DOJ Attacks Terra While Do Kwon Iis Wanted
The US Department of Justice (DOJ) has opened an investigation against Terraform Labs and its former employees, while the whereabouts of the founder of the collapsed cryptocurrency ecosystem, Do Kwone, are still unknown. Thus, at the moment, representatives of the FBI, prosecutors for the southern district of New York, the US Securities and Exchange Commission (SEC), DOJ and, of course, the South Korean authorities want to see Kwon and other employees of Terraform Labs in the dock. All accusers blame the South Korean crypto-entrepreneur for a massive scam that led to dire consequences for Terra investors. However, since May last year, the 31-year-old developer has been clearly against cooperation with the investigating authorities, although he has said several times that he is not hiding anything and is ready to help South Korean prosecutors in investigating the collapse, which was caused by the decoupling of the algorithmic stablecoin UST from the dollar and a parallel collapse the value of the native coin LUNA. Since then, there have been rumors that Kwon secretly moved to Dubai, Singapore, the Russian Federation and even the island of Mauritius. At the end of last year, several sources announced at once that the entrepreneur was in Serbia. In February, a delegation of South Korean authorities was sent there, whose representatives were supposed to find an entrepreneur who was also looking for Interpol. Notably, Kwon promised to reveal his whereabouts back in November 2022 and even invited law enforcement to attend the event. He has since stopped tweeting...
Charles Hoskinson Proposes to Abandon Banks
In a tweet today, the founder of Cardano, Charles Hoskinson, called for the abandonment of all banking services due to the ongoing economic crisis and stated that crypto players need to mitigate the risks associated with unstable and unreliable banks. His tweet came as a reaction to the U.S. regulators shutting down Signature Bank, effectively removing one of the last easy options for cryptocurrency firms from any connection to the traditional financial system. While proponents of the digital asset industry predict that it will eventually replace traditional banks, the industry is currently facing challenges when it comes to reconnecting with the banking system. Many crypto companies report that it is becoming increasingly difficult to find banks that are willing to offer even the most basic services for crypto holders. Hoskinson believes that for traditional banking institutions, “the game will be over” as soon as there is a legitimate way to digitize Treasuries. Moreover, with his statement, he highlights the high potential of cryptocurrencies to disrupt traditional financial systems and create new decentralized alternatives. In contrast, the founder of Cardano sets the main task of creating new decentralized alternatives to traditional financial systems.
BTC for $250,000 Is Back on Air: Tim Draper's Forecast
In a recent interview with the Observer, billionaire venture capitalist Tim Draper predicts that Bitcoin has begun its journey to a fantastic $250,000. According to Draper, the cryptocurrency flagship is now at the start of a parabolic rally that will result in profits in excess of 900%. And all this “trip” will happen in less than two years. Notably, just 4 months ago, Draper predicted that BTC would hit its target six months after the collapse of the FTX cryptocurrency exchange. At the time, he stated that investors would likely seek refuge in high-quality and decentralized digital assets, which is why bitcoin will again attract mainstream attention. Now the billionaire says that even if BTC does not make a meteoric rise by June of this year, the forecast could be extended until the end of next year: “I am almost 100 percent sure I will be right in 18 months.” By the way, Draper, like Cathy Wood, believes that the reason for the bankruptcy of FTX was the excessive centralization of the system. Therefore, he insists that accumulating crypto-assets controlled by a centralized organization is a very dangerous undertaking.