Crypto Compass by BitcoinWalletSG #87

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This week’s edition of Crypto Compass dives deep into one of the most shocking developments in the crypto world: Changpeng Zhao (CZ), the iconic founder of Binance, has been handed a lifetime ban from managing the exchange. What led to this dramatic outcome, and what does it mean for the future of Binance and the broader crypto market? Alongside this, we explore the shutdown of the once-promising Friend.Tech platform and the innovative use of wasted renewable energy for Bitcoin mining in Japan. Stay with us as we uncover the latest moves and shifts that could reshape the crypto landscape.

Changpeng Zhao (CZ) Banned for Life from Managing Binance

Former Binance CEO Changpeng Zhao, also known as CZ, has been permanently banned from managing the centralized crypto exchange as part of a plea agreement with U.S. authorities, according to current CEO Richard Teng. While Zhao remains the largest shareholder of Binance and retains his shareholder rights, the agreement bars him from any direct involvement in the company’s operations. CZ will complete his jail sentence on September 29 after pleading guilty to money laundering charges, stepping down from his role in late 2023. Since resigning, Zhao has announced plans to focus on passive investing in Web3, DeFi, AI, and biotech, while also launching a nonprofit online education platform called Giggle Academy.

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Trump Promises to Make U.S. Crypto Capital in Second Term

During a speech at the Economic Club of New York, former President Donald Trump briefly reiterated his intention to make the U.S. the world capital for crypto and Bitcoin if re-elected. While his economic address primarily focused on slashing regulations and boosting domestic energy production, Trump’s mention of digital assets continues to raise speculation about his future involvement in the crypto space. Notably, Trump is linked to a forthcoming crypto project called World Liberty Finance, where he may serve as "chief crypto advocate." As part of his economic vision, Trump pledged to eliminate regulations, accelerate approvals for energy projects, and ensure the U.S. remains competitive in industries like artificial intelligence.

Tokyo Electric Power Subsidiary Explores Bitcoin Mining Using Wasted Renewable Energy

Agile Energy X, a subsidiary of the Tokyo Electric Power Company (Tepco), is venturing into Bitcoin mining as a way to utilize wasted renewable energy. The company is experimenting with capturing excess solar energy that would otherwise go unused due to "output control" practices in Japan. By deploying Bitcoin mining rigs near solar farms in Gunma and Tochigi prefectures, Agile Energy X aims to reduce energy waste and generate potential profits. If successful, the company estimates that using just 10% of the country’s surplus renewable energy could yield $2.5 billion in Bitcoin annually. This initiative is part of a broader effort to introduce more green energy into Japan’s power supply while making Bitcoin mining profitable and sustainable.

Happenings of the week

• Ethereum Foundation's Main Wallet Down to About $650M, Top Official Says

• CryptoPunk #6915 NFT recorded a record sale of 620 ETH

• Bitcoin Could Sink to $30,000 If Kamala Harris Wins Election, Says Bernstein

• Binance Unit Tokocrypto Is Third Crypto Exchange to Score Full License in Indonesia

Friend.Tech Shuts Down After One Year, Developers Revoke Control of Smart Contracts

Friend.Tech, the Web3 social network that allowed users to trade tokens for 'keys' to access the feeds of influential individuals, has effectively ceased development just one year after its launch. On September 8, the platform’s developers transferred control of its smart contracts to Ethereum’s null address, preventing any future changes or updates. While the platform will remain operational, the lack of control makes new features highly unlikely. Friend.Tech, which launched on Coinbase-backed Layer 2 network Base, initially garnered significant attention, surpassing Ethereum’s daily earnings at one point. However, user engagement and protocol fees dwindled over time, and despite the launch of Version 2 (v2), the platform could not sustain its early success.

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