Saturday 3 December 2022
Home / Jude Savage (page 136)

Jude Savage

Do Kwon reportedly hires lawyers in S. Korea to prepare for Terra investigation

Terraform Labs co-founder Do Kwon has reportedly hired a lawyer from a domestic law firm in South Korea just days after claiming the South Korean authorities are yet to reach out to him or file any charges against him. According to a local media report, Kwon recently submitted a letter of appointment to an attorney at the Seoul Southern District Prosecutors' Office, the department that is currently investigating the Terra-LUNA — now renamed Terra Classic (LUNC) — collapse. While Kwon claims no charges were filed against him, prosecutors in South Korea behind the investigation of Terraform Labs reportedly executed a search and seizure in 15 firms in the third week of July. It includes seven crypto exchanges linked to now-defunct Terra's collapse. Prosecutors reportedly notified Kwon, who was staying in Singapore and banned the departure of key people. Related: Do Kwon breaking silence triggers responses from the community South Korean authorities began an investigation into th..

Read More »

UK hits double-digit inflation for the first time in 40 years

The inflation rate in the United Kingdom reached 10.1%, according to the Office for National Statistics (ONS). The Consumer Prices Index (CPI) rose by 10.1% in the 12 months to July 2022. It's a significant leap from 9.4% in June. The ONS stated that housing and household services, including fuel and transport (fuel again), food and beverages are to blame for the surge in prices. The price at the pump in the United Kingdom currently stands at roughly £1.72 ($2.08) per liter, having almost breached the £2 mark recently. For Diesel, the price sits at £1.84 ($2.23) per liter, having dropped under the £2 mark in June. The ONS reported that rising food prices were the largest contributor to the inflation rate. For Alex Gladstein, the chief strategy officer at the Human Rights Foundation, the United Kingdom joins a host of countries suffering from double-digit price increases. More than 2 billion people worldwide suffer from the situation in which purchasing power quickly erodes. Meanw..

Read More »

CoinFund launches $300M early-stage Web3 venture fund

Blockchain venture firm CoinFund has launched a new investment fund devoted to Web3 and other crypto-focused startups, opening the door to fresh funding opportunities for entrepreneurs during the bear market. The newly launched CoinFund Ventures I will invest $300 million into early-stage companies at the intersection of Web3, cryptocurrency and other blockchain sub-sectors, the company announced Wednesday. The new fund was financed by a combination of institutional investors, family offices and cryptocurrency entrepreneurs. CoinFund Ventures I is more than three times bigger than the firm’s 2021 crypto startup fund, which was valued at $83 million. CoinFund was an investor in the nonfungible token marketplace Rarible and Solana Labs’ $314 million private token sale. The company disclosed Wednesday that several of its seed-stage portfolio companies are preparing to raise Series A funding but didn’t disclose any names. CoinFund said its new investment vehicle reflects its belief tha..

Read More »

Troubled miner returns 26,000 rigs to eliminate debt

The United States-based Bitcoin mining company, Stronghold Digital Mining (SDIG), announced on Tuesday new moves to elevate outstanding debt and restructure its financial operations. In an agreement with lender New York Digital Investment Group (NYDIG), the company plans to release 26,000 of its mining rigs, 18,700 of which are currently running. The sell-off will create more liquidity and clear $67.4 million in debt held by Stronghold. Before the agreement, the company had $47 million in liquidity as of Frida. After Stronghold returns 26,000 rigs, with a total hash rate of 2.5 EH/s, their operational fleet will be approximately 16,000 miners. Overall, the hash rate capacity will be over 1.4 EH/s and a total power draw of 50–55 megawatts. The crypto market crash has played a significant role in the current difficulties for miners. In July, Bitcoin (BTC) mining revenue dropped to a one-year low at nearly $15 million. Around this time, other mining operations, such as Compass Mining, w..

Read More »

Web3 gives creators in emerging markets a shot, says Faro Company CEO

While the entertainment and production industry is still primarily dominated by the West, shows like the Squid Game demonstrate an opportunity for non-Western productions to take flight on the international scene. With some help from Web3, creators in developing markets can find their way to a bigger stage, according to an expert in the entertainment industry. In a Cointelegraph interview, Mehmet Eryılmaz, the CEO of the entertainment-focused Web3 team Faro Company, shared his thoughts on how Web3 can contribute to the development of entertainment in emerging countries. According to the executive, media and entertainment companies have been plagued by gatekeepers, who often failed to properly represent other cultures. He explained that: “This exclusion not only reflects what type of stories are being told but also prohibits the full story from being told. As social creatures, we all feel validated in our self-worth by seeing ourselves reflected on-screen.”This is where Web3 comes int..

Read More »

BNB Chain aims to raise 30K new Web3 developers across Latin America in 2022

BNB Chain, a blockchain network created by crypto exchange Binance, and Latin America-focused education platform Platzi announced that they will be launching a Web3 development course for the region. By the end of the year, the course aims to be accessible to 30,000 students. Gwendolyn Regina, investment director at BNB Chain, told Cointelegraph that this course focuses on growing the skills of developers. “This is going to be the major educational resource available in Spanish for Web2 developers to build on Web3 with BNB Chain.”This development is an effort to push wider adoption of blockchain technology and Web3 education in the region. Generally, the greatest barriers of entrance into the industry are accessibility and education, along with unclear regulations from local governments. Even among those who have already purchased crypto, the understanding of how the technology works is often misunderstood. According to a survey from the Motley Fool, nearly 10% of respondents who own ..

Read More »

Experts explain what ‘Big Short’ Michael Burry’s stock exit means for crypto

Michael Burry, the investor who famously shorted the 2008 housing bubble, has dumped nearly all the stocks in his portfolio during Q2, suggesting there may be carnage ahead for stock and crypto markets. According to a 13F disclosure filed with the Securities and Exchange Commission (SEC) on Aug. 15, Burry’s hedge fund Scion Asset Management shed around $292 million worth of shares across companies from Apple and Meta to pharmaceuticals giant Bristol-Myers Squibb, leaving only a minor position in a private prison company. As Bitcoin (BTC) and crypto have a strong correlation to the stock market, especially in relation to macroeconomic events such as Federal Reserve interest rate hikes and the Russian/Ukraine conflict, Burry’s bearish outlook on stocks may also be a warning sign for the crypto sector. However, asked by Cointelegraph whether Burry’s actions could spell potential gloom for the crypto markets, Quantum Economics founder and CEO Mati Greenspan said he is relatively unfazed..

Read More »

Aave calls on members to commit to Ethereum PoS chain

Aave token holders have been asked to take part in an Aave Request for Comment (ARC) that would require them to "commit" to Ethereum’s proof-of-stake (PoS) consensus. The ARC, proposed on Aug. 16, comes in light of Ethereum's upcoming transition to proof-of-stake. It calls for members to select the Ethereum Mainnet running under PoS consensus as the new “canonical” governance system, while also giving power to an authority to shut down any Aave deployments on any alternative Ethereum forks. The proposal will soon be made on Aave’s DAO, which allows Aave token holders to vote on software developments and updates to the AAVE protocol. As outlined on Aave’s governance website, the proposal comes with two main specs. Firstly, members will formally signal that the Aave DAO deployed on Ethereum Mainnet’s PoS consensus is the “canonical governance [mechanism]” of the Aave DAO and Aave markets. Secondly, a signal will give the Community Guardian the authority to shut down any Aave dep..

Read More »