The similarity in the short forms of the two banks — SVB and SVC Bank — caused a mixup among a few Indian citizens as they took up the concern with the Mumbai-based bank.
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Web3 gaming is the future, and mainstream veteran Peter Bergstrom reveals how the ecosystem can expedite the inevitable.
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While the federal government’s proactive approach to minimizing damage was appreciated, many pointed out that taxpayers would ultimately suffer the depositors’ bailout.
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Amid the ongoing manhunt for Terraform Labs co-founder and CEO Do Kwon, South Korean authorities have spread out their investigations to target other Terra executives. Prosecutors issued an arrest warrant for co-founder Daniel Shin and seven other engineers and investors of the firm following suspicion of gaining illegal profits before the massive collapse of the Terra ecosystem.The Seoul Southern District Prosecutors Office in South Korea suspected that Shin possessed Terra (LUNA) tokens, which were pre-issued without the public knowledge of investors. In doing so, Shin allegedly bagged profits worth 140 billion won (roughly $105 million) by selling the pre-issued tokens during the bull market.Arrest warrants were also sought for three Terraform Labs investors and four engineers responsible for TerraUSD (UST) and LUNA initiatives, confirmed local media Yonhap News Agency. On Nov. 19, South Korean authorities seized assets worth over $104 million from Shin under the same suspicion of making unfair profits.At the time, Shin’s attorney maintained the counter-narrative stating that “Reports that CEO Shin Hyun-seong sold Luna at a high point and realized profits or that he made profits through other illegal methods are not true.” Speaking against the arrest warrant, Shin pointed out:“I left (Terraform Labs) two years before the collapse of Terra and Luna, and have nothing to do with the collapse.”The seizure of funds aimed to minimize further losses for investors in case Shin decided to dispose of the stolen funds. While Kwon maintains that he’s not on the run from South Korean authorities, 4,000 members of a retail investor group are attempting to track down the fugitive’s whereabouts.On Oct. 6, South Korea’s Ministry of Foreign Affairs ordered Kwon to surrender his passport, which, if not done, would result in the permanent cancellation of his passport. The deadline has passed since.Related: Terra Labs, Luna Guard commission audit to defend against allegations of misusing fundsA local report from South Korea claimed that prosecutors obtained evidence regarding Kwon’s order to manipulate the price of Luna Classic (LUNC). However, a Terraform Labs spokesperson dismissed the allegations when speaking to Cointelegraph, highlighting their disappointment in seeing “the Korean prosecutors continue to try to contort the Capital Markets Act to fit their agenda and push baseless claims.”Unconfirmed reports suggest that Kwon moved from South Korea to Singapore before ultimately transitioning to Dubai, United Arab Emirates.
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Crypto collectibles and nonfungible token (NFT) marketplace OpenSea announced plans to integrate BNB Chain on Seaport Protocol by the end of Q4 2022. The integration will allow users to buy, list and trade BNB Chain NFTs on the OpenSea marketplace.BNB Chain was built by Binance to operate as a Web3-focused blockchain network powered by the exchange’s in-house token, Binance Coin (BNB). BNB Chain’s integration into OpenSea’s Seaport Protocol aims to provide BNB Chain creators with multiple creator payouts, real-time payouts and collection management, among others.Sharing insights into the move, Gwendolyn Regina, Investment Director at BNB Chain, revealed her intent to deliver better experiences to NFT creators and users. She added:“The integration will bring a large number of creators into the wider system, as well as empower the creators and NFT initiatives inside the BNB Chain ecosystem.”The integration aims to lower gas fees, provide easier signature confirmation actions and eliminate setup fees. In addition to BNB Chain, OpenSea plans to leverage Seaport across multiple blockchains to reach more users. Related: Binance sees record 138K BTC inflows as opinions differ on what Bitcoin price will do nextOpenSea recently confirmed to continue enforcing royalties across all collections after receiving significant public backlash for considering otherwise.The community pushback came after OpenSea announced the launch of an on-chain tool that would allow creators to enforce royalties for any new collections on the platform but stopped short of offering the same to existing collections.The on-chain tool, as described by OpenSea CEO Devin Finzer as a “simple code snippet,” was aimed at taking over the existing system of voluntary creator fee payment. The code would also restrict NFT sales to only marketplaces that enforce creator fees criteria.Well… For instance, I committed myself to a 100 piece collection. I’m currently at 96 out of the 100… And now I’m stuck with this message and I can’t complete it. Ever. Thanks! pic.twitter.com/DdLRNpiucI— Hammy.eth (@HamsterNFT) January 27, 2022In January 2022, OpenSea had to backtrack its attempt to impose hard limits on minting NFTs after the community retaliated. The platform had temporarily changed its policy to only allow five NFT collections with 50 items per collection, which was previously unlimited.While reversing the decision, OpenSea had argued that smart contracts were being misused and that “over 80% of the items created with this tool were plagiarized works, fake collections, and spam.”
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