BlockBeats presents a curated roundup of this week's (Nov 20–26) pivotal industry news, alongside must-read articles to keep you informed on market trends.
Key News Highlights
Binance Reaches $4.3B Settlement with U.S. Agencies; CZ Resigns as CEO
On November 22, Binance finalized resolutions with the U.S. DOJ, CFTC, OFAC, and FinCEN, acknowledging past compliance failures. The $4.368B settlement includes penalties and forfeitures, paving the way for operational continuity under a three-year monitorship. Founder Changpeng Zhao (CZ) stepped down as CEO and faces up to 18 months in prison per his plea deal.
👉 Explore CZ’s legacy and the settlement’s implications
Blur Founder Launches Blast L2 Network, Secures $20M Funding
November 21 marked the debut of Blast, an Optimistic Rollup-based Layer 2 by Blur’s founder, backed by Paradigm and Standard Crypto. The network rapidly amassed $500M in TVL, leveraging a referral-and-staking rewards model.
HTX Hot Wallet & Heco Bridge Exploited; Losses Near $100M
A November 22 breach drained $12.4M from HTX** wallets, while the Heco Bridge suffered an **$86.6M exploit, raising security concerns across Justin Sun-linked platforms.
dYdX Liquidation Drama: $50M YFI Positions Wiped Out
November 18 saw $50M in YFI futures liquidated on dYdX, spotlighting risks in decentralized perpetual contracts. Community critics questioned the platform’s清算机制 (liquidation mechanisms).
Argentina Elects Pro-Bitcoin President Javier Milei
November 20: Libertarian economist Javier Milei won Argentina’s presidency, advocating dollarization and Bitcoin adoption to combat hyperinflation.
Friend.Tech Loses Users Amid Bot Account Purge
TVL plummeted 19.5% in two days after genuine accounts were mistakenly flagged, underscoring challenges for Web3 social platforms.
KyberSwap Hacked for $47M
The DEX aggregator was drained on November 23, its second major exploit this year.
OpenAI Reinstates Sam Altman as CEO
After employee uproar, Altman returned on November 22 under a new board, averting a mass exodus to Microsoft.
Recommended Reads
- CZ’s Era Ends: A Look Back at Binance’s 6-Year Rise
Reflecting on CZ’s journey from Shanghai startup to global crypto giant. - Richard Teng: Who Is Binance’s New CEO?
Profile of the exec who rose through Binance ranks in just 2.5 years. - Why Blast Could Accelerate Layer 2 Adoption
Analysis of Blast’s referral-driven growth model.
👉 Stay updated with BlockBeats’ crypto insights
FAQ
Q: Will Binance continue operating post-settlement?
A: Yes, under new leadership and a 3-year compliance monitor.
Q: How does Blast reward users?
A: Via staking yields and referral points, with airdrops post-mainnet launch.
Q: What’s next for CZ?
A: Awaiting sentencing (likely ≤18 months); barred from Binance operations for 3 years.