“/> CryptoSlate Wrapped Daily: Terraform Labs calls Do Kwon arrest warrant ‘unfair’ after denial of cashing out BTC; MEV bot loses $1M in an hour Zeynep Geylan * 13 hours ago 3 min read
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: September 29, 2022 at 2: 24 am
Cover art/illustration via CryptoSlate
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. He stated that the Cardano network is changing in the next two years. He said that VCs will be involved as more dApps are added to 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 was hacked and lost more than $1 million. The arbitrage won’t be repeated.
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 and refers 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 & 2 Enablement (SCALE), is part of Chainlink’s Economics 2.0 project. It aims to increase the utility of its oracle service over time. The BUILD, on the other hand was launched as part of Chainlink’s 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 will eliminate the need to purchase crypto for gas payments prior to 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 in the crypto community replied. Some claimed that CEOs are more likely to chase cash than the crypto market and that the market was failing to supply it. Others pointed to the upcoming regulations and said that they scared the former CEOs.
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 losing its stability, people started looking at Bitcoin as an alternative. 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.
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%
I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.