The biggest news in the cryptoverse on January 10 saw Gemini co-founder Cameron Winklevoss accuse DCG CEO Barry Silbert of fraud and demand his removal – only to receive a rebuttal from DCG himself. Elsewhere, Binance liquidated over $75 million worth of Shiba Inu tokens, Albright Capital dropped a lawsuit against Terraform Labs, and Crypto.com pulled USDT from Canadian users. Also, research the adoption of USDC on Ethereum.
Top CryptoSlate Stories
Cameron Winklevoss calls for the immediate removal of Barry Silbert as CEO of DCG
Gemini co-founder Cameron Winklevoss has called on Digital Currency Group (DCG) shareholders to remove Barry Silbert as CEO for allegedly defrauding Gemini users.
Cameron in an open letter tweeted on January 10, alleged that Genesis Global and its parent company DCG under the direction of Barry Silbert conspired to defraud approximately 340,000 Gemini users.
Genesis reportedly suffered a loss of $1.2 billion following the collapse of 3AC. However, Barry, DCG, and Genesis allegedly lied to Gemini and its users by saying that DCG injected around $1.2 billion to help Genesis continue operations.
In light of the public lie made to Gemini and its users, Cameron called on DCG’s Board of Directors to proceed with the immediate removal of Barry Silbert.
DCG calls Gemini co-founder’s allegations ‘publicity stunts’
The Digital Currency Group (DCG) has responded Gemini co-founder Cameron Winklevoss’ recent allegations against the DCG, calling them “desperate and unconstructive publicity stunts”.
Binance Changed Stake to Liquidate Over $75M in SHIB
On January 10 at 08:00 UTC, Binance withdrew $110.28 million from SHIBA INU (SHIB) and reinvested 4 trillion SHIB tokens, equivalent to approximately $34.84 million, according to Data shared by Arkham Crypto Intelligence.
The transfers took place on ShibaSwap and left $75.44 million, or 8.661 trillion SHIB tokens, unstaked. The tokens are held in Binance’s 0xf97 wallet. These trades also became the largest staking and unstaking trades that have taken place on ShibaSwap in months.
Albright Capital voluntarily drops lawsuits against Do Kwon and Terraform Labs
Investment firm Albright Capital has voluntarily dismissed its fraud charges against Terraform Labs and its executives, including Do Kwon.
Following Terra’s historic collapse in May 2022, Albright Capital, law firm Scott + Scott, Bragar Eagel & Squire independently filed class action lawsuits against Terraform Labs.
Albright Capital in its court case alleged that Terraform Labs engaged in the deceptive promotion of UST, Terra (LUNA), and related Terra cryptocurrencies.
Crypto.com will remove USDT for Canadians
Cryptocurrency exchange Crypto.com will remove USDT and USDT trading pairs from its app and platform for residents of Canada on January 31 at 06:00 UTC, according to an email shared with users in the jurisdiction.
The company has urged Canadian users to review their USDT balances as Crypto.com will suspend all USDT transactions after the aforementioned date.
Nigerian Central Bank to Regulate Stablecoins and ICOs
The Central Bank of Nigeria (CBN) said it will develop a regulatory framework to recognize stablecoins and initial coin offerings as an investment class.
The central bank said in its “2025 payment system vision” report that private stablecoins have evolved into an efficient payment mechanism in the country, hence the need to regulate their operations.
The regulator added that it would work with relevant authorities to develop a regulatory framework for a possible implementation of stablecoin offerings.
Research Highlight
Research: USDC Adoption on Ethereum Rises After FTX Collapse; USDT Remains Stable
After a brutal sequence of events led to the collapse of several crypto-related businesses in 2022, the bankruptcy of FTX dealt a major blow to public trust in centralized crypto entities.
During this period of heightened market volatility, crypto investors favored Circle’s USD Coin (USDC) over Tether’s USDT. According to data from Glassnode, while USDT is the largest stablecoin by market cap, USDC has more transfer volume.
According to the data, USDC has a transfer volume of $15 billion, while the volume of USDT is $3 billion. Cumulatively, USDC outperforms USDT by $7 trillion.
Crypto market
Over the past 24 hours, Bitcoin (BTC) rose 1.35% to trade at $17,461.18, while Ethereum (ETH) rose 1.44% to $1,340.81.
The biggest winners (24h)
- SingularityNET (AGIX): 35.4%
- Extraction (FET): 29.1%
- WOO Network (WOO): 17.09%
The Biggest Losers (24h)
- HEX (HEX): -14.55%
- Locus Chain (LOCUS): -5.17%
- Bitcoin Gold (BTG): -4.03%
