Binance CEO Facing 3 Years Of Jail Time

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Here is the breakdown of today's newsletter:

📍What’s Dropping In Web3
👀 Binance Founder Faces Expected 3 Year Sentence
🔗 Crypto Update

Reminder: If there is something you think we can do to make this newsletter better (content, format, etc.) please respond to this email with your feedback!

• Punk 635: Was sold for a staggering 4,000 ETH ($12,405,040.04 USD). Quite a month for Alien Punk sales to say the least - 3 CryptoPunk Aliens have sold for $16.4M, $16M and now $12.4M. (@thedropnft)

• $50 Million: The amount of rewards that is up for grabs for Immutable’s “Main Quest”. Users who explore quests, play games, and own collectibles for 11 web3 games (Guild of Gaurdians, Treeverse, Pixelmon and others) will have chance to earn these rewards. Sign up here. (@Immutable)

• Chromie Squiggle: A huge batch sale of 16 Squiggles sold to @1confirmation for 98.428 ETH (avg: 6.15 ETH). (@RogerDickerman)

• Inscribed Pepe: Completed the largest Ordinals inscription ever, clocking in at 3.969MB, just below max capacity of 4MB. (@trypluid)

• Luis Vuitton: Introduced a premium western-inspired leather jacket accompanying an Ethereum-based NFT collectible dubbed ‘Varsity Blouson’. Retailing for €7,900, this luxury jacket—designed by Pharrell Williams—is crafted exclusively for 200 owners of the Louis Vuitton Via NFTs. (NF)

• BAYC Sweep: Although the floor has been hurting, a massive 24 BAYC sweep occurred yesterday pushing the floor to 14.6ETH. BAYC has seen an uptick of 20% in floor this week alone. (@vangoyaa)
  
  ADDED: Another BAYC sweep occurred this morning, “24 BAYC swept for $1,259,914.50 (399 ETH) in the past 3 hours Floor is back to 16.39E ($51,759), up by 21.94% on the day”.

📈 ETH NFTs Pump Post DeGods Bridge Hint

Sometimes you think the script is real

DeGod’s founder Frank hintered they are bridging back to Solana (after leaving Solana for ETH)

Of course, just like when they left SOL, the chain they are leaving subsequently pumps as you see below.

Reminder: The bridge is not complete and not officially official. Frank and the DeGods account have made hint tweets back and forth but for now the project still lies on ETH.

👀 Former Binance CEO Faces Jail Time

As with most exchange CEOs in the past couple of year, the chickens have come to roost.

The Founder and former CEO or one of the largest crypto exchanges in the world is looking at some serious jail time - an expected sentence of 3 years to be exact.

🔁 Rewind: Back in November of 2023 Binance settled charges with the DOJ, agreeing to pay $4.3 billion - one of the largest penalties for a coroporation in US history . “Binance was accused of failing to maintain a proper anti-money laundering program, operating an unlicensed money-transmitting business and violating sanctions law, according to a court filing unsealed on Tuesday” source: Coindesk

📍 Update:

• Binance founder CZ Zhao apologized for his "poor decisions" and accepted "full responsibility" for his actions in a letter to the judge.

• He is scheduled to be sentenced on April 30 after settling charges with the U.S. DOJ in November 2023.

• Despite waiving the right to appeal any sentence up to 18 months, the DOJ has sought a 36-month (3 year) sentence.

• Zhao admitted to the failure to establish necessary compliance controls at Binance and assured this would be his only encounter with the criminal justice system.

• 161 letters of support, including from family, friends, and others, sought leniency for Zhao.

• Jupiter Exchange: Popular Solana exchange announces launch into mobile trading app. Beta launch of the app will start in May. (@JupiterExchange)

• MetaMask: The SEC has accused MetaMask of acting as an unlicensed BrokerDealer. (@RadarHits)

• Consensys: The crypto firm sues SEC and asks court to declare that Ethereum is not a security. (@WatcherGuru)

• SEC: Is seeking a $5.3B fine against Do Kwon/Terraform Labs (CD)

• BlackRock: Has announced it’s partnership with Securitize to tokenize a Money Market Fund on Ethereum (LI)

• Justin Sun: Reportedly scooped $890M in ETH (CP)

• Mining Revenue: Peaked at $107M on halving day (CT)

• BlackRock: Nowholds $18B worth of Bitcoin, and 60k more BTC than MicroStrategy (@BitcoinMagazine)

Let’s put some things into perspective…

Top NFT sales from all collections:

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That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking web3 news! (@TheDropNFT)

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Written by: Gannon Breslin

Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.