Crypto Roundup: Do Kwon Arrested; SEC Sues Justin Sun; Arbitrum (ARB) Coin Goes Live: Euler Finance Recovers Funds: March 19-25.
Hey, crypto warriors! It's time for another exciting edition of Melega's crypto weekly roundup, where we'll bring you up to speed on the latest happenings in the world of digital assets.
This week has been nothing short of eventful, with the American SEC continuing its crackdown on crypto and leaders in the industry facing legal actions.
As the global financial system faces the threat of several banks collapsing, investors are scrambling for safe havens to park their savings, leading to Bitcoin's price hovering above the $28,700 mark and boosting the prices of other cryptocurrencies.
But that's not all, folks! This week, we saw the launch of Arbitrum's native token, the arrest of Do Kwon, the "crypto crash" boss and founder of Terraform Labs, and the return of some of Euler Finance's stolen Ethereum (ETH) coins.
So, follow us as we take you through a brief recap of all the top crypto news from the last seven days, including those that happened within the MelegaSwap ecosystem!
Top crypto stories
- The long-awaited Arbitrum (ARB) airdrop officially went live.
- The American SEC filed lawsuits against Justin Sun, his companies, and celebrities over cryptocurrency security offerings.
- Binance employees allegedly help Chinese customers bypass KYC controls.
- The founder of the failed Terraform Labs, Do Kwon, has been arrested in Montenegro.
- El Salvador plans to remove taxes on technological advancements.
- Euler Finance's exploiter returns some stolen funds.
The long-awaited Arbitrum (ARB) airdrop officially went live.
This past week saw the launch of the long-awaited Arbitrum airdrop, a layer 2 scaling solution for Ethereum. The ARB markets, on the other hand, fell more than 85% below pre-IOU market prices recorded the previous day.
Just over a billion ARB tokens, or 11.6% of the total supply, were airdropped by Arbitrum. Data indicates that more than 474 million tokens had been claimed as of noon ET on the day of the event.
On Thursday, this airdrop increased the layer 2 blockchain network’s daily transaction volume to 2,733,872. During the same time period, the number of transactions on the arbitrum network exceeded that on Ethereum (ETH).
As a result, there were more transactions on Arbitrum than on the Ethereum mainnet on March 22 and 23.
The American SEC filed lawsuits against Justin Sun, his companies, and celebrities over cryptocurrency security offerings.
On March 22, the United States Securities and Exchange Commission (SEC) called a jury trial against Justin Sun, the creator of the popular Tron Blockchain network powering Tronix (TRX) token. The claims allege that the entrepreneur orchestrated the unlicensed offer and sale, manipulative trading, and unlawful promotion of crypto asset securities.
In addition, the regulator charges three of Justin’s companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent). The lawsuits also include eight celebrities, including Lindsay Lohan, DeAndre Cortez Way (Soulja Boy), Miles Parks McCollum (Lil Yachty), YouTuber Jake Paul, Aliaune Thiam (Akon), Michele Mason (Kendra Lust), Austin Mahone, and Shaffer Smith (Ne-Yo) for “illegally” touting TRX and BTT without disclosing that they were compensated for doing so and the amount of their compensation.
Binance employees allegedly help Chinese customers bypass KYC controls.
A recent investigation conducted by CNBC claims that some employees of the Binance exchange have been helping customers in China to bypass the Know-Your-Customer (KYC) verification process despite the region’s ban on the crypto market
This is in spite of how the world’s largest cryptocurrency exchange in the industry has thrived to be as secure and transparent as possible following the FTX collapse.
The news company affirmed,
“CNBC obtained, translated and reviewed hundreds of messages from a Discord server and Telegram group, which are controlled and operated by Binance. More than 220,000 users were registered across both groups, which were freely accessible to anyone who registered and joined.”
The founder of the failed Terraform Labs, Do Kwon, has been arrested in Montenegro.
Do Kwon, the cryptocurrency businessman and creator of two digital assets that failed an estimated $40 billion or more in 2022, has been arrested for falsifying official documents at Podgorica airport.
Authorities had believed that Kwon, the South Korean developer of the TerraUSD and Luna cryptocurrencies, went into hiding after his home country issued an arrest warrant for him in September. At the time, Kwon denied he was a fugitive in a tweet. But since then his once-active Twitter account has fallen silent.
El Salvador plans to remove taxes on technological advancements.
The president of El Salvador and a popular Bitcoin (BTC) proponent, Nayib Bukele, has announced that he would propose to the nation's legislature to abolish all taxes on technology innovations.
This legislation would get rid of all taxes paid on technological inventions as well as computing and communications hardware manufacturing etc.
The Bitcoin enthusiast is eager to make the Central American country a crypto hub, adopting the most popular cryptocurrency as legal tender in 2021 and unveiling plans to create the world’s first "bitcoin city."
Euler Finance's exploiter returns some stolen funds.
The hacker behind the $196 million hack on the decentralized lending protocol Euler Finance has returned 51,000 ETH and 7,737 ETH worth over $101 million of the stolen assets on March 25th.
Meanwhile, the hacker had previously sent 3,000 ETH to the protocol on March 18th, worth nearly $5.4 million at the time. However, the exploiter still controls some of the stolen assets.
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