Tag: Million

Do Kwon’s alleged $80 million withdrawals before Terra fallout triggers mixed reactions

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Reports that Terra (the new LUNA orLUNA2) founder Do Kwon allegedly withdrew $80 million monthly before the project crashed surfaced Friday, leading members of the community to voice their opinions on the matter. In a tweet, crypto trader and analyst Michaël van de Poppe said that Kwon deserves imprisonment. He compared the Terraform Labs CEO to the infamous fraudster Bernie Madoff. “Honestly, he deserves jail,” Van de Poppe wrote. Twitter user DaisiObanla also agreed with Van de Poppe. According to DaisiObanla, he wants to hear the news that Kwon is…

How VeChain Landed $100 Million UFC Marketing Deal

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The VeChain Foundation and the Ultimate Fighting Championship (UFC) announced a multi-year marketing collaboration. The partners claim the deal is a “first of its kind” aimed at “breaking marketing ground” for the blockchain-based organization and the mixed martial arts organization. Related Reading | Why VeChain (VET) Could Be On The Verge Of A 40% Rally In that sense, the VeChain Foundation will have an “unprecedented level of integration into key UFC assets”. This will include live events, broadcast features, in-arena promotion, and original content reserved for UFC distribution alone. Data provided…

Solana Ventures Launches $100 Million Fund Focused on Web3 Projects in South Korea – Bitcoin News

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Solana Ventures has revealed the launch of a $100 million fund dedicated to Web3 startups in South Korea. According to Solana Labs’ general manager Johnny Lee, the capital will be dedicated to non-fungible tokens (NFTs), decentralized finance (defi), and game finance (gamefi) development. Solana Ventures Reveals $100 Million Web3 Fund Dedicated to Finding Talent and Innovative Startups in South Korea Proponents behind the smart contract protocol Solana plan to expand into South Korea by offering a Web3 fund worth $100 million to startups and developers creating Web3 projects. Solana Labs’…

LUNA2 traders are increasingly short despite 67.5% rally, $4 million liquidated

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Terra (LUNA2) reversed a portion of the losses this June 9 as its price per token rose by as much as 67.5% on the day, catching many traders off-guard with their perpetual swap positions. LUNA2 traders are shorting it In detail, LUNA2’s price soared from $2 to as high as $3.58. The volatile intraday move coincided with the liquidation of nearly $4 million worth of LUNA2 trades on Binance and Bybit, including $2.46 million worth of short positions, data from Coinglass shows. Total LUNA2 liquidations. Source: Coinglass.com Interestingly, LUNA2’s funding…

Crypto Thief Who Stole $3 Million Worth of Cryptocurrency Arrested

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Cryptocurrency scams and thefts have been a frequent occurrence in recent times. In another case of cryptocurrency theft, a man, Zhang Tianzhe, who recently stole crypto assets worth $3 million in a robbery attempt, has been arrested. Zhang Tianzhe broke into a woman’s home in California, tied her up with duct tape, and threatened her to transfer millions from her account to his. In the robbery, the 31-year-old Zhang reportedly wore ski goggles, gloves, and a hood during the burglary. The woman was threatened, and instructions were passed to her…

$127 Million In Bitcoin And Ethereum Positions Liquidated Amid Market Drop

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Data shows that over the past 24 hours, more than $127 million in Bitcoin and Ethereum futures have been liquidated. The price of both cryptos has decreased by 6% and 7%, respectively, wiping out the recent gain. According to Coinglass statistics, Bitcoin futures alone lost $57.78 million, implying that most trading activity and open interest were restricted by market capitalization to the most prominent cryptocurrency. However, Ethereum futures suffered a $64 million loss.    Related Reading | Bitcoin Market Cap Shed Over $120-B Last Month – How Much More Can It…

Director of Listed Chinese Company Embezzles $8 Million, Uses Funds to Purchase Bitcoin Mining Rigs – Regulation Bitcoin News

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A Chinese prosecutor is reported to have given a thumbs up to the arrest of a listed big data company director accused of embezzling $8 million and using the funds to buy bitcoin mining rigs. Although Li Qunnan has denied the allegations, executives insist their evidence implicates him. Director’s Unsanctioned Use of Funds Discovered in November 2021 A prosecutor in Beijing, China, has reportedly approved the arrest of a former director of a listed big data firm who is accused of using fraudulently acquired funds to purchase bitcoin mining rigs.…

South Korean Government Backs Metaverse by Investing Over $177 Million in It

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Even though the Metaverse is still a developing ecosystem and its scope is sketchy, the South Korean government has backed the movement by being an early investor. This gesture from the South Korean government can trigger other countries to invest in this technology, which has the potential to be the next revolution. The South Korean government said the investment will be labeled under the newly launched program, “Digital New Deal,” responsible for investing in technologies linked with the country’s economy. With the ministry of Communication, Technology, Science and Information having…

Binance Labs Launches $500 Million Web3, Blockchain Fund – Bitcoin News

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Binance Labs, the venture capital arm of the leading crypto exchange, has announced the launch of a new fund that will focus its action on Web3 and blockchain technologies. The fund, which will launch with $500 million in capital, will invest in companies that take cryptocurrencies and extend their use cases using Web3 and other technologies. Binance Labs to Invest $500M in Web3 and Blockchain Startups Binance Labs, the investment and VC organization of the cryptocurrency exchange, has announced a new round of investments seeking to diversify its…

Kazakhstan Makes $1.5 Million From Crypto Mining Sector in Q1 – Mining Bitcoin News

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The government of Kazakhstan has collected $1.5 million from crypto miners in the first quarter of this year, official data shows. The money comes from a fee charged on the electricity spent to mint digital currencies, which was introduced in January. Crypto Mining Increases Budget Revenues in Kazakhstan Kazakhstan has received 652 million tenge (almost $1.5 million) from the crypto mining industry in the first three months of the year, the government announced this week. The funds have been collected through a surcharge on the electricity used by mining farms…