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GM. This is Milk Road, the crypto newsletter that spices up your crypto diet more than Sriracha.

Here’s what we got for you today:

• CZ steps down and Binance settles for $4B+ 👀

• This DAO is voting to sue its founders ⚖️

• A deep dive into the XPR Network 🧐

• There’s a new uranium-linked token… 🍪

CZ STEPS DOWN AND BINANCE SETTLES FOR $4B+ 👀

After a multi-year-long investigation, the U.S. government and Binance have agreed to a settlement. 

Here’s everything you need to know:

• Binance’s CEO, Changpeng Zhao (aka “CZ”), resigned. Richard Teng will step in as the new CEO. He was Binance’s former head of regional markets. 

• Binance has to pay ~$4.3B in fines. It’s the largest penalty in U.S. Treasury history. 

• CZ pled guilty to money laundering violations. He faces up to 18 months in prison, but prosecutors are “keeping open the possibility of asking for a stiffer penalty.”

• CZ has to pay $200M in fines. This includes $50M in criminal fines and $150M in civil penalties. (I’d say “ouch” but my researchers tell me CZ is worth $10B+, so this is like a $20 parking ticket for him).

• Binance will make a “complete exit” from the U.S. market. The U.S. government will be monitoring the crypto exchange over the next 5 years to make sure it’s compliant. They will have access to Binance’s systems/records during that time. 

Why you should care: Crypto’s had back-to-back-to-back Black Swan events over the last year…

Terra collapsed. Then Celsius. Then Three Arrows Capital. Then FTX. 

Everyone’s been scared Binance could be next…. but after yesterday’s settlement, it looks like the worst is behind us (for now).

Here’s how the rest of the crypto community is reacting to the news:

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THIS DAO IS VOTING TO SUE ITS FOUNDERS ⚖️

This is one of the craziest stories I’ve seen in crypto. And that’s saying something…

Here’s what happened:

• Aragon is a crypto project that builds infrastructure for Decentralized Autonomous Organizations (DAOs). The project also has its own DAO to help make decisions. Call it DAO-inception. 

• Earlier this month, the Aragon Association announced it was shutting down the project. They also decided to wind down Aragon’s governance token (ANT). 

• The problem: the decision was made without any input from the DAO. No heads up. No proposal. No voting. Nothing. 

• Now the DAO is voting on whether to sue the founding team. Members of the DAO estimate that the founders would pocket ~$50M by shutting down the project and are putting that money into a “new secretive company.”

Never a dull moment in crypto.

A DEEP DIVE INTO THE XPR NETWORK 🧐

For the last decade, crypto’s been full of people in hoodies... Retail investors. Tech nerds. Your “everyday people”.  

But recently that’s changed. The institutions are flowing in… Big banks. VC firms. Fortune 500 companies. You name it. 

Suddenly, there are just as many suits as hoodies. And they’re all looking to use the blockchain for different things. 

Well, check it out. We recently came across one that caters to both… XPR Network. 

• It’s ISO 20022 compliant. No, this isn’t R2D2’s replacement in the next Star Wars. It’s the global standard for electronic data interchange between financial institutions. And it’s a big deal.

• It’s a highly scalable blockchain with quick and gasless transactions, making it a hub for DeFi and on-chain activity.

• They’re due to deploy as a subnet on Metal Blockchain, the Layer 0 that recently announced credit card integrations.

• And they always put the community first, recently launching a ~$6.5M DAO-powered grant program that lets community holders vote on proposals to fund.

We recently fell down the rabbit hole and found out everything we could about the XPR Network. Check out the guide here!

BITE-SIZED COOKIES 🍪

A new uranium-linked token called Uranium3o8 just launched on Uniswap. The Uranium3o8 tokens are backed by uranium from the publicly-listed Canadian exploration and development firm Madison Metals. 

Celsius Network is pivoting to Bitcoin mining after bankruptcy. The original restructuring plan included the company earning "staking" fees by validating blockchain transactions and managing its legacy portfolio of cryptocurrency loans, but those plans changed after Celsius received “feedback” from the SEC. 

Wintermute Asia executed its first options block trade through the Chicago Mercantile Exchange (CME). The BTC/USD block was traded between Wintermute Asia and TP ICAP (another TradFi firm).

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.