Do Kwon’s wife seeks police protection
The wife of the CEO of Terraform Labs sought protection after an unidentified individual visited their home in South Korea, local police told Forkast.
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Chinese runners offer substitute running to earn STEPN’s GMT for commission
Over 170 advertisements in Chinese tech titan Alibaba’s second-hand marketplace are offering running services to earn cryptocurrency GMT for STEPN users in exchange for fiat commissions. See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts STEPN is a blockchain-based decentralized application that allows users to earn GMT cryptocurrency rewards by…
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Sam Bankman-Fried buys 7.6% of Robinhood; stock jumps
Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, has bought a 7.6% stake in Robinhood for US$648 million, according to a filing with the U.S. Securities and Exchange Commission. See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts Bankman-Fried bought the stake through a firm called…
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S.Korean president’s plan to raise crypto tax threshold hits road bump
The South Korean National Assembly Research Service (NARS) asserted a 20% tax on cryptocurrency gains set for 2023 must maintain a 2.5 million won (US$1,942.20) threshold, contradicting new president Yoon Suk-yeol’s initiative to raise the limit to 50 million won, according to a report released on Thursday. See related article: S.Korea finance minister nominee wants…
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Binance pulls the plug on TerraUSD (UST) trading pairs
The world’s largest cryptocurrency exchange will delist a number of trading pairs linked to TerraUSD (UST), an algorithmic stablecoin that has been in a freefall since earlier this week. See related article: Tether stabilizes after burning 3 billion tokens amid redemptions Fast facts Binance Friday said it will remove and cease the trading of several…
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Tether stabilizes after burning 3 billion tokens amid redemptions
The world’s largest stablecoin destroyed a total of 3 billion USDT tokens in an account known as Tether Treasury through two separate burns on Thursday, according to data from blockchain tracker Whale Alert. See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts “Burn burn burn,”…
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Terra shuts down indefinitely after coming back online; LUNA, UST still on life support
Terra officially halted block production at 09:58 am HKT on Friday, block height 7607789, after restarting the network from an overnight shutdown to prevent possible governance attacks. Terra said validators are working on a plan to restart the network but did not release any further details. See related article: Terra plunges back to earth as…
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Bitcoin, Ethereum, crypto at 2022’s lowest point
Bitcoin’s price has dipped to its lowest point since December 2020 amidst bearish cryptocurrency market sentiments to trade at US$28,652, according to CoinMarketCap data at press time. See related article: Terra LUNA’s sacrifice pushes UST to US$0.84 Fast facts The crypto bear run extended on Thursday, as China’s inflation rose by 1.5% in April from…
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Hong Kong police arrest suspect in nearly US$200,000 crypto theft
Hong Kong police announced on Tuesday the arrest of a 24-year-old who is suspected of stealing HK$1.5 million (US$191,076) in cryptocurrencies in a physical cash-to-crypto transaction. See related article: Hong Kong sees high engagement with crypto, Visa research shows Fast facts The police labeled the rare on-site cryptocurrency theft as a serious crime punishable by…
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South Korea hopes to institutionalize crypto by 2024
South Korea’s new administration under President Yoon Suk-yeol announced it plans to establish a new regulatory framework for crypto institutionalization to go into effect by 2024 after proposing legislation in 2023. See related article: A crypto bull wins the presidency: What it means for South Korea Fast facts Yoon’s administration intends to develop a bill…