DeFI News by Thebittimes.Com

According to Montenegrin media, not only did Do Kwon and former Terra exec Han Chang-joon purchase luxury apartments in the Serbia n capital of Belgrade before making their way to Montenegro, they may have met with the country’s prime minister, Milojko Spajić, at some point before their arrests. Do and Han are well known for their involvement with failed algorithmic stablecoin protocol Terra /Luna, which collapsed two years ago. As DLNews reported in April, Do and Han purchased real estate and parking spots in the best part of Belgrade — with the condominium they were staying in being worth in excess of $2 million. However, according to former prime minister and current MP Dritan Abazović, the duo may have been up to much more than just hobnobbing with the Serbian elite and avoiding law enforcement. Abazović claims that a source told him Do and Spajić met at Topalovićeva 4 in Belgrade and that Spajić may have made a deal with Do to purchase millions of dollars worth o...

A Montenegro court has extended the custody of Terra founder Do Kwon by two more months, while South Korea and the U.S. remain seeking his extradition. Marija Rakovic, a spokesperson for the country’s Higher Court in the capital Podgorica, confirmed in a commentary to AFP that Kwon Do-hyung‘s extradition custody has been “expanded by two months,” Barron’s reports. It is still unclear to which country the disgraced crypto entrepreneur would be deported to. The United States requested the extradition of Do Kwon from Montenegro in early December 2023, accusing him of fraud and market manipulation in connection with the collapse of TerraUSD, an algorithmic stablecoin which lost its peg to the U.S. dollar in 2022. South Korean authorities also allege that Kwon engaged in fraudulent and manipulative activities in connection with the collapse of TerraUSD. They claim that he misled investors about the stability of the stablecoin and that he orchestrated its...

The crypto-verse encountered the downfall of two major projects this year. While the community was just recovering from the infamous collapse of Terra, it was soon hit with the descent of the FTX empire. Manhattan prosecutors believe that there might be a connection between the two. Federal prosecutors are reportedly investigating to see if FTX founder Sam Bankman-Fried was involved in the collapse of TerraUSD and Luna. According to a recent report by New York Times, these prosecutors believe that SBF could have manipulated the price of the aforementioned assets. He would have done this in order to bring profits to the entities he owned. JUST IN: 🇺🇸 Federal prosecutors are investigating Sam Bankman-Fried & Alameda Research for market manipulation that led to the collapse of $LUNA and $UST. — Watcher.Guru (@WatcherGuru) December 8, 2022 Back in May 2022, Terra’s stablecoin UST lost its $1 peg causing immense chaos in the market. The asset fai...

It’s been several months following the downfall of Terra. The dramatic de-pegging of TerraClassicUSD [USTC] brought down the entire network and its investors. Amidst all of this, Do Kwon, the creator of the project decided to escape and hide his whereabouts. While several prosecutors and governments were on the lookout for Kwon, he decided to call police across the globe for a “meet up.” Kwon made a lot of commotion earlier today on Twitter . As was previously noted, Kwon has been sought after by both Interpol and South Korean authorities. The developer of Terra refuted charges of being in hiding repeatedly . Angered by the situation, he made the decision to challenge the police by organizing &ldquo ;a meetup/conference soon” and even pushed them to attend. Alright ill throw a meetup/conference soon to get over this in hiding bs Cops from world over welcome to attend — Do Kwon 🌕 (@stablekwon) November 3, 2022 The above tweet was soon ...

Binance burns its second “Luna Classic” burn of commissions from spot and margin trading pairings shortly after the announcement. Following the tragic failure of Terra and its assets, LUNC and UST, and Do Kwon’s resignation, the effort transformed into a community-driven organization. Binance, a well-known cryptocurrency exchange , appears to be backing the initiative right now. To begin, the platform stated on September 26 that it will burn all trading costs for LUNC spot and margin pairs . Binance unveiled the first burn numbers, which stood at $1. 86 million worth of LUNC . The LUNC burns have received their second update, according to Binance. From 02-10-2022 to 08-10-2022, the exchange was able to burn the following amount of LUNC . JUST IN: #Binance burned $922,800 worth of $LUNC fees collected from spot and margin trading pairs. — Watcher.Guru (@WatcherGuru) October 10, 2022 Binance burns $922,800 worth of LUNC As stated in i...