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Binance US Sued For Promoting UST, LUNA - Top Crypto Updates
A class-action lawsuit has been filed against Binance.US for allegedly misleading consumers about the safety of Terra’s stablecoin UST and native token LUNA. This comes amidst a crypto market crash, with Bitcoin down 12% and Ethereum down 8.6%.
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Key takeaways
- Binance.US is facing a class-action lawsuit for allegedly misleading consumers about the safety of Terra’s UST and LUNA tokens.
- Bitcoin crashed 12.13% to $22,331.84, and Ethereum fell 8.6% to $1,218.9 over the last 24 hours.
- NFT floor prices for Bored Ape Yacht Club and Mutant Ape have dropped 14% and 16% respectively, while NFT trading volume rose 54%.
- WazirX partnered with MoEngage to boost customer engagement and Web3 adoption in India.
- BlockFi and Crypto.com have laid off hundreds of employees due to the crypto market crash, with BlockFi reducing its headcount by roughly 20%.
Binance US sued over promoting, selling UST and LUNA
A class-action lawsuit was filed against Binance.US, alleging that the crypto exchange misled consumers about the safety of Terra’s stablecoin UST and native token LUNA. The lawsuit also claims Binance violated federal law by selling UST and LUNA. Plaintiffs noted that the digital assets should have been registered with the US Securities & Exchange Commission (SEC).
Crypto prices today: Bitcoin crashes 12%, ETH down 8.6%
Bitcoin is currently trading at $22,331.84, a decline of 12.13% over the previous day. Ethereum fell 8.6% over the last 24 hours to $1,218.9. Solana is up 8.8% to $30.46, while Cardano is trading higher by 5.6% at $0.492. Avalanche (AVAX) rose 5.27% to $17.07. The global crypto market cap stands at $957.92 billion, a 6.15% decline over the previous day.
NFT floor prices fall amid crypto crash
Values of non-fungible tokens (NFTs) are plunging alongside traditional crypto. The floor price (lowest price NFT can be purchased) of the blue-chip NFT Bored Ape Yacht Club has dropped 14% in the last 24 hours. Mutant Ape's floor price is down 16%. However, NFT trading volume has risen sharply over the past 24 hours, up 54% over the previous period.
WazirX partners with MoEngage to boost customer engagement
WazirX has partnered with insights-led customer engagement platform MoEngage to boost the adoption of Web3 and crypto in India. The crypto trading platform will use AI-driven insights to offer course corrections to its customers whenever needed. WazirX aims to boost its customer onboarding and app promotion with respect to the crypto industry in India.
BlockFi, Crypto.com lay off hundreds as digital coins crash
Crypto trading and lending exchanges BlockFi and crypto.com have laid off hundreds of employees amidst the crash in the crypto markets. BlockFi CEO Zac Prince said that the company is reducing its headcount by roughly 20%. Coinbase has announced slow hiring and reportedly revoked over 300 job offers.
Frequently asked questions
Why is Binance US being sued?
Binance US is being sued over promoting and selling UST and LUNA, with allegations that the crypto exchange misled consumers about the safety of Terra’s stablecoin UST and native token LUNA, and violated federal law by selling them without SEC registration.
How much did Bitcoin crash?
Bitcoin crashed 12.13% over the previous day, trading at $22,331.84.
What is the global crypto market cap?
The global crypto market cap stands at $957.92 billion, a 6.15% decline over the previous day.
Which companies are laying off employees due to the crypto crash?
Crypto trading and lending exchanges BlockFi and Crypto.com have laid off hundreds of employees amidst the crash in the crypto markets.
Written by
Cherian VargheseRelated reads
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