Terraform Labs calls Do Kwon arrest warrant ‘unfair’ after denial of cashing out BTC; MEV bot loses $1M in an hour
Some of the biggest news in the cryptosphere on Sept. 28 include Charles Hoskinson’s prediction that VCs will invest in Cardano within two years, how MEV bots made and lost nearly $1 million, Do Kwon and LFG denied transferring $69 million worth of bitcoin to cryptocurrencies. Exchange KuCoin and OKX.
CryptoSlate Top Stories
Hoskinson expects Cardano to be flooded with VC money by 2024
Input Output CEO Charles Hoskinson speaks at the Mainnet 2022 event in New York. He said that venture capitalists are overlooking the Cardano (ADA) ecosystem in pursuit of short-term profits.
That said, he added that it’s about the changes in the Cardano network two years later. He said:
“There’s something to invest in, so there’s something to connect. So maybe 2023 or 2024.”
This MEV bot made and lost over $1M in an hour
Maximal Extractable Value (MEV) bot 0xbaDc0dE was a mempool bot that had been active on Ethereum (ETH) for several months. Out of 220,000 transactions, 1 resulted in a massive arbitrage resulting in a profit of 800 ETH for the bot.
But the bot was misused by hackers and lost more than $1 million, making the arbitrage win meaningless.
Do Kwon, LFG denies cashing out 3313 BTC
South Korean authorities have reportedly warned crypto exchange platforms KuCoin and OKX to freeze 3,313 bitcoins (BTC). This is because Terraform Labs founder Do Kwon and The Luna Foundation Guard (LFG) allegedly transferred the amount to their platform.
This amount is equivalent to approximately $69 million at the current BTC price. LFG and Kwon came forward today to deny her $69 million transfer to KuCoin or OKX.
BIS completes CBDC pilot, cross-border payments processed total $22 million
The Bank for International Settlements (BIS) has announced the successful completion of a Central Bank Digital Currency (CBDC) pilot project involving four central banks in Asia.
The project is called mBridge, which stands for Multiple CBDC, or mCBDC. According to the announcement, he has already facilitated $22 million worth of deals during the pilot.
Chainlink Launches Economics 2.0 Staking Program
chain link Finally, we announced SCALE and BUILD, our staking reward programs.
Sustainable Chainlink Access for Layer 1 and 2 Enablement (SCALE) is part of Chainlink’s Economics 2.0 project and aims to increase the long-term usability of Oracle services. BUILD, on the other hand, started as a component of Chainlink staking aimed at early-stage projects.
Klaytn Launches Gas Fee Rebate Program for Web3 Gamers
Klaytn’s new program allows web3 gaming companies to build on the Klaytn network to offset gamers’ gs fees. This eliminates the need to purchase crypto for gas payment before playing web3 games.
The CFTC will respond to the Oki DAO member’s litigation through its Governance Discussion Forum.
The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Oki DAO.
“The listed head office or physical office location, mailing address, or listed chairman, secretary, treasurer, or agent appointed to accept the services.”
Oki DAO has not yet responded to this incident.
Parallels Drawn Between Crypto CEO Exodus and Pre-Covid Brexit
Analysts at Reflexivity Research have identified five cryptocurrency CEOs stepping down and asking, “Who’s next?”
Many prominent figures in the crypto community responded. Some argue that CEOs tend to chase cash and the crypto market hasn’t been able to provide it, while others point to upcoming regulation and say it scared off former CEOs.
research highlights
British pound hits all-time low against dollar
The historically stable British pound (GBP) fell to a low against the US dollar (USD) on September 28th.
CryptoSlate’s analysts delved into the subject to find that the GBP has been on a downward trend against the USD since the 1990s. Pound depreciation accelerated after 2008 crash.
As the pound started to lose stability, people started looking to other alternatives such as Bitcoin. On September 26th, BTC/GBP trading volume increased by over 1,200%.
News around Cryptoverse
Terraform Deems South Korea’s Do Kwon Arrest Warrant ‘Unjustified’
Terraform Labs explained that the arrest warrant for CEO Do Kwon by South Korean prosecutors was an overreach by the authorities, arguing that Luna is not a security and South Korea’s capital market law does not cover it. wall street journal report.
crypto market
Over the past 24 hours, Bitcoin (BTC) rose 2.47% to reach $19,541, while Ethereum (ETH) also rose 1.09% to trade at $1,335.
