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Crypto flips red, with Bitcoin falling below $37k and BNB tanking 7% to $240 amid reports Binance CEO may resign’ A report by Forbes suggest the DOJ will make an announcement to that effect today. The cryptocurrency market was retracing sharply on Tuesday afternoon as report s surfaced that Changpeng Zhao, the founder and CEO of Binance , may step down as part of a settlement with the US Department of Justice (DOJ). CZ’s resignation could be part of DOJ’s anticipated announcement later on Tuesday, according a report by Forbes. Richard Teng  is allegedly poised to take over. Richard Teng A Top Contender For New Binance CEO As CZ Steps Down: by @DavidJeans2 https://t.co/4iZfIsb37c — Forbes Crypto (@ForbesCrypto) November 21, 2023 Amid the rumours and allegations, Bitcoin price fell below $37k and altcoins took a dive as Ethereum lost the $2k mark.  BTC fell 3% to $36,797 and ETH 4% to $1,968, while Binance ’s nativ...

Genesis agrees to a $33 million settlement with Three Arrows Capital, significantly less than the original $1 billion claim, amid ongoing crypto turmoil. Bankrupt crypto lender Genesis has consented to a settlement with the now-defunct crypto hedge fund Three Arrows Capital (3AC), culminating in a $33 million payment against a staggering $1 billion claim . This development, revealed through court documents, underscores the volatility and the inherent risks in the crypto market. The settlement, a product of “extensive negotiations,” is still pending approval from a New York bankruptcy court. The downfall of 3AC in June 2022 heralded a prolonged period of instability in the crypto sector, aptly termed a crypto winter. The claims against Genesis, which succumbed to bankruptcy in January, pertain to transactions preceding its financial collapse. You might also like: Genesis ordered to comply with subpoena in TerraUSD collapse case Notably, the agreement entails a...