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Do Kwon Interview Explains He’s ‘Devastated’ by LUNA Collapse, Says ‘There’s a Difference Between Failing and Fraud’

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Do Kwon Interview Explains He’s ‘Devastated’ by LUNA Collapse, Says ‘There’s a Difference Between Failing and Fraud’

Do Kwon Interview Explains He's 'Devastated' by LUNA Collapse, Says 'There's a Difference Between Failing and Fraud'

During a recent interview with the Wall Street Journal (WSJ), Terraform Labs (TFL) founder Do Kwon said he was “devastated” by the LUNA and UST implosion that took place in mid-May. He told the WSJ that he was probably a billionaire when LUNA tapped an all-time high before the collapse, but lost a great portion of his net worth following the aftermath.

Do Kwon Speaks About the Terra LUNA Collapse

Do Kwon has recently discussed the LUNA and UST fallout during an interview with the WSJ contributors Alexander Osipovich and Jiyoung Sohn. The interview was published on June 22, and its the first interview Kwon has done since the Terra collapse. Kwon told the reporters that he lost most of his wealth after the crash but that doesn’t bother him that much. “This doesn’t bother me,” Kwon told the reporters. “I live a fairly frugal life,” the Terra co-founder said.

Kwon, however, said he was sorry about the losses investors took from the fallout. “I’ve been devastated by recent events and hope that all the families who’ve been impacted are taking care of themselves and those that they love,” Kwon stated in the interview. He also discussed his confidence that many called cocky, and noted that it was because he was a big believer in the Terra ecosystem. Kwon said:

I made confident bets and made confident statements on behalf of UST because I believed in its resilience and its value proposition.” Adding he said, “I’ve since lost these bets, but my actions 100% match my words. There is a difference between failing and running a fraud.

Kwon Has ‘Great Confidence’ in the Terra’s ‘Ability to Build Back Even Stronger’

Furthermore, Kwon discussed the new Terra blockchain and LUNA 2.0 which is down 90% from the $18.87 per unit all-time high and now trades for $1.88. LUNA 2.0 has a market capitalization of around $238 million on June 23 and the token has lost 2.6% during the past 24 hours. Kwon believes the revival will be strong and thinks that LUNA 2.0 could someday surpass the LUNA classic (LUNC) chain.

“I have great confidence in our ability to build back even stronger than we once were,” Kwon told The WSJ reporters. Kwon’s WSJ interview follows the reports that said the U.S. Securities and Exchange Commission (SEC) was investigating Terraform Labs and the UST collapse. Moreover, a whistleblower called Fatman has accused Kwon of having massive amounts of LUNA in personal wallets.

Fatman has also accused Kwon of cashing out $2.7 billion in funds before the project collapsed but the Terra co-founder denies that he cashed out and he said the allegations were false. Kwon and Terraform Labs are also being sued in a class-action lawsuit that claims the co-founder and company misled investors. Additionally, official records indicate that Do Kwon dissolved Terraform Labs Korea before the LUNA and UST collapse. Three members of Terraform Labs’ in-house legal team left the company amid the controversy as well.

What do you think about Do Kwon’s interview with the WSJ? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Fed Chair Powell: We’re Not Seeing Significant Macroeconomic Implications From Crypto Sell-Off

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Fed Chair Powell: We’re Not Seeing Significant Macroeconomic Implications From Crypto Sell-Off

Fed Chair Powell: We Are Not Really Seeing Significant Microeconomic Implications From Crypto

Federal Reserve Chairman Jerome Powell says the central bank is “not really seeing significant macroeconomic implications” from crypto’s volatility. The Fed chair stressed that there is a need for a better crypto regulatory framework.

Fed Chair Powell Says Crypto Needs Better Regulation

Federal Reserve Chairman Jerome Powell testified before the Senate Committee on Banking, Housing, and Urban Affairs on “the semiannual monetary policy report to congress” Wednesday.

Senator Kyrsten Sinema (D-AZ) asked him whether the Fed has been tracking crypto activities given the recent market volatility, and what implications crypto has on the broader economic outlook and monetary policy.

“We are tracking those events very carefully, of course,” Powell replied, elaborating:

[We are] not really seeing significant macroeconomic implications, so far.

“The principal implication is really what we’ve been saying, and others have been saying for some time, which is that in this very innovative new space, really, there is a need for a better regulatory framework,” he emphasized.

Powell continued:

The same activity should have the same regulation no matter where it appears and that isn’t the case right now.

In March, the Fed chair said: “Our existing regulatory frameworks were not built with a digital world in mind … Stablecoins, central bank digital currencies, and digital finance more generally, will require changes to existing laws and regulation or even entirely new rules and frameworks.”

Powell also told the Senate banking committee on Wednesday that the central bank is determined to bring down inflation which he believes the Fed can make happen. “At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so,” he said.

Regarding the U.S. economy possibly sliding into a recession, he stressed: “It’s not our intended outcome at all, but it’s certainly a possibility, and frankly the events of the last few months around the world have made it more difficult for us to achieve what we want, which is 2% inflation and still a strong labor market.”

What do you think about Fed Chair Powell’s comments? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit

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Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit

Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit

The Ontario Securities Commission (OSC) has taken action against two cryptocurrency trading platforms. Kucoin is permanently banned from participating in Ontario’s capital markets. Bybit has promised to take steps to comply with regulations and register with the OSC.

OSC Sanctions 2 Crypto Trading Platforms

The Ontario Securities Commission (OSC) announced Wednesday the outcome of enforcement actions against two foreign cryptocurrency trading platforms operating in its jurisdiction.

The first is Bybit, a crypto trading platform operated by Bybit Fintech Ltd., incorporated in the British Virgin Islands. The other is Kucoin, operated by Mek Global Ltd., incorporated in the Republic of Seychelles, and Phoenixfin Pte. Ltd., incorporated in Singapore.

“Bybit and Kucoin both operate unregistered crypto asset trading platforms and allowed Ontario investors to trade securities without a prospectus or any exemption from the prospectus requirements,” the Canadian regulator explained.

Regarding Kucoin, the announcement states:

The OSC successfully obtained orders permanently banning Kucoin from participating in Ontario’s capital markets and requiring Kucoin to pay an administrative penalty of CAD $2,000,000.

Kucoin must also pay a further CAD $96,550.35 ($74,497) towards the costs of the OSC’s investigation.

As for Bybit, the regulator settled with the exchange. The OSC explained that, unlike Kucoin, Bybit responded to its enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions.

The Canadian securities watchdog described:

As part of a settlement agreement, Bybit has disgorged USD $2,468,910 and paid a further CAD $10,000 towards the cost of the OSC’s investigation.

“Bybit has also given an undertaking to the OSC, which holds the firm accountable for taking steps to bring its operations into compliance,” the regulator added. The exchange will also require existing Ontario retail investors to wind down their positions in certain restricted products.

In March last year, the OSC told crypto trading platforms that offer derivatives or securities trading in Ontario to start registration discussions with it by April 19, 2021, or face enforcement action. The Canadian regulator noted:

Despite this warning, Bybit and Kucoin did not contact the OSC by the deadline and continued operations in Ontario.

What do you think about the OSC taking action against Bybit and Kucoin? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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“Play to Earn” to Own Remitano Network’s RENEC Token

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“Play to Earn” to Own Remitano Network’s RENEC Token

press release

PRESS RELEASE. “Play & Earn” is no longer a strange term for most GameFi believers. Recently, Remitano Network, Remitano’s blockchain network, has launched a novel airdrop in the format of “Play to Earn”, allowing users to own the network’s RENEC token in the form of “group mining”.

Starting from the free daily RENEC solo mining at Remitano.com, users can now mine together in groups to receive a larger amount of RENEC token airdrop as a reward. Each mining pool is called a mining room, and after 24 hours, the team members will split a larger amount of RENEC than the solo mining effort.

This is a fairly new form of airdrop in the market, making the traditional airdrop less boring.

Participation is quite simple. You just need to sign up for a free Remitano account and start mining solo or in groups.

Try RENEC mining for free here!

Refer to the official RENEC Whitepaper.

The RENEC mining program is limited to a maximum of the end of Q3 of 2022, so the sooner you join the better your chances of owning more of the exchange’s tokens.

Remitano Network Launches Testnet

At the beginning of April 2022, the Remitano Network Team successfully launched a test network (Testnet) that promises strong moves of Remitano, a 9-year-old crypto exchange, in the world of blockchain.

The Testnet network launched with the appearance of the Testnet RENEC wallet which allows registered users to receive 100 testing RENEC into the wallet. You can also register to receive 100 RENEC to Testnet wallet here.

The RENEC mainnet is expected to launch sometime between the end of Q2 and Q3 of 2022, which is also the time when the RENEC airdrop program ends.

The potential of Remitano Network

In addition to taking advantage of owning RENEC Token from now on, perhaps what the community is most interested in is which applications will appear first on the network.

Although the development team has not officially announced the first applications to run on the network, with recent observations based on Remitano’s activities, we can predict their next steps. Here’s what we’ve been able to observe in recent times:

Firstly, a decentralized exchange will appear on the Remitano Network this year according to the development roadmap mentioned in the RENEC whitepaper. This is the basic step and premise of many blockchain networks today.

Also in the whitepaper, Remitano talks about bringing P2P transactions between cryptocurrencies and fiat on the blockchain, along with a decentralized KYC service. Imagine, RENEC will become the first blockchain to support on ramp off ramp and users do not need to go through centralized exchanges.

What does this mean for developers of decentralized applications (dApps)? Take, for example, popular play-to-earn games like AXEI, STEPN. New users have to go through multiple registrations on various exchanges to be able to convert between fiat and crypto, before they can start participating in the app. This creates a huge barrier for new users, making developers limited in terms of audience.

With Remitano Network supporting decentralized KYC on the blockchain, P2P fiat crypto trading can take place right in decentralized applications. Allows users to cash in cash out easily right in the app without having to move around or need a lot of blockchain knowledge. For app developers, this means reaching out to the general population, easily reaching new users.

It seems that NFT5, BombCrypto and ToCom will be the pioneer projects for this approach.

However, what few people notice is that in 2022 it is Remitano that has entered into a strategic alliance with NFT5.io. Thus, it can be predicted that NFT will be one of the prominent applications on this blockchain network in the near future.

At the same time by the end of 2021, Remitano also has a strategic cooperation with BombCrypto, an NFT game in the Play to Earn genre.

And according to an unofficial source, a GameFi community in the form of Play to Earn will be invested and developed by Remitano to promote community interest in blockchain and crypto in general. A website shared recently by the GameFi community called https://tocom.io/ is said to be developed by Remitano.

Linking the above facts, we can imagine the future picture of Remitano Network Blockchain. Do you think the growth potential of the network is extremely large?

About Remitano

Remitano is one of the largest peer-to-peer (p2p) cryptocurrency trading platforms in the world, currently serving users in more than 30 countries. The platform provides an escrowed p2p crypto marketplace allowing users to buy bitcoin and cryptocurrency easily and safely. Remitano is a market leader in the p2p platform space, featuring an intuitive and user-friendly interface, 24/7 customer support, and boasts some of the lowest fees in the industry.

Got Questions?

Reach out to Remitano via:

E-mail: [email protected]

Socials: Fanpage, Group, Instagram, Twitter


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Contact [email protected] to talk about press releases, sponsored posts, podcasts and other options.

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