Crypto News

Terra Reacts To Case Against Do Kwon, Claims Matter Is Highly Politicized

The collapse of the algorithmic stablecoin Terra and its native token LUNA remained a shocking event in the crypto space. The outcome was the loss of billions of dollars for many individual and institutional investors. It also threw the entire crypto industry into a historic crisis. Lots of changes have taken place following the fall of the stablecoin. Subsequently, some investigations and legal cases have been against the founder of Terraform Labs, Do Kwon. Firstly, the South Korean Prosecutors leveled some allegations against the Terra Chief. Related Reading: Polkadot Price Drops On Chart With Resistance At $6.80, What’s Next? Also, the International Criminal Police Organization (Interpol) issued a Red Notice against him. The Interpol request is for law enforcement’s immediate arrest of Do Kwon globally. There was a massive loss of over $60 billion of investors’ funds through the fall of Terra and its ecosystem in the first half of the year. The South Korean Prosecutors requested the assistance of Interpol for the arrest of Kwon. The prosecutors accused the Terra chief of hiding to avoid their investigations. According to a source, Kwon was seen in Singapore, though the city police noted that he later left. Terra Says Case Against Kwon Is Highly Hyped Up Following the alert from Interpol, there was a slight fall in the prices of Terra Classic (LUNC) and the newly launched Terra LUNA. Some rumors have been that Kwon went into hiding since the collapse of Terra and its ecosystem. Terraform Labs has finally reacted to the case against Do Kwon. The firm stated that the case is highly politicized while speaking to Bloomberg. The spokesperson mentioned that the South Korean Prosecutors’ steps depicted unfairness in all aspects. Related Reading: Cardano Price Fails To Pierce Through $0.48 As Bears Continue To Dominate According to the spokesperson, the prosecutors failed to adhere to the basic rights available under Korean Law. Also, he noted that the prosecutors’ allegations against Kwon of breach of capital market laws indicated reasonable bias. Featured Image Pixabay, Charts From Tradingview.com

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Terraform Labs Calls South Korean Prosecutor’s Case Against Founder Do Kwon ‘Highly Politicized’: Report

Terraform Labs is reportedly accusing South Korean authorities of giving in to public pressure when they issued a warrant of arrest against its founder Do Kwon. Kwon currently faces legal actions following the crash of the cryptocurrency Terra (LUNA) and the stablecoin TerraUSD (UST). A spokesperson for the Singapore-based firm tells The Wall Street Journal […]

The post Terraform Labs Calls South Korean Prosecutor’s Case Against Founder Do Kwon ‘Highly Politicized’: Report appeared first on The Daily Hodl.

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Crypto Exchanges KuCoin and OKX Asked by Authorities To Freeze $67,000,000 in Bitcoin Tied To Do Kwon: Report

Two crypto exchange platforms are being reportedly asked by South Korean authorities to freeze tens of millions of dollars worth of Bitcoin (BTC) tied to Terra (LUNA) founder Do Kwon. According to a new report by Bloomberg, South Korean prosecutors are asking the KuCoin and OKX crypto exchanges to freeze 3,313 BTC linked to a […]

The post Crypto Exchanges KuCoin and OKX Asked by Authorities To Freeze $67,000,000 in Bitcoin Tied To Do Kwon: Report appeared first on The Daily Hodl.

Crypto News

Sam Bankman-Fried Eyes On Bidding For Celsius Assets

Celsius Network is a cryptocurrency lending firm headquartered in New Jersey. Though it maintained its offices in four countries, the company’s operation was global. Celsius allowed users to deposit different crypto assets while offering a percentage yield as a reward. Also, customers could get loans from the platform through a pledge of some digital assets as securities. Many crypto-related firms were affected during the severe crypto winter in the first half of 2022. The collapse of the algorithmic stablecoin Terra and its ecosystem magnified the crisis in the crypto space. Celsius was one of the struggling firms that experienced a more significant impact from the situation. Related Reading: Ep01- Dr. Ruja – Companion Guide For BBC’s “The Missing Cryptoqueen” Podcast The company could not survive the heat of the prolonged bearish trend. According to some industry participants, the lending firm had to struggle more due to its outrageous rates on yields. Subsequently, it became bankrupt, stopped all withdrawals on its platform, and filed for Chapter 11 bankruptcy protection. SBF To Bid For Celsius Assets Following insolvency, a reporting source disclosed that Celsius assets are up for bidding. According to the report, the founder and CEO of FTX crypto exchange, Sam Bankman-Fried, plans to participate in bidding for the assets. Despite the overall crypto market decline today, the native token of Celsius, CEL, surged by 10% following the SBF statement. However, the token dipped after a few trading hours. At the time of press, CEL is trading around $1.51 depicting an increase of 1.22% over the past 24 hours. The recent move from the SBF synchronizes with the vision of his companies, Alameda and FTX. Through the bearish crypto trend in the first half of the year, the firms have been making several purchases in the crypto industry. SBF had a deal with BlockFi, one of the struggling crypto lending companies. Also, there are reports of SBF’s possible acquisition of Robinhood. However, the authenticity is still doubtful as it could all be part of rumors. In the latest development, FTX just won its bid for the assets of the insolvent Voyager Digital. The assets have an estimated value of about $1.4 billion. The company came out at the top after an auction that took two weeks with Binance and others as bidders. FTX will use West Realm Shires Inc., its US subsidiary, to acquire the assets. Alex Mashinsky, CEO Of Celsius Network Resigns Recently, Alex Mashinsky, the CEO of the Celsius Network, tendered his resignation letter. The executive announcement was on Tuesday, September 27, to the Special Committee of the Board of Directors of Celsius Network. Related Reading: Fantom Surprises With 5% Rally In Last 24 Hours – More Gains Ahead? Mashinsky’s resignation cuts across all his positions in the firm. These include his position as the CEO and other positions and directorships at various company subsidiaries. Featured image from Zipmex, Chart: TradingView.com

Crypto News

Solana Clears 100 Billion Transaction Count As NFTs Gain Prominence

The Solana network had been one of the winners of 2021 after gaining widespread popularity among crypto users. Its incredibly fast transaction times had been one of the pulls, as well as the ability for developers to create decentralized applications (DApps) on the network. Since the beginning of 2022, the network has been racing toward an important milestone, which it has now successfully broken through.  Solana Surpasses 100 Billion Transactions Solana’s transaction count had been ramping up over the last couple of months. In just 2 years, it has become one of the most used blockchains in the space. Solana had taken the decentralized finance (DeFi) and non-fungible tokens (NFTs) space by storm, now commanding the second-largest market share of the NFT space of any blockchain. Related Reading: Why Investing In Terra Classic (LUNC) May Be A Bad Idea Last week, the network made it past the 100 billion transaction mark. Interestingly, the network is still in Beta testing, and it has grown so much. It had been able to grow above the delay transaction count of its largest competitor Ethereum after it clocked more than 40 million daily transactions.  SOL price trending at $35 | Source: SOLUSD on TradingView.com Solana continues to maintain its high transaction processing even with the massive growth it has experienced. At the time of this writing, the transactions per second (TPS) in the last 30 minutes were averaging around 3,000 TPS, according to data from Solana Explorer. SOL NFTs Rival Ethereum Ethereum NFTs had been the dominant tokens in the market and, understandably, remain so, even at this time. However, there have been numerous developments in the Solana NFT ecosystem that shows that the network is gearing up to rival Ethereum in this regard. One of the most recent NFT launches on the Solana blockchain, the y00ts NFT collection, is now billed as the “most hyped” NFT launch in history. It came from a critically acclaimed team behind the Dead Gods NFT collection. It sparked renewed interest in SOL NFTs, which helped to push the floor price higher. Related Reading: Staked ETH Nears 14 Million As Ethereum Readies For Breakout On Monday, Sentiment reported that SOL NFT sales had crossed 1.65 million. Solana NFT ecosystem Metaplex had also reported a significant uptick in the number of NFTs that are being minted on the platform over the month of September.  However, it is hard to predict how long this growth trend will last, given that interest in the NFT space, in general, is down. The number of new addresses that are using NFTs since its peak in mid-September is down more than 60%, from 30k to 8k. Featured image from The Market Periodical, charts from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Bitcoin (BTC) Price To Reach In Millions By 2030, Says Analyst

A well-known, conservative crypto analyst gave a bullish commentary about the price of Bitcoin. According to a YouTuber, further proliferation of the digital asset will cause a steady rise of BTC to a million dollars. On a YouTube video, InvestAnswers signaled that BTC is approaching diminishing returns. Diminishing return is when an asset gets to a point where increased future investment yields less profit. The crypto analyst said that BTC yields investors five times less profit every new market cycle in comparison to the previous one.  Related Reading: Bitcoin Price Crashes To $19,000, But Stays Strong Against Other Assets Bitcoin Primed To Trade For Millions Of Dollars By The Year 2030 However, the analysts gave a different view on bitcoin that was in contrast with the apparent diminishing return of the digital asset. They cited that the value of networks grows as the number of participants increases, according to Metcalfe’s law.  If Bitcoin follows the trend of disruptive networks like cellphones and the internet, applying Metcalfe’s law projects a bullish case scenario for bitcoin. In that vein, a modest consideration of BTC’s future price will put it at over a million dollars by the year 2030.  The host made it clear that this prediction was strictly based on the scientific possibility that Metcalfe’s law holds for the number one cryptocurrency in the world. It is, however, not subject to wishful thinking. According to the analyst, the bitcoin digital assets’ adoption follows the historical patterns of preceding technologies.  Quite like InvestAnswers, there have been several sightings of multiple users across the internet, supporting the future appreciation of bitcoin’s price.  Crypto Market Cycles  Since speculation says bitcoin is still bullish in the long run, many are looking forward to taking advantage of the next market cycle.  The market cycle explains the ebb and flow of a market. Usually, new markets have a slow start. They pick off from a point where people show little or no interest. But as interest in the asset starts to increase, demand rises, and its price starts to inflate as a result. A complete market cycle has four phases: accumulation, markup, distribution, and markdown.  Related Reading: Do Kwon Statement: A Possible Trigger For Terra Tokens Price Surge As mounting interest takes the price of the commodity to new highs, it gets to a point where it eventually peaks. Investors become satisfied with their returns. And then sell off the asset causing tremendous sell pressure. Therefore, the price begins to drop. After one market cycle ends, the next begins shortly. Bitcoin Price Action  Bitcoin has roughly ranged between $22,000 and $18,000 for most of the 3rd quarter of this year. Investors are keenly eyeing the condition of the broader market as a go-ahead to pump funds into risky assets like bitcoin. Featured image from Pixabay and chart from TradingView.com

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Prosecutors Say Embattled Terra (LUNA) Founder Do Kwon Now on Interpol Red Notice: Report

The international policing organization Interpol is officially requesting that law enforcement worldwide help locate and arrest the embattled Terra (LUNA) founder Do Kwon, according to a new report. Bloomberg notes that South Korean prosecutors in Seoul confirmed Interpol has placed a “red notice” on Kwon. The prosecutors requested the action earlier this month after claiming […]

The post Prosecutors Say Embattled Terra (LUNA) Founder Do Kwon Now on Interpol Red Notice: Report appeared first on The Daily Hodl.

Crypto News

LUNC Price Increases as Binance Decides To Burn Trading Fees

In response to proposals from the LUNC community, Binance has decided to burn all fees on LUNC spot and margin trading pairs. Binance said it would send the trading fees and margin trading pairs to LUNC burn addresses. The announcement was made via a blog post on Binance’s official website. The Terra Classic community expressed dissatisfaction with an ‘opt-in button proposed by Binance CEO. Binance offered the opt-in button to allow users to choose whether to implement a 1.2% tax burn on their spot. Related Reading: ETH Struggles To Break Past $1,300 Resistance – Back To $1K? After careful evaluation and consideration, Binance decided to take cognizance of the community’s dissatisfaction and set a new proposal. However, during their assessments, Binance also discovered that implementing an opt-in proposal would take time, and traders may not support it. Therefore, proposed a better and faster way of assisting the Terra Classic community. Details Of Binance’s New Burn Mechanism On Tera Classic Spot According to Binance, it would update the amount of LUNC to be burned, its USDT equivalent, and on-chain transaction ID weekly. In addition, the blog announcement outlined rules that would guide the burn mechanism. Binance would calculate the total trading fees on LUNC spot and margin trading pairs to be burned from the previous week every Monday at 00:00:00 UTC. Successive on-chain burn transactions and reports would get updated on Tuesdays at 00:00:00 UTC. The first batch of burning trading fees would be calculated from September 21 at 00:00:00 UTC to October 1 at 23:59:59 UTC. This would exclude rebates on LUNC spot and margin trading pairs for Binance Spot Liquidity Provider Program from September 21 to 27, 2021. Additionally, Binance would convert other tokens’ trading fees to LUNC on Mondays. The CEO of Binance stated that Binance would not push burn costs on users. The Terra Classic burn would not affect BNB fee discounts, rebates, or other accruing fee adjustments. The CEO further explained they intend to maintain the same trading experience and liquidity while ensuring the supply decrease of LUNC. LUNC Price Skyrockets By 70% After Binance Announcement The tremendous support of Binance to the Terra community produced a positive result in LUNC price. After the announcement, LUNC’s price increased by more than 70%. The Interpol issuance of a red notice against the Founder of Terraform Labs, Do Kwon, affected the price of LUNC adversely. South Korean prosecutors confirmed that Interpol issued the Red Notice against Kwon on September 26. Related Reading: Algorand: ALGO Price All Go With Nearly 30% Rally In Last 7 Days LUNC price plummeted by nearly 20%, while LUNA price fell by 18% after the announcement. It was trading below $0.0002 but is currently trading at $0.00032. Featured image from Pixabay, Chart: TradingView.com

Crypto News

FTX Wins Auction For Voyager Digital Assets, Valued Over $1B

Voyager Digital has officially completed it’s auction for acquisition, with powerhouse exchange FTX securing the winning bid, according to emerging reports (and confirmed via press release) in recent hours. Reports in recent weeks had stated that the flagship exchange was in the bidding mix with competitors Binance and CrossTower, with all three supposedly in the final running for Voyager’s assets – and each of which were supposedly offering unique packages in the bidding process. With FTX coming out on top, let’s take a look at what sort of implications can lie from this acquisition moving forward. FTX & Acquisitions  FTX has long sought a ‘growth by acquisition’ model with mixed results. The firm is currently in the process of working through an acquisition of CeFi crypto lender BlockFi, which sought to avoid the same fate as competitor Celsius. FTX’s U.S. division is looking to acquire BlockFi, and can now add Voyager Digital to it’s list of new assets to build the FTX rolodex. While the aforementioned Binance and lesser-known exchange CrossTower were reportedly in the mix, it was FTX who came out with the most appetizing bid – despite rumors that Binance’s offer included a large cash sum payment. Rumors had swirled in recent days around the deal’s closing, with commentators suggesting that FTX would shell out $50M in cash in it’s bid, and that the company desired that existing Voyager customers were moved over the FTX platform – where they could claim a pro rata share of the coins the debtors possess from the existing Voyager accounts. It remains to be seen if and how that will play out. According to the press release, FTX’s winning bid is valued at roughly $1.4B. Voyager Digital (VOYG) is traded on OTC market, TSX, and has seen value dilution commensurate with the platform’s downfall. | Source: TSX: VOYG on TradingView.com Related Reading: Why Investing In Terra Classic (LUNC) May Be A Bad Idea Where Things Go From Here The closing of the deal will allow FTX to finalize acquisition of Voyager’s assets, but the timeline around these processes is still murky. Voyager can now still move forward with it’s Chapter 11 filing and look to reconcile debtors and former customers to some degree – but certainly not wholly. Nonetheless, FTX will see all of Voyager’s assets and customer accounts moved under their umbrella. The move is likely seen as a win for FTX, who submitted a bid attempt for Voyager Digital back in July with no traction. Related Reading: Binance Coin Could Be Set For A Litmus Test, Eyes $280 Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice. This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.

Crypto News

Binance Coin Could Be Set For A Litmus Test, Eyes $280

BNB price ranges below 50 and 200 EMA on the daily timeframe.  BNB shows bullish strength on the 4H timeframe as price breaks an asymmetric triangle. The price could be poised to retest the 1D and 4H resistance of $280.  Binance Coin (BNB) price showed bullish strength in recent weeks, but the price has failed to match that run against tether (USDT). With the price of Binance Coin facing resistance to breaking above $337, acting as a tough resistance area, the price of BNB has maintained a downtrend as the price broke its bullish structure. (Data from Binance) Related Reading: Why Investing In Terra Classic (LUNC) May Be A Bad Idea Binance Coin (BNB) Price Analysis On The Weekly Chart The price of BNB has recently declined after bouncing from its weekly low of $210 as a price rally to a high of $340 before facing a stip rejection, and the price has struggled to re-establish its bullish trend. The price of BNB is still above a critical support level of $270, which acts as a good demand zone for buy orders. The price of BNB must break through its weekly resistance of $280 in order to trend higher. To restore a relief bounce, the price of BNB must break and hold above the $280 resistance, which is preventing the price of BNB from trending higher. If the price of BNB continues to reject $280, we may see a retest of $270 and possibly a lower support area of $210 on the weekly chart. If the price of BNB breaks and holds above $340, this could start a major rally as this has proven to be a tough area to break out for BNB price. Weekly resistance for the price of BNB – $340. Weekly support for the price of BNB – $270. Price Analysis Of BNB On The Four-hourly (4H) Chart The price of BNB continues to show strength in the 4H timeframe, breaking out of its downtrend range after forming an asymmetric triangle with good volume. The price of BNB is $278, which is higher than the 50 EMA but lower than the 200 EMA. The 50 EMA acts as a support for the BNB price, while the 200 EMA acts as resistance. Prices at the 50 and 200 EMA for BNB are $274 and $280, respectively. Four-Hourly resistance for the BNB price – $280. Four-Hourly support for the BNB price – $274-$250. Onchain Analysis Of BNB The price of BNB from the on-chain analysis looks more decent, producing a reasonable return on investment (ROI) compared to other crypto assets that have struggled for the past three months. With backing from investors and partnerships, the price of BNB could do well. Related Reading: XRP Price Stumbles Near $0.47, What’s Next With Selling Pressure Building? Featured Image From zipmex, Charts From Tradingview and Messari

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Jail Kwon – The World’s First Educate2Earn Token Skyrocketed by 500% On News Of Arrest Warrant Against Terra’s Founder

Jail Kwon - The World’s First Educate2Earn Token Skyrocketed by 500% On News Of Arrest Warrant Against Terra's Founder

LAS VEGAS, NEVADA / SEPTEMBER 23rd, 2022 / According to information provided by the cryptocurrency monitoring company Messari, the value of a recently introduced meme coin known as Jail Kwon shot up by 500% on September 14 and reached a high of $0.00128. The fact that the South Korean authorities have issued an arrest warrant […]