White House conspiracy Airs as Binance Airdrops Free Damage Control cash 💸
Welcome to another edition of your favorite weekly news round-up…… From Coinigy, whenever and wherever you’re reading this, you know we never miss.
First off, ETH holders might want to sit down for this one, as their wallets seem to be bleeding harder than your portfolio during a bear market. Yeah, damage control never got any better than Binance literally airdropping $400M to traders who had bleeding wallets last Friday.
In other news, SBF just dropped some serious allegations against the Biden administration, Binance is dishing out $400 million like candy after last week's crash, and Ethereum? Well, let's just say ETH holders might want to sit down for this one.
Elsewhere, the feds just hit the BTC jackpot again, courtesy of some Cambodian friends running what might be the biggest crypto scam ever, and SBF is putting out some serious conspiracy allegations against the Biden administration.
Here are the Highlights:
- Sam Bankman-Fried Claims Biden Administration Targeted Him Politically Amid FTX Collapse
- Binance Pledges $400 Million to Help Traders Recover from Crypto Crash
- Ethereum Flashes Major Bearish Signal as Price Drops Below $4,000
- US Seizes $15B in Bitcoin, Charges Cambodian Tycoon in Crypto Fraud Case
Sam Bankman-Fried Claims Biden Administration Targeted Him Politically Amid FTX Collapse
Former FTX founder Sam Bankman-Fried SBFUSDT has once again stirred controversy, this time accusing the Biden administration of orchestrating his arrest for political reasons. In a recent post on GETTR, SBF claimed that his 2022 detention wasn’t solely about FTX’s collapse but a calculated move to silence him after he began donating to Republican candidates. He suggested that his arrest came just before a crucial crypto regulation bill was scheduled for a vote, and one day before he was meant to testify before Congress.
Binance Pledges $400 Million to Help Traders Recover from Crypto Crash
Binance unveiled a $400 million relief program on Tuesday for traders affected by losses during Friday’s crypto market sell-off. The initiative comes after the exchange faced criticism over technical issues and pricing problems during the crash. The program will distribute $300 million in token vouchers to eligible users. Voucher amounts will range from $4 to $6,000 per trader. To qualify, users must have experienced forced liquidations on futures or margin positions between October 10, 2025 at 00:00 UTC and October 11, 2025 at 23:59 UTC. Traders must have lost at least $50 in crypto during this period.
Ethereum Flashes Major Bearish Signal as Price Drops Below $4,000
Ethereum ETH/USD is going through a tough time right now since it is trading below the $4,000 level, which is significant for the mind. At the time of writing, ETH was still above $3,900, but it had dropped more than 2% in the preceding 24 hours. Bears are getting stronger in the market after a failed attempt to build momentum above $4,120. The short-term technical prognosis for Ethereum looks more and more negative. ETH has dropped below important support levels at $4,020 and $4,000 after having trouble staying above $4,120. The price is now below the 100-hourly Simple Moving Average.
US Seizes $15B in Bitcoin, Charges Cambodian Tycoon in Crypto Fraud Case
The US authorities have charged Cambodian businessman Chen Zhi, chairman of Prince Holding Group, for allegedly running one of the largest cryptocurrency fraud operations in history. The Justice Department seized over 127,000 bitcoins—worth about $15 billion—and imposed sweeping sanctions and asset freezes targeting Chen’s vast business network in multiple countries. Federal prosecutors in Brooklyn charged Chen Zhi with wire fraud and money laundering conspiracy in connection with a years-long crypto investment scam.
Other Highlights Worth Mentioning
Binance Bans Hundreds Of Users Over Trading Abuse - BeInCrypto
Gold hits all-time high, leaves bitcoin behind in 2025 rally - Protos
South Korea’s regulator approves Binance to buy controlling stake in GOPAX - Cryptorank
YouTube Star MrBeast Files Trademark for Crypto Exchange and Payments Service - Decrypt
COINIGY FACT OF THE DAY.
This day, on October 20, 2017, Bitcoin breaks above $6,000, and $100 billion in value for the first time in its history
The world’s most prominent digital currency was on track to mark a fresh milestone on Friday, with bitcoin rallying and putting the cryptocurrency in position to hit a total market value of around $100 billion.