South Korea and the U.S. have requested the extradition of the Terraform Labs CEO after his recent arrest in Montenegro. Kwon is facing criminal charges in both countries after his $60 billion crypto ecosystem came crumbling down, hurting the industry globally. Source
Elon Musk is reportedly working on launching an AI startup to compete with OpenAI. Many prominent names, including Elon Musk, have weighed in on the matter of AI technology that recently exploded and is aggressively dominating. Opinions are in two directions: while many see AI as a game-changer for many industries, others like Musk are concerned about its associated risks and disadvantages. During a FOX interview, the Tesla chief compared AI’s potential danger to more than the risks of a mismanaged aircraft design or production maintenance. Noting the low probability,…
Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent collapse. Terraform Labs Transferred Large Amounts of Money to South Korean Law Firm Prior to Crash South Korean prosecutors working on the fraud case against Terraform Labs co-founder and CEO Do Kwon have revealed that the company has paid a total of 9 billion won (nearly…
General earn creditors, with claims below $5,000, will see 70% recovery of their claims in liquidity cryptos, the presentation said. Up to 100% of the rest of the assets, minus what is needed to run the new company, will be dispersed to earn creditors with claims over $5,000, who will also receive tokenized securities of the new company. Source
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While the posting doesn’t mention boosted regulatory efforts, Canada did set a March 24 deadline for entities to commit to stricter requirements for crypto exchanges with a presence in the country. Some exchanges, including Coinbase and Gemini, have said they will remain active in Canada, while others like OKX, dYdX and now Paxos, have decided to depart. Source link
Blockchain scaling solution Polygon (MATIC) is currently witnessing its lowest levels of supply on exchanges in four years, according to the crypto analytics firm Santiment. Santiment notes in a new analysis that only 7.1% of MATIC’s supply is currently sitting on exchanges, the lowest level since the crypto asset’s introduction in 2019. The firm says the low exchange supply “does imply limited continued selloff opportunities that should put investors somewhat at ease.” Source: Santiment MATIC is trading at $1.12 at time of writing. The 10th-ranked crypto asset by market cap…
A rise in open interest, which is a metric that assesses the value of all unsettled derivatives positions, alongside an increase in price is often used to confirm the legitimacy of a move. At the time of writing, bitcoin was trading at around $30,000 after it surged to a 10-month high of $30,540 on Tuesday. Original
Among other digital tokens, Solana’s SOL surged over 12% to trade around $23.2, while ETC, the token of Ethereum Classic, an offshoot, or fork, of Ethereum, gained over 4% to change hands at $21.6. The CoinDesk Market Index, which measures overall crypto market performance, was up 2.3% for the day. Source
Beijing-based cryptocurrency mining firm Bitmain has reportedly violated tax regulations in China, with local authorities imposing major fines. Bitmain Technologies has been slapped with a tax penalty from the Beijing Municipal Office of the State Administration of Taxation, the local news agency Sina Finance reported on April 11. The authority fined Bitmain about 25 million Chinese yuan, or $3.7 million, the report notes, citing details from China’s data registry of private and public companies, Qichacha. According to the data, Bitmain was penalized on April 4, 2023, with the firm allegedly…