Former Terraform Employee Admits Writing False Posts From Kwon Made Him ‘Angry’

✅ In a series of ongoing court trials linked to Terraform Labs’ fraud claims tied to the 2022 implosion of its TerraUSD stablecoin, one former employee testifies how working with Terraform was rife with pitfalls.

🔘 Brian Curran, former head of communications at Terraform, told a Manhattan federal jury on Monday that spearheading public relations for the company made him “angry.”

🔘 Curran tried to be “transparent” to users while doing PR for Terraform, however, the company asked him to write false posts. He further said that working with Do Kwon, the beleaguered founder of Terraform, was troublesome, a report from Law360 revealed.

😂 In May 2021, the Terraform’s UST stablecoin lost its dollar peg, raising concerns among the community. Curran testified he wrote on X, that the dollar de-peg “just needs time to recalibrate,” which he knew was false.

Trading Bots in Asia React to ETF Flows Data After Market Closure, Leading to Pronounced Swings

🪙 Bitcoin investors in Asia are experiencing significant price swings as automated trading protocols react to flows data from US exchange-traded funds (ETFs) that hold the cryptocurrency.

🟡 The impact of these automated trading algorithms is particularly felt during Asian trading hours following the close of US share trading, when daily figures on the demand for spot-Bitcoin ETFs are released, according to a report from Bloomberg.

🟡 The recent market drop in Asia serves as a good example of the influence of these automated trading protocols. On Tuesday, Bitcoin experienced its worst decline in a month during the Asian morning, as investors reacted to the flows data indicating a withdrawal of funds from Bitcoin ETFs.

💲 Shiliang Tang, the president of the principal trading firm Arbelos Markets, told Bloomberg that trading bots can automatically analyze and react to this data, resulting in buying or selling actions. The automated response is believed to be a major contributing factor to the pronounced swings in the market.

Crypto Market Maker GSR Wins Singapore’s Stringent License

🇲🇨 Singapore regulators have granted a Major Payment Institution (MPI) license to crypto market maker GSR Markets, establishing the company as among the initial recipients of such authorization within its sector.

🔴 Fueled by Bitcoin’s sustained strength and resurgent investor confidence, which have spurred a surge in trading activity, market makers like GSR are enjoying a period of resurgent profitability. GSR’s MPI follows its successful in-principle approval for the same license in October.

🔴 The awarding of an MPI license is contingent upon applicants fulfilling specific financial criteria. This includes upholding a minimum base capital level of $185,000 and submitting regular financial statements to the Monetary Authority of Singapore (MAS).

🚫 Furthermore, MPI license holders are subject to ongoing reporting obligations to MAS. These encompass notifying the authority of any material alterations to their business operations, along with any suspicious activities identified through Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) controls.

Terraform Labs and Co-Founder Do Kwon Found Guilty of Fraud in SEC Case

🇨🇳 Terraform Labs and its co-founder, Do Kwon, have been found guilty of fraud in a civil case brought against them by the United States Securities and Exchange Commission (SEC).

🔗 The jury in the U.S. District Court for the Southern District of New York delivered the verdict in federal court after a two-week trial after hearing closing arguments earlier in the day, according to an official announcement.

🔗 The SEC alleged that Terraform Labs and its former CEO, Kwon, deceived investors regarding the stability of their crypto asset security and algorithmic stablecoin called Terra USD. Furthermore, they were accused of misleading investors about whether Terraform’s blockchain was used by a popular payment application for processing and settling payments.

🇺🇸 “We are pleased with today’s jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud,” said SEC Enforcement Director Gurbir Grewal.

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HashKey Group Secures Bermuda License, Launches Global Platform

📲 Through HashKey Global, the individual investors can trade more than 20 cryptos with stablecoins including Tether (USDT) and USD Coin (USDC). The platform plans to introduce futures trading within the first quarter post its launch.

🔴Though the exchange has already accumulated around 170,000 users, Weng estimated that the number of potential users interested in trading who do not have access to the reginal platform is four times of the current user count.

🔴To realize the potential and expand the markets HashKey serves, the new global platform is positioned to target international users, excluding China Mainland, Hong Kong, the United States, and other countries and regions that have an active crypto ban.

📌 As of now, individual investors in Hong Kong can only trade Bitcoin (BTC) and Ethereum (ETH). The Group submitted application to the Securities and Futures Commission (SFC) in 2023 for four additional assets but has not received any approval yet.

Crypto Industry Needs ‘Light’ Regulatory Framework to Combat Risks: US Sen. Thom Tillis

🇺🇸 The US Republican Senator Thom Tillis has called for a new regulatory framework for the crypto industry, which would “create the most hospitable environment for digital assets to thrive.”

🟢 During the Senate Banking Committee meeting on Tuesday, Tillis stressed “light” regulation to help curb illicit crypto financing. His remarks came after Deputy Treasury Secretary Adewale Adeyemo addressed the urgency of regulating cryptos due to national security risks.

🟢 “One thing I’d tell people in the crypto or digital assets space that say ‘Nothing to see here, everything is fine’ – they’re wrong,” Sen. Tillis noted. Senator Tillis added that the crypto regulation would “vastly” differ if there is a change of administration after November elections.

💲 Banking Committee chair Sherrod Brown released a document supporting the Treasury’s enforcement goals before Adeyemo’s testimony. According to Brown’s statement, he called for the right “tools” to crack down on illicit finance with digital assets.

British Columbia Province to Regulate Electricity Supply for Crypto Miners

💎 Josie Osborne, Minister of Energy, Mines and Low Carbon Innovation, said Thursday that the province is working to address high energy consumption by crypto miners in the region. This creates very few jobs or economic opportunities, she added.

📊 Per the ministry’s statement, the legislative amendment would allow the government to prohibit or limit electricity usage for crypto miners. This is because the “unchecked growth” of the sector could make it expensive to supply electricity to homes and businesses.

🔼 In December 2022, the province has called for a suspension of new electricity connections for cryptocurrency mining for 18 months. That said, around 21 projects were temporarily suspended, which had requested total of 11,700 gigawatt hours of power per year.

🧬 According to a local report, minister Osborne noted that the province is working with British Colombia Hydro, the provincial power utility, to ensure there is enough electricity for the province’s future.

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Beauty and Fashion Brands Use Web3 Technology To Better Engage With Consumers

💳 Before the emergence of Web3, brands primarily relied on Web2 channels, such as social media, to connect with consumers. In fact, recent statistics show that 77 percent of businesses use social media to reach customers. Consumer engagement strategies are evolving, however. With the maturation of new technologies like blockchain and artificial intelligence, forward-thinking brands have started incorporating these elements to better engage with consumers.

⚫️ Jana Bobosikova, Co-Founder of community commerce company KIKI World, told Cryptonews that while the internet provides a platform for brands to be seen, new technologies can ensure that online products are not just passively consumed.

⚫️ “KIKI is on a mission to empower passionate consumers,” said Bobosikova. “We founded the company with a simple vision that customers and communities should be rewarded and able to participate in the success of what they champion.”

🐱 To ensure this, Bobosikova explained that KIKI uses blockchain infrastructure to connect its community with products that may interest them.

Reserve Bank of Fiji Says Crypto Not Recognised as Legal Tender

📊 The central bank of the Pacific island country of Fiji has released a note to the public cautioning that cryptocurrencies and virtual assets such as Bitcoin, Ethereum, and Tether are not recognised as legal tender in the country. In an announcement, the Reserve Bank of Fiji said it is illegal for any individuals to purchase or invest in cryptocurrencies using funds held in Fiji

🛍 The bank reminded the public that as per the RBF Act (1983) legal tender in Fiji is currency notes and coins issued or deemed to have been issued by the Reserve Bank of Fiji. The Fijian dollar has been the currency of Fiji since 1969 and was also the currency between 1867 and 1873.

⚡️ None of the Pacific Island countries officially utilize private cryptocurrencies or stablecoins, but Fiji, Palau, Solomon Islands, and Vanuatu, have been exploring the concept of central bank digital currencies (CBDCs). The vast majority of Fijians rely on cash for most of their daily transactions.

💸 The Reserve Bank of Fiji Governor Ariff Ali has acknowledged that there are businesses promoting cryptocurrency investment schemes in Fiji through various platforms including social media.

Citadel-Backed Hidden Road Partners Targets $120M in Series B

💣 Hidden Road Partners, Citadel Securities-backed prime brokerage, plans to raise $120 million in its Series B funding round, aiming for a market valuation of $1 billion.

⚫️ According to a Bloomberg report, sources familiar with the matter, who requested anonymity due to the information sensitivity, stated that the Citadel Securities-backed prime brokerage firm is seeking to expand its offerings in the cryptocurrency and foreign exchange markets.

⚫️ The round is currently projected to raise about $120 million, according to two of the people. A Hidden Road representative declined Bloomberg’s request for comment. Hidden Road was established in 2018 by Marc Asch, a former employee at Steven Cohen’s hedge fund firms SAC Capital and Point72 Asset Management. This firm quickly positioned itself in the financial market by securing $50 million during its Series A funding round.

💣 The Series A was led by Castle Island Ventures. Notable investors in this round included Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, Coinbase Ventures, among others.Hidden Road offers prime-brokerage services across multiple markets, such as foreign exchange, precious metals, and digital assets.

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