Do Kwon, the notorious name behind Terra’s collapse, was reportedly under arrest by Montenegro’s watchdogs at Podgorica Airport on March 23. The news broke out amid the Arbitrum listing taking the community by storm. A Twitter account believed to be Filip Adzic’s, minister of the interior of Montenegro, said that Montenegro’s watchdogs arrested one of the most wanted, Do Kwon – co-founder of Terraform Labs. Local news outlet Vijesti later confirmed that it was the official account of the minister. To wit, “Montenegrin police have detained a person suspected of being one of the most wanted fu ..read more

The Fed’s rate hike is hitting the markets. Notably, XRP’s price took a deep dive almost as quickly as it had picked up yesterday. The Federal Reserve (Fed) has raised the interest rate by 25 bps to 5%, the highest level since June 2016. During the FOMC meeting on March 22, Jerome Powell, the Fed Chairman asserted that Fed acknowledged the recent turmoil in the banking sector and prompt actions were necessary to stop spreading contagion. However, curbing inflation remains Fed’s priority; and the agency will stick to this goal until the inflation rate reaches 2%. The Fed evidently has no plan ..read more

On a day when other top coins were going higher, Ripple (XRP) experienced a significant surge of over 25%, reaching its highest value since November, 2022. Ripple Files New Notice The ongoing legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has yet to reach a final settlement. Nevertheless, notable developments have emerged. Ripple’s legal team yesterday sent a Letter of Supplemental Authority to Judge Torres, citing Voyager’s case decision by Judge Michael Wiles on March 11, 2023. By the end of February, the SEC voiced opposition to the $1 billion deal ..read more

Amid growing concerns over privacy invasion of the central bank digital currency (CBDC), a US state is stepping in to impose a ban to “forbid the use of a CBDC as money.” Florida Governor, Ron DeSantis, called to outlaw the Fed’s CBDC, citing the role of a digital dollar in “surveilling Americans and controlling the behavior of Americans.” The anti-CBDC statements were made during a press conference on March 20. Any form of CBDC, according to DeSantis, is “Big Brother’s Digital Dollar.” No Money Surveillance The state governor argued that a Fed-issued digital dollar could give an unnecessary ..read more

Coinbase plans to set up an offshore exchange amid increasing regulatory oversight in the U.S. Bloomberg said on Friday that the leading crypto exchange Coinbase is looking to establish a new offshore cryptocurrency trading platform. However, the source didn’t clarify the type of products that the new platform would support. According to the news, the platform is focused on perpetual future contracts, a popular smart contract in cryptocurrency. Perpetual contracts are based on the Virtual Automated Market Maker mechanism to provide liquidity, creating the most accessible and secure decentrali ..read more

Even though the crypto market remains resilient amid a series of collapses, the crypto industry faces a challenging future of tightening oversight and lack of liquidity with banks under pressure. Another day, another troubled bank. Bloomberg revealed that First Republic was close to becoming the latest name on the list of the banking crisis. The bank was reportedly struggling to maintain its financial stability and exploring sale options. New Bank In Trouble On Thursday, Wall Street came to the rescue funded by some of the largest banks. The list includes JPMorgan, Bank of America, Citigroup ..read more

When a bank goes down, it won’t go down alone. Speculations on the bleak future of Credit Suisse, which broke out in October 2022, resurfaced this year. The Switzerland-based bank with approximately $578 billion in assets, has been in intense trouble due to “material weakness” revealed in its reporting. A Major Hit if it Happens Credit Suisse has experienced more turbulence after its largest shareholder reportedly ruled out assistance. In an interview with Bloomberg, Ammar Al Khudairy, Chairman of the Saudi National Bank (SNB), Credit Suisses’ biggest shareholder said that the bank would stop ..read more

A big rally has dominated the crypto market following the recent US CPI report. Inflation eases slightly again, but does this mean the Fed will decrease interest rates? The Bureau of Labor Statistics reported Monday that the Consumer Price Index (CPI), an annual inflation rate, reached 6% in February, the lowest rate since September 2021. The CP index measures inflation, tracking the average price change of goods and services over time. Inflation in February was lower than in January. In January, CPI data recorded a 6.4% increase annually, driven by shelter costs. The data for both months mat ..read more

HSBC has stepped up as a white knight to rescue SVB’s distressed UK arm with a sale at rock bottom prices! British banking giant HSBC Holdings announced today its acquisition of Silicon Valley Bank (SVB) UK arm. HSBC UK has agreed to buy the SVB London arm in a deal worth £1, equivalent to $1.21 at the press time. A Screaming Deal According to HSBC’s estimates, SVB UK’s loan portfolio includes around 5.5 billion GBP ($6.7 billion), while its deposits are about 6.7 billion GBP ($8.1 billion). The UK bank reported a pre-tax profit of 88 million GBP ($107 million) for the previous year. HSBC exp ..read more

In the fast-paced world of video gaming, eSports has become one of the fastest-growing entertainment industries. Millions of players around the world watch online eSports events, competitions, and tournaments that generate billions of dollars and unprecedented engagement. Unfortunately, the eSports scene remains limited to a few professional players who get to be part of the exclusive club. To address this gap and bring the excitement of competitive eSports to as many gamers as possible, Moxy has created a blockchain-powered web3 platform that enables all players, not just eSports professiona ..read more