

Cardano Founder Compares Solana To Old Nintendo Consoles, Gives Reasons Why He Slams Terra and Other Blockchains

Lele Jima
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Cardano Founder Compares Solana To Old Nintendo Consoles, Gives Reasons Why He Slams Terra and Other Blockchains

Charles Hoskinson has taken a swipe at Solana Amid a Recent Network Outage. 


Yesterday, Solana suffered a major network outage that halted the production of blocks by validators for several hours. Per data provided by Solana, the network failed to produce new blocks for over five hours, thus prompting all decentralized applications built on the popular blockchain to go offline.

Following Solana’s recent network outage, Charles Hoskinson, the CEO of Input Output Global, the firm in charge of Cardano’s research and development, has made comments mocking the popular blockchain.

The Cardano exec quoted a tweet about Solana’s network outage made by Watcher Guru, a cryptocurrency media outlet, and tweeted “this might help” while adding a link to a YouTube video.

The video, which was published in 2017, teaches Nintendo enthusiasts how to revive their old  Nintendo Entertainment System (NES) games in order to make them work again.

 

It is worth noting that Hoskinson was being sarcastic about the unfortunate incident that befell Solana, as he called on the developers of the network to watch the video to get the required skill that will make the blockchain work again.

Hoskinson Cautioned

A Twitter user with the username @realcryptoro1 urged Hoskinson to stop criticizing Solana. The user added that Hoskinson’s mockery of Solana is similar to what Do Kwon, the CEO, and founder of TerraForm Labs did to Cardano moments before LUNA and UST dipped massively.

@realcryptoro1 proceeded to ask Hoskinson if Cardano is safe and will not experience a similar fate that has befallen Solana and Terra in recent weeks.

Hoskinson Says Cardano Is Not Safe

Reacting to the user’s comment, Hoskinson noted that nothing, including Cardano, is completely safe and that he is expecting that all blockchain networks will encounter issues.

He added that he has chosen to slam both Terra and Solana because the venture capitalists behind these networks mocked Cardano relentlessly for trying to do things the right way.

“My problem and why I tweet is that we were mocked relentlessly by the Solana and Luna backers and community for trying to do things the right way with peer review and formal methods in order to avoid these issues,” Hoskinson noted.

The latest development comes less than two weeks after Hoskinson mocked Kwon for his derogatory comments toward Cardano’s ADA, following the fall of Terra ecosystem tokens.

Cardano Community Supporting the Project

Although Cardano is yet to lure some of the big VCs to fund the project, its community has held things down, providing funds and supporting developers building on the network.

As reported, Cardano’s treasury surged to nearly $500 million a few days ago amid the growth of ADA and the resilience of members of the community to provide funding for developers.

Meanwhile, Cardano has been running for more than five years without having any technical issues or downtime and the development team is still building and releasing important upgrades to help the network remain relevant in the industry.

Judge Sarah Netburn Says XRP Holders Can Listen to Proceedings of Next Week’s Conference Between Ripple and SEC 

Mark Brennan
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Judge Sarah Netburn Says XRP Holders Can Listen to Proceedings of Next Week’s Conference Between Ripple and SEC 

XRP Holders Can Now Listen to Proceedings of Next Week’s Conference Between Ripple and SEC.


The Ripple community has been granted an opportunity to listen to the proceedings of the upcoming conference scheduled to discuss all pending issues surrounding the SEC’s attorney-client privilege claim over William Hinman’s documents.

Judge Sarah Netburn has ordered that the Ripple community and interested members of the public listen to the proceedings of the upcoming conference between the blockchain company and the Securities and Exchange Commission in relation to Hinman’s documents.

How to Listen to the Proceedings

XRP holders can listen to the proceedings by calling two phone numbers provided by the court for the purpose of the exercise, and they will be prompted to provide the access code contained in the order.

“A conference is scheduled for Tuesday June 7, 2022 at 3 pm ECF No. 493. Members of the public may listen to the proceedings,” an excerpt of the order read.

According to the court order, XRP holders resident in the United States can call (877) 226-8215, while people who want to listen to the conference proceedings outside the U.S. can do so by dialing (409) 207-6982.

Once the call goes through, the caller will be prompted to provide an access code 4713826# and he or she will be automatically connected to the proceedings of the lawsuit.

No Recording or Public Sharing Allowed

While members of the public are allowed to call in and listen to the proceedings of the conference between Ripple and the SEC, Judge Netburn has prohibited the recording and sharing of the conference material across any video or audio sharing platform, including YouTube, Twitch, etc.

“Unauthorized recording and rebroadcasting of the conference (e.g., YouTube, Twitch, audio-only streams, etc.) is strictly prohibited. Any unauthorized recording will be investigated and anyone found to engage in such behavior may be subject to criminal sanctions.”

This comes as the Ripple community has clamored for first-hand information about recent developments in the ongoing lawsuit between the blockchain company and the SEC.

Next Week’s Conference

As reported yesterday, following back-and-forth arguments about the SEC’s recent assertion that William Hinman’s document is protected by attorney-client privilege, the court has called for a conference between the parties to discuss all issues related to the documents.

However, in line with the new coronavirus (COVID-19) safety measures, the court will be limiting the number of attendees in the upcoming session.

Meanwhile, the Hinman 2018 document has been an integral part of the ongoing lawsuit. While Ripple is convinced that the document containing 68 draft emails will aid in the ruling that XRP is not a security, the SEC has been determined to keep the documents away from the reach of Ripple.

On two occasions, the SEC has been ordered to surrender the documents to Ripple, but the agency has refused to heed these calls, filing new reasons why it cannot surrender Hinman’s documents.

The SEC’s latest excuse in a bid to protect the document is that Hinman discussed it with some attorneys at the agency before drafting the speech, making it protected by attorney-client privilege.

Ripple investors are hoping that all pending issues related to the document will be addressed in the upcoming conference.

1.2M Ethereum Worth $2.2B Moved To Exchanges As ETH Gave Up Last Week Profits

Mark Brennan
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1.2M Ethereum Worth $2.2B Moved To Exchanges As ETH Gave Up Last Week Profits

 

Ethereum Is Being Moved Back To Exchanges As ETH And BTC Loose Profits.



A new report by Santiment reveals that above 1.2M Ethereum worth more than $2 has been transferred to crypto exchanges over the last week.

This appears to be a sharp turn-around after a long period of ETH moving out of exchanges, a trend that started back in 2020. Santiment is a firm focused on crypto metrics and on-chain analysis.

 

Early in the week, the market seemed to have gained some momentum, but the current slump suggests that we’re still in a bear market. The increased transfer of ETH into exchanges suggests that investors want to sell off their stash, and this would further fuel bearish sentiments.

According to a report by Santiment, ETH, along with other cryptos, appears to have entered a correction period after doing very well at the beginning of the year. As of now, ETH records a 50% loss on the year. This is coupled with a loss in market dominance from 20% in 2021 to 18% in 2022.

Recent Coin shares report suggests that “institutional investors are increasing allocation to DOT, ADA, and XRP at the expense of Ethereum.” This means that institutional investors are losing interest in ETH and moving their acquisitions from ETH to other altcoins, a threatening indication for the second largest crypto.

Cryptos Still Linked To SP500?

On the other hand, ETH and BTC seem to be losing out on profits. The gains made over the weekend have been clawed back. It appears that this slump has been influenced by Wednesday’s loss experienced in the SP500 market.

For years, the crypto market, especially Bitcoin, has been trying to decouple from the traditional markets. More often than not, Bitcoin and other cryptos have held up even as other markets suffered. This has further propagated the narrative that cryptos are a safe haven for the preservation of value when inflation hits the traditional financial systems.

However, it seems now that cryptos haven’t completely decoupled from the SP500. The current effects are evidence of that. Still, the crypto market is resilient. While BTC and ETH have experienced a drawback, it’s just margins that can be recovered quickly. Bitcoin has lost 5.6% to trade at $29.8 currently. ETH has lost by 6% to trade at $1,815 currently.

A separate statement by Santiment suggests that while cryptos like ETH have experienced a sharp increase in transfers to exchanges, the risk factor has been increasing. The profitability of both ETH and BTC has been dropping over the last month, reaching the highest in 30 days after Wednesday’s SP500 effect.

However, the current market dynamics that show a level of stagnation may be an indication of a crypto winter at the onset, and this is interesting considering that investors are still moving ETH into exchanges. At the moment, it’s still not clear how this dynamic will affect the market or whether it will go on.

Attorney John Deaton Says Ripple (XRP) Appearing On the SEC’s Watch List In 2018 Was Not a Coincidence 

Mark Brennan
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Attorney John Deaton Says Ripple (XRP) Appearing On the SEC’s Watch List In 2018 Was Not a Coincidence 

The attorney provided more insight into why he believes the SEC is witch-hunting Ripple because of Ethereum (ETH).


Attorney John Deaton has alleged that it was no coincidence that the Securities and Exchange Commission (SEC) noted that Ripple (XRP) first appeared on its watch list on March 29, 2018.

Attorney Deaton Makes Shocking Revelation

According to attorney Deaton, who is seeking approval to represent 67,300 XRP holders in the ongoing lawsuit between the SEC and Ripple, the date the agency claimed XRP appeared on its watch list is significant given the events that occurred within the period.

He noted that on March 26, 2018, Perkins Coie and Safe Harbor sent a 49-page memo to the Securities and Exchange Commission seeking that some digital currencies, especially Ethereum (ETH), be excluded from U.S. securities laws.

Two days after the memo was sent, William Hinman, the former director of the SEC’s Division of Corporation Finance, had a meeting with Perkins Coie, a member of Enterprise Ethereum Alliance (EEA), an organization responsible for marketing Ethereum as an enterprise solution.

While details of the meeting were not made public, attorney Deaton believes the meeting was one of the key moments that resulted in the June 18. 2018 Ethereum free pass speech made by Hinman.

Attorney Deaton added that a day after Hinman met with Perkins Coie, the Securities and Exchange commission went ahead and put XRP on its watch list as one of the cryptocurrencies that breached U.S. securities laws.

ETH v. XRP Contest

It is worth noting that Ripple and Ethereum were involved in a neck-to-neck battle over which cryptocurrency would ultimately become the second-largest digital currency by market capitalization at the time.

Both digital assets had overtaken one another on numerous occasions, thus giving many the impression that the lawsuit filed against Ripple was just a plot to see ETH become the second-largest crypto.

Attorney Makes Strong Allegation

Attorney Deaton further alleged that a deal was struck between former SEC chair Jay Clayton and current chairman Gary Gensler to ultimately make Ripple a sacrificial lamb.

“A year ago I said it appeared a deal was struck. Clayton met w/ @GaryGensler several times before leaving the SEC, including THE DAY BEFORE THE LAWSUIT WAS FILED. I said @Ripple & #XRP were offered up as regulatory sacrificial lamb. #ETH gets a pass and insiders win billions,” attorney Deaton tweeted.

Hinman’s Conflict of Interest 

Meanwhile, this is not the first time Hinman has been accused of having a conflict of interest during his time in office.

According to documents released by whistleblower Empower Oversight, despite being the director of SEC’s Corporation of Finance, Hinman was still having meetings with his former company Simson Thacher & Barllet, a member of the EEA.

Leaked Chats Reveal A Messy Terra (LUNA) “War Room” Situation During Crash

Mark Brennan
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Leaked Chats Reveal A Messy Terra (LUNA) “War Room” Situation During Crash

Things were problematizing in a “War Room” During Terra Crash.



The crash of Terra Luna was an epic even of an unprecedented measure in the history of crypto. It was sudden and fast.

The investor’s wealth amounting to $40 billion was wiped out in a matter of days. Terra formed a Telegram group comprising the top network validators and team members of Terraform Labs to solve the problem. It was named “Terra Rebirth League” and the conversation started on May 12. Even this became a major struggle.

That’s according to a leak from one of the validators who pass the information to Cryptoslate. Apparently, there were a number of things going wrong in the Terra “war room” led by Do Kwon.

No Leadership

According to the validator going by the name THORmaximalist, the group laced proper leadership and a member opined that they should be moderated by the top 5 validators. One would have expected that Do Kwon, being the founder and controller of Terraform Labs, would have taken the reins to steer the group to a solution. That’s not what happened. To make matters worse, there was a sense of urgency for the group to reach an agreement to create a new Terra chain.

The insider validator explained,

“I think it was urgent and every day that passed by value was drifting away. Protocols were thinking about moving to other chains or starting their own L1s.

The projects on the chain are multiplicators of community value. Every single day that would have passed the multiplicator would have gone down.”

A New Stablecoin For New Luna

The conversation, while often conflicted, touched on a future plan to create a new stablecoin for LUNA 2.0. There have been rumors about Do Kwon and Terraform Labs planning this of late. According to the discussion leaked, the said stablecoin would reflect a similar stablecoin proposed in a paper by Cardano’s developer team, the IOHK. It would be an algorithmic stablecoin backed by crypto.

There Was Total Confusion

More confusion arose about when exactly the Terra blockchain was to restart the chain or not. The blockchain had earlier been shut down due to the crash. An uncoordinated restart would result in database corruption. It turns out that even after the lengthy discussion, some members were still in dark about what was happening.

Coinbase Cloud’s shot out a comment saying,

“Never seen more confusion on something this serious.”

Meanwhile, Do Kwon was all confused and asking for clarification,

“Can someone summarize the issue? I’m pretty confused.”

Interestingly, after all the plans were drawn, Do Kwon was still the guy to give the go-ahead for the restart.

More Issues After Launch

The confusion didn’t end in the war room. Terra has encountered numerous mishaps since its restart and even after the launch of Terra 2.0. The LUNA 2.0 airdrop was messy, with numerous investors getting few tokens than they deserved. A copy of the chats can be found here.

Over 23K Holders Join Shiba Inu as Number of SHIB Holders Approaches 1.2 Million

Lele Jima
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0
Over 23K Holders Join Shiba Inu as Number of SHIB Holders Approaches 1.2 Million

Widespread adoption of Shiba Inu continues as over 23,000 new holders join the network. 


In recent times, there has been widespread adoption of Shiba Inu (SHIB) as it appears that more people are beginning to see the prospect of the second-largest memecoin.

As part of the widespread adoption of Shiba Inu, over 23,000 new addresses have adopted the cryptocurrency today, thus increasing the total number of SHIB holders to nearly 1.2 million.

Growing Adoption of Shiba Inu

According to data from cryptocurrency analytics provider Vulkania, a total of 23,708 new addresses adopted the 16th-largest digital currency, suggesting renewed confidence in the asset class among investors.

23k holders in one day
image source: https://vulkania.io/coins/shibainu

 The massive adoption of $SHIB today came as a shock to many because the number of new addresses adopting the cryptocurrency in the last seven days has not exceeded 1,000 daily.

However, SHIB’s daily adoption skyrocketed to over 23,000 in a single day. Over the last seven days, a total of 27,522 new addresses have adopted the dog-themed cryptocurrency.

Meanwhile, the addition of 27,522 new holders in the last seven days bolstered the total number of SHIB holders to 1,197,346.

 

Contradicting Data Across Various Platforms

While the Vulkania data is being shared across various social media platforms, it is worth noting that other cryptocurrency aggregator platforms like CoinMarketCap and Etherscan do not share the same sentiment.

shib holders in coinmarketcap
image source: https://coinmarketcap.com/currencies/shiba-inu/holders/

According to data on both platforms, the total number of SHIB holders is around 1.174 million. However, data from Coinmarketcap indicates that over 600 new holders were added in the last 24 hours and around 4300 holders in a week.

Shiba Inu’s Continuous Development

The adoption of Shiba Inu should not come as a surprise because the team behind the project has been focused on releasing important and enticing features in recent times.

Shiba Inu, which originally started as a memecoin, a cryptocurrency project created as a joke, has grown into a utility token.

The Shiba Inu ecosystem now has a metaverse project, non-fungible token (NFT), stablecoins, a burn portal, and an upcoming play-to-earn game, among others.

Shiba Inu’s transition from a memecoin to a utility project has resulted in its recent widespread adoption.

As reported, a number of Ethereum whales have engaged themselves with the massive acquisition of SHIB, suggesting more faith in the project.

Meanwhile, despite the increase in the number of SHIB holders, the value of the cryptocurrency recorded a slight gain of 1% in the last 24 hours at press time.

At the time of writing this line, Shiba Inu was trading around $0.00001168.

Mysterious Whale Adds More Shib, Now Holds 12 Trillion Shiba Inu

Zabi
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Mysterious Whale Adds More Shib, Now Holds 12 Trillion Shiba Inu

 

Shiba Inu accumulation continues.



Shiba Inu (SHIB) has become one of the most traded tokens among the 500 biggest ETH Whales in the last 24 hours as major ETH Whale gobbles up over 130.41 Billion SHIB, worth $1.53 Million in one significant transaction.

Key Ethereum Investor named “BlueWhale0073” has just scooped up a whopping total of 130,419,267,297 (130.41B) SHIB, worth $1,531,122 ($1.53M) in one significant transaction, WhaleStats reports.

She is currently ranked as the 494th biggest ETH whale by the famous blockchain data tracking website.

Despite such massive accumulation, WhaleStats data reports that she currently holds only 965,408,416 (965.40M), worth only $11,467 in her wallet. This difference in data raised questions. Is this a data glitch from WhaleStats? Has Whale sold all his recently purchased holdings?

These questions have encouraged us to investigate the transaction further. However, upon investigation, we finally came up with the following interesting facts.

Etherscan.io reports that following the massive accumulation of 130.41 Billion SHIB; the whale has moved a whopping total of 132,104,425,537 (132.10B) SHIB, worth $1,540,907 ($1.54M) to two mysterious wallets through two separate transactions.

Breakdown of Transactions:

“BlueWhale0073” has transferred 113,104,425,537 (113.10B) SHIB, worth $1,318,797 ($1.31M) to the mysterious SHIB whale that was exclusively discovered by TheCryptoBasic on April 20, 2022, in one significant transaction.

This is not the first time BlueWhale0073 has sent this much SHIB to the mysterious SHIB Whale. Formerly on Friday (27th May), she accumulated 147,846,134,326 (147.84B) SHIB, worth $1,542,462 ($1.54M) in one significant transaction, and then transferred 148,670,349,101 (148.67B) of SHIB, worth $1,551,061 ($1.55M) to the mysterious wallet (exclusively discovered by TheCryptoBasic).

This mysterious activity from the Top ETH Whale has continued since Robinhood listed SHIB. Since then, she has transferred a whopping total of 5.09 trillion SHIB, worth $59.50 million (as of current price), to the aforementioned mysterious SHIB Whale.

At the time of writing, the mysterious SHIB Whale now holds a whopping total of 12,115,998,359,411 (12.11T) SHIB, worth $142,241,820 ($142.24M), Etherscan.io reports.

mysterious whale holding

This recent activity from Top ETH Whales leads SHIB to become one of the top 10 traded tokens among the 500 biggest ETH Whales in the past 24 hours, WhaleStats reports.

 

Binance Terra 2.0 Support Careless? Do Kwon Launching Another Stablecoin? Ever Spoken To Do Kwon? CZ Clarifies

Mark Brennan
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0
Binance Terra 2.0 Support Careless? Do Kwon Launching Another Stablecoin? Ever Spoken To Do Kwon? CZ Clarifies

Binance CEO Changpeng Zhao (CZ) gave an interview to Fortune magazine where he clarified many questions regarding terra 2.0 and Do Kwon.



Was Binance Irresponsible?

Terra’s and Do Kwon’s crypto-related issues have threatened to drag in the Binance exchange, with some community members accusing the exchange of recklessness. This is after Binance pledged support for the new Terra 2.0 blockchain and the new LUNA token.

However, during a recent interview with Fortune magazine, Binance’s CEO clarified a few things to that effect, starting with the fact that Binance’s actions were purely meant to protect its customers. The exchange needed to provide liquidity for the UST and LUNC holders as they got LUNA airdrops from Terra 2.0. This was a perfect solution, but the customers required support.

“We got a lot of user complaints saying the guys who bought know that they took the risk to buy, even at low prices or high prices. If we stop the liquidity, then it causes problems for them. They could no longer trade. So in the end, we had to take the neutral stance and provide a marketplace with extreme risk warnings.”

Also, it’s on record that CZ had criticized Terra’s response to the crash earlier. Binance had reached out to Terra founder Do Kwon, but the Terraform Labs team was slow to respond. Binance CEO says “Very Disappointed” With How The Terra Team Handled The Luna And UST Incident.

Investigating Terra 2.0:

As previously reported by TheCryptoBasic Binance CEO Calls Its Exchange Investigation Team To Dig Deep Into some Serious Allegations On Terra 2.0.

Binance Got Nothing From Terra

Asked whether Binance made any money from the incident, CZ confessed that Binance was actually in loss, just as everyone else who had invested in the original LUNA (Now renamed Luna Classic). Binance invested $3 million to repurchase 50 million LUNA in 2018.

At the peak of the token’s price, the exchange could have made $1.6 billion if it had sold the tokens. But it didn’t. Also, during UST’s crash, Binance didn’t charge any transaction fees on the stable coin.

Do Kwon To Launch New Stable Coin

CZ took his time to dispel fears that clouded the community about Do Kwon planning to create a new stablecoin and abandon UST.

According to CZ, Binance has supported Luna 2.0 because it’s viewed as continuing the original version. However, if Kwon decides to create a new stablecoin, it will have to go through the usual review to be listed on Binance.

CZ assured us that Binance has a stringent procedure for vetting new coins. An even more profound and heavier vetting would be done on any new stablecoin created by Terra due to the current misgivings about the team.

“If there’s a new stable coin being issued, we will have to look at that new stable coin as a brand-new project. Our listing team will evaluate it in a lot of detail. We will take into obvious consideration of everything that happened.”

CZ Never Spoke To Do Kwon

CZ went on to say that he has never spoken to Terra’s Do Kwon – not even in a group call. Apparently, Do Kwon tried to talk directly to CZ, but the CEO declined, directing the investment team to handle Terra’s issues.

“For the record, I have never spoken to Do Kwon directly. Not even today. During the investment stage, I did not speak to him. Our investment team did all the talking with him.”

Do Known Involvement in Basis Cash:

CZ said he never knew that Do Known was previously involved in a failed stable coin Basis Cash; such information stunned him.

“I was surprised, to say the least. But more so, I was surprised that our team didn’t know about this before.”

Better Due Diligence Needed

There have been reports that before UST, Do Kwon was involved in another stable coin project called Basis Cash that also failed. The CEO said that Binance didn’t know about it and that due to some projects using anonymous founders (like Bitcoin), it’s hard to pinpoint the actual identities of project initiators.

He agreed that the team at Binance needs to improve its due diligence protocols to balance such cases. These strong measures will play out if entities like Terra, as widely claimed, create another stablecoin and want it listed on the exchange.

He went on,

“I think the process should be improved, and we have many lessons to learn. But fundamentally, not every one of these types of situations can be avoided.”

Most Recent: SEC Wants Court to Strike Ripple’s Motion Challenging Its Response Over William Hinman Video 

Mark Brennan
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0
Most Recent: SEC Wants Court to Strike Ripple’s Motion Challenging Its Response Over William Hinman Video 

The SEC wants the Defendants’ motion to compel to be denied. 


The Securities and Exchange Commission (SEC) has filed a new motion challenging Ripple’s opposition to its response to Defendant’s Fourth Set of Requests for Admissions (RFA) in relation to William Hinman, the agency’s former director of the Division of Corporation of Finance.

According to a recent motion filed by the SEC yesterday as shared by attorney James K. Filan, the securities regulator noted that in contrast to Ripple’s claim that it failed to comply with the RFA’s demands, it has responded to the request at issue.

“The SEC has fairly and substantively responded to the requests at issue with admissions or denials where appropriate,” an excerpt of the agency’s recent motion reads.

SEC Fails to Respond to Ripple’s RFA

This comes following last week’s motion to compel, filed by Ripple, requesting that the Securities and Exchange Commission confirm whether it was Hinman in a video uploaded on YouTube by the Defendants.

Even though Hinman was clearly seen and audible in the YouTube video referenced by Defendant’s legal team, the SEC still noted that it could not confirm or deny whether the video featured Hinman.

Apparently, the answer did not go down well with Ripple, prompting the blockchain company and Individual Defendants to file an objection. It was evident that the SEC was only dragging its feet to admit the obvious.

SEC Response to Ripple’s Objection

Responding to Ripple’s objection to its response, the Securities and Exchange Commission stated in its recent motion that it did not respond to the RFA related to Hinman because of insufficient information about the issue at hand.

“Where insufficient information existed to either allow the SEC to admit or deny a request, the SEC, after a reasonable inquiry, stated that it could not respond,” the securities agency said in the motion.

The SEC argued that since its response is in accordance with Rule 36 of the Civil Procedure act, Ripple’s objection should be denied.

SEC’s Consistent Delay Tactics  

Meanwhile, the SEC has been accused of employing delay tactics throughout the duration of the lawsuit to frustrate Ripple and Individual Defendants into negotiating a settlement out of court.

Before Ripple’s ongoing lawsuit, the SEC had never been involved in a lengthy legal battle with a cryptocurrency-related company because these companies usually agree to whatever settlement slammed on them by the agency.

However, Ripple was not prepared to do any of that, as it was willing to change the narrative in order to force the SEC to provide more precise regulations.

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