Terraform Labs Calls Do Kwon Arrest Warrant ‘Unfair’ After BTC Cashout Denial; MEV bot loses 1 million dollars in an hour


Some of the biggest news in the cryptosphere on September 28 include Charles Hoskinson’s expectation that VCs will invest in Cardano within two years, an MEV bot making and losing nearly $1 million, Do Kwon and LFG transferring $69 million worth of Bitcoin to cryptocurrency including rejection. KuCoin and OKX exchange.

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Hoskinson expects a flood of VC money for Cardano by 2024

Input Output CEO Charles Hoskinson spoke at the Mainnet 2022 event in New York. He noted that venture capitalists are ignoring the Cardano (ADA) ecosystem because they are looking for short-term profits.

However, he added that there have been changes for the Cardano network over the past two years. He noted that as the number of dApps on the Cardano blockchain increases, so will VCs. He said:

“Because there is something to invest, something to join. So, probably 2023, 2024.”

This MEV bot has won and lost more than $1 million in 1 hour

The Maximum Extractable Value (MEV) bot 0xbaDc0dE was a mempool bot active on Ethereum (ETH) for several months. One of the 220,000 transactions it made created a huge arbitrage that provided the bot with a profit of 800 ETH.

However, the bot was exploited by a hacker and lost more than $1 million, so the arbitrage win lost its score.

Do Kwon refuses to cash LFG 3313 BTC

South Korean authorities have reportedly warned cryptocurrency platforms KuCoin and OKX to freeze 3,313 bitcoins (BTC) after Terraform Labs founder Do Kwon and The Luna Foundation Guard (LFG) transferred the amount to their platforms.

This amount is equivalent to about $69 million at current BTC prices. LFG and Kwon came forward today to deny transferring the $69 million to KuCoin or OKX.

BIS concludes CBDC pilot with cross-border payments totaling $22 million

The Bank for International Settlements (BIS) has announced the successful completion of a pilot Central Bank Digital Currency (CBDC) project involving four Asian central banks.

The project is called mBridge, referring to Multiple CBDC or mCBDC. According to the statement, it has already facilitated $22 million worth of transactions during the pilot period.

Chainlink Economics 2.0 launches staking applications

Chainlink has finally announced its SCALE and BUILD stake reward programs.

Sustainable Chainlink Access for Layer 1 and 2 Enablement (SCALE) is part of Chainlink’s Economics 2.0 project, which aims to increase the long-term utility of Oracle services. BUILD, on the other hand, was launched as a component of Chainlink staking targeting early-stage projects.

Claytn launches gas discount program for Web3 Gamers

Klaytn’s new program will allow web3 gaming companies to build on Klaytn’s network to offset GS payments for players. This eliminates the need to buy crypto for gas payments before playing web3 games.

The CFTC serves Ooki DAO members’ claims through a governance discussion forum

The Commodity Futures Trading Commission (CFTC) filed suit against the Ooki DAO because the DAO:

“Any listed headquarters or physical office location, mailing address, or listed president, secretary, treasurer, or agent designated to receive service.”

Ooki DAO has not yet responded to this case.

Parallels between cryptocurrency CEO departures and pre-Covid departures

Analysts at Reflexivity Research have identified five crypto CEOs who are stepping down and asking – who’s next?

Many well-known names from the cryptocurrency community responded. While some have argued that CEOs tend to chase cash and that the cryptocurrency market can’t afford it, others have pointed to the upcoming regulations, saying they have scared off former CEOs.

Research Emphasis

The British pound is at an all-time low against the dollar

The historically stable British pound (GBP) fell to record lows against the US dollar (USD) on September 28.

GBPUSD (via tradingview)

Analysts at CryptoSlate delved into the topic to discover that GBP has been following a downtrend against the USD since the 1990s. After a major tank in 2008, the pound’s fall accelerated.

When the pound started to lose stability, people started looking at other alternatives like Bitcoin. On September 26, BTC/GBP trading volume increased by more than 1200%.

News from around the Cryptoverse

Terraform considers South Korea’s arrest of Do Kwon “unjust”.

Terraform Labs described the South Korean prosecutor’s arrest warrant for CEO Do Kwon as overstepping their authority and argued that Luna was not a security, so South Korea’s capital markets law did not cover it. The Wall Street Journal informed.

Crypto market

In the last 24 hours, Bitcoin (BTC) is up 2.47% to $19,541, while Ethereum (ETH) is up 1.09% to $1,335.

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