Crypto Exec Jailed in Plot to Shake Down Binance for Billions

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📈 Preview On Today’s News:

1. - Crypto Exec Jailed in Plot to Shake Down Binance for Billions

2. - SEC Backs Off: Immutable X Investigation Quietly Closed

3. - Wyoming Unleashes the First State-Backed Stablecoin in Bold Crypto Move

Keep reading below for more!

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Today’s News:

1)

Crypto Exec Jailed in Plot to Shake Down Binance for Billions

Tigran Gambaryan, Binance's top compliance executive, has described his eight-month detention in Nigeria as a politically motivated ploy to extort billions from the crypto exchange. Speaking publicly for the first time at the DC Blockchain Summit, he claimed Nigerian officials framed him with money laundering and tax charges to pressure Binance. Gambaryan and another executive were detained in February 2024 after traveling to Nigeria for regulatory talks. He was denied bail and endured severe health issues in prison, including pneumonia and a herniated disc. Despite pleading not guilty, he was only released in October following diplomatic efforts. Meanwhile, Nigeria has filed a $79.5 billion lawsuit against Binance, accusing it of contributing to the naira’s instability. Binance has since exited the Nigerian market.

• Tigran Gambaryan alleges Nigeria used his detention to extort billions from Binance, calling the charges a cover for political pressure.

• After months in harsh prison conditions and U.S. diplomatic intervention, he was released in October, as Nigeria continues to pursue a massive lawsuit against Binance.

2)

SEC Backs Off: Immutable X Investigation Quietly Closed

The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into Immutable X, the Australian crypto company known for its role in blockchain gaming. After receiving a Wells notice in October—which typically precedes formal charges—Immutable X has now been cleared with no action taken by the SEC. This move comes amid a broader shift in the SEC’s approach to crypto under new leadership, following the exit of former Chair Gary Gensler in January. Immutable welcomed the decision, viewing it as a positive signal for the future of digital asset regulation and innovation. The closure is seen as a victory not just for Immutable, but for the wider gaming and Web3 development community.

• The SEC has ended its investigation into Immutable X, which previously faced a Wells notice signaling potential legal action.

• Immutable praised the decision as a win for regulatory clarity, aligning with broader changes in SEC strategy under new leadership.

3)

Wyoming Unleashes the First State-Backed Stablecoin in Bold Crypto Move

Wyoming is set to become the first U.S. state to issue a fiat-backed, fully reserved cryptocurrency stablecoin—**WYST**—with a launch planned as early as July 2025. Backed by U.S. Treasury cash and repurchase agreements, WYST will carry a statutory reserve requirement of at least 102% capitalization, ensuring full liquidity and security. The state aims to generate revenue through interest on these reserves, with proceeds funding education and infrastructure. Wyoming’s choice of blockchain—narrowed to nine candidates including Ethereum, Solana, and Polygon—will also determine the tech framework for WYST and possibly future U.S. Treasury digital projects. Governor Mark Gordon emphasized the state's readiness to lead, presenting WYST as a strategic tool for both financial innovation and rural economic development.

• Wyoming’s WYST stablecoin will be fully fiat-backed with a 102% reserve mandate, generating interest income to fund public projects.

• The state is evaluating major blockchains like Ethereum, Solana, and Polygon to host WYST, with a launch expected by July 2025.

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