US Justice Department Probes Binance; Exchange Sues WSJ Over Iran Sanctions Claims
The US Justice Department is investigating global cryptocurrency exchange Binance over allegations it was used by Iran to circumvent international sanctions. Investigators are scrutinizing over $1 billion in funds, reportedly linked to militant funding networks, that allegedly flowed through Binance's operations.
In response, Binance initiated a defamation lawsuit against the Wall Street Journal, targeting a February 23 report. The WSJ article alleged Binance aided Iranian sanctions evasion, claiming fired staff ignored over $1 billion in Iran-linked transfers and that compliance investigators were dismissed to conceal these flows.
Binance explicitly refuted these claims, stating it never terminated compliance investigations and reported suspicious activity to law enforcement. The exchange claimed its lawsuit aimed to safeguard the trust of its 300 million global users. Binance's internal investigation challenges the WSJ's assertions of $1.7 billion in transfers to Iranian-linked entities, stating its inquiry meticulously traced a multi-step scheme across Asia and the Middle East.
Following the WSJ's report, $BNB's price declined by 1%.
Bulla Project Accused of Rug Pull; Binance Delisting Demanded
The Bulla project faces rug pull accusations after its single-sided liquidity pool reportedly depleted to just $10,000. This rapid depletion, contrasted with the project's stated market capitalization of $8.8 million and Open Interest of $10 million, has fueled the allegations.
Users have called for Binance to delist the $BULLA token, citing the drastic reduction in liquidity. Following these accusations and delisting calls, $BULLA's price on Binance Futures (USDT Trades) decreased by 2.77% within a 15-minute window, positioning it among the top three losers on the platform during that period.
Abosch, Schachter Accused in $6M Space Scam
Digital artist Kevin Abosch is accused of orchestrating a $6 million 'space scam,' allegedly misleading followers into believing he operated a legitimate space program and defrauding them.
Art dealer and critic Kenny Schachter is also implicated, accused of helping propagate the alleged fraudulent scheme. Accusations against Schachter gained public attention after a social media user, who highlighted his alleged role in promoting Abosch's purported space initiative, claimed to have been blocked by him.