The End of an Era: CZ Bows Out as More Tech Drama Unfolds

3 min readNov 24, 2023


This week witnessed the end of an era in the crypto industry with Binance CEO Changpeng Zhao’s surprising resignation, as the DOJ goes in hard on the world’s leading exchange.

Binance CEO Resigns, Pleads Guilty in Historic $4.3 Billion Settlement

Changpeng Zhao, CEO of Binance, the world’s largest crypto exchange, has pled guilty to U.S. anti-money laundering violations, settling for a monumental $4.3 billion. This agreement, one of the largest corporate penalties in U.S. history, includes Zhao’s personal contribution of $50 million.

OpenAI Welcomes Sam Altman Back as CEO

After a tumultuous weekend at the world’s leading AI Company, OpenAI revealed a preliminary agreement that will see Sam Altman make a comeback as its CEO. The significant development was accompanied by the formation of a new board of directors, chaired by Bret Taylor, with notable members including Larry Summers and Adam D’Angelo

Bitcoin-Friendly Javier Milei wins Argentina Presidential Election

Javier Milei, a libertarian candidate who has been a proponent of Bitcoin (BTC) and the elimination of the Central Bank Digital Currency, has achieved a resounding victory in the Presidential election in Argentina.

Milei secured 55.5% of the votes, surpassing candidates from other major parties. His victory marks a significant development in Argentine politics.

SEC Commissioner Supports Spot Bitcoin ETF

U.S. Securities and Exchange Commission Commissioner Hester Peirce recently expressed to Bloomberg that the SEC has no reason to obstruct the launch of a spot Bitcoin ETF. Despite her support, Peirce remained reserved about the likelihood of its approval, keeping the crypto community in anticipation of a potential spot bitcoin ETF decision.

Sam Bankman-Fried’s Unique Currency in Prison

Sam Bankman-Fried, once a crypto titan, is now utilizing an unconventional currency in prison: mackerel fish, or “macks.” A Wall Street Journal report on November 23 revealed that SBF traded 4 macks for a haircut in jail, a practical adaptation ahead of his trial hearing.

SEC Sues Kraken Over Alleged Regulatory Violations

The U.S. SEC has filed a lawsuit against Kraken, alleging that the exchange commingled customer funds and operated without registering as a securities exchange, broker, dealer, and clearing agency.

The SEC claims that Kraken has acted unlawfully since 2018 by facilitating the buying and selling of cryptocurrencies without proper registration. The lawsuit also accuses Kraken of having deficient internal controls that put customers at risk of loss.

HTX Exchange Loses $13.6M in Hot Wallet Hack

HTX, previously known as Huobi Global, suffered a loss of approximately $13.6 million due to an $86.6 million security breach targeting the HECO Chain bridge on November 22.

According to an analysis by blockchain security company Cyvers, the financial losses occurred due to breaches in three hot wallets. The assets of users and exchanges were converted into Ether and subsequently dispersed across multiple Ethereum addresses.

Director of Netflix’s Sci-Fi Series Bets on Dogecoin

The director of Netflix’s sci-fi series; Conquest, reportedly used $4 million from the show’s budget to bet on Dogecoin, resulting in a $27 million profit. Now, the director is seeking an additional $14 million from Netflix, according to a confidential arbitration proceeding.




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