Browsing:Market News

Do Kwon, the founder of Terraform Labs
3 days ago 1 min read

Do Kwon to Face Extradition Hearing in Montenegro for Criminal Charges, According to AFP

Do Kwon, the founder of Terraform Labs, has been charged with forgery in Montenegro, according to a report by AFP. Kwon is due in court on Friday for extradition proceedings, after being arrested at Podgorica airport along with another individual. The charges come in the aftermath of the collapse of stablecoin terraUSD, which caused widespread concern in the crypto markets last year. Kwon has been on the run ever since, and his arrest in Montenegro marks a significant development in the ongoing investigation into the incident. According to Montenegro’s police, a criminal complaint has been filed against Kwon and the

Zipmex cryptocurrency exchange is facing a potential setback in its US$100 million
3 days ago 1 min read

US$100 Million Zipmex Acquisition at Risk as Buyer Fails to Make Payment: Report

Zipmex cryptocurrency exchange is facing a potential setback in its US$100 million venture capital buyout. The buyer, V Ventures, reportedly missed a US$1.25 million payment that was due on March 23, according to a report from Bloomberg. The missed payment has put the acquisition in jeopardy, and Zipmex has been forced to take drastic measures in order to secure the necessary funds. In a letter seen by Bloomberg, the exchange revealed that it may have to liquidate its technology unit, Zipmex Technology, and suspend the division’s payroll unless it receives the funds. Zipmex has been working on a restructuring plan

Blockchain firm Radix Tokens
3 days ago 1 min read

Blockchain Firm Radix Tokens Secures $10M in Funding for Smart Contract Integration

Blockchain firm Radix Tokens has announced a successful funding round that has raised $10 million ahead of the launch of its Babylon mainnet, which will enable smart contract capability on the Radix network for the first time. The funding round was led by market maker and investment firm DWF Labs, bringing Radix Tokens’ valuation to $400 million, according to an email sent by the Jersey-based company on Thursday. Radix Tokens aims to address the risk of hacks in decentralized finance (DeFi) through its Scrypto asset-oriented smart contract language. This language provides developers with a ready-to-use tool for creating assets and

Founder of Terraform Labs Arrested in Montenegro
3 days ago 1 min read

Do Kwon Arrested While Traveling in Montenegro

Do Kwon, the co-founder and former CEO of Terraform Labs, has been arrested by the Montenegrin police after a prolonged manhunt. According to the Montenegrin Minister of Interior, Filip Adzic, Kwon was apprehended at the Podgorica airport with falsified documents. He is sought after by South Korea, the US, and Singapore for his alleged role in a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities. The collapse of the Terra (LUNA) ecosystem has been linked to Do Kwon and Terraform Labs, which have been accused by the United States Securities and Exchange Commission

Users of Bitzlato Crypto Exchange Can Now Withdraw Funds Despite Temporary Closure
3 days ago 1 min read

Bitzlato Crypto Exchange Resumes Withdrawals for Users Following Shutdown

The Bitzlato crypto exchange was recently shut down by the US Department of Justice for allegedly engaging in illegal activities. The exchange was accused of facilitating the transfer of over $700 million in illegally obtained cryptocurrencies, as well as assisting in ransomware attacks. However, in a recent development, Bitzlato has restored access for its customers to withdraw their Bitcoin from the platform. The exchange conveyed the message through Telegram, directing users to use the ‘bz_phoenix_bot’ to access 50% of their frozen funds on the platform. While some users have confirmed withdrawing their holdings, others have opted to transfer to other

eToro Refocuses Strategy, Secures $250M in Funding After SPAC Fallout
4 days ago 1 min read

eToro secures $250 million in funding following SPAC Breakup

Trading platform eToro has secured $250 million in funding from investors including SoftBank Vision Fund 2, Velvet Sea Ventures, and ION Group at a valuation of $3.5 billion. This marks the first time the Israel-based firm has raised capital since 2018, after failing to go public through a special purpose acquisition company (SPAC) merger last year. The funding comes as part of an Advance Investment Agreement (AIA) entered into by eToro earlier this year as part of its proposed SPAC transaction. The AIA is a legal agreement between an investor and a company under which the investor commits to investing

Celebrities Face SEC Charges Over Cryptocurrency Promotion Scheme
4 days ago 1 min read

SEC Brings Charges Against Lindsay Lohan, Jake Paul, Soulja Boy, and Akon in Crypto Scam

The Securities and Exchange Commission (SEC) has announced charges against a group of celebrities, including actor Lindsay Lohan and boxer Jake Paul, in connection with a cryptocurrency promotion scheme. Also included in the charges are a group of rappers and R&B stars, including Soulja Boy, Akon, and Lil Yachty. The SEC alleges that the celebrities promoted the cryptocurrency offering without disclosing that they were paid to do so. The SEC claims that the group received millions of dollars in exchange for promoting the cryptocurrency offering on their social media accounts. According to the SEC, the celebrities violated securities laws by

Coinbase Receives Wells Notice from SEC Over Undisclosed Digital Assets
4 days ago 1 min read

Coinbase Receives Wells Notice from SEC, Could Face Enforcement Action

Coinbase crypto exchange has announced that it has received a Wells Notice from the US Securities and Exchange Commission (SEC). The notice warns that the regulatory body may take enforcement action against the exchange after conducting a brief investigation into undisclosed digital assets listed on Coinbase and its staking services. Despite the notice, Coinbase’s products and services will continue to operate as usual, and the company claims that the SEC has provided little information on the potential violations of securities laws. Coinbase states that it has repeatedly asked the SEC to clarify which assets on its platform may be considered

Chainalysis research shows that scammers are not static and are constantly adapting
4 days ago 1 min read

Chainalysis Reveals How Scammers are Adapting in a Bear Market to Stay Ahead

The crypto winter has been a harsh reality for many investors in the cryptocurrency market, but it seems that scammers are not immune to its effects either. As the bear market takes hold, scam revenue has dropped by a staggering 46%, according to recent data from blockchain analysis firm Chainalysis. Despite this, however, scammers are still finding ways to adapt and thrive in these difficult times. During a recent webinar focused on crypto crimes that affect consumers, Eric Jardine, cybercrimes research lead at Chainalysis, shed light on how scammers shift their tactics as market conditions change. He noted that not

Crypto Market Wipes Out Over $250M as Fed Hikes Interest Rates and Regulators Clamp Down
4 days ago 1 min read

Fed Rate Hikes and Regulatory Actions Lead to Over $250M in Crypto Liquidations

On a single day, crypto traders saw nearly $258 million in liquidations as over 68,000 positions were closed within 24 hours. Coinglass data revealed that Bitcoin, Ethereum, and XRP were the most affected currencies. Bitcoin liquidations stood at $132 million, while Ethereum traders lost $51 million. The U.S. Federal Reserve’s rate hike and the SEC’s regulatory actions against crypto businesses may have played a role in the turbulence. Despite the dip, the global cryptocurrency market cap still surpassed the $1 trillion mark, with Bitcoin hovering above $27,000. However, CoinShares reported outflows for six consecutive weeks, indicating that traders were withdrawing

Federal Reserve Implements Another Interest Rate Increase, What It Could Mean for Bitcoin and the Crypto Market
4 days ago 1 min read

Crypto Market Reacts to Latest Fed Announcement of 25 Basis Point Interest Rate Increase

On March 22, the Federal Reserve announced its ninth quarter percentage points rate hike in March 2022 in its ongoing fight against inflation. Chairman Jerome Powell cautioned about the recent banking crisis and hinted that the hikes might be coming to an end. The Federal Open Market Committee stated that future rate hikes are dependent on incoming data, and the committee anticipates additional policy firming to reach a stance of monetary policy that will return inflation to 2 percent over time. Although Powell suggested that the Fed may be considering the end of the rate hike, he stressed that the

Coinbase Cuts Ties with Signature Bank’s Signet Network
6 days ago 1 min read

WSJ Reports Coinbase Ends Support for Signature Bank’s Signet Network

On Monday, Coinbase Global (COIN) announced to its clients that it would no longer support Signet, the real-time payments network of Signature Bank that was recently shut down by New York State regulators. According to a report by the Wall Street Journal, Coinbase users who used Signet for U.S. dollar deposits or withdrawals won’t be able to send funds outside of the usual banking hours, but Coinbase said it was looking for a new technology partner. The fate of Signet has been uncertain since Signature Bank was shut down by New York State regulators last weekend, and its assets transferred

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