Autor Cointelegraph By Brayden Lindrea

South Korean prosecutors accuse Do Kwon of manipulating Terra's price

South Korean prosecutors accuse Do Kwon of manipulating Terra's price

Uverejnil používateľ | nov 4, 2022 |

A local report from South Korea claims that the country’s prosecutors have obtained evidence to suggest Terraform Labs co-founder Do Kwon had onceordered an employee to manipulate the price of Terra Luna Classic (LUNC).A report by Korean Broadcasting System (KBS) on Nov. 3 quotes an official from the South Korean Prosecutors Office, who said they have obtained a “conversation history” in which “CEO Kwon specifically ordered price manipulation.”The reported evidence came in the form of a “messenger conversation” between Kwon and a former Terraform Labs employee. Prosecutors did not disclose further details, noting: “I can’t reveal details, but it was a conversation history where CEO Kwon specifically ordered price manipulation.”While the exact details of the price manipulation remain undisclosed, the price action of Terra’s LUNC (formerly LUNA) during the last bull market was undoubtedly one of the most impressive across all cryptocurrencies.Its price rose over 2,800% from $4.18 in late May 2021 to its all-time high of $119.18 on Apr. 5. 2022, before its cataclysmic fall on Apr. 30, according to CoinGecko data.The report however notes that Kwon’s representative has continued to deny these allegations.Kwon and his representatives have also previously denied alleged violations of South Korea’s capital markets laws. In September, Terraform Labs said the case against its co-founder has become “highly politicized” and that prosecutors expanded the definition of a security in response to public pressure.Kwon’s whereabouts now point to EuropeKwon’s whereabouts ultimately continue to remain a mystery, despite the Terra ecosystem co-founder previously arguing he is “not on the run.” Previous reports have suggested Kwon first moved from South Korea to Singapore, before transitioning to Dubai, United Arab Emirates (UAE). The KBS report now suggests Kwon is residing somewhere in Europe, and as of Nov. 3, without a valid passport. “Kwon, who has an arrest warrant, had his passport invalidated as of today,” the report stated, adding: “Do Kwon is now an illegal immigrant, wherever he is, in any country, and he cannot travel legally between countries.”If found, Kwon will also have to deal with a $57 million lawsuit recently filed against him, his fellow Terra co-founder Nicholas Platias and the Luna Foundation Guard (LFG) in the Singapore High Court. The plaintiff argued that Kwon, Platias and the LFG fraudulently claimed Terra’s stablecoin, Terra USD (UST) — now TerraUSD Classic (USTC) — was “stable by design” and able to maintain its peg to the U.S. dollar. Related: 4,400 disgruntled investors are hunting for Terra’s Do KwonThe worldwide law enforcement effort to pinpoint the controversial CEO’s location hasn’t stopped Kwon from being active on social media, with the most recent Twitter post from Kwon shared on Nov. 3.Strangely, these last few weeks have been one of the most creative periods of my life. https://t.co/iE6DuwceVF— Do Kwon (@stablekwon) November 3, 2022Cointelegraph reached out to Terraform Labs and the South Korean Prosecutor’s Office for comment but did not receive an immediate response. 

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Robinhood not giving up on crypto despite Q3 crypto revenue slashing 12%

Robinhood not giving up on crypto despite Q3 crypto revenue slashing 12%

Uverejnil používateľ | nov 3, 2022 |

Crypto and stock trading platform Robinhood highlighted lagging cryptocurrency revenue in the third quarter of 2022, though the results will do little to dampen its ambition to serve the market, its CEO says. The trading platform announced its third-quarter results on Nov. 2, with the Robinhood executives pointing to a 12% quarter-on-quarter decrease in Monthly Active Users (MAU) and a 24% quarter-on-quarter drop in notional volume as two of the main drivers behind a 12% fall in crypto revenue, reaching $51 million. In a results filing, the company attributed the fall in active users and trading volume as “customers continued to navigate the volatile market environment.”Despite this, the company’s executives said it would continue investing its resources into the crypto space, including rolling out support for more cryptocurrencies, a new international retail-focused wallet and NFT-related features on its platform.Robinhood rolled out the Beta of its Polygon-based Robinhood Web3 Wallet to 10,000 customers on Sept. 27, with more than 1 million on the waitlist. Robinhood also integrated Circle’s USD Coin (USDC) stablecoin a day later. During the conference call, Robinhood’s CEO Vladimir Tenev said the firm is planning to offer the Robinhood Wallet to its international retail base in the months to come. When asked about Robinhood’s plans for nonfungible tokens (NFTs), Tenev said they will likely integrate a feature to view and custody NFTs in the near future. However, connecting to NFT marketplaces didn’t appear to be on Tenev’s radar for the short term.Tenev also noted that “customers have asked for Robinhood to add more blockchains to increase the breadth of coins available for them to swap and trade.”While Tenev noted that several more coins were rolled out in Q3, he stressed that Robinhood would not compromise on its vision to become “the safest, most trusted” cryptocurrency service provider:“We hope that customers understand and appreciate that we’re moving carefully […] Sometimes, that means moving a little bit slower than a lot of these other crypto companies. But we want to be extremely deliberate and to help protect customers and their money.”Related: Robinhood lands steep 60% discount on $170M exchange acquisition: ReportTenev also noted that Robinhood rolled out a free “Learn and Earn” cryptocurrency education program as a means to educate and retain a broader retail base over the long term.As for Q4 2022, Robinhood’s said it will continue to make progress on its Robinhood Wallet, in addition to its Lightning Network integration. Robinhood finished the quarter with a net loss of $175 million despite its total net revenue increasing 14% to $361 million. While its adjusted EBITDA was $47 million. According to Investopedia, Robinhood’s net loss of $0.20 per share for Q3 2022 beat estimates.Robinhood’s (HOOD) share price dropped 4.36% to $11.40 on Nov. 3, and is down 69.22% over the last 12 months, according to Yahoo Finance.

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JP Morgan executes first DeFi trade on public blockchain

JP Morgan executes first DeFi trade on public blockchain

Uverejnil používateľ | nov 3, 2022 |

Multinational banking firm JP Morgan has successfully executed its first ever cross-border transaction using decentralized finance (DeFi) on a public blockchain.The trade was facilitated by the Monetary Authority of Singapore’s (MAS) Project Guardian on Nov. 2 — which was established as part of a pilot program to “explore potential decentralized finance (DeFi) applications in wholesale funding markets.” In other words, the pilot was another step into examining how traditional financial institutions can use tokenized assets and DeFi protocols to conduct financial transactions, among other use cases. Singapore’s largest bank — DBS Bank, Tokyo-based banking firm SBI Digital Asset Holdings and business leadership platform Oliver Wyman Forum also took part in the pilot program. The trade was executed on Ethereum layer-2 network Polygon, using a modified version of AAVE protocol’s smart contract code.MAS said that a “live cross-currency transaction” was conducted, involving tokenized Singaporean Dollar and Japanese Yen deposits, along with a simulated exercise of buying and selling of tokenized government bonds. Tyrone Lobban, Head of Blockchain Launch and Onyx Digital Assets at JP Morgan’s Onyx business unit shared the news on Twitter on Nov. 2, noting the tokenized SGD deposits were the first issuance of tokenized deposits by a bank. WORLD! J.P. Morgan has executed its 1st *LIVE* trade on public blockchain using DeFi, Tokenized Deposits & Verifiable Credentials, part of @MAS_sg Project Guardian https://t.co/XI212SG4zg Many world 1sts here, & since this is public ⛓ here’s a transparenton what we did:— Ty Lobban (@TyLobban) November 2, 2022MAS Chief FinTech Officer Sopnendu Mohanty said it was a “big step” towards more efficient financial networks, and the latest pilot has helped develop the country’s digital asset strategy, commenting: “The live pilots led by industry participants demonstrate that with the appropriate guardrails in place, digital assets and decentralized finance have the potential to transform capital markets.”Umar Farooq, the CEO of “Onyx by JP Morgan” — a business unit within the asset management firm that focuses on blockchain technology — told Bloomberg on Nov. 2 that JP Morgan’s on-chain transaction “was the first time that a major bank, possibly any bank, had tokenized deposits on a public blockchain.”DeFi lending protocol AAVE also commented on the new pilot, adding that the DeFi trade is a “huge milestone” for the industry as it “represents a massive step towards bridging traditional financial assets into DeFi.”Project Guardian was first officially launched in May. 2022, which came about a month after a partnership was made between JP Morgan and DBS to build a new blockchain interbank platform to complement the work of central bank digital currencies (CBDCs).Related: Security tokenization may be the next big use case for blockchain techThe milestone comes as many of the largest financial players have predicted big things to come for blockchain-based tokenization of real world assets.Boston Consulting Group estimated the total size of tokenized illiquid assets will reach $16.1 trillion by 2030 in a Sept. 2022 report.While Cynthia Wu, COO of digital asset service platform Matrixport recently told Cointelegraph that “almost everything could be tokenized in 5-10 years” and that nonfungible tokens (NFTs) could be the instrument used to represent off-chain assets like real estate deeds, equities and bonds.

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Stablecoin issuers Circle and Paxos gain approvals in Singapore

Stablecoin issuers Circle and Paxos gain approvals in Singapore

Uverejnil používateľ | nov 2, 2022 |

Stablecoin issuers Circle and Paxos have each received approvals for their respective licenses from the Monetary Authority of Singapore (MAS), the city-state’s central bank.Circle received in-principle approval for a Major Payments Institution License allowing it to issue cryptocurrencies and facilitate domestic and cross-border payments while Paxos received its license to offer digital payment token services.Circle and Paxos both announced their approvals on Nov. 2, which came a week after the MAS issued two consultation papers on proposals for regulating digital payment token service providers and stablecoin issuers under Singapore’s Payment Services Act (PSA).The PSA was passed by the Singapore Parliament in 2019, which purports to regulate payment systems and authorizes MAS to oversee the conduct of payment service providers.Circle, the issuer behind USD Coin (UDSC), and Paxos with its Pax Dollar (USDP), both U.S. dollar-pegged stablecoins will now be able to offer their respective stablecoins and other digital payment token products within Singapore.According to Dante Disparte, Circle’s Chief Strategy Officer and Global Head of Public Polic, its approval is set to open up greater potential for cryptocurrencies and open payment systems to drive economic growth in Singapore under the more innovative-friendly regulatory framework.Co-founder and CEO of Circle Jeremy Allaire added the license “in one of the world’s leading financial hubs” will be “instrumental to Circle’s regional and global expansion plans in raising global economic prosperity.” Paxos Asia CEO Rich Teo was also thrilled with its approval:“We’re excited to have MAS as our regulator, and with their oversight, we’ll be able to safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.”Related: Singapore MAS examines crypto firms ahead of new regulations: ReportWhile it remains to be seen how many more firms will follow Circle and Paxos’ footsteps, the easing in regulations comes as MAS knocked back over 100 out of 170 applicants in late 2021 under the tighter regime. MAS took things one step further in mid-2022 following the now saga that stemmed from Singapore-based and bankrupt Three Arrows Capital’s (3AC), with chief fintech Sopnendu Mohanty stating that MAS will be “brutal and unrelentingly hard” on “bad behavior” from the crypto industry. Singapore is fighting to take back its perception to be one of the more crypto-friendly countries. However, it continues to tread with caution for retail investors — with Singapore’s largest bank DBS recently deciding to only expand its crypto trading services to accredited investors who meet strict criteria. Cointelegraph reached out to Circle and Paxos for comment but did not receive an immediate response.

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BTC miner CleanSpark scoops up thousands of miners amid 'distressed markets'

BTC miner CleanSpark scoops up thousands of miners amid 'distressed markets'

Uverejnil používateľ | nov 2, 2022 |

Sustainability-focused Bitcoin (BTC) mining company CleanSpark has snapped up another 3,843 cryptocurrency miners amid a backdrop of mining industry consolidation.The $5.9 million purchase of the Antminer S19J Pro Bitcoin miners announced by the company on Nov. 1 came at a price of $15.50 per terahash — far cheaper than the current market price of $22.94 for a machine with the same efficiency according to data from Hashrate Index.The purchase has brought its total number of machines to around 50,000 according to the company.CleanSpark said it’s purchased 26,500 miners since the start of the “bear market conditions” — a time when many mining firms have been forced to sell off mining equipment or even consider filing for bankruptcy.There is a possibility that the miners were purchased from competitor Argo Blockchain as an Oct. 31 update from Argo shows it sold 3,843 Bitmain S19J Pro machines, the exact amount and miner model that CleanSpark purchased.Cointelegraph contacted CleanSpark and Argo Blockchain to confirm if a transaction took place between the companies but did not immediately hear back.While other Bitcoin miners are struggling in the prevailing market conditions, CEO Zach Bradford said an “unwavering focus” on sustainability, a strong balance sheet, and its operating strategy has enabled CleanSpark to “acquire machines at incredible prices, grow our hashrate, and increase our daily Bitcoin production.”Related: Top 3 reasons why Bitcoin hash rate continues to attain new all-time highsIn an earlier interview with Cointelegraph Matthew Schultz, executive chairman of CleanSpark, said one of CleanSpark’s operating strategies has been to view Bitcoin mining as a “potential solution for creating more opportunities for energy development.”For example, CleanSpark partners with various city councils in the United States to buy excess energy in order to improve the efficiency of its mining operations – but it also cuts down energy costs for those communities too, Schultz explained:“These cities essentially become our utility provider. They make a margin on every kilowatt hour we buy to conduct our mining operations. Yet, we are buying such high quantities of energy that it brings down energy costs for the communities we work with.”But with Bitcoin mining difficulty increasing and profitability decreasing, mining companies will need to look for new ways to diversify their revenue streams in order to stay afloat, while some companies may have no option but to consolidate to stay in the game. That was the case with Colorado-based Bitcoin miner Crusoe Energy Systems, who bought the operating assets of portable BTC mining operator Great American Mining (GAM).CleanSpark also bought a 36MW facility in Washington, Georgia in Aug. 2022, and recently acquired an 80MW facility in Sandersville, Georgia in Oct. 2022 to go alongside its two existing mining facilities. Despite CleanSpark’s recent success, its stock price dropped 6.32% to $3.26 on Nov. 1 according to Yahoo Finance — however, the fall was representative of the broader Bitcoin mining sector.

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