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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Is The Bull Market Over Before The Bitcoin Halving? Glassnode Report

🪙 Firstly, Bitcoin’s short-term holder MVRV ratio is now re-approaching 1.0, meaning its unrealized profit and loss have reached a break-even point. This level can serve as support after a bull market dip, but also major resistance during bear markets when most Bitcoin holders are underwater.

🟡 “Little undercuts are good,” said Check. “In 2023 we had several of these retests. If we assume this is a resilient uptrend, we should expect the short-term holder cost basis to hold, somewhere in that $58,000 to $59,000 region. “

🟡 Similarly, short-term holder SOPR has also recently dipped beneath 1.0, meaning that short-term holders are now beginning to realize more losses than profits. Should SOPR fall significantly under this level without resurfacing, it may be a sign of a sustained bear market to come.

⚠️ As of this week, short-term holders realized losses have spiked substantially – a sign that new buyers were panic selling at a loss amid news of rising conflict between Iran and Israel. “This is essentially what you do want to see, as a contrarian,” Check added. “As a contrarian, you kind of want to see people doing the wrong thing at the wrong time.”

Finnish Tax Administration Found €30 Million Worth Unreported Crypto Gains in 2023

🇫🇮 Finland’s Tax authority has found profits from sales of unreported crypto gains in 2023, amounting to €30 Million ($31.9 million). As a result, the EU nation has mandated reporting of income from the sale of mining digital assets. Per a report from a local media outlet Verkkouutiset, in line with the tax supervision following the unreported tax gains last year, the authority has asked those who invested in virtual currencies to pay ten million euros in capital income tax.

💵 “The amount found last year is large in euro terms, which indicates that the control works and is effective,” says Mika Siivonen, tax expert from the Finnish Tax Administration. Besides paying taxes, individuals who have not declared their income are mandated to pay a tax increase and late penalties. Failing to this may lead to criminal sanctions, the report added.

💵 According to the findings from the country’s tax authority, a total of 9,800 customers reported receiving crypto income in 2022. This is lower than that of 2021, which reported 16,000 customers. “When the exchange rates of virtual currencies have been low, investors have sold less of their holdings than before or for some reason sales losses have not been declared for taxation.”

💲 Per the estimates, still a large portion of crypto income receivers fail to declare their income in question for taxation. The Tax Administration received the information from several foreign virtual currency exchanges through international data exchange.

Worldcoin Executives Meet Malaysian Leaders Amid Privacy Concerns

🌍 Worldcoin executives have met with top Malaysian officials amid ongoing privacy concerns and regulatory challenges. According to a recent social media post by the Malaysia Digital Economy Corporation, the engagement highlighted the key role of MDEC’s programs, demonstrating potential collaboration opportunities including strategic expansion into Malaysia.

🔘 The Deputy General Secretary of the Ministry of Digital, Malaysia Digital Economy Corporation CEO Ts. Mahadhir Aziz, and Director General of the Department of Personal Data Protection Mohd Nazri bin Kama attended the meeting.

🔘 “Exciting discussions today as we met with Nordstar and its impressive lineup of portfolio companies including Nothing, Airwallex, and Worldcoin,” the post reads. “The meeting was attended by YB Tuan Gobind Singh Deo, Minister of Digital; YBrs. Tuan Ma Sivanesan.”

🌐 “The session explored MDEC’s impactful programmes, its pivotal role in nurturing the venture capital and start-up landscape, and avenues for collaboration, including strategic expansion plans into Malaysia,” the post reads.

⚡️ PORTAL seems to be cooking up some new things with their new launchpad

The debut token on the Portal Launchpad is $SOMO (https://twitter.com/playsomo) and those who stake $PORTAL will be able to receive a guaranteed allocation for the $SOMO sale which is happening on Thursday, 25th April at 11 am EST and I’m expecting this to skyrocket 🤑

Within the niche of Web3 gaming, we’ve seen many successful launches recently such as My Pet Hooligan’s $KARAT – $SOMO could be next. SOMO will quite literally be the Pokemon Go of Web3 and is also a playable 3D game

$SOMO seems to be the next big cook following after $PORTAL’s success, hitting a 3bn FDV and it was the biggest Binance Launchpool launch in history. I would really recommend picking up some $PORTAL and staking via their launchpad for the $SOMO sale➡️ https://launchpad.portalgaming.com

⏺Wallets will be able to purchase up to 1 ETH of $SOMO and to balance the demand against the available allocation – there will be a weighted raffle to give everyone a fair chance. Your chances in the raffle are dictated by your ticket size and how early within the 24 hours you purchase.
The earlier you purchase and the bigger your ticket, the more $SOMO you’re likely to receive. The current presale price terms seem very fair considering other rounds available like Pixelmon’s $MON and Revolving Games’ $RCADE.

✖️ Portal Twitter: https://twitter.com/Portalcoin
✖️ SOMO Twitter: https://twitter.com/playsomo

Magic Partners with Tezos Foundation to Simplify dApp Onboarding

🎁 The open-sourced decentralized blockchain platform Tezos Foundation has partnered with Magic to enhance the onboarding process for decentralized applications (dApps). According to a press release shared with Cryptonews com, the partnership will leverage Magic’s wallet solutions and Tezos’ blockchain to streamline the user experience, focusing on simplifying processes for web3 applications.

✌ The integration by Magic, supported by a grant from the Foundation, tackles key web3 challenges such as user onboarding and authentication. Magic’s wallet solution would allow users to create wallets without the need for seed phrases, downloads, or plug-ins, simplifying the process and enhancing the accessibility of decentralized applications.

👍 With this integration, the network has become one of the select blockchain platforms featured on the Magic platform. This move is set to boost user engagement and application development. “Magic extending their Tezos support will make it easier for builders and creators to onboard new users to their dApps,” said Tezos co-founder Arthur Breitman.

DOJ Counters Tornado Cash Developer Roman Storm’s Defense, Asserting Money Transmitting Operations

🇺🇸 The US Department of Justice (DOJ) has rejected Tornado Cash developer Roman Storm’s motion to dismiss criminal charges, arguing that the defense’s filing presented disputed facts that should be weighed by a jury rather than being resolved in an early-stage motion.

🧬 Storm, along with fellow developer Roman Semenov, was charged by the DOJ with conspiracy to commit money laundering, conspiracy to operate an unlicensed money transmitter, and conspiracy to violate sanctions laws through the creation and operation of Tornado Cash.

🧬 In their motion to dismiss the indictment, Storm’s attorneys argued that Tornado Cash is not a custodial mixing service and does not meet the definition of a “financial institution.” They also contended that Storm had no control over the service and could not prevent entities like Lazarus Group from using it.