Month: February 2023

Jump Crypto Is Unnamed Firm That Made $1.28B From Do Kwon’s Doomed Terra Ecosystem: Sources

Terraform Labs said that UST, Terra’s ill-fated “decentralized” stablecoin, would stay pegged to the price of $1 solely as a result of a state-of-the-art “algorithm.” That algorithm – which was codified in blockchain-based computer code called smart contracts – was supposed to print and burn Luna, UST’s speculative sister token, to serve as a sort of shock absorber for UST’s price. Source

SEC Sues Former NBA Star Paul Pierce Over EthereumMax Promos

In a release Friday, the SEC said Pierce had been paid $244,000 in EMAX tokens, but did not disclose the payments while marketing the project on Twitter. He also allegedly suggested he held a large amount of EMAX tokens through screenshots, despite his holdings being “much lower” than what he displayed. Pierce will pay $1.409 million in penalties and disgorgement. Source EthereumMaxNBAPaulPiercePromosSECStarSues CryptoX Portal

FTX Japan plans to resume withdrawals as early as February: Report

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Bankrupt cryptocurrency exchange FTX’s subsidiary in Japan, FTX Japan, reportedly plans to resume withdrawals for affected users as early as February. According to a Feb. 17 report from Bloomberg, FTX Japan sent out notifications asking users to verify their account balances as part of the process to begin allowing withdrawals. Seth Melamed, chief operating officer of the exchange, reportedly said users could transfer assets to accounts on the FTX-owned Liquid Global platform, with withdrawals expected to begin “very soon.” “We are confident that we will adhere to the timeline,” said Melamed. The…

MATIC Rallies, Hitting Fresh 10-Month High – Market Updates Bitcoin News

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Polygon has extended recent gains, with prices climbing to a fresh ten-month high during Friday’s session. The token has now risen for a fourth consecutive session, and is up 13% from the same time last week. Polkadot also rallied on Friday, colliding with a key resistance level in the process. Polygon (MATIC) Polygon (MATIC) rose for a fourth consecutive session on Friday, pushing prices to a fresh ten-month high. Following a low of $1.36 on Thursday, MATIC/USD rallied to an intraday high of $1.48 earlier in today’s session. The move…

4 Huge Revelations in the SEC’s Charges Against Do Kwon and Terraform Labs

But the SEC details far more proactive, in some cases incredibly elaborate, efforts to misrepresent the Chai-Terra relationship. Above all, it describes the use of a server, known internally at Terraform as the “LP Server,” which “replicated the real transactions that Chai was processing in Korean won.” In reality, according to the charges, “no Chai transactions occurred on the blockchain.” Source

Ethereum Shanghai upgrade, explained

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Most blockchain upgrades have an impact on price action. The Ethereum Shanghai upgrade would be no different. Ether supplies on exchanges have already started to plunge as investors choose to move their assets to self-custody. The previous Ethereum upgrade created good volatility in the market, which traders tapped into. ETH prices skyrocketed from around $1,000 in July 2022 to over $2,000 in August and reached about $1,800 just around the time of the Merge. With exchange supplies of Ether plummeting fast, traders may see yet another spike in price leading…

Bitcoin levels to watch as BTC price rejects at key $25K trendline

Bitcoin (BTC) climbed back above $24,000 at the Feb. 17 Wall Street open as analysis favored “consolidation and continuation” higher. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin faces key level to “break” bear trend Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering some overnight losses after dipping to $23,369 on Bitstamp. The pair had hit fresh six-month highs the day prior, these facing stiff resistance in the form of two weekly moving averages (MAs) and a heavy sell wall. BTC/USD 1-week candle chart (Bitstamp) with 200MA. Source:…