On Thursday, Nov. 3, 2022, native reviews from South Korea disclosed that Korean prosecutors have allegedly found proof that exhibits Do Kwon and an affiliate manipulated the worth of LUNA, Terra’s native crypto token. The report additional says South Korean prosecutors imagine Kwon is hiding out in Europe.
A report printed by the native KBS Information claims the co-creator of the Terra blockchain venture, Do Kwon, is at the moment situated in Europe. The information was found by the Terra whistleblower referred to as Fatman, a person that has been publishing damning allegations towards Kwon and Terraform Labs’ associates throughout the previous few months.
“Korean prosecutors have obtained a personal dialog between Do Kwon and an worker the place he provides orders to control LUNA’s market value,” Fatman wrote on Twitter on Nov. 3, 2022. “They’ve additionally confirmed that he’s at the moment residing in Europe as an unlawful immigrant.”
Fatman additional shared the KBS Information article, which summarized the identical information the whistleblower described within the tweet. Talking with the KBS Information reporter, Lee Do-Yoon, the South Korean Prosecutor’s Workplace official mentioned:
I can’t reveal the main points, but it surely was a dialog historical past the place CEO Kwon particularly ordered value manipulation.
The information follows the reported $40 million in crypto belongings allegedly frozen by South Korean authorities. The belongings reportedly derived from the crypto exchanges Kucoin and Okex. Kwon, nevertheless, denied the seizure was his funds and he said that he didn’t use these buying and selling platforms. Kwon has repeatedly told the general public he’s “making zero effort to cover.”
Kwon additionally tweeted on Nov. 3, 2022, when he said “Surprisingly, these previous couple of weeks have been probably the most artistic intervals of my life.” The KBS Information article written by Lee Do-Yoon says that Kwon could have been hiding out in Dubai, however the reporter additionally added that he’s residing within the area illegally.
“Do Kwon is now an unlawful immigrant, wherever he’s, in any nation, and he can’t journey legally between nations,” a translation of Lee Do-Yoon’s KBS Information editorial explains.
Along with the report from KBS Information, that claims South Korean prosecutors have proof towards Kwon, the Terra co-founder and associates equivalent to members of the Luna Basis Guard (LFG) and Nikolaos Alexandros Platias have been named in a class-action lawsuit.
The lawsuit derives from Singapore and plaintiffs are trying to sue for $57 million in damages. The court docket case stems from 359 multinational traders that declare they suffered monetary hardships from Terra’s crypto ecosystem collapse.
The category motion towards Kwon and his associates is led by Australia-based Julian Moreno Beltran and Singapore resident Douglas Gan. Furthermore, the crypto venture Capapult Finance just lately revealed the thought to create a “soft-pegged stablecoin” constructed on the Terra blockchain.
What do you concentrate on the report that claims Terra co-founder Do Kwon manipulated LUNA’s market value? Tell us what you concentrate on this topic within the feedback part beneath.
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An up-and-coming player in the world of cryptocurrency is looking to revolutionize the industry through its unique processes that highlight sustainability.
According to Be3, cryptocurrency XRP, developed by Ripple Labs, could have a “transformative impact on both finance and environmental sustainability” thanks to its unique consensus mechanism that does not require mining and uses a negligible amount of energy even as it scales.
It generates a minuscule amount of pollutants per transaction while producing 1,110 pounds of electronic waste and impacting just over 8 cubic miles of natural resources.
This approach separates XRP from its contemporaries, which often rely on the notoriously power-hungry proof-of-work systems and hulking mining centers that can destabilize the grid.
Statistics provided by TRG Datacenters show that XRP is the second-most eco-friendly cryptocurrency behind IOTA, consuming just 0.0079 kilowatt-hours per transaction. Comparatively, bitcoin ranks last at a staggering 707 KWh per transaction.
Furthermore, the cryptocurrency became the first major global blockchain to achieve carbon net zero by purchasing enough renewable energy to offset its minimal energy requirements, per the XRP Ledger.
Be3 also noted other features that make XRP an attractive option for institutions focused on environmental responsibility, as it takes just three to five seconds to settle at fractions of a cent per transaction.
It’s a welcome addition to a sector that desperately needs more sustainable options. A study by the International Monetary Fund found that crypto mines, in conjunction with artificial intelligence data centers, accounted for 2% of global electricity demand and 1% of carbon dioxide pollution in 2022.
The United Nations found that the bitcoin mining network used 173.42 terawatt-hours of electricity between 2020 and 2021, resulting in a carbon footprint equivalent to burning 84 billion pounds of coal.
Coal and natural gas also supplied 66% of the energy for mining operations during this period, polluting the planet with planet-warming gases.
Luckily, the sector has made significant strides in recent times in an effort to become more eco-friendly.
Alephium, which utilizes a proof-of-work blockchain, has partnered with Gigatons to implement a proof-of-less-work consensus that is significantly more energy efficient.
Meanwhile, Ethereum has transitioned to a proof-of-stake system that has cut its energy consumption by nearly 100%.
“In a world increasingly attentive to environmental impact, XRP’s innovative technology not only promises efficiency but also a greener future,” Be3 wrote.
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ZIUM
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Donald Trump is making news once more, but this time it’s not for political reasons; it’s about cryptocurrency. As he prepares to return as the 47th President of the United States, Trump will become the first sitting president to own meme currencies, a decision that has stirred both enthusiasm and skepticism in the crypto community.
Recent sources claim that Trump’s crypto wallet consists largely of meme coins and is valued roughly $8 million. Among the assets are $1.5 million in a meme currency with Trump-themed design and $5.5 million in TROG tokens.
In addition, he has about 1.3 billion GUA coins, which amounts to nearly $400,000, and $167,000 in TRUMPIUS tokens. This is a first of its kind, where Trump becomes an oddity in the world of politics and cryptocurrency, considering his earlier reluctance towards digital assets.
DONALD J. TRUMP WILL BE THE FIRST SITTING US PRESIDENT TO HOLD MEMECOINS pic.twitter.com/ODlNXDaKIT
— Arkham (@arkham) January 10, 2025
Trump’s journey into the crypto world is notable. He had been a strong critic of Bitcoin and other cryptocurrencies, calling them scams. But that all changed in 2024 when he started publicly endorsing Bitcoin and speaking out for the right to own it. That’s a broader trend among politicians, who are increasingly recognizing the potential of cryptocurrencies and their growing popularity among voters.
Trump’s financial success in the digital sphere was also aided by his venture into non-fungible tokens (NFTs) on Ethereum. Trump reportedly made a good living from these endeavors, and he currently owns roughly 496.77 ETH, which is worth about $1.6 million.
Many people are eager to see how Trump’s administration will regulate cryptocurrencies now that he is back in office. A possible change toward a more advantageous regulatory climate for digital assets is hinted at by the nomination of important individuals like David Sacks as “Crypto Czar” and Paul Atkins as SEC chair. This could result in more precise rules for investors and businesses involved in the cryptocurrency industry.
Donald Trump. Image: Ronda Churchill/Reuters
The policies by Trump are already changing market dynamics as everybody is anxiously awaiting them. During this time when Bitcoin hit a record high of $108k, while meme coins surged, analysts still feel that Trump could make the year 2025 a major turning point in cryptocurrencies.
The rise of Trump-owned meme coins is indicative of a broader cultural shift among younger investors who are fed up with established financial institutions. This combination of the political influence of Trump and the speculative nature of meme coins puts a scenario under which political events could significantly affect cryptocurrency markets. Thus, while the investors go about this, they are not ignorant of the volatility that is usually associated with meme coins.
Featured image from Fortanix, chart from TradingView
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