Circle Refutes Accusations of Funding Terrorism and Banking Justin Sun

Circle Refutes Accusations of Funding Terrorism and Banking Justin Sun

In this edition we explore Circle’s letter to senators, KuCoin’s grant, the OPNX spike and Celo’s transition to L2.

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The Campaign for Accountability (CfA), a non-profit watchdog, recently accused Circle, the issuer of USDC, of supporting terrorism and conducting money laundering. The CfA sent a letter to senators claiming that Circle helped to fund Hamas and Hezbollah in addition to maintaining a relationship with Justin Sun. Sun, the founder of TRON, has been under fire for market manipulation, the unregistered offer and sale of securities and TRON’s affiliation to terrorism networks. In response, Circle sent a letter denying the claims. The letter stated

“Let us be perfectly clear: Circle does not facilitate, directly or indirectly, or finance Hamas (or any other illicit actors). Nor does Circle bank Justin Sun”.

Circle claims that the letter sent by the CfA “is replete with errors, omissions, and misleading information”.

🤝 KuCoin Pledges $20K to TON

KuCoin Ventures has pledged $20,000 to TON in an ongoing partnership to support the development of TON-based mini-apps. Accelerator head at TON Foundation, Ian Wittkopp stated:

“Today’s partnership with KuCoin Ventures is an acceleration point in the momentum of mini-app development on The Open Network”.

He went on to say that the companies share the goal of “a more accessible and decentralized digital future for everyone”.

📈 OPNX Spikes 50% Following Tweet

OPNX, the token for a crypto bankruptcy platform, spiked 50% on December 1st. The spike likely stemmed from the co-founder, Su Zhu’s post on X which simply stated: “gm.”Zhu was arrested in late September in Singapore while trying to leave the country and has not been vocal on social media since. OPNX returned to original prices following the spike.

OPNX 7-Day Price

🔗 Celo to Transition to L2

On November 29th, cLabs, the creators of the Celo blockchain, announced plans to migrate Celo to an L2 stack on Ethereum. The shift is set to occur by January of 2024. In their post, cLabs released a framework to evaluate L2 stacks asking for community feedback. The team said

“this exercise is not to select a best L2 stack: it’s to figure out which is the best fit for the specific technical and non-technical needs of the Celo L2 project”.

📚 N+1 Recommendations

The N+1 reading and media recommendations are sourced from our team of experts and offer weekly suggestions for learning more about blockchain, crypto, finance and technology.

This week, we recommend the article: Bitcoin and Ethereum Fees Explained by Max Wadington

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