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Cosmos Blockchain Project Faces ‘Existential’ Challenge with Terra’s Fall and Ethereum’s Rise

July 27, 2023

Cosmos, a once-pioneering blockchain ecosystem renowned for its groundbreaking concept of interconnected blockchains called “appchains” and its innovative proof-of-stake consensus mechanism, is now facing an uphill battle for survival. The blockchain ecosystem faces existential challenges in the wake of Terra’s collapse and the meteoric rise of Ethereum…. Read More: Cosmos Blockchain Project Faces ‘Existential’ Challenge…
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Arkham Intel Exchange approves $5K bounty for info on Do Kwon and Terra wallets

July 24, 2023

Terra co-founder Do Kwon is currently in Montenegrin prison as the platform remains under scrutiny in South Korea, but crypto users continue to seek out information on wallets. A platform aimed at ‘deanonymizing the blockchain’ has accepted its first submission for information concerning information on wallet addresses connected to Terraform Labs and its co-founder Do…
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Terraform Labs Appoints New CEO While Co-Founder Remains in Jail

July 21, 2023

Terraform Labs appointed a new chief executive officer following Do Kwon’s resignation on March 31, 2023. In a Wall Street Journal interview, the interim CEO, Chris Amani, discussed his team’s “vision” for rescuing the beleaguered blockchain project. Terraform Labs Finds New Leadership, Attorneys Seek to Dismiss SEC Case Following Ripple Decision Chris Amani, Terraform Labs’…
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Terraform Labs seeks access to FTX wallets in fraud defense

July 20, 2023

Terraform filed a motion to access information from wallets used by short sellers during the collapse of its algorithmic stablecoin in 2022. Terraform Labs is seeking permission from a judge to subpoena data from bankrupt crypto exchange FTX, claiming the information could help its defense against a lawsuit brought by the United States Securities and…
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Today in Crypto: BIS Presents Seven-Point Plan to Prevent CBDC Cyber Attacks, Multiple Scam Warnings Are Issued, Preliminary Hearing for Terraform Co-Founder Daniel Shin Held on Monday

July 11, 2023

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________… Read More: Today in Crypto: BIS Presents Seven-Point Plan to Prevent CBDC Cyber Attacks, Multiple Scam Warnings Are Issued, Preliminary Hearing for Terraform Co-Founder Daniel Shin Held on Monday Read more »Sign up…
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Terraform Labs Co-founder Faces Legal Proceedings: Trial Preparations Underway

July 10, 2023

Legal proceedings have been initiated against Shin Hyun-Seong, also known as Daniel Shin, concerning charges concerning alleged illicit profits from the sale of Terra (LUNA) tokens. The co-founder of Terraform Labs, Daniel Shin, was indicted in South Korea on April 25 in connection with the collapse of Terra and Luna cryptocurrencies. Shin, along with co-founder…
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Legal proceedings start for Terraform Labs co-founder in South Korea: Report

July 10, 2023

Terra co-founder Do Kwon is currently in custody in Montenegro, while Daniel Shin’s trial preparations in South Korea are reportedly underway. Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, has reportedly had his first hearing for charges related to allegedly illicit profits from the sale of Terra (LUNA). According to a July 10…
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Crypto user moves $160M in Bitcoin from Luna Foundation Guard wallet: Report

July 5, 2023

Blockchain data showed the wallet reportedly associated with LFG had a balance of roughly 6,983 BTC in October 2022, with transactions later moving funds to different addresses. An unknown party has moved more than $160 million worth of Bitcoin from a wallet reportedly tied to the Luna Foundation Guard (LFG), the organization connected to Terraform…
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Binance conducts 11th LUNC burn, 2.65 billion tokens destroyed

July 2, 2023

The Terra Classic burn mechanism automatically burns tokens whenever a transaction occurs on the network. Binance, the world’s largest crypto exchange, has burned 2.65 billion Terra Classic (LUNC) tokens in its 11th burn round. The total LUNC tokens burned by Binance now exceed 35.5 billion, with the community’s burn surpassing 68 billion. Traders have reacted…
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Italy’s central bank calls for framework to prevent stablecoin runs

June 29, 2023

Bank of Italy is calling for closer regulator scrutiny of stablecoins, which they say “have not proved stable at all.” Italy’s top banking authority has called for a “robust, risk-based” regulatory framework for stablecoins, which could help prevent a worst case scenario — a “run” on stablecoins. The central bank’s recently released “Markets, Infrastructures and Payment…
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