$225M Tether Gets Frozen 🥶

GM. This is Degen Scoop. It’s Tuesday, let’s cover the most notable stories of yesterday:

• $225M Tether Gets Frozen 🥶

• DOJ Seeks $4B From Binance 🫰

• Argentina’s New Affair With Bitcoin 💑

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

$225M Tether Gets Frozen Related to Human Trafficking Syndicate

Tether and OKX have collaborated with the United States DOJ in an investigation leading to the voluntary freezing of approximately $225M in USDT associated with an international human trafficking syndicate in Southeast Asia.

The investigation utilized tools from blockchain analysis firm Chainalysis. Tether's proactive measures represent the largest-ever freeze of USDT in history. One would think the criminals would be smart enough to use some decentralized stablecoins that aren’t USDC or USDT to avert this, but apparently not.

The joint effort involved analyzing the flow of illicit funds through the blockchain, prompting a freeze request by the US Secret Service and a voluntary freeze by Tether. While Tether received plenty of tough love in years past, the organization emphasizes its commitment to transparency, stringent KYC/AML protocols, and collaboration with law enforcement to prevent unlawful actions.

The DOJ Seeks $4B From Binance To Settle An Ongoing Investigation

The U.S. DOJ is reportedly seeking more than $4B from Binance as part of a deal to settle an ongoing criminal investigation. The negotiations include the possibility of criminal charges against CEO CZ for alleged money laundering, fraud, and sanctions violations.

Binance and the DOJ have not elaborated on this in a public setting as of yet. The situation is fluid, and an announcement could be made before the end of the month. Needless to say, it’s been a turbulent year for Binance who has continued to face obstacles amidst the bear market.

Republican lawmakers have also pressured the DOJ to investigate Binance's potential involvement in terrorism financing. Since this is crypto and some things just don’t make sense, the release of this news led to a 7.1% surge in Binance's BNB token. Coincidentally, it resulted in a $4B increase in market cap. 4.

Argentina Elects New Pro-Bitcoin President

Argentina's presidential election resulted in economist Javier Milei securing over 14 million votes, defeating the ruling party candidate Martin Massa, who garnered over 11 million votes. Milei, a vocal critic of central banking, is set to be sworn into office on December 10th.

His victory comes amid Argentina's soaring inflation, with the peso losing over 140% of its value against the US dollar in the past year. Milei, who has referred to the Argentine central bank as a "scam," advocates replacing the peso with the US dollar for stability.

While not proposing Bitcoin as legal tender, he praises it for returning money creation "to its original creator, the private sector." Milei's victory marks a significant political shift in Argentina, as well as the second world leader to gain office that is a major proponent for Bitcoin.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.