Terraform Labs Exec Responsible For $60 Billion Crash Has Passport Frozen

The Terra and Luna crashes remain two of the biggest crashes in Cryptocurrency history. In its little over a decade of history, the market as a whole saw $60 billion wash away and crippled the industry, the effects of which many companies and investors have yet to recover from.

However, even if many investors have lost hope and are no longer holding out hope to retrieve their funds, the South Korean authorities are still very much out to get the top exec responsible for Terraform Labs.

Not only are the relevant authorities looking to arrest Do Kwon, top exec at Terraform Labs, but they are also looking for other individuals who might be involved with the incident. The police have already arrested one of the people who had ties to Kwon and his company’s operations.

The Foreign Ministry of South Korea has also ordered that Kwon return their passport by the designated date, or it will be canceled.

The Saga of South Korean Authorities vs. Do Kwon

Kwon’s company made history by having two assets that both contributed to possibly the biggest crypto collapse in the market, with billions of dollars wiped away in an instant. His company, Terraform Labs, was operating out of South Korea, and since then is on “Red Notice.”

South Korean authorities will often reserve the Red Notice for individuals who are on the run and are avoiding prosecution or their sentence. Considering the loss that he was responsible; it only makes sense that they would be on high alert for him.

However, despite saying that he is not on the run from the authorities, his whereabouts still remain unknown. The Seoul Southern District prosecutors’ office has found Kwon and his associates of violating various capital markets laws and committing fraud.

The Effects of the Terra and Luna Crashes

The crypto market as a whole is infamous for its volatility, but some even see it as a major benefit. Since the market is very volatile, it is more than likely that companies will also skyrocket in popularity, which could even lead to people making a lot more money.

However, following the crash, people started to have second thoughts about the DeFi space, which would even lead to investors cashing out of other cryptocurrencies and leaving.

Freezing His Assets

In an effort to bring out Do Kwon, the authorities have freeze various assets and are even looking to freeze his passport. They sent out an official request to two other cryptocurrency exchanges, OKX and KuCoin. The request was to freeze more than $60 million that he had in Bitcoin. They will also be looking into withholding nearly $40 million worth of digital assets that belong to him.

The post Terraform Labs Exec Responsible For $60 Billion Crash Has Passport Frozen appeared first on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/terraform-labs-exec-responsible-60-billion-crash-passport-frozen/
via Bitcoin News
via Bitcoin News Today

The EU Decides On Legal Text For The MiCA Landmark Crypto Law

Regulating the crypto market might seem like a herculean task, but the EU is well on its way to deciding the text of its major Crypto law. This historic law is one of the first major efforts by a collective of countries looking to regulate cryptocurrencies.

While the idea for this monumental bill did start floating around in early July, the law did not start to take shape. The country’s bloc dedicated to drafting the bill has finally settled on its text, which will address major concerns that individuals had about the crypto market. More specifically, the best thing about the new law is that it would finally hold many crypto firms accountable.

Accountability was a major concern for many people, as the anonymity of everyone using the service meant that fraud was rampant. And companies that would start up with promises to do amazing things would eventually settle and go bust in a matter of weeks or months.

The First Licensing Regime Dedicated to Crypto

The MiCA will be the first law dedicated to licensing and regulating various crypto firms. If cryptocurrencies want to operate in any country throughout the EU, they will have to follow the legal text that the bloc has signed off on.

Although most of the details have yet to be finalized, one of the major requirements that they are bringing is that the stablecoins will need to meet a reserved quota before they can receive their license. Following the catastrophic collapse of Terra, one of the largest stablecoins in the market, the bloc adding this requirement shows that they are in touch with the market.

This clause will essentially make sure that all investors are reimbursed if the company fails or shuts down.

Checking Customer Identity

Although the bloc responsible for the MiCA is not responsible for this law, they are working with the team that is. The new law will mandate that crypto exchanges go through the necessary motions to check the identity of their users.

Easily the most controversial law regarding cryptocurrencies, it is trying to cut out money laundering from the market entirely. Since cryptocurrencies have always had to deal with the bad reputation that comes with money laundering throughout the market. By taking a step to mitigate money laundering, however, it is very likely that the community might be opposed to the idea since it infringes on the freedom of anonymity.

Still a Long Time Before Taking Effect

While MiCA remains one of the most progressive laws to regulate cryptocurrencies, it still has a long time until it comes into effect. Most likely, EU lawmakers estimate that the law will come into effect by 2024.

The post The EU Decides On Legal Text For The MiCA Landmark Crypto Law appeared first on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/the-eu-decides-on-legal-text-for-the-mica-landmark-crypto-law/
via Bitcoin News
via Bitcoin News Today

Retail and Institutional Investors to Gain Access to Web3 ETF Provided by Bitwise

Bitwise Asset Management had a major announcement to make on October 3 for both retail and institutional investors.

Bitwise Launches a New ETF

Bitwise has announced that it has launched a new exchange-traded fund (ETF). Both the retail and the institutional investors would be able to benefit from Bitwise’s latest move.

This way, Bitwise is gaining more ground in cryptocurrency and becoming more adaptable for retail and institutional investors.

Through the new ETF, investors will be able to gain and benefit from Web3 technology. These investors would get to see how the Web3 industry is growing and will continue to grow, and how they will be able to generate benefits from their interactions.

Retail and institutional investors would also be able to get their companies to gain access to Web 3 technology and its growth.

The investors interacting with the ETF would be able to position themselves better in the world of Web3 technology.

Statement by Bitwise Asset Management

Bitwise also issued a statement following the launch of their ETF. It stated that the future of the internet would eventually shift to the platforms and projects being launched through Web3 technology.

Through Web3, none of the users would be required to provide their personal or financial information. Instead, the users can interact with Web3 just like they interact with decentralized platforms.

The users can have full authority over their personal and financial information without being bound to share it with anyone else.

Information on the ETF

Bitwise has announced that the ticker for their new ETF is BWEB, which reportedly tracks the Bitwise Web3 Equities Index.

Out of the total exposure, the companies would gain, 85% of exposure that the companies would be able to gain would be for activities involved in Web3 business.

The companies and investors would be able to gain access to a creator economy that would be enabled by Web3. The users would also gain access to digital worlds, metaverse enabled with Web3, finance, and Web3 infrastructure.

Statement by Hunter Horsley

The CEO of Bitwise, Hunter Horsely was glad to talk about their company’s latest offering to all kinds of investors. As mainstream crypto adoption is in the crawling phase, it is the best opportunity for them to adopt it and offer it to the institutional sector.

Being able to offer such a utility to the institutions in the early stage of mainstream crypto adoption would help their company gain strong ground in the sector.

This would further strengthen the foundation of the cryptocurrency industry making it convenient for institutional investors to adopt crypto.

The post Retail and Institutional Investors to Gain Access to Web3 ETF Provided by Bitwise appeared first on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/retail-institutional-investors-gain-access-web3-etf-provided-bitwise/
via Bitcoin News
via Bitcoin News Today

MetaMask Has Expanded Its Product Portfolio Launching A New Decentralized Application (DApp

MetaMask, one of the most popular cryptocurrency wallets in the market has made a new announcement about the launch of a new application.

According to MetaMask officials, they have launched a new decentralized application (DApp) that would offer great help and utility to the users.

The new decentralized application would let the users manage their cryptocurrency portfolio all at once. The best part of the application is that it would let the users manage a large number of cryptocurrencies in a single go.

The users would be able to manage the cryptocurrencies in their portfolio and wallet from a single application.

Users to Manage More than Just Crypto

The officials at MetaMask have confirmed that the application would offer a wide range of services to users.

Using the application, the users will be to manage their non-fungible tokens (NFTs) as well. MetaMask has provided all the information surrounding the new application through a blog post.

MetaMask has been around for many years offering the best wallet and custodial services to the users. It has been a huge breakthrough in the world of cryptocurrencies and blockchains. It connects to multiple blockchains in a single go.

The wallets offered by MetaMask come in multiple ways as they can be accessed via a smartphone application or an extension for the browser.

MetaMask has Answered Customer Demand

According to MetaMask officials, they had been receiving multiple requests from their customers wanting to have an application offering such a feature.

They wanted an application offered through the decentralized platform allowing them to view all of their cryptocurrency portfolios from a single dashboard.

As the demand continued to grow, MetaMask realized it was important to work on such an application. Finally, MetaMask decided to work on an application that would be same the purpose.

MetaMask did realize that they were not offering such a feature or convenience to its users. The users had to use external sources and platforms to view their portfolios in cryptocurrencies.

Now they have access to the application that would let them view their crypto portfolios from a single platform. They will not be required to log into third-party platforms in order to view their crypto portfolios.

Users will be able to View All their Portfolios

Using the new application, the users would be able to access not just the cryptocurrencies but also tokens based on the decentralized finance network.

Additionally, the users would be able to access the non-fungible tokens, which is something that was unachievable in the past.

With the new feature, MetaMask would grow more convenient for users to adopt and use when interacting with cryptocurrencies.

The post MetaMask Has Expanded Its Product Portfolio Launching A New Decentralized Application (DApp appeared first on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/metamask-expanded-product-portfolio-launching-new-decentralized-application-dapp/
via Bitcoin News
via Bitcoin News Today

Mercado Bitcoin Targeted By Securities Regulator Of Brazil For Token Sale

The securities regulatory authority in Brazil has recently issued an order against Mercado Bitcoin to provide digital tokens’ information.

Mercado Bitcoin is the biggest cryptocurrency exchange currently operating in Latin America. The exchange is required to provide information surrounding the digital tokens that the exchange has issued.

CVM is After Mercado Bitcoin

The largest crypto exchange in Latin America in terms of trading volume is now required to provide information surrounding fixed-income tokens.

The exchange has been issuing fixed-income tokens for the users and as per the latest reports, it is to provide information for the past two years for the tokens.

The reports came out recently revealing the Securities and Exchange Commission (CVM) of Brazil has issued an order against the exchange to provide such information.

Even the local news reporting firms are covering the matter as it involves the largest cryptocurrency exchange. According to figures, more than 2 million users have registered with the exchange and are currently using its trading services.

Information Required by the CVM

In the order issued against the exchange, the CVM has demanded to be provided with the investors’ list and the amount raised from the tokens.

To be exact, the exchange is required to provide the whole list of investors who purchased the fixed-income tokens from the exchange.

Additionally, the exchange has to provide the CVM with the amount that it raised from the sales of these tokens to the investors.

Information about the Tokens

According to the news reporting firms, not many details have been shared surrounding the tokens. It is yet to be confirmed which token the regulatory authority has demanded the information for.

However, it is confirmed that the concerned tokens were issued by the exchange’s blockchain. It is the real-world assets that are backing the issued tokens.

In addition to the above, the firm has shared that the particular tokens are quite popular for offering high yields and are of low risk.

Statement by Mercado Bitcoin

According to the exchange, they have always worked closely with the regulator and will continue working with them. The CVM will have full cooperation and support from their end in dealing with the matter.

However, the officials at the exchange have revealed that they had completely regulatory approval from the CVM throughout the development and distribution process of the tokens.

They even built the token and issued fully complying with the regulatory framework laid out by the CVM.

This may be a negative sign for the exchange as it had recently started working on the construction of a regulatory framework surrounding cryptocurrencies with the central bank.

The post Mercado Bitcoin Targeted By Securities Regulator Of Brazil For Token Sale appeared first on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/mercado-bitcoin-targeted-securities-regulator-brazil-token-sale/
via Bitcoin News
via Bitcoin News Today

Situation Turns Dire For Crypto Investors In India As WazirX Lays Off Employees

The latest reports suggest that WazirX, the largest cryptocurrency exchange in India has laid off almost half of its employees.

WazirX Lays Off Up to 70 Employees

According to reports, WazirX has recently laid off almost half of its employees. To be exact, the Indian exchange has announced that it has laid off 40% of its overall employees.

The overall workforce WazirX had previously was up to 150 employees. The information surrounding WazirX’s latest action has been confirmed by multiple internal sources.

The exchange made a sudden announcement that the access of all of the laid-off employees had been revoked at the company. They were asked not to report for work the very next day of the announcement.

Statement Released by WazirX

The WazirX officials also released a public statement where they mentioned the reason for making such a decision.

They mentioned that the cryptocurrency market has been facing a downtrend for a long time. The situation has been in turmoil involving cryptocurrencies and they are also facing its impact.

The situation is not just with their exchange but it is on a global scale because the economy is impacted all over the world. Given the recent developments and circumstances, their exchange had no choice but to lay off almost half of its employees.

New Crypto Tax’s Impact is Visible

It is a fact that WazirX is not the only cryptocurrency exchange in India that is facing a difficult operational situation in the country. Other cryptocurrency exchanges are also facing a problem ever since the new crypto tax has been implemented.

The cryptocurrency transactions and revenues are already entitled to a 30% tax. However, the government of India recently announced another 1% crypto tax on top of the already-in-place taxes.

This was a huge blow that led to the cryptocurrency industry in India, whether cryptocurrency service providers or investors.

The implementation of the 1% tax has forced investors in India to find other mediums. The 1% tax rule has been implemented on the local cryptocurrency exchange while the foreign exchanges are not bound to the rule.

Therefore, the crypto investors have started downloading and moving to the Binance exchange where there is no 1% tax rule.

The sudden move of the investors has resulted in causing huge plunges in the trading volumes for all major cryptocurrency exchanges in India.

Huge Decline in WazirX’s Trading Volume

The recent tax implementation is proving to be a crypto killer in the country. This is because even WazirX, the largest crypto exchange in India has recorded an enormous decline in its trading volume.

Just for comparison, the trading volume recorded on WazirX back on October 28, 2021, was 478 million INR, and the volume recorded on October 1, 2022, was just 1.5 million INR.

The post Situation Turns Dire For Crypto Investors In India As WazirX Lays Off Employees appeared first on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/situation-turns-dire-crypto-investors-india-wazirx-lays-off-employees/
via Bitcoin News
via Bitcoin News Today

Lark Davis Denies Allegations Of ‘Pump-And-Dump’

ZachXBT, the Twitter on-chain sleuth, had accused crypto influencer Lark Davis of promoting ‘low cap projects’ to his following and then dumping them shortly after.

However, Davis has refused these allegations and said that he had not gotten anything from the projects for free and the quantity that he had sold was not enough for ‘dumping the price’.

The allegations

On September 29th, Zach posted a Twitter thread with the allegations and Davis responded to it. As per the allegations, the influencer had made profits of more than $1.2 million.

He had accomplished this by selling tokens associated with crypto projects that he had allegedly been asked to promote without disclosing that he was paid for it.

The thread comprised 17 parts and in which eight examples were highlighted by Zach of what is a crypto wallet of Davis.

Tokens associated with new crypto projects were transferred to the wallet in question and Davis was then seen posting a video or tweeting about the tokens.

Shortly after, he would sell the tokens. According to Zach, he had been contacted by numerous people who had lost their money on the tokens that Davis had prompted.

These people had asked him to take a closer look at the crypto influencer.

The magnitude

Zach alleged that Davis had dumped the tokens associated with low cap projects a number of times. He added that they had looked into several crypto influencers.

But, none of them had ever made profits of this magnitude as Davis had done. As per Zach’s allegations, the largest gain that Davis had made was through the 120,000 tokens of SHOPX that he had received.

Hours after he had received the tokens, Davis had begun tweeting about the project and he simultaneously sold the tokens. This resulted in him making gains of around $435,000.

Zach presented seven other examples, along with this one, to show exactly how Davis had managed to make profits of about $1.2 million in the same manner.

Zach stated that it was perfectly acceptable for crypto influencers to share projects they genuinely like, or participate in seed rounds, as long as they ensure transparency.

But, he stated that this is certainly not something that Davis had done because he has a pattern of dumping the projects he promotes across his newsletter, Twitter and YouTube channel.

Davis responds

On the same day the allegations were made, Davis tweeted that they were ‘ridiculous’ and responded to each of the examples that Zach had posted.

The crypto influencer informed his one million followers that had had not gotten anything for free and he also said that he always disclosed his token sales on his YouTube channel which has 485,000 subscribers.

He also asserted that he shared the same with his followers. He went on to say that he was just following an investment strategy, one he also teaches others.

This involves selling tokens at launch time, which he said is quite common when it comes to token sales.

The post Lark Davis Denies Allegations Of ‘Pump-And-Dump’ appeared first on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/lark-davis-denies-allegations-pump-dump/
via Bitcoin News
via Bitcoin News Today