Tag: do kwon

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Filecoin Reports Strong Growth Ahead of FVM Launch – Top Crypto Updates

Filecoin reports strong growth ahead of FVM launch

Decentralized filesharing protocol Filecoin saw a nearly seven-fold growth of data suppliers since the start of 2022. The project plans for a major upgrade in early 2023. The network’s storage providers were increasing at a rate of 20% each month, with most activity in North America, Korea, and Hong Kong. 

This comes ahead of the launch of Filecoin Virtual Machine (FVM), a software platform for developers to create decentralized applications (dApps) based on the Filecoin network.

Crypto prices today: Bitcoin falls 1.3%, ETH down 3%

Bitcoin is currently trading at $18,784.28, a decline of 1.35% over the previous day. Ethereum is down 2.95% over the last 24 hours to $1,288. Solana fell 4.7% to $32.24, while Cardano is trading lower by 3.18% at $0.441. Polkadot (DOT) fell 1.45% to $6.22. The global crypto market cap stands at $917.41 billion, a 1.98% decline over the previous day.

ZebPay’s CEO Avinash Shekhar quits; to launch own Web3 startup

Amidst uncertainties and challenges in India’s cryptocurrency ecosystem, crypto exchange ZebPay’s Avinash Shekhar has decided to quit as CEO. He will now work on his own startup, which will be operating in the Web 3.0 and crypto tax compliance space. ZebPay will hold a minority stake in this new start-up. Shekhar will continue to be ZebPay’s board member and consultant for the long term. 

Coinbase sued over patent infringement

Veritaseum Capital LLC has sued Coinbase, alleging that the crypto exchange has infringed on a patent awarded to Veritaseum founder Reggie Middleton. According to Veritaseum, Coinbase has used the patent for some of its blockchain infrastructure, and the company is seeking ~$350 million in damages.

Interpol issues red notice for Terraform founder Do Kwon

Interpol has issued a red notice for Terraform founder Do Kwon. It requested law enforcement agencies worldwide to locate and arrest him. Do Kwon’s blockchain startup collapsed earlier this year, wiping out $40 billion of investor wealth. In the past few weeks, South Korean prosecutors have intensified their investigation into Kwon, and said he was “not cooperating” and “clearly on the run”.

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Ethereum Successfully Executes Merge Event – Top Crypto Updates

Ethereum cryptocurrency, physical coin in front of an abstract background

Ethereum successfully executes Merge event

At 2:45 am EST (12:15 pm IST), the Ethereum network successfully began its transition from proof of work to proof of stake.

In proof of work, Ethereum (ETH) was generated by “mining,” an energy-intensive process by which individuals directed huge amounts of computing power at difficult-to-solve puzzles. Under the proof of stake mechanism, new ETH is generated by individuals and entities pledging large amounts of pre-existing ETH. The transition is anticipated to be faster, more scalable, and 99.9% more environmentally friendly.

Crypto prices today: Bitcoin falls 0.4%, ETH up 0.6%

Bitcoin is currently trading at $20,230.4, a decline of 0.43% over the previous day. Ethereum is up 0.66% over the last 24 hours to $1,624.23. Solana rose 2.31% to $34.33, while Cardano is trading higher by 1.3% at $0.479. Avalanche (AVAX) rose 0.51% to $19.21. The global crypto market cap stands at $994.19 billion, a 0.4% decline over the previous day.

Binance sees record rise in Indian users after imposition of new crypto tax

The number of Indian user sign-ups has surged on global crypto exchange Binance after a 1% tax deducted at source (TDS) came into effect in July. Binance app downloads in India jumped to 429,000 in August 2022. Meanwhile, daily trading volumes at several India-based crypto exchanges have reportedly declined over 90% since the 1% TDS took effect.

South Korean authorities issue arrest warrant for Terra’s Do Kwon

A court in Seoul issued an arrest warrant for Do Kwon, the CEO and founder of TerraForm Labs, following an ongoing investigation into the collapse of the Terra ecosystem. The warrant also targets five more individuals who are currently residing in Singapore for violation of capital market rules. Terra Labs’ stablecoin UST and its sister token LUNA crashed heavily in May 2022. It resulted in the wipeout of at least $40 billion of investors’ wealth.

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Do Kwon, Terra Labs Slapped with Class-Action Suit – Top Crypto Updates

Do Kwon and Terra Labs slapped with class-action suit

An Illinois resident sued Terraform Labs, its founder Do Kwon, and several venture capitalist (VC) firms that make up the Luna Foundation Guard (LFG). The lawsuit claims that the defendants violated federal securities laws and misled investors. LUNA and TerraUSD (UST) collapsed last month after the stablecoin lost its peg. An attempt to relaunch LUNA has so far failed to bring investors back to the project.

Crypto prices today: Bitcoin surges 8.8%, ETH up 12%

Bitcoin is currently trading at $19.953.99, surging 8.82% over the previous day. Ethereum is up 12% over the last 24 hours to $1,072.58. Solana rose 9.26% to $31.95, while Cardano is trading higher by 4.5% at $0.465. Avalanche (AVAX) jumped 11.45% to $15.68. The global crypto market cap stands at $874.88 billion, a 6.66% increase over the previous day.

Iran to cut electricity to authorized crypto miners: Report

As per a Bloomberg report, the Iranian govt is restricting crypto mining activity as it tries to ease the strain on the country’s power supply. Electricity to all 118 state-authorized mining operators in Iran will be cut off from June 22 ahead of seasonal spikes in power demand.

Celsius says it’ll ‘take time’ to stabilize its liquidity

A week after freezing withdrawals, crypto lending platform Celsius Networks Ltd. said it will “take time” to stabilize its liquidity and operations. Earlier this month, Celsius announced it was pausing withdrawals, swaps, and transfers “due to extreme market conditions.”