Crypto Market Overview March 27th | Dex-Trade

Do Kwon Detained and Is Already Filing an Appeal

Last Friday, in the capital of Montenegro, Podgorica, a key person involved in the case of the collapse of Terraform Labs, the founder of the company and crypto-engineer Do Kwon, was detained. Its detention almost a year after TerraUSD (UST), Terraform's native stablecoin, lost its peg to the US dollar (USD) has become such a powerful fundamental factor for the industry that some market analysts attribute the loss of BTC support above the $28,000 level to it. Initially, the Montenegrin court accepted a preventive measure for Kwon in the form of detention for 72 hours. However, after listening to the position of law enforcement agencies, the judges decided to extend the period of arrest to one month. The South Korean crypto entrepreneur has already filed an appeal to have the decision dismissed. It is noteworthy that two states are now simultaneously insisting on Kwon's extradition - South Korea and the United States. Korean prosecutors and officials are accusing the businessman of a large-scale cryptocurrency scam that led to the irretrievable loss of $ 40 billion belonging to Terraform investors. The US authorities consider Kwon to be the organizer of large-scale manipulations with securities, a conspiracy for personal gain and fraud in goods. But at the moment, the country has not yet filed an extradition request. It is noteworthy that if Kwon is extradited to the United States, his trials will take place in the same court where the case of the founder of FTX, Sam Bankman-Freed, will be heard.

CZ and Spencer Schiff Persuade Peter Schiff to Buy BTC

On his sixtieth birthday, a consistent “opponent” of Bitcoin evangelists, investor and founder of Euro Pacific Capital (EPC), Peter Schiff, wrote a tweet in which he recognized the pessimistic forecasts of cryptanalysts talking about the worsening of the economic crisis in the United States, reliable, but their own calculation on the "triumph" of bitcoin — false, recommended crypto-investors to sell BTC and buy gold. It is noteworthy that the son of the financier, Spencer Schiff, who openly defends the crypt, decided to congratulate his father in the comments under his tweet and wrote that Peter would own an impressive amount of bitcoins in ten years. In response, Schiff thanked his son and wrote that when he turns 70, bitcoin will most likely cease to exist. Although the founder of EPC also does not exclude the possibility of buying bitcoins with money received from the sale of silver. However, he says he would go for it purely "for fun." Later, the founder and CEO of Binance, Changpeng Zhao (CZ), joined the Schiff correspondence. He joined in the congratulations and drew the attention of the birthday boy to the fact that most of his tweets are dedicated specifically to bitcoin. Thus, CZ hinted that the EPC CEO could always reconsider his position. As a result, the founder of Binance turned to trivial stories about the huge potential of bitcoin in terms of hedging assets from inflation, and the correspondence “bogged down.”

Michael Kagan Suggests Investing in AI, Not Crypto

The chief technology officer of the largest graphics card manufacturer NVIDIA, Michael Kagan, believes that investment in the research and development of software based on artificial intelligence (AI) will result in significantly more profit than cryptocurrency mining. In a recent interview with The Guardian, Kagan openly stated everything that many cryptocurrency advocates have suspected for the past two years: NVIDIA management is not interested in creating and promoting computing power for crypto mining. In addition, the engineer from NVIDIA also believes that the use of their graphics cards in the crypto industry has no value and, accordingly, does not bring any real value to society. In addition, the mining process itself on these video cards is extremely energy-consuming, and also very inefficient in comparison with what could be obtained if these capacities were directed to AI training. However, Kagan also emphasized that some NVIDIA models are still popular among miners. Therefore, at the moment the company does not plan to suspend or freeze their production. However, it is also not planned to increase the number of such products, and the company is not going to completely “switch to the side of the crypto.”