Weekly Recap of Notable News in DeFi and Crypto: Binance Listing Strategy, Gala Games Hack, Binance Exec Hospitalized, Ethereum ETF Launch, and Gary Gensler’s Criticism
Recapping the Week in DeFi
As the DeFi and crypto space continues to evolve at a rapid pace, it’s essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.
Binance Plans to List ‘Small to Medium’ Size Tokens Amid Outrage
Binance is changing its token listing approach to focus on small and medium-sized cryptocurrency projects. The new strategy emphasizes community allocations and sustainable market practices, addressing investor concerns over high Fully Diluted Valuation (FDV) and low circulation tokens. Binance will support these projects through initiatives like Direct Listing, Launchpools, and Megadrops. Read the full details here.
Gala Games Hacked for $20M: Details and Impact
On May 20, web3 gaming firm Gala Games faced a major exploit where an attacker minted 5 billion GALA tokens worth $206 million, according to Etherscan. Solidity developer 0xquit disclosed that the exploit involved an admin address, suggesting possible internal or external involvement. The attacker could have minted up to 12 billion tokens but was stopped when the address was blacklisted. Find more information here.
Imprisoned Binance Exec in Nigeria Admitted to Hospital
Binance executive Tigran Gambaryan collapsed during his money laundering trial in Abuja on Thursday. He faces charges related to a $35 million scheme. His defense counsel, led by Mark Mordi, requested a postponement for his recovery and transfer to Nizamiye Hospital. Justice Emeka Nwite approved the transfer to the private facility for immediate treatment. Details in the article.
Ethereum Spot ETF Might Launch as Early as Mid June – Bloomberg Analyst
Spot Ethereum ETFs could debut by mid-June, according to Bloomberg’s Eric Balchunas. However, Gabriel Shapiro from Delphi Labs warns that an SEC Commissioner might challenge the approval within 10 days, as it was made under "delegated authority." ETF analyst James Seyffart believes such challenges are routine and unlikely to alter the outcome. Read the full story.
Gary Gensler Criticizes Pro-Crypto FIT21 Act: Details
Gary Gensler, Chair of the SEC, has voiced strong opposition to the Financial Innovation and Technology for the 21st Century Act (FIT21). In a May 22 statement, Gensler argued that the act would harm investors by removing crypto assets from SEC oversight, thereby undermining investor protection efforts. Details in the article.