Do Kwon’s Extradition Likely to Take Time, Montenegrin Prosecutor Says

A prosecutor investigating Terraform Labs CEO Do Kwon for alleged passport forgery in Montenegro has indicated that he will not be extradited soon. The law enforcement official told South Korean media that Montenegrin authorities intend to indict Kwon within a month, ruling out the possibility of him being handed over to other countries within the detention period.

Passport Forgery Investigation Takes Precedence Over Extradition Requests in Do Kwon’s Case

It may take some time before an extradition process begins for Do Kwon, the South Korean Yonhap news agency reported, quoting the prosecutor working on the case of the Terraform Labs co-founder who was recently arrested in Montenegro.

Judicial condemnation of crimes that have taken place in Montenegro’s jurisdiction is a priority for the authorities in the small Balkan nation, Haris Šabotić stated in an interview in the Montenegrin capital Podgorica on Monday.

Šabotić is in charge of the local investigation against Kwon for alleged forging of documents. The chief executive of the company behind the failed stablecoin terrausd and cryptocurrency luna was detained on March 23 while trying to board a flight to Dubai using a fake Costa Rican passport.

Kwon Do-Hyung, as is his full name in Korean, disappeared after departing for Singapore in April, 2022, right before the collapse of the two coins ust and terra. He then fled to Serbia, where he reportedly registered a new firm, before eventually ending up in neighboring Montenegro.

The prosecutor noted that the allegations of counterfeiting are subject to an ongoing investigation, rejecting earlier media reports that Kwon has already been indicted. Following a 72-hour initial detention, a Montenegrin court extended the measure to 30 days.

The goal is to indict Kwon within that period, Haris Šabotić further noted. “We don’t know how the situation will develop after the indictment, but what is clear is that there is no possibility that the detainee will be handed over for 30 days,” he added.

South Korea, the United States, and Singapore are all trying to secure Kwon’s extradition. While Šabotić declined to discuss the matter in detail as it’s not up to the prosecution to decide on the requests, he emphasized that the fake passport case investigation will be prioritized, noting:

We can move on to the next step only after the prosecution of this case is over. We are not interested in the issue of extradition.

If convicted of forgery of official documents, Do Kwon may receive up to five years in prison, according to Montenegro’s law. “If we bring charges within 30 days, the court will decide,” Šabotić said in the interview that took place at the District Prosecutor’s Office in Podgorica. Kwon is currently held in the Spuž detention center near the Montenegrin capital.

Do you think Montenegro will eventually extradite Do Kwon and if so, to where? Share your expectations in the comments section below.

via Lubomir Tassev

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DAMX: The Emerging Perpetual Exchange on Fantom

PRESS RELEASE. Canada, Alberta – Cryptocurrency has become a hot topic in recent years, capturing the attention of investors and traders alike. While it has faced its fair share of controversies, it has also opened up new possibilities and transformed the financial sector. With the rise of cryptocurrency, there has been a surge in the number of exchanges that facilitate the buying and selling of digital assets; with the fall of FTX, traders have become more aware of whether their digital assets are within their own key, boosting the popularity of decentralized exchanges. Among these exchanges is the emerging decentralized spot and perpetual trading exchange, DAMX, which has quickly gained popularity in the market.

What sets DAMX apart from other exchanges is its focus on providing benefits to both investors and traders. The exchange supports low swap fees and zero-price impact trades, making it an attractive option for those looking to minimize costs. Additionally, DAMX has a unique multi-asset pool that rewards liquidity providers fees from market making, swap fees, and leverage trading. This pool incentivizes users to contribute to the liquidity of the exchange, leading to a more active market and better trading opportunities.

Perpetual Trading and Staking on DAMX

One of the key features of DAMX is its perpetual futures trading. Perpetual contracts are a popular means of trading in the cryptocurrency market, and DAMX has made it accessible to traders on its platform. With perpetual contracts, traders can bet on the future price of an asset without actually buying it. This allows them to profit from both upward and downward price movements, opening up new opportunities for trading.

Another standout feature of DAMX is its staking program. Holding the DAMX token unlocks a range of benefits, including the ability to stake tokens and earn rewards. Users that stake DAMX receive three types of rewards: escrowed DAMX, multiplier points, and FTM rewards. The exchange converts 30% of fees generated from swaps and leverage trading to FTM and distributes them to staked DAMX tokens. This program encourages users to hold onto their tokens and contribute to the liquidity of the exchange, leading to a more stable and active market.

DAMX NFT Collection

DAMX’s NFT collection ”DAMX Robot Club” also plays a huge role within the ecosystem to benefit the users with extra incentives to trade within the platform. All the NFTs holders will be entitled to:

• Earn 10% of all DAMX Platform fees
• Airdropped 10% of incentives for users’ fund

DAMX’s first choice: Fantom

DAMX is built on the Fantom blockchain, which offers several advantages over other blockchains. One of the most significant advantages is its scalability. The Fantom network can handle a large volume of transactions per second, making it an ideal platform for trading. Additionally, the network provides high levels of security and decentralization, ensuring that transactions are safe and secure.

The exchange’s underlying technology is designed to maintain the features of a decentralized exchange (DEX) while aggregating purpose-built price feeds to provide traders with the necessary tools to reduce the risk of liquidations. This approach harnesses liquidity from several DEXs, minimizing slippage on large orders while optimizing swap fees and token prices. The aggregators also protect users from pricing effects and failed transactions, providing a better user experience for the community.

DMAX has quickly emerged as a top-tier exchange in the cryptocurrency industry with its continuous development and growing community. The platform’s focus on sustainability, low-cost fees, and security has made it a favorite among traders and investors alike. With dynamic pricing supported by Chainlink Oracles and an aggregate of prices from leading volume exchanges, DAMX has cemented its position as a leader in the world of cryptocurrency trading.

Caution: DAMX token has not been released yet, and code audit is in progress.

Website:

https://dmxdao.com

Twitter:

https://twitter.com/DmxDao

Telegram:

https://t.me/DMX_Community

Announcement Channel:

https://t.me/DMX_Announcement

Medium:

https://medium.com/@DMXDAO

Discord:

https://discord.com/invite/gWRfAVa6rw

Github:

https://github.com/orgs/dmxdao/repositories

Contact:

Name: David Wan, CEO

Email: david@dmxdao.com

URL: https://dmxdao.com

 

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Media

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Former FTX CEO Sam Bankman-Fried Faces New Bribery Charges for Alleged Crypto Payment to Chinese Officials

Sam Bankman-Fried (SBF), the former CEO of FTX, now faces a 13-count indictment as U.S. officials have added new charges. One of the new charges alleges that SBF leveraged $40 million to influence “one or more Chinese government officials.”

Details of the Bribery Charges Against Sam Bankman-Fried

Sam Bankman-Fried (SBF), the co-founder and former CEO of FTX, now faces charges of bribing Chinese government officials. “Bankman-Fried and others agreed to pay cryptocurrency to one or more foreign officials in China to influence and induce them to unfreeze the accounts in order to assist Bankman-Fried, Alameda, and others in obtaining and retaining business for, and directing business to, Bankman-Fried, Alameda, and others,” the revised indictment states.

This is not the first time SBF’s indictment has been revised. In February 2023, Bitcoin.com News reported that SBF’s indictment was revised to include bank fraud charges. SBF faces other charges as well, including defrauding the Federal Election Commission (FEC), wire fraud, and securities fraud. The former FTX CEO has pleaded not guilty to the charges, but three of the firm’s top deputies have pleaded guilty and are cooperating with federal prosecutors.

The revised filing indicates that Chinese officials reportedly seized two accounts owned by Alameda Research, SBF’s quantitative trading arm, which were allegedly held on “two of China’s largest crypto exchanges” in 2021. Once again, the revised indictment does not include any other defendants, and Sam Bankman-Fried is the only individual named.

With the addition of bank fraud charges last month and newly added bribery charges, SBF now faces a total of 13 charges from the Department of Justice in New York. He also faces lawsuits filed by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

What do you think about the new charges SBF faces? Let us know your thoughts in the comments section below.

via Jamie Redman

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Biggest Movers: XRP Hits Fresh 5-Month High on Tuesday, Extending Recent Win Streak

Xrp rose to a fresh five-month high on Tuesday, as prices climbed for a fourth straight session. The token moved to its highest point since November, which comes despite a red wave sweeping over cryptocurrency markets. The global market cap is down 2.35% as of writing.

XRP

XRP, formerly ripple, rose for a fourth consecutive session on Monday, as prices hit their highest point in five months.

XRP/USD surged to an intraday high at $0.5029, less than 24 hours after falling to a low of $0.4573.

As a result of the move, XRP hit its strongest point since November 6, breaking out of a ceiling at $0.4950 in the process.

Looking at the chart, the 14-day relative strength index (RSI) moved to a one-week high, with a current reading of 68.87.

This is marginally below resistance at 69.00, and close to a recent seven-month high at 74.00.

Earlier gains in XRP have already begun to ease, with bulls seemingly securing gains around this ceiling.

Monero (XMR)

During today’s red wave, monero (XMR) was a notable token to fall, as prices moved to a five-day low.

Following a high of $163.98 to start the week, XMR/USD slipped to a bottom at $149.85 earlier in today’s session.

The drop sees monero fall by as much as 7%, edging closer to a long-term support point at $146.00 in the process.

Whilst price has yet to reach this floor, the RSI collided with a support point of its own at the 49.00 mark.

Bulls have since pushed the index higher, with price strength now tracking at 50.08, which comes as XMR moved away from earlier lows.

Currently, monero is tracking at $154.03, with a move towards a ceiling at $156.00 a strong possibility.

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Do you expect monero to move higher in upcoming days? Let us know your thoughts in the comments.

via Eliman Dambell

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Ticketmaster Launches NFT-Gated Ticketing Service for Avenged Sevenfold Shows

Ticketmaster, the global provider of event ticketing services, has launched “token-gated sales,” allowing fans access to concert tickets using non-fungible token (NFT) technology. The first to use the service is the metal band Avenged Sevenfold (A7X), whose “Deathbats Club” NFT collection gave owners early access to the group’s shows in Los Angeles and New York City. Following the ticket sales, Ticketmaster announced that it had built and launched a token-gated service for the upcoming A7X shows.

Ticketmaster’s New Token-Gated Sales Service Allows for NFT Access to Concert Tickets

On March 27, Ticketmaster revealed it has created a new NFT-gated ticketing service, and the metal act Avenged Sevenfold (A7X) is the first band to trial the service. “Building on its NFT capabilities, Ticketmaster has launched the ability for artists to offer token-gated ticket sales – meaning that a sale can only be unlocked or accessed with a specific NFT,” the company said in a press statement.

A7X previously sold an NFT collection called “Deathbats Club,” and the NFTs gave owners access to purchasing tickets to shows in Los Angeles and New York before the general public. A7X and the team Bitflips worked with Ticketmaster on the functionality and “Ticketmaster built and launched the token-gated service for A7X to provide their fan community with first access to tickets for upcoming shows.”

Ticketmaster’s EVP of Global Music, David Marcus, explained that the new service “allows artists to get special access and rewards to specific fans they want to super-serve.” “Artists like Avenged Sevenfold are using Web3 and NFTs to build deeper relationships with their fans, and we’re proud to help foster that connection through live events,” the Ticketmaster executive added.

Ticketmaster has revealed intentions to dabble with NFT technology for quite some time. In August, the event ticketing company disclosed that it was working with the Flow blockchain. The company explained on Monday that the token-gated sale service is one of several “tech solutions that artists can use to get their tickets to their fans.” The company explained that the firm’s token-gated sales are Ethereum compatible and work with Web3 wallets like Metamask and Coinbase.

What are your thoughts on Ticketmaster’s new NFT-gated ticketing service? Do you think this will revolutionize the way we access and purchase event tickets in the future? Share your opinions in the comments section below.

via Jamie Redman

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Bitcoin, Ethereum Technical Analysis: BTC Moves Below $27,000, Following CFTC Suit Against Binance

Bitcoin moved below $27,000 during Tuesday’s session, as the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance. The suit claims that Binance knowingly offered unregistered crypto products to U.S. customers. Ethereum was also lower on the news, briefly falling below $1,700.

Bitcoin

Bitcoin (BTC) fell below $27,000 in today’s session, as markets reacted to the news that the CFTC had filed a lawsuit against Binance.

BTC/USD fell to an intraday low of $26,606.69 on the news, which comes a day after trading at a peak of $27,979.07.

As a result of today’s sell-off, the world’s largest cryptocurrency fell to its lowest level since March 17.

Looking at the chart, this drop comes after a recent floor at the $27,100 mark was broken, which coincided with the relative strength index (RSI) also experiencing a breakout.

As of writing, the index is now tracking at the 58.51 level, which is marginally below its support at 60.00.

Overall, bulls have somewhat reentered the market, and as of writing, bitcoin is trading at $27,126.85.

Ethereum

Ethereum (ETH) also moved lower on Tuesday, after nearly climbing back above $1,800 to start the week.

Following a high of $1,797.88 on Monday, ETH/USD dropped to a bottom at $1,690.52 earlier in today’s session.

Similar to bitcoin, this decline sent ethereum to its weakest point since March 17, when prices fell to a floor at $1,666.

The drop comes following a drop in price strength, which saw the RSI move to its lowest level in two weeks.

As of writing, the index has now bounced back from this floor at 51.00, and is currently tracking at 54.50.

Overall, ETH is down 1.52% over the last seven-days.

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Could this CFTC lawsuit be applied to other cryptocurrency exchanges? Leave your thoughts in the comments below.

via Eliman Dambell

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First Citizens Bank Acquires Silicon Valley Bank, Costing FDIC Deposit Insurance Fund an Estimated $20B

According to the Federal Deposit Insurance Corporation (FDIC), the troubled bank Silicon Valley Bank (SVB) was acquired by First Citizens Bank & Trust Company, which is based in Raleigh, North Carolina. First Citizens acquired all deposits and loans from SVB, as well as the 17 branches that SVB owned across the United States.

Silicon Valley Bank Purchased by First Citizens in FDIC-Mediated Deal

The FDIC has announced that First Citizens Bank has taken over Silicon Valley Bank (SVB) following the acquisition of Signature Bank by Flagstar seven days prior. According to the FDIC, as of March 10, 2023, SVB had $167 billion in total assets and approximately $119 billion in total deposits. First Citizens Bank purchased $72 billion worth of SVB’s assets “at a discount of $16.5 billion,” the FDIC said. The federal deposit insurance entity also stated that “approximately $90 billion in securities and other assets will remain in receivership for disposition by the FDIC.”

As part of the deal, the FDIC has obtained “equity appreciation rights in First Citizens Bancshares, Inc.” with a value cap of $500 million. Unlike the announcement regarding the acquisition of Signature Bank, there is no mention of cryptocurrency-related content in regard to the purchase of SVB. Prior to its acquisition by First Citizens, Valley National Bancorp had also expressed interest in purchasing the struggling California bank. First Citizens’ CEO, Frank Holding Junior, stated that his company remains committed to supporting venture capital (VC) firms.

“We are committed to building on and preserving the strong relationships that legacy SVB’s global fund banking business has with private equity and venture capital firms,” the First Citizens’ CEO said in a statement.

Silicon Valley Bank One of the ‘Costliest Bank Failures in U.S. History’

The FDIC announced that, in addition to the acquisition of SVB, it estimates the “cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund (DIF) to be approximately $20 billion.” Although the exact cost is yet to be determined, it will be known once the FDIC ends its receivership relationship. According to economics author Joey Politano, this estimate would make SVB one of the most expensive failures in U.S. history.

“FDIC estimates that the failure of Silicon Valley Bank will cost the deposit insurance fund $20B,” tweeted Politano. “This would make it the costliest bank failure in U.S. history, surpassing Indymac’s ’08 failure (which cost $12.4B) and consuming 14% of the insurance fund, which is financed through an assessment on banks.” Compared to Signature Bank’s estimated cost to the DIF of around $2.5 billion, SVB’s losses are significantly greater.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, explained in a note sent to Bitcoin.com News that the SVB acquisition has given the banking sector a brief intermission. However, there is fear of unrealized losses troubling the U.S. banking system. “The development has brought some respite to the beleaguered banking sector in early trade, with Deutsche Bank, hit by such turmoil on Friday, surging by more than 6%,” Streeter said. “In London, Barclays, Standard Chartered, HSBC, and Lloyds all moved higher as a bit more confidence returned.”

Streeter opines that dispersing parts of the failed bank to a new owner may give the regulator more “capacity to deal with problems still threatening to pop up elsewhere, particularly with U.S. regional banks.” However, the Hargreaves Lansdown market analyst says, “the big worry is that they are sitting on big piles of unrealised losses, not just in their bond portfolios, but on other assets which have been battered by the storm of high-interest rates.” Streeter added:

It’s feared that the commercial real estate sector could be the next weakest link as debt matures over the next few years and will need to be refinanced in a market where rates have soared, while valuations have fallen, and there is a lot less money sloshing around.

What do you think about the acquisition of Silicon Valley Bank by First Citizens Bank and the estimated $20 billion cost to the Deposit Insurance Fund? Share your thoughts about this subject in the comments section below.

via Jamie Redman

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