Here’s what happened in crypto today


New Binance CEO Richard Teng announced his vision for the crypto exchange in a Nov. 27 blog post. Meanwhile, the co-founders of crypto media Bankless want to separate their brand from BanklessDAO two years after its launch, and the crypto wallet phishing tool known as Inferno Drainer says it is shutting down.

Teng outlines vision for Binance

On Nov. 21, Richard Teng became the new CEO of Binance after Changpeng Zhao agreed to step down as part of a settlement with U.S. regulators. Less than a week later, Teng outlines his plan for the embattled crypto e

In a Nov. 27 blog post, Teng said he plans to “drive growth and the adoption of Web3,” and that Binance users will hear more from him soon.  

“I am eager to jump headfirst into my new role and know there will be many more opportunities for me to share my thoughts with the community through blogs like this one, through my social media accounts — Twitter, LinkedIn — and through the many industry conferences and events around the world,” he said.

Last week, Teng posted a thread on X (formerly Twitter) assuring customers that Binance still had “very strong” business fundamentals. “[O]ur capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits,” he said. 

Bankless controversy forces founders to burn tokens and separate from DAO

Amid the ongoing controversy around cryptocurrency media Bankless and the associated decentralized autonomous organization (DAO), BanklessDAO, the founders of Bankless have suggested separating the brand from the DAO.

Bankless co-founders David Hoffman and Ryan Sean Adams plan to submit a governance proposal to BanklessDAO to separate the two entities. The co-founders took to X (formerly Twitter) on Nov. 26 to announce that they also plan to burn all of their BanklessDAO (BANK) tokens on the back of this proposal.

Hoffman and Adams’ decision to separate Bankless from BanklessDAO came in response to community criticism of BanklessDAO’s application for a grant from Arbitrum. Filed on Nov. 20, the application asked for 1.82 million Arbitrum (ARB) tokens from Arbitrum, a layer-2 scaling project for the Ethereum blockchain. The amount is worth around $1.8 million at the time of writing, according to data from CoinGecko.

The BanklessDAO community was quick to criticize the initiative, with many DAO members pointing out that the proposal requested almost two million ARB for writing content without providing detailed information about how the money would be spent.

In response, BanklessDAO committed to revising the proposal to cut the one-year grant to three months and provide clear key performance indicators and milestones.

Inferno Drainer says it’s shutting down after helping steal $70 million in crypto

Inferno Drainer, one of the most popular crypto wallet-draining kits for hire, says it is shutting down for good after helping phishing scammers steal nearly $70 million worth of crypto in 2023.

In a Nov. 26 Telegram post, the team behind Inferno Drainer said it was “time for us to move on.” However, it said that the files and infrastructure needed to run the wallet drainer won’t be destroyed but instead will remain active so users can make a “smooth transition” to other services.

“It has been a long ride with all of you and we’d like to thank you from heart [sic]. Unfortunately, nothing lasts forever.”

Inferno Drainer gained prominence earlier in 2023 and saw increased use after the popular Monkey Drainer tool shut down. Like its peers, Inferno offered its crypto wallet-draining software and took a 20% cut of what users stole.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.