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By Vicky Ge HuangThe administrator winding down what remains of Do Kwon's Terraform Labs has sued Jump Trading, alleging that the high-speed trading giant unlawfully profited from and contributed to the crypto empire's collapse.Todd Snyder, the plan administrator appointed by a bankruptcy court, is …
According to Wall Street veteran and mathematician Fred Krueger, Bitcoin bear markets happen for exactly two reasons: first, when global liquidity turns negative, in the case of Fed tightening; second, forced selling from a Bitcoin-specific shock (in the instances of Mt. Gox, miners or fraud).Kruege…
By Vicky Ge Huang and Alexander OsipovichDisgraced crypto tycoon Do Kwon was sentenced to 15 years in prison on Thursday after pleading guilty to fraud in connection with the $40 billion crash of his TerraUSD and Luna coins in 2022.Kwon, who had asked for a sentence of five years, pleaded guilty to …
Bitcoin is seeing renewed optimism of a recovery, as crypto market analysts are eyeing six figures for the cryptocurrency as it gained above $92,000 after a fall to $84,500.“This is what you’d want to see. [Bitcoin] coming back up again, after a weird move down on the 1st of this month,” MN Fund fou…
Terraform co-founder Do Kwon will plead guilty to wire fraud and conspiracy to defraud, Reuters reports, following a years-long criminal case after the collapse of algorithmic stablecoin Terra USD, which wiped out tens of billions of dollars.Kwon, 33, also told the court that he would be waiving the…
By Caitlin Ostroff, Sam Kessler and Alexander OsipovichDisgraced cryptocurrency tycoon Do Kwon pleaded guilty to two criminal counts of fraud on Tuesday in connection with the $40 billion crash of his TerraUSD and Luna coins in 2022.In exchange for Kwon's plea, federal prosecutors agreed to not seek…
Terraforn Labs co-founder Do Kwon may plead guilty years after U.S. prosecutors charged him with fraud and money laundering.In a scheduling order filed on Monday in the U.S. District Court for the Southern District of New York, Judge Paul Engelmayer wrote that the "Court has been advised that the de…
Google search data shows interest in stablecoins surged to an all-time high this month as regulations were greenlit, stablecoin issuance and supply skyrocketed, and institutions increasingly look to launch their own tokenized fiat equivalents. The previous peak for stablecoin searches was in May 202…
South Korea’s central bank has halted its digital currency testing project, raising doubts about the country’s central bank digital currency (CBDC) plans. As reported by Bloomberg, the Bank of Korea (BoK) told the participating banks that it has decided to pause talks on the initiative for now.A Que…
Ethereum co-founder Vitalik Buterin argues it’s Ethereum’s application layer, not its infrastructure layer, where Ethereum needs “good social philosophy” the most. The app layer is where developers build decentralized applications on top of Ethereum’s base infrastructure and where they make decision…
The price of the Mantra (OM) token, the native cryptocurrency of the Mantra real-world tokenized asset blockchain, has collapsed by over 90% in the last 24 hours.On April 13, Mantra fell from a price of approximately $6.3 to below $0.50 and shed over 90% of its $6 billion market cap.Traders are char…
Sonic Labs has canceled plans to launch a US dollar-pegged algorithmic stablecoin, opting instead to develop a United Arab Emirates dirham-denominated alternative.On March 22, Sonic Labs co-founder Andre Cronje said the company was working on a US dollar-pegged algorithmic stablecoin with an annual …