Month: June 2023

OPEC+ Sticks to Oil Production Target despite Saudi Arabia’s Additional Voluntary Cuts

OPEC+ will continue with its plan to cut down on production and reduce supply, but did not change its target notwithstanding further cuts. The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries, known as OPEC+, maintained its previous oil production target for the year. The 23 member countries of the organization are sticking to the target regardless of Saudi Arabia’s further reduction. Back in October, OPEC+ decided to reduce production supply by a cumulative 2 million barrels per day (bpd). In addition to this cutback, several members announced…

UK Parliament Group Calls for Crypto Tsar, Faster Legislation

In a report published Monday, the Crypto and Digital Assets All Parliamentary Group (APPG) set out that cryptocurrency is here to stay and needs immediate regulation. The group, which includes lawmakers from different political parties and both houses of parliament, made 53 recommendations for regulating crypto in the country. Source

Do Kwon out on bail once again after court dismisses prosecution appeal

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Terraform Labs co-founder Do Kwon has been granted bail in Montenegro after an appeals process by prosecutors was dismissed by a Montenegrin court on June 2. According to an official release from the Basic Court in Podgorica, an appeal against an earlier bail agreement by the State Prosecutor’s Office was cast aside, allowing Kwon and Terraform Labs’ chief financial officer Han Chang-Joon to await further legal proceedings under house arrest in the country. The court readopted bail terms originally set out in a hearing on May 12, with the pair having to…

Montenegro Basic Court Again Approves Terra Founder Do Kwon’s $427K Bail Request in Fake Passport Case

In March, Kwon, along with former Terra executive Han Chang-joon, were arrested in Montenegro for allegedly attempting to travel with falsified documents. Authorities in South Korea had been searching for Kwon after his multi-billion dollar crypto enterprise collapsed in May last year. Since his arrest, both South Korea and the U.S. have requested Kwon’s extradition to face criminal charges following his trial in Montenegro. Source

DigiToads’ presale on track to raise $5 million despite bitcoin dip

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied While the bitcoin (BTC) market corrects, DigiToads (TOADS), an emerging meme coin, is on the road to breaking $5 million in its presale stage.  The market conditions are uncertain, but DigiToads has remained resilient and consistently shown an upward trend. This has resulted in investor confidence, which may increase interest in meme coins. This bullish trend and its engaging approach may propel DigiToads beyond traditional cryptocurrency boundaries, marking it an alternative for those looking to diversify…

What happened to Terra Luna: one year after collapse

In May 2022, the crypto community was shattered by the crash of the Terra ecosystem. One year after, we are reconstructing the events, from luna’s depeg to Terraform CEO Do Kwon becoming a criminal. Terra and its sibling token LUNA have charted a rollercoaster journey across the crypto universe one year after its catastrophic crash. Their breathtaking highs, profound lows, and now indications of resurgence have kept observers on edge. Do Kwon, the visionary architect of this cosmos, has himself navigated a whirlwind path. He has been exalted, vilified, and…

Centralized Crypto Exchange Gate.io Denies Bankruptcy Rumors Linked to Multichain Troubles

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In response to mounting rumors of imminent bankruptcy, centralized cryptocurrency exchange Gate.io has issued a stern warning of legal action against those responsible for spreading panic among investors. The exchange has categorically denied any connection between its operations and the troubled cross-chain Multichain protocol, which has faced technical difficulties and speculation surrounding its leadership. Gate.io’s statement, initially published on Twitter in Turkish, expressed the exchange’s intention to initiate legal proceedings against individuals who rely on unsubstantiated rumors and gossip without any concrete sources. The exchange seeks to quell the growing…

Atomic Wallet says hack affected 1% of active users, but investors claim otherwise

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A hack that drained $35 million from Atomic Wallet users since June 2 impacted less than 1% of its monthly active users, according to the company. In the aftermath of the attack, Atomic Wallet — along with individual blockchain investigators — have amped up efforts to track and revert stolen funds. Trying to cash in on the commotion, a few verified scam Twitter accounts impersonated Atomic Wallet while sharing phishing links claiming to help users recover lost funds. Pseudonymous on-chain researcher ZachXBT further claimed to have helped a victim recover…