DeFi News Daily Official TheBitTimes.com

The Terra debacle has still not come to a conclusion. After the epic fall, and the recent arrest warrant from not just Korean authorities, but from Interpol as well, the case of CEO Do Kwon and his firm Terraform Labs is one straight out the television. In a recent interview with the Wall Street Journal (WSJ), a spokesperson for Terra claimed that the authorities involved in the case are overreaching. The firm sent a statement to the WSJ, in which they claimed that LUNA was not legally a security. Hence, the asset does not come under the South Korean capital-markets law. In response to pressure from the public over the collapse of Luna, the Terraform Labs representative claimed that South Korean authorities had extended the meaning of a security. Furthermore, the spokesperson said that the case had become highly “politicized,” and the actions of the Korean authorities were unfair and did not uphold basic rights. Is the Terra CEO on the run? Terra ’s s...

Terra Luna Classic Proposal on USTC Repeg Quant team member RedlineDrifter took to Twitter to announce that Proposal 11597 “USTC / Stable Algo Quant Team” is up for voting. Other community members also shared the USTC repeg proposal as it is one of the crucial proposals for the Terra Luna Classic chain. advertisement The community pool spend proposal has received over 99% “Yes” votes, indicating that the community supports the modeling and simulation for the USTC Incremental Repeg Buybacks & Staking Swaps plan. In addition, the community also approves the developers proposed for the Quant team. Major validators including TCB, Coinpayu, StakeBin, Classy’s Sphere, PFC, and Lunanauts have favored the proposal and voted “Yes.” The proposal voting deadline is July 3, but it looks to pass a quorum before the deadline. According to the proposal, $20000 in LUNC payment for the first month is required by the Quant team. Th...

Recently, the Montenegro court in-charge of Terra founder Do Kwon ’s passport forgery case accepted his 400,000 euro [$428k] bail request. This came on the heels of a previous high court annulment. Ever since his arrest, both South Korea and the U.S. regulators have requested Kwon’s extradition in connection with the collapse of his multi-billion dollar crypto enterprise in May last year. According to senior prosecutor Dan Sunghan, Kwon could spend most of his life behind bars. Initially, he’d be spending jail-time in South Korea, and then be sent to the U.S. to serve his term. The prosecutor clarified that it is possible for a person to be tried and sentenced in both jurisdictions for different charges. Notably, Dan is the Director of the Financial Crime Investigation Bureau at the Seoul Southern District Prosecution Service. Specifically, the prosecutor said that Kwon could “be extradited to the U.S. and face trial there, and then have the sentence executed in South Korea and t...

With a score of 17 out of 100, online interest in crypto has taken a big hit from its highest levels reached in May 2021. A two-month-long lull in cryptocurrency optimism has seen online search interest for “crypto” and other common cryptocurrency terms stumble down to late 2020 levels. According to data from Google Trends, the term “crypto” currently has a score of 17, which is well off its reference point of 100 in May 2021. Bitcoin (BTC) and Ethereum have followed a similar downward trajectory. However, search interest for these terms has been in a relatively consistent decline since May 2022, about a month after much of the Terra Luna ecosystem collapsed. A small spike in interest came in early November when the crypto exchange FTX collapsed. Search interest over time for the word "crypto" Source: Google Trends The fall in interest comes as Bitcoin (BTC) has held steady around $28,000 for 10 weeks now — something which Galaxy Digital CEO Mike Novogratz recently describ...