CryptoSlate Wrapped Daily: Terraform Labs calls Do Kwon arrest warrant ‘unfair’ after denial of cashing out BTC; MEV bot loses $1M in an hour CryptoSlate Wrapped Daily: Terraform Labs calls Do Kwon arrest warrant ‘unfair’ after denial of cashing out BTC; MEV bot loses $1M in an hour
Do Kwon and LFG denied transferring 3313 BTC to KuCoin and OKX, BIS finalizes CBDC pilot program that transferred $22 million, and much more in this edition of CryptoSlate Wrapped Daily.
3 min read
Updated: Sep. 29, 2022 at 2:24 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The biggest news in the cryptosphere for Sept. 28 includes Charles Hoskinson’s expectations that VCs would invest in Cardano in two years, how an MEV bot gained and lost around $1 million, and Do Kwon and LFG’s denial of transferring $69 million worth of Bitcoin to crypto exchanges KuCoin and OKX.
CryptoSlate Top Stories
Hoskinson anticipates flood of VC money coming for Cardano by 2024
Input Output’s CEO Charles Hoskinson spoke at the Mainnet 2022 event that is taking place in New York. He mentioned that venture capitalists overlook the Cardano (ADA) ecosystem because they chase short-term profits.
With that being said, he added that things are about the change for the Cardano network in two years. He noted that VCs will get involved as the number of dApps increases in the Cardano blockchain. He said:
“Because there is something to invest in, there is something to connect to. So probably 2023, 2024.”
This MEV bot gained and lost over $1M in 1 hour
A Maximal Extractable Value (MEV) bot 0xbaDc0dE was a mempool bot that had been active on the Ethereum (ETH) for a few months. Among the 220,000 transactions it made, one generated a massive arbitrage, providing the bot with an 800 ETH profit.
However, the bot got exploited by a hacker and lost over $1 million, so the winning of the arbitrage lost its point.
Do Kwon, LFG deny cashing out 3313 BTC
Reportedly, South Korean authorities warned crypto exchange platforms KuCoin and OKX to freeze 3313 Bitcoins (BTC) because Terraform Labs founder Do Kwon and The Luna Foundation Guard (LFG) allegedly transferred that amount to their platforms.
The amount equates to roughly $69 million with the current BTC prices. The LFG and Kwon came forward today to deny moving $69 million to KuCoin or OKX.
BIS concludes CBDC pilot with cross-border payments totaling $22M transacted
The Bank for International Settlements (BIS) announced that it successfully completed a pilot Central Bank Digital Currency (CBDC) project that involved four Asian central banks.
The project is called mBridge, referring to Multiple CBDC, or mCBDC. According to the announcement, it has already facilitated $22 million worth of transactions during the pilot period.
Chainlink launches Economics 2.0 staking programs
Chainlink finally announced its staking reward programs, the SCALE and BUILD.
The Sustainable Chainlink Access for Layer 1 and 2 Enablement (SCALE) is a part of Chainlink’s Economics 2.0 project, which aims at enhancing the long-term utility of its oracle services. On the other hand, the BUILD was launched as a component of Chainlink staking targeting early-stage projects.
Klaytn launches gas fee rebate program for Web3 Gamers
Klaytn’s new program will allow web3 gaming companies to build on the Klaytn network to offset gs fees for gamers. This eliminates the necessity of purchasing crypto for gas payments before playing web3 games.
CFTC serves Ooki DAO members lawsuit via governance discussion forum
The Commodity Futures Trading Commission (CFTC) filed a lawsuit against Ooki DAO because the DAO didn’t have:
“Any listed headquarters or physical office location, mailing address, or a listed president, secretary, treasurer, or agent appointed to accept service.”
Ooki DAO hasn’t responded to the case yet.
Parallels drawn between exodus of crypto CEOs and pre-Covid departures
Analysts from Reflexivity Research identified five crypto CEOs who resigned from their positions and asked -who’s next?
Many prominent names from the crypto community responded. While some argued that CEOs are prone to chase cash and that the crypto market was failing to provide it, others pointed at the upcoming regulations and said they frightened the former CEOs.
Research Highlight
British pound drops to all time lows against the dollar
The historically-stable British Pound (GBP) has fallen to its lowest against the U.S. Dollar (USD) on Sept. 28.
CryptoSlate analysts took a deep dive into the subject to discover that the GBP has been following a downward trend against the USD since the 1990s. The falling of the pound accelerated after the major tank in 2008.
As the pound began to lose its stability, people started to look at other alternatives, such as Bitcoin. On Sept. 26, BTC/GBP trading volume increased by over 1,200%.
News from around the Cryptoverse
Terraform deems South Korea’s Do Kwon arrest warrant ‘unfair’
Terraform Labs described the South Korean prosecutor’s arrest warrant for its CEO Do Kwon as an overreach of their authorities and claimed that Luna was not a security, so South Korea’s capital-markets law did not cover it, The Wall Street Journal reported.
Crypto Market
In the last 24 hours, Bitcoin (BTC) increased by 2.47% to reach $19,541, while Ethereum (ETH) also increased 1.09% to be traded at $1,335.
Biggest Gainers (24h)
- Helium (HNT): +12.77%
- Kava (KAVA): +9.37%
- Synthetix (SNX): +9.05%
Biggest Losers (24h)
- IOTA (MIOTA): -3.68%
- 1inch (1INCH): -3.1%
- Cosmos (ATOM): -2.73%
Mentioned in this article
Bitcoin 
Cardano 
Ethereum 
Chainlink 
Helium 
Kava 
Synthetix 
IOTA 
1inch 
Cosmos 
Input Output 
Terraform Labs 
Charles Hoskinson 
Do Kwon Posted In: Wrapped
Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Cardano
$0.81637
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Ethereum
$3,374.12
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Chainlink
$14.8816
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
Helium
$5.71142
Helium (HNT) is a blockchain-based cryptocurrency that powers the Helium Network, a decentralized wireless infrastructure designed to support Internet of Things (IoT) devices.
Kava
$0.46271
Kava is a lightning-fast Layer-1 blockchain featuring a developer-optimized co-chain architecture that combines the two most used permissionless ecosystems – Ethereum and Cosmos – into a single, scalable, network.
Synthetix
$1.85033
Synthetix, formerly Havven, is a cryptoasset-backed network that enables the creation of on-chain synthetic assets.
IOTA
$0.17287
IOTA is focused on being useful for the emerging machine-to-machine (m2m) economy of the Internet-of-Things (IoT), data integrity, micro-/nano- payments, and other applications where a scalable decentralized system is warranted..
1inch
$0.33693
1inch is a decentralized exchange (DEX) aggregator that sources liquidity from various exchanges and is capable of splitting a single trade transaction across multiple DEXes.
Cosmos
$6.44673
Cosmos is a blockchain ecosystem where thousands of dApps interoperate to create the foundation for a new token economy.
Input Output
Input Output Hong Kong (IOHK) is a research and development company committed to using the peer-to-peer innovations of blockchain to build accessible financial services for all.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Charles Hoskinson, based in Colorado, stands out as a prominent figure in the blockchain and cryptocurrency sphere.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.
