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Terraform CEO’s Crypto Billions Discovered In Swiss Bank SEC Pursues Legal Action

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Terraform Labs (TFL) CEO Kwon Do-hyung and TFL’s Signum bank accounts are worth billions of won. In February, the SEC filed a lawsuit against Kwon and TFL, alleging an unregistered securities issue and accused the CEO of moving 10,000 BTC (about 300 billion won) to a Swiss bank, Signum.

Signum, the world’s first virtual asset bank, was founded in 2017 in Zurich, Switzerland. The Financial and Securities Crime Joint Investigation Unit of the Seoul Southern District Prosecutor’s Office (Head Dan Seong-han) acknowledged on April 25 that they are still following Bitcoin owned by Luna Foundation Guard (LFG), with some already converted into cash and stored in the Signum account.

Terraform Labs co-founder Daniel Shin was indicted on Tuesday. The prosecution discovered that the $100 million sent to Signum was used for attorney’s fees. Billions of won are still in the account.

The prosecution also stated that freezing the Signum account would be contingent on the Swiss government and banks deciding which freeze request, from South Korea or the United States, should be processed first.

Shin and seven others were accused of illicit trading, and two more were charged with breach of trust. According to Bloomberg, prosecutors stated at a news conference that everyone involved is tied to Terra.

Terra Co-Founder Daniel Shin’s Assets Frozen Amidst Alleged Financial Wrongdoings

The frozen assets are part of a “restitution” request allowed in court to compensate victims, not a “forfeiture” motion just rejected to deposit the funds in the national treasury.

The accusation comes just one day after the Seoul Southern District Court declared that Terra Classic, as Luna was renamed after its implosion, is not a security under Korea’s Capital Markets Act. Nonetheless, prosecutors have asked the Supreme Court of Korea to rule on the case.

Shin’s attorneys maintained today that he left the Terra project in 2020 and has not been involved in operations since. The prosecutors’ “premise that Shin continued with the business although warnings from financial authorities are incorrect,” according to Shin’s lawyers, according to Korea Daily

Global Legal Implications

Following the arrests of Terraform Labs co-founder Do Kwon and chief financial officer Han Chang Joon in Montenegro last month, the legal fallout from the Terra tragedy now spans multiple countries.

Both the United States and South Korea have requested Kwon’s extradition, but he and Joon must first face charges in the country where they were arrested for using false passports.

Meanwhile, Kwon has requested that the Securities and Exchange Commission (SEC) drop the accusations against him because Terra tokens are not securities.

Related Reading: | Binance: Terra Classic’s Existing Deposit Addresses Will Be Discontinued |

BTCUSD 2023 04 25 19 09 25
Source: Tradingview.com

72% Developer Working Outside of Bitcoin & Ethereum: Crypto Landscape Diversifies 

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Electric Capital, a venture capital firm, has published in its 2022 developer research report that the number of monthly active developers in the cryptocurrency field has seen significant growth, notably outside Bitcoin and Ethereum.

According to the report, there are now 23,343 monthly active developers working in the crypto space, with a particular surge in activity among Bitcoin and Ethereum developers. 

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Source:Electric Capital

Specifically, the report found that the number of monthly active developers working on Bitcoin has tripled to 946, while the number working on Ethereum has increased by a staggering five times to 5,819.

Major ecosystems outside of Bitcoin and Ethereum are emerging, with 72% of monthly active developers working outside of these two ecosystems, with Solana, Near, and Polygon totaling more than 500 monthly active developers.

While Bitcoin and Ethereum have long been dominant players in the field, the report reveals that ecosystems outside of these two giants are now thriving. In fact, 72% of monthly active developers are currently working on projects outside of Bitcoin and Ethereum. 

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Source: Electric CapitalSource: Electric Capital

Bitcoin & Ethereum Account For 28%, While Others Are Emerging

The report highlights three emerging projects in particular, Solana, Near, and Polygon, which together have attracted over 500 monthly active developers. This suggests that the crypto space is becoming increasingly competitive, with new players rising to challenge established leaders.

Additionally, a number of up-and-coming projects have seen significant growth in recent months. These projects include Sui, Aptos, Starknet, Mina, Osmosis, Hedera, Optimism, and Arbitrum, which have all grown by 50% or more year-over-year and have attracted 100 or more total monthly active developers.

The report also indicates that the DeFi space is particularly hot right now, with 3,901 developers working on DeFi projects across multiple chains every month, representing a growth of 240% since the DeFi summer. 

Furthermore, 50% of DeFi developers are working outside of the Ethereum ecosystem. Additionally, NFTs are also becoming increasingly popular, with more than 900 developers writing code monthly across chains, a growth of 299% since 2021. 

According to the report, a record 61,127 new developers wrote open-source code in the crypto field last year, the highest number ever recorded in history. This surge in new developer activity was even more remarkable given that it occurred during a market upswing, with many new developers drawn to the space by the potential for financial gain.

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Source: Electric Capital

The report also found that this increase in new developer activity is significant when compared to previous years. In 2017 and 2018, the number of new developers contributing open-source code was 44,263. Furthermore, 52% of monthly active developers started contributing in 2022.

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Source: Electric Capital

Moreover, the report states that the number of monthly active developers reached an all-time high in June 2022, the highest number of monthly active developers since 2009.

However, since that all-time high, the number of monthly active developers fell by -11%. Nevertheless, still, the report suggests that the crypto field is becoming increasingly attractive to new talent and that this trend is expected to continue in the future.

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Source: Electric Capital

Related Reading | Shiba Inu Fiat Transactions Now Gain Support From S.Korea’s Largest Exchange

Massive Bitcoin Withdrawal From Exchanges: $120 Million Removed On Jan 17th

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On January 17th, a staggering $120 million worth of Bitcoin (BTC) was withdrawn from exchanges, marking the second-largest withdrawal in over a month. It followed the most recent significant withdrawal when over $200 million worth of BTC left exchanges.

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Source: Glassnode

The recent collapse of Sam Bankman-Fried’s FTX has sparked fears among investors over the safety of their assets, leading to a record number of Bitcoin withdrawals from crypto exchanges.

In the aftermath of the collapse of FTX last year, investors have taken swift action to protect their assets. According to data from CryptoCompare, a total of 91,363 BTC, worth close to $1.5 billion based on the November average price of around $16,400, were withdrawn from centralized exchanges, including Binance, Kraken, and Coinbase. 

It marks the largest Bitcoin outflow on record at that time, as investors sought to safeguard their funds following the exchange’s failure, potentially leaving more than 1 million creditors in its wake. While the massive outflows journey started afterward. However, it is unclear whether investors sell off or move their Bitcoin to private wallets for safekeeping.

According to a December 25th report by TronWeekly, 18.19 million Bitcoins were removed from exchanges. “The most recent statistic of 1.16 million represents the lowest level of its supply on exchanges since November 2018.”

Another report by December 28th observed a surge in daily withdrawals of $265.6 million worth of BTC from centralized exchanges, with a net flow of negative $43.1 million. Investors had been steadily moving BTC to decentralized exchanges. Meanwhile, BTC saw a daily net flow of over $1.8 million, while the leading stablecoin, Tether, reached $57.5 million. 

Bitcoin Recorded Second Worst Annual Performance

The cryptocurrency market experienced a rough end to the year, with digital assets continuing to decline in December. Despite the market downturn, volatility levels decreased compared to November due to FTX drama, according to a report by CryptoCompare.

Bitcoin, the largest coin, finished the year with a 64.2% loss, marking its second-worst annual performance in its 13-year history. In line with the market decline, trading volumes also dropped significantly. BTC specifically saw a 42.6% month-on-month decline in USDT volumes across centralized exchanges, signaling a decrease in investor activity.

However, among other digital assets, BTC had the least volatility, ending the year with 30-day volatility of 27.9%, slightly above its annual low of 26.8%.  

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Source: CryptoCompare

Despite the decline in volumes, BTC maintained its dominance in the market, accounting for 47.0% of the total spot volume on centralized exchanges in December, just 0.20% behind its market share in August. 

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Source: CryptoCompare

It, coupled with its relatively solid performance against other cryptocurrencies, has made Bitcoin the preferred asset for traders and investors. 

Related Reading | Shiba Inu Fiat Transactions Now Gain Support From S.Korea’s Largest Exchange

Tezos Protocol to Take a Giant Leap Forward with Nomadic Labs’ “Mumbai” Proposal 

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Nomadic Labs, a prominent blockchain developer within the Tezos community, recently revealed that their latest Tezos protocol proposal, referred to as “Mumbai,” is now ready for implementation. 

According to the post, the main feature of the protocol upgrade proposal introduces the activation of smart rollups and the ability for anyone to deploy decentralized WebAssembly applications. It also offers a powerful scaling solution, providing users with dedicated computational and networking resources.

In addition, Epoxy, a new technology, has been introduced on the Mondaynet testnet in the form of Validity Rollups. This technology allows for faster transaction processing through SNARK’s proof-of-validity. 

Also, block propagation times have been reduced, resulting in a decrease in block time to 15 seconds. A new feature has also been added, allowing transferring of tickets between user accounts in Mumbai. New Michelson operations have been added to support logical operations on bytes similar to those already available for nat, according to the blog post.

Arthur Breitman, the co-founder of Tezos, has declared the latest upgrade for the popular proof-of-stake blockchain as one of the most transformative. In a tweet, he stated that this upgrade is the biggest yet. 

He claims that it brings unprecedented scalability by implementing smart rollups, which are supported by the core protocol and allow for fully customizable app chains. Additionally, several other improvements have been made further to cement Tezos’ technical leadership in the industry.

Tezos Protocol Proposal Disables TORUs On Mainnet

The Mumbai proposal also deactivates Transaction Optimistic Rollups (TORUs) on Mainnet. TORUs, which had become enabled on Mainnet as of Jakarta in mid-2022, were the first optimistic rollup implementation and a crucial first step of the scalability roadmap presented in March.

When transaction rollups were released, they were intended to be a temporary measure; the inclusion of a sunset date confirmed this. Now that Smart Rollups are being launched on the Tezos Mainnet continuing with transaction rollups no longer makes sense, as Smart Rollups offer the same functionality.

If the community chooses Mumbai, the blog post states that the transaction rollup feature will be permanently disabled upon activation on Mainnet, resulting in the loss of deposited tickets and the inability for operators to retrieve their ꜩ 10,000 bonds. However, as of now, there are no transaction rollups on Mainnet.

According to the blog post, if Mumbai is chosen by the community, upgrading to Octez version 16.0 or higher will be required to participate in the consensus. A release candidate for Octez v16.0 will be available soon, and a test network for the protocol, Mumbainet, is also set to launch soon.

Related Reading | Shiba Inu Fiat Transactions Now Gain Support From S.Korea’s Largest Exchange