Day: June 8, 2023

Do Kwon to face multiple jail terms in South Korea and US

The chief prosecutor in South Korea, leading the case against Terraform Labs CEO Do Kwon, indicated that he might face multiple terms in his home country and the United States. Kwon was recently granted a bail petition by a judge in Montenegro, allowing him to remain free under house arrest while awaiting trial. As the extradition decision is pending, Kwon and Terraform Labs’ CFO Han Chang-Joon is legally obligated to reside at Chang-Joon’s designated residence in Montenegro. Dan Sunghan, speaking to Bloomberg, emphasized that extraditing Kwon to South Korea would…

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

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Nonfungible-token (NFT) protocol Enjin has announced its transition into a new mainnet called “Enjin Blockchain” with the aim of furthering Web3 adoption. Following the transition, its Polkadot parachain called Efinity has also been forked into the new blockchain.  In an announcement sent to Cointelegraph, the Enjin team highlighted that the Enjin Blockchain will differ from other blockchain solutions that rely on smart contracts. According to Enjin, functions like creating and transferring NFTs will be integrated into the blockchain’s foundational code. Apart from these, the blockchain also presented new features. This…

Polygon president testifies on democratizing the internet with Web3, blockchains

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The House Energy and Commerce Committee Subcommittee on Innovation, Data and Commerce gathered on June 7 to discuss blockchain technology and the future of Web3. Crypto industry members including Ryan Wyatt, president of Polygon Labs and legal experts appeared before the committee to engage in a much more amicable dialogue.  This meeting was held just after the SEC announced back-to-back lawsuits against major crypto exchanges Binance and Coinbase. In Wyatt’s testimony, he discussed the potential of blockchain technology and its value to users, as well as the benefits of building…

Binance Chief Changpeng Zhao Summoned at Malta Address, Says Won’t Have to Appear

The filing by the SEC cites Binance’s operations in Malta with CZ noting that he won’t have to appear in person. As per the lawsuit filed by the US Securities and Exchange Commission (SEC), Binance chief Changpeng Zhao has been summoned to Malta. The SEC has accused the exchange of indulging in shady activities in Malta between 2018 and 2019. Binance chief Zhao cleared the air stating that he won’t need to appear in person to address the summons. “I was told this is just part of the SEC-compliant process.…

Binance US Removes Selected Trading Pairs Amid SEC Allegations

Binance is also pausing its OTC Trading Portal services in the US. The exchange said that it will notify users if and when the portal opens in the coming weeks and months.  The US arm of top crypto exchange Binance has removed 10 advanced trading pairs from its platform. In an announcement, the exchange said it would let go of select BTC and BUSD Advanced Trading pairs by 9 am PDT on June 8, 2023. Notably, the company earlier planned to eliminate over 100 crypto assets. The initial decision was supposed to…

US federal court dismisses lawsuit against DeFi platform PoolTogether

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A United States federal judge has recently dismissed the lawsuit against the decentralized finance (DeFi) platform PoolTogether. According to the ruling, the federal court system is not the correct place to air out concerns against the DeFi startup.  CASE DISMISSED!!!! https://t.co/HDApQZe3Sx pic.twitter.com/SjcDnMnLIV — Leighton (@lay2000lbs) June 7, 2023 U.S. Judge Frederic Block said that despite having genuine concerns about the startup, a lawsuit in a federal court is not “an appropriate way to address them.” The judge also said that the plaintiff Joseph Kent does not have the standing to…

EU watchdog targets crypto ads on Instagram, Youtube, TikTok, Twitter

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The largest European consumer rights group alleges crypto marketers in popular social networks the misleading promotion and thus exposing consumers to serious harm. A certain complaint was filed with the European Commission.  On June 8, the European Consumer Organisation (BEUC) published a report ‘Hype or harm? The great social media crypto con.’ In a 20-page document, BEUC states that consumers are not fully aware of the risks associated with crypto. Today BEUC & consumer groups in 8 countries are taking action against TikTok, Instagram, Twitter & YouTube for facilitating the…