Month: April 2023

Terra Luna Co-Founder Do Kwon Owned Zero Property in South Korea

Korean officials have linked approximately 91.4 billion won, worth about $69 million, in digital assets directly to Do Kwon. South Korea officials continue to grill former Terraform Labs co-founder Kwon Do-Hyung, popularly known as Do Kwon, following his arrest earlier last month in Montenegro as he attempted to flee to Dubai. The collapse of Terra Luna and its algorithmic stablecoin UST led to a loss of over $40 billion from the crypto market. As a result, the entire cryptocurrency industry capitulated and has never fully recovered since then. Moreover, regulations…

Former BitMex CEO Arthur Hayes Says His Maelstrom Capital Will Focus on ‘Quality’ to Outperform Bitcoin and Ethereum

Arthur Hayes says Maelstrom is “patient” and is currently only seeking to invest in projects that can prove their worth. Erstwhile BitMex CEO Arthur Hayes plans to beat returns offered by Bitcoin (BTC) and Ether (ETH). Together with former BitMex head of corporate development Akshat Vaidya, Arthur Hayes founded Maelstrom Capital, a fund they plan would considerably outperform the top two largest cryptocurrencies by market cap. The Maelstrom website describes the company as Arthur Hayes’ family office. Set up using Hayes’ personal crypto funds, Maelstrom is currently targeting infrastructure companies instead of…

IOHK and MELD join forces to address the Cardano transaction Problem

Input Output Hong Kong (IOHK), a blockchain research and development business, has partnered with MELD, a DeFi protocol based on the Cardano blockchain.  The goal of this collaboration is to fix a problem that is hurting Cardano transaction processing on the preprod testnet. In a tweet, IOHK expressed gratitude to MELD for bringing the issue to their notice and indicated it is working closely with the MELD team to solve the problem. MELD discovered the vulnerability after a comprehensive security examination of its lending and borrowing protocol on the blockchain, which led…

Mt. Gox Claimants Registrations Closes as Exchange Reveals Repayment Plans

The infamous hack of the Mt. Gox crypto exchange in 2014 saw it lose 850,000 Bitcoin (BTC) overnight. The situation around repaying creditors of the defunct Mt. Gox cryptocurrency exchange has reached yet another chapter. This follows after the just concluded registration exercise where clients who lost funds to the famous Mt. Gox hack were asked to come forward with their repayment information. In its most recent statement,  the exchange has confirmed that the time for registration has now passed. However, it also clarified how it intends to fulfill the…

Bitcoin rests at $28K as US jobs data boosts new Fed rate hike bets

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Bitcoin (BTC) showed little interest in moving higher at the April 7 Wall Street open as fresh United States macro data boosted bets on further interest rate hikes. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst: Fed will keep hiking “until something breaks” Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it drifted around $27,900 on Bitstamp. U.S. nonfarm payrolls figures, the main macro data focus of the week, came in slightly below expectations, indicating unemployment rising more slowly than predicted. This in turn raised market expectations that…

South Korean Prosecutors Uncover Alleged $314 Million Criminal Proceeds Tied to Terraform Labs Co-Founders – Bitcoin News

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According to a report by South Korean news publication KBS, Do Kwon, the co-founder of Terraform Labs, has converted a “large part” of his assets into bitcoin. Prosecutors in South Korea believe that Kwon’s purported bitcoin stash was transferred to an international exchange. Report Says Do Kwon Allegedly Sold a ‘Large Part’ of His Assets for Bitcoin A report by KBS journalist Jieun Lee details that South Korean prosecutors have discovered 414.5 billion won ($314 million) in alleged criminal proceeds tied to employees of Terraform Labs. The report indicates that…

Meta coughing up big money to developers building their metaverse

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Tech giant Meta – the parent company of Facebook, Instagram and WhatsApp messaging service – has been eyeing expansion into the metaverse for some time now. However, it has had a rough start, with billions in losses. Nonetheless, a new report from the Wall Street Journal says that Meta’s programmers working on the company’s virtual reality suite can earn total compensation from “$600,000 to packages approaching $1 million.” The report said the information on metaverse developer salaries at Meta came from anonymous “people familiar with the matter.” According to reports…

How it happened, and what can be learned

The March 13 flash loan attack against Euler Finance resulted in over $195 million in losses. It caused a contagion to spread through multiple decentralized finance (DeFi) protocols, and at least 11 protocols other than Euler suffered losses due to the attack. Over the next 23 days, and to the great relief of many Euler users, the attacker returned all of the exploited funds. But while the crypto community can celebrate the return of the funds, the question remains whether similar attacks may cause massive losses in the future. An analysis…

Advocates wear cryptocurrency on their sleeve

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Got Bitcoin ink? Many Bitcoin believers do. But what are the risks? What about privacy? And what happens if — one fateful day — Bitcoin crashes and burns to zero? Cointelegraph spoke with Bitcoin (BTC) advocates to understand why they have permanently etched a Bitcoin logo, motif, equation or slogan onto their skin. They’ve shown permanent solidarity with the decentralized movement, expressing their support for the Bitcoin protocol and the values it represents. Taihuttu’s Bitcoin B tatto. Source Taihuttu. Didi Taihuttu, father of the “Bitcoin family,” explained that he inked himself…

Samsung Records Worst Profit Since 2009, Set to Cut Chip Production

Samsung attributed its low performance to the sliding demands from consumers that have a largely limited supply of its advanced chip technology. South Korean multinational technology giant Samsung Electronics Co Ltd (KRX: 005930) has revealed its plans to cut its chip production after reporting one of the worst quarters in more than a decade. According to the release on Friday, the company posted a total of 63 trillion won in revenue and 600 billion won in operating profit for the first quarter of 2023. This revenue plunged by 19% from…