Facing a large deficit in its treasury, DeFi protocol Sushi proposes diverting fees from the Kanpai protocol and reduces its runway requirement from $9M to $5M (Shaurya Malwa/CoinDesk)

Kenrick Cai / Forbes:
Runway, one of the two startups behind Stable Diffusion, raised a $50M Series C led by Felicis Ventures; sources: Runway’s valuation is $500M, and ARR is ~$1M  —  Runway ML, one of the two startups behind the popular AI text-to-image model Stable Diffusion, has raised new funding at a $500 million valuation, Forbes has learned.

Shaurya Malwa / CoinDesk:
Binance and Huobi block deposits of FTX’s native token, FTT, after 192M tokens worth ~$400M were released out of schedule and without warning  —  The tokens were illicitly released from FTT’s main deployer address.  —  Crypto exchanges Binance and Huobi blocked deposits of FTT …

Xinyi Luo / CoinDesk:
Alameda-backed DeFi projects Maps.me, a maps app for travelers, and “DeFi Prime Brokerage protocol” Oxygen say 95%+ of their native tokens are locked up at FTX  —  Alameda Research led funding rounds into both companies in 2021.  —  Maps.me and Oxygen, two decentralized finance …

Shaurya Malwa / CoinDesk:
FTX US General Counsel says the exchange has moved remaining funds to cold wallets to “mitigate damage” following a series of “unauthorized transactions”  —  Millions of dollars started to mysteriously move from FTX late Friday U.S. hours.

Deeksha Bhardwaj / Hindustan Times:
India proposes a legal framework to regulate over-the-top communications services, including encrypted apps like WhatsApp and Signal, and intercept messages  —  The bill, if implemented in its current form, will have reaching ramification for the industry that is based on the premise of privacy and security of encrypted messages

Jeff John Roberts / Fortune:
Six people, including Coinbase employees and prominent crypto developers, sue the US Treasury, Janet Yellen, and officials in Texas over Tornado Cash sanctions  —  Six users of Tornado Cash, a popular decentralized cryptocurrency service, filed a lawsuit on Thursday against the U.S. Treasury Department …