Schlagwort: crypto business

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Montenegro court revokes Do Kwon’s extradition approval amid legal process flaws

  • Montenegro Court revokes Do Kwon’s extradition, citing legal flaws in the November decision.
  • Appellate Court highlights procedural shortcomings in US extradition request handling.
  • Despite the extradition revocation, Kwon’s fate still awaits retrial in Montenegro.

The Appellate Court of Montenegro has cancelled the extradition approval for Do Kwon, founder of Terraform Labs, following an appeal by his defence attorneys. The decision, based on procedural irregularities in the legal process, raises questions about the extradition requests from the United States and South Korea.

This turn of events comes after Kwon’s detention was extended until mid-February, as reported by Bloomberg last week.

Nullification of Do Kwon’s extradition

In nullifying the High Court’s decision to extradite Do Kwon to either South Korea or the USA, the Appellate Court in Montenegro cited a significant violation of the Criminal Procedure Code in the November 17 decision, emphasizing the lack of clear reasons and facts.

While the South Korean extradition request appeared to follow proper procedures, the court highlighted procedural shortcomings in the handling of the US extradition request. Specifically, the investigating judge failed to adequately inform Kwon of the reasons and evidence for the US request, violating legal requirements. Consequently, the case has been remanded to the initial court for retrial.

Legal battles surrounding Terra ecosystem collapse

Do Kwon faces extradition for charges related to financial crimes in the US and South Korea, stemming from the collapse of the Terra ecosystem in May 2022. This collapse led to a staggering $40 billion loss in the market.

Kwon and Terraform Labs’ CFO Han Chang-Joon were apprehended in Montenegro last March after evading authorities in Asia and Europe. The extradition process has been tumultuous, with Kwon’s initial arrest in Montenegro for attempting to use falsified passports, subsequent imprisonment, and legal battles culminating in the recent Appellate Court decision.

This latest development adds another layer of complexity to Kwon’s legal predicament, leaving the global cryptocurrency community awaiting the outcome of the retrial in Montenegro.

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Justin Sun’s 500B SHIB move sparks speculation amid Meme Moguls presale surge

  • Tron founder Justin Sun withdraws over 500B SHIB tokens from Binance, sparking market speculation.
  • Meme Moguls’ MGLS token presale gains momentum, capturing investors’ attention.
  • Shiba Inu’s price surge aligns with Justin Sun’s move, creating a symbiotic connection.

In a surprising move, Tron founder Justin Sun recently withdrew a colossal amount of Shiba Inu (SHIB) tokens from Binance, valued at about $5.2 million. This transaction has stirred speculation within the crypto community, coinciding with a notable surge in the SHIB price.

Meanwhile, a new player in the meme coin space, Meme Moguls, is capturing investors’ attention through its ongoing MGLS token presale. Let’s delve into the details surrounding these developments.

Justin Sun’s Shiba Inu withdrawal sparks speculation

Tron founder Justin Sun’s wallet executed two substantial transactions, withdrawing approximately 500 billion SHIB from Binance. The first transaction involved the withdrawal of 500 billion SHIB, amounting to $5.2 million. The second transaction saw the withdrawal of an additional 77 billion SHIB, worth $810,000.

The timing of these withdrawals, amid a bullish market sentiment for Shiba Inu, has ignited speculation about increased confidence in the token.

Shiba Inu price surge

The Shiba Inu price has experienced a noteworthy upswing, rising by 3.63% in the past 24 hours and reaching $0.00001043. This surge aligns with substantial whale transfers, exemplified by Justin Sun’s withdrawal.

The market sentiments surrounding SHIB have been further bolstered by a surge in the burn rate, indicating increased activity within the Shiba Inu community.

Meme Moguls MGLS token presale gains momentum

While the crypto space was buzzing with Justin Sun’s Shiba Inu (SHIB) moves, Meme Moguls, a novel entrant in the meme coin domain, is making waves with its MGLS token presale. The Meme Moguls ecosystem introduces a unique concept – a meme-backed stock market/exchange.

This innovative platform offers diverse meme-inspired assets and features a range of components, including Moguls Casino, Moguls Exchange Trading Platform, Meme Moguls Fantasy Trader, and Mogul Land, a metaverse world.

The ongoing Meme Moguls MGLS token presale is garnering attention, creating a symbiotic connection with the recent surge in Shiba Inu’s price. As SHIB investors closely monitor market trends, Meme Moguls provides an alternative avenue for meme enthusiasts to engage with a thriving community and explore unique meme-inspired assets.

Both Meme Moguls and Shiba Inu represent the evolving landscape of meme coins, offering opportunities for users to participate in the crypto world’s excitement.

MGLS tokenomics and community engagement

As Meme Moguls aims to become a prominent player in the meme coin space, the MGLS tokenomics plays a crucial role. The ecosystem is powered by the Meme Moguls Governance Token ($MGLS), offering governance participation, staking opportunities, and exclusive features.

The vibrant community of meme enthusiasts engages in lively discussions, sharing insights, and collaborating within the Meme Moguls ecosystem. The platform’s user-friendly interface and unique features contribute to its growing popularity.

As Shiba Inu experiences a surge in price and community engagement, Meme Moguls positions itself as a contender in the meme coin domain, offering a distinct and captivating experience for investors and meme enthusiasts alike.

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Stacks (STX) price soars as inscriptions spike transactions

  • Stacks (STX) price has surged 16% in the last 24 hours, hitting levels last seen in March.
  • The Bitcoin layer for smart contracts saw a huge spike in inscriptions, with a single block recording over 10k transactions.

Stacks (STX), a smart contracts enabled layer 2 network looking to unlock the Bitcoin economy, has surged by more than 16% in the past 24 hours.

According to market data from CoinGecko, the price of Stacks rose as high as $1.19 across major exchanges. The STX market cap rose to above $1.7 billion, and the last time STX traded at these levels was in March this year.

As observed across the crypto market today, Stacks’ price spike defied the broader losses experienced across altcoins, with Bitcoin (BTC) also hovering near $41k.

STX price soars amid inscriptions craze

The past few weeks have witnessed a new frenzy in inscriptions, the metadata embedded onto satoshis (sats), Bitcoin’s smallest unit. The popularity of these inscribed texts, images and other metadata (NFTs on Bitcoin) has jumped amid BTC’s price surge.

For Stacks, there was a massive spike in transactions in 24 hours on Sunday and early Monday, with a single block recording over 10k transactions. On-chain data showed block 132,377 on the L2 reached 10,371 transactions, the highest ever number of transactions in a single Stacks block.

Muneeb Ali, the co-founder of Stacks noted that Bitcoin degens’ heavy minting, resulting in blocks with eight to ten times more transactions.

Other than smart contracts, NFT capabilities and DeFi opportunities, Stacks’s L2 solution allows for increased transaction speed and reduced fees.

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Coinbase adds USD transfers for users in Singapore

  • Coinbase says it now supports USD transfers in Singapore.
  • The exchange’s customers can move US dollars to or from their accounts via SWIFT.
  • Support for USD transfers is part of Coinbase’s plans to expand its services in the key Singapore market.

Crypto exchange Coinbase has announced that retail customers in Singapore now have access to US dollar transfers.

The exchange’s users in the country can now deposit or withdraw USD using their Coinbase accounts, the company wrote in a blog announcement, with these available via the SWIFT network.

“We are excited to announce that US dollar transfers are now available for Coinbase users in Singapore. As part of our mission to increase economic freedom in the world, we build products for our users to better access USDC and the broader crypto ecosystem,” Hassan Ahmed, the country director of Singapore at Coinbase, noted.

Support for USD will see Singapore customers access commission-free trading for USD. The move gives customers another option, with Coinbase already offering commission-free trading for the trading of USDC with the Singapore dollar (SGD).

“Now, with the introduction of commission-free trading for US dollars, customers can more easily access USDC – designed to be pegged, and redeemable 1:1, to the US dollar. Customers can also be rewarded up to 5.05% APY on their USDC simply by holding, with no lockups or maximum limit,” Ahmed added.

Coinbase eyes further expansion in Singapore

According to Coinbase, Singapore is a key focus market for its global expansion strategy. Its integration with Singapore’s digital identity platform Singpass helped streamline the crypto exchange’s onboarding process in the Southeast Asia nation.

There are also partnerships with payments provider PayNow, adding it to FAST bank transfers. Meanwhile, the Monetary Authority of Singapore (MAS) granted Coinbase the Major Payment Institution (MPI) licence in October.

Today’s announcement comes just days after Coinbase launched its spot trading markets for non-US institutional customers. The platform also recently unveiled money transfer via WhatsApp, Telegram and other social media platforms.

In the US, the exchange continues to fight for clear crypto regulations, and filed an appeal against the US Security and Exchange Commission (SEC) after the regulator denied its crypto rulemaking petition.

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Zilliqa faces network disruption, on-chain transactions plunge

  • Technical glitch causes a 50% drop in Zilliqa Network daily transactions.
  • Urgent investigation and resolution underway; deposits/withdrawals halted.
  • Funds deemed SAFU; users advised to wait for network restoration updates.

The Zilliqa blockchain, valued at $383 million, is grappling with a critical situation impacting its network. On December 18, developers reported a technical issue causing an interruption in block production, resulting in a significant drop in on-chain transactions.

This unexpected challenge has prompted the Zilliqa Core Team to address the matter urgently. Here’s an overview of the ongoing situation.

Zilliqa Network on-chain transactions plunge

The technical glitch facing the Zilliqa blockchain has led to a staggering 50% reduction in daily transactions, plummeting from an average of 61,000 to 30,906.

The Zilliqa Core Team is actively investigating the root cause of the technical issue, emphasizing its status as the top priority. A statement from Matt Dyer, Zilliqa’s CEO, reassures the community that the technical team is working diligently to identify and resolve the problem. However, as a precautionary measure, all partners are urged to temporarily halt any deposits or withdrawals on the network until the issue is fully addressed.

The interruption has led to a pause in activity, with the last transaction recorded at approximately 11 am UTC. Despite the inconvenience, developers have highlighted the safety of funds (SAFU) and provided a means for users to check their on-chain wallet balances through the Zilliqa block explorer. 

Users are advised to wait for the network to be restored, assuring that normalcy will return.

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