Binance and CEO ‘CZ’ admit guilt to federal charges, agree to pay $4.3B in fines

It’s been an eventful week for crypto exchanges and the U.S. government. Changpeng Zhao, known as “CZ,” the founder and CEO of Binance, has announced his decision to step down and has pleaded guilty to a number of violations brought on through the Department of Justice and other U.S. agencies. He appeared in a Seattle … Read more

Sam Altman’s Role in Worldcoin Project Remains Unchanged Amidst OpenAI Controversy

Despite his departure from OpenAI, Sam Altman’s involvement with the crypto project, Tools for Humanity, which is responsible for building Worldcoin, continues unabated, according to a source close to the project as reported by TechCrunch. Altman’s contribution to Tools for Humanity remains consistent and valuable, and it is expected to remain so, the source confirmed. … Read more

Chinese Tech Giants Enter the Web3 Space, But Growth Remains Limited

At the Staking Summit in Istanbul, attended by numerous individuals involved in the staking practice of the crypto ecosystem, the exhibition booths of Tencent and Huawei were noteworthy. Surrounded by young professionals in corporate hoodies distributing well-designed merchandise, these Chinese tech giants stood out with their more formal corporate banners. They were situated alongside engineers, … Read more

Worldcoin Token’s Value Plummets Nearly 10% After Sam Altman Removed as OpenAI CEO

Sam Altman, the now former CEO of OpenAI, has departed his role and is leaving its board, according to a company post on Friday. Nevertheless, uncertainties about his involvement with other entities like Worldcoin, the crypto project he co-founded, linger as its token depreciates on the news. Worldcoin’s token, WLD, fell more than 13% on … Read more

Crypto Market Shows Signs of Recovery with Price and NFT Sales on the Rise

Welcome back to Chain Reaction. To receive a roundup of TechCrunch’s major crypto stories delivered to your inbox every Thursday at 12 p.m. PT, subscribe here. The crypto market and overall ecosystem are displaying signs of recovery after a prolonged bear market. At the time of publication, cryptocurrencies like bitcoin and ethereum had increased by … Read more

Expanding Bitcoin’s Potential: The ZetaChain Initiative Supported by Jane Street Capital

Despite dominating the crypto market, Bitcoin’s applications have been limited compared to other blockchains that enable a wide range of asset transfers, from financial products to video games. For instance, Ethereum boasts nearly 6,000 monthly developers actively building on its network, as of October 1, according to data from Developer Report. In contrast, Bitcoin has … Read more

Avara: The New Face of Aave Companies in the Web3 Space

Aave Companies, a prominent player in the web3-focused software technology realm, has undergone a significant rebranding, now operating under the name Avara, according to founder Stani Kulechov’s exclusive disclosure to TechCrunch. The crypto heavyweight, previously known for its support of Aave Labs, Aave Protocol, GHO native stablecoin, and Lens decentralized social network protocol, has over … Read more

Reddit meme-inspired Taproot Wizards raises $7.5M

Bitcoin, often referred to as the grandfather of crypto, is not always recognized for its innovation or pushing the envelope. However, Taproot Wizards, a Bitcoin-focused project inspired by the original Bitcoin wizard Reddit meme, is striving to change the perception of the blockchain. The project has secured $7.5 million in a funding round led by … Read more

Exploring the Latest Developments in the Crypto World

Welcome back to Chain Reaction. To receive a collection of TechCrunch’s most significant crypto stories every Thursday at 12 p.m. PT, subscribe here. This week in web3 Insights into Circle’s plan to go public (TC+) Launch of Faction’s $285M early-stage crypto fund LG’s IT arm collaborates with Tiger Global-backed QuickNode for web3 ventures a16z’s investment … Read more

Crypto enforcement makes a firm stand in 2023, with no signs of softening in 2024

The past year has been quite eventful for the crypto industry. From funding shortages to the public spectacle of the SBF saga, the industry and its supporters endured a tumultuous year, marked by crypto price volatility akin to London’s unpredictable weather in April. Regulation of crypto and its enforcement took center stage in the industry’s … Read more