Do Kwon, founder of Terraform Labs, is fighting a U.S. Securities and Exchange Commission (SEC) request to extradite him for questioning about the collapse of his stablecoins Terra and Luna, according to court documents filed on Wednesday. The filing, submitted to the U.S. District Court for the Southern District of New York, indicates that Kwon’s…
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A Terra Classic community member with the X handle Rexyz has kicked against burning USTC tokens to enable the stablecoin to recover its dollar peg. According to the X post made on September 18, Rexyz outlines an alternative solution that may lead to USTC being re-valued $1 as well as push Terra Classic (LUNC) price…
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As the FTX bankruptcy case and fraud charges against co-founder Sam Bankman-Fried continue to unfold, the value of the exchange’s token, FTX Token (FTT), has seen significant growth. Since Jan. 9, 2023, FTT has risen 28.42% and currently sits above the $1 range, following a dip below that threshold. FTT Token Jumps 28% Rising Above…
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While the analytics firm Nansen published a report that points to the Terra collapse igniting the flames of FTX’s and Alameda Research’s financial problems, onchain data from the intelligence and research firm Glassnode suggests FTX’s “cracks had formed as far back as May-June.” Glassnode’s report highlights a “growing pool of [onchain] data” that shows FTX’s…
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An analysis of the FTX and Alameda Research collapse has been published by the blockchain and crypto analytics firm Nansen and the report notes that the Terra stablecoin collapse, and the liquidity crunch that ensued, likely started the domino effect that led to the company’s implosion. The study from Nansen further details that “FTX and…
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Following the collapse of FTX and the exchange filing bankruptcy on Nov. 11, the trading platform’s exchange token called ftx (FTT) has shed 91.6% in value during the last seven days. While the FTT token’s utility is based entirely on the backing of the now-bankrupt FTX and Alameda Research, the token is still trading for…
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According to the co-founder of Galois Capital, the hedge fund manager who warned about the Terra collapse before it happened, half of the hedge fund’s capital is left trapped on FTX. Galois co-founder, Kevin Zhou, wrote a letter to investors explaining the situation and said he was “deeply sorry” about the turn of events. Galois…
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On Thursday, Nov. 3, 2022, local reports from South Korea disclosed that Korean prosecutors have allegedly discovered evidence that shows Do Kwon and an associate manipulated the price of LUNA, Terra’s native crypto token. The report further says South Korean prosecutors believe Kwon is hiding out in Europe. Local Report Claims South Korean Prosecutors Have…
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According to a report, the embattled crypto lender Hodlnaut saw a significant loss from the Terra blockchain collapse last May. The report notes that Hodlnaut downplayed the company’s exposure to the Terra ecosystem and allegedly lost $190 million from the incident. Report Says Hodlnaut Downplayed Terra Exposure Following the Collapse More than 1,000 deleted documents…
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Anchorage Digital has marked its plans for expansion into the Asian crypto market, with co-founder Diogo Mónica noting that Singapore is just a starting point. Anchorage Digital co-founder and president Diogo Mónica believe there is immense opportunity in Asia’s institutional investors, with the digital asset infrastructure provider on Oct. 5 announcing a “major expansion” of…
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