Weekly Article Recap: 10/21-10/25

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.

Nigerian Government Drops Charges Against Binance Executive Tigran Gambaryan

The Nigerian government has dropped all charges against Binance executive Tigran Gambaryan, a U.S. citizen and former IRS agent. Detained since April on allegations of money laundering and running an unlicensed financial institution, Gambaryan was released after the EFCC formally withdrew the charges in Abuja’s Federal High Court. Gambaryan was initially arrested in February during a regulatory visit to Nigeria.

Over $20M Stolen in Major Exploit of U.S. Government-Seized Crypto Wallets

A U.S. government wallet holding over $20 million in cryptocurrencies, including stablecoins and Ethereum, was compromised in a security breach. The wallet contained funds seized from the 2016 Bitfinex hack. Blockchain analytics firms Arkham Intelligence and ZachXBT flagged suspicious transactions on October 24, noting assets had moved for the first time in eight months, with initial withdrawals traced to the DeFi platform Aave.

Payments Giant Stripe Acquires Stablecoin Platform Bridge in a $1.1B Deal

Stripe has acquired stablecoin platform Bridge for $1.1 billion, marking the largest deal in crypto history, according to TechCrunch founder Michael Arrington. With Bridge’s tools, Stripe aims to support stablecoin payments for businesses, expanding its digital currency offerings as demand in this space rises.

Ripple Co-Founder Chris Larsen Donates $10 Million to Kamala Harris' Presidential Campaign Amid Divided Crypto Industry Support

Ripple Labs co-founder Chris Larsen has donated nearly $10 million to Kamala Harris' presidential campaign via the Future Forward PAC. Although the crypto community remains split on its preferred candidate, the contribution reflects Larsen's support for Harris' stance on crypto regulation. 

Chainlink and Major Market Players Launch AI-Powered Initiative to Tackle Unstructured Data in Finance

Chainlink, Euroclear, and Swift have teamed up to simplify financial data handling with AI, decentralized oracles, and blockchain. This collaboration, which includes major players like UBS and Franklin Templeton, aims to streamline corporate actions data and could save investors and brokers up to $5 million annually.