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cryptocurrency

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Interpol issues red notice for Luna, TerraUSD co-founder Do Kwon

  • Interpol granted South Korean prosecutors’ request to issue a red notice for Do Kwon, the South Korean co-founder of the defunct cryptocurrencies Luna and TerraUSD (UST), on Monday.
  • South Korean authorities issued an arrest warrant on Kwon — born Kwon Do-hying — and five other individuals linked to the Terraform Labs cryptocurrencies on Sept. 14 for violating South Korea’s Capital Markets Act.
  • The 31-year-old Stanford University graduate was reportedly living in Singapore when UST and Luna imploded in May.
  • The Singapore Police Force (SPF) confirmed in a statement on Sept. 17 that Kwon was no longer in the city-state at the time of the prosecutors' request.
  • “SPF will assist the Korean National Police Agency (KNPA) within the ambit of our domestic legislation and international obligations. Do Kwon is currently not in Singapore,” the SPF said.
  • Luna, the sister token of UST, fell from a $116 high to less than $0.0002 in April. Global investors reportedly lost an estimated $42 billion from the crash in May, prompting South Korean authorities to open a case against the incident.

A red notice has been issued for Do Kwon, the South Korean co-founder of the defunct cryptocurrencies Luna and TerraUSD (UST), effectively making him a wanted man among the 195 member countries of Interpol.

Prosecutors in Seoul told Bloomberg on Monday that the international police organization has issued a red notice for Kwon, who faces charges for the $60 billion meltdown of Terraform Labs’ Luna and TerraUSD cryptocurrencies.

Luna crashes below $3 after S. Korea issues arrest warrant for Terraform Labs founder Do Kwon

  • An arrest warrant has been issued in South Korea for Terraform Labs founder Do Kwon as investigations of the crypto company continue.
  • Terraform Labs’ stablecoin UST and cryptocurrency LUNA shocked investors and the crypto community in May when they lost $40 billion in value in a matter of days following major selloffs.
  • UST lost its $1 peg, resulting in Luna’s value dropping to $0, marking a significant collapse for a cryptocurrency that was worth over $115 just a couple of weeks prior.
  • South Korean authorities conducted a raid on the home of Terraform Labs co-founder Daniel Shin in July as part of their investigation into alleged illegal activity that resulted in Terra’s crash.
  • Last month, Kwon claimed that he had not been in contact with prosecutors and denied that he had been charged with anything despite reports that Terraform Labs' employees have been placed on a no-fly list.
  • The revived Luna token, which had recently climbed to almost $7, has now dropped to $2.73 as of this writing.

A South Korean court issued an arrest warrant for Terraform Labs founder Do Kwon on Wednesday as authorities continue their investigation of the blockchain company. 

Earlier this year, Terraform Labs’ stablecoin UST and cryptocurrency Luna lost $40 billion in value in a matter of days following major selloffs.

Hacker streams old Elon Musk interview about cryptocurrency in latest South Korean government YouTube hack

  • Government of the Republic of Korea, the official YouTube channel of the South Korean government, has been restored following a hacking incident over the weekend, the Ministry of Culture, Sports and Tourism said in a statement on Sunday.
  • "At 3:20 a.m., the channel name and profile picture were altered and a live video was played on the account," the statement read. “The attack was brought to our attention at 6 a.m. and the channel was restored around 7:20 a.m."
  • The hacker streamed a video of SpaceX CEO Elon Musk’s interview with Bloomberg at the Qatar Economic Forum in June, where he talked about Twitter acquisition and cryptocurrencies such as bitcoin and Dogecoin.
  • The recent hacking is the latest in a string of incidents involving YouTube channels of South Korean government agencies.
  • A cryptocurrency videos was streamed on the channel of the National Museum of Modern and Contemporary Art (MMCA) on Aug. 29. The channel of the Korea Tourism Organization (KTO) was also targeted last week.

Officials confirmed that they have restored Government of the Republic of Korea, the official YouTube channel of South Korea’s government, after a hacker took control of their account and streamed an Elon Musk interview about cryptocurrency over the weekend.

The hacking incident reportedly occurred at around 3:20 a.m. on Saturday when the YouTube channel’s name was changed to “SpaceX Invest” by an unidentified hacker. The channel, which has more than 263,000 subscribers, mainly publishes videos about current policies and events.

‘It’s great to invest, but invest smartly’: Jimmy O. Yang explains why he turned down crypto promotion offers

  • Jimmy O. Yang revealed that he has turned down multiple paid cryptocurrency promotion offers in the past, fearing that his endorsements might influence his fans to pursue unsafe investments.
  • “Especially with something like crypto, it's important to [ask] ‘Is it going to hurt the financial well-being of my fans and people who follow me?’” Yang, 35, told Motherboard. “For me as an actor, looking at endorsement deals, it's like, ‘Is it gonna make me look like an asshole?’”
  • “These are very hardworking American people who don't earn a high income and who are less versed in technology,” Yang’s partner Brianne Kimmel, the founder of Worklife Ventures, was quoted as saying. “To promote a cryptocurrency where they could lose everything is really not a position either of us want to be in.”
  • Kimmel shared some of the experiences of their artist and comedian friends who turned to crypto amid the COVID-19 pandemic to make up for lost income.
  • Risking their savings after hearing “through the grapevine” that the crypto market would blow up, Kimmel shared that some of their friends had lost “50 or 60 percent of what they have through an unknown currency.”

Although he finds the crypto space exciting, Jimmy O. Yang revealed that he has turned down multiple paid cryptocurrency promotion offers in the past, fearing that his endorsements might influence his fans to pursue unsafe investments.

Speaking to Vice’s Motherboard, the 35-year-old comedian and actor admitted he and his partner, venture capitalist Brianne Kimmel, have always been careful about getting into endorsement deals, particularly when it involves cryptocurrencies.

Shohei Ohtani joins likes of Stephen Curry, Tom Brady in partnership with crypto platform

  • Crypto trading platform FTX named Los Angeles Angels two-way superstar Shohei Ohtani as one of its global brand ambassadors, the company first announced via CNN in November 2021.
  • “He's obviously one of the most electric players in all of sports right now," 29-year-old Sam Bankman-Fried, who co-founded the platform, told CNN. “We are hoping to have a similarly revolutionary impact on what fintech means and what personal finance apps look like.”
  • FTX, which is currently the fourth-largest crypto exchange behind ​​Binance, OKX and Bybit, released an ad featuring Ohtani at the beginning of the 2022 MBL season in April.
  • As part of his deal with FTX, the baseball player will reportedly be paid in crypto and also have a stake in the company.
  • In addition to FTX, Ohtani is a partner of more than 15 other brands, including Hugo Boss, Fanatics, Panini, Seiko, Topps, Oakley, Descente, Kowa and Mitsubishi Bank.

Crypto trading platform FTX has named Los Angeles Angels two-way superstar Shohei Ohtani as one of its global brand ambassadors.

The platform, founded by billionaires Gary Wang, 32, and Sam Bankman-Fried, 29, first broke the news of Ohtani’s role as its new global brand ambassador to CNN in November 2021. Ohtani, 27, joined a list of athletes promoting FTX, including NFL quarterback Tom Brady and Golden State Warriors player Stephen Curry.

Hong Kong billionaire Calvin Lo reveals why he has no plans to invest in crypto

  • R.E. Lee International CEO Calvin Lo, whom Forbes has estimated to have a net worth of $1.7 billion, revealed in an interview with Tatler Asia why he’s not investing in cryptocurrencies.
  • Lo said that a friend urged him to buy Bitcoin five years ago when it was still trading at $6,000, telling him it will eventually be valued at over $10,000.
  • “The volatility is attracting a lot of people but the same reason is deterring me,” Lo was quoted as saying. “I’m from an insurance background and I’m a bit cautious of something that looks too good to be true. People who invest with us and trust us don’t want us to go into these fancy instruments.”
  • At age 46, Lo is now reflecting on his legacy and has instead focused on philanthropy and has set up the non-profit think tank “The 195 Project.”

Hong Kong-based reclusive billionaire Calvin Lo, CEO of life insurance brokerage firm R.E. Lee International, revealed why he’s not investing in cryptocurrencies.

In an interview with Tatler, Lo explained that his apprehension over digital currencies’ volatility stems from his background in insurance.  

Some ‘Axie Infinity’ players once made more money gaming than in their day jobs — but the bubble has burst

Axie Infinity

“Axie Infinity,” a blockchain-based video game with a “play-to-earn” model, continues to hemorrhage players due to diminishing returns. 

Developed by Vietnamese studio Sky Mavis, “Axie Infinity” has attracted a large player base in developing countries such as the Philippines, Indonesia, Brazil and Venezuela due to its real-world earning potential. 

Investor who lost $2.3 million terrifies crypto founder’s home in alleged trespassing

A man who claims to have lost up to 3 billion won (approximately $2.37 million) following the collapse of the cryptocurrency Luna has been questioned by South Korean police after allegedly trespassing into the apartment building of the cryptocurrency’s founder last week.

Do Kwon, who is currently the chief executive officer of Singapore-based Terraform Labs, has reportedly been in touch with authorities after the alleged break-in.

Woman loses $300,000 worth of bitcoin to person who posed as a Chinese architect on dating app Hinge

womanlossesmoney
  • Tho Vu, 33, lost about $300,000 worth of bitcoin after being scammed by her Hinge match.
  • The scammer, who went by the name Ze Zhao, earned her trust by promising her a honeymoon and a new life together.
  • According to Vu, she deposited her bitcoin into the digital wallet that the man gave her.
  • The digital wallet turned out to be owned by Ze, who disappeared soon after receiving Vu’s payment.

A woman lost almost her entire savings after getting scammed by a man she met on dating platform Hinge. 

Tho Vu, 33, thought she found romance on the platform when she was matched with a man who claimed to be a Chinese architect living in Maryland, reported the New York Times

Chinese student loses NFT worth $548,000 after clicking on a scam link

nft
  • A fourth-year student at Shanghai’s Tongji University posted on Discord that he had lost a valuable NFT from the Doodles collective that was worth half of his NFT assets to a phishing scam.
  • The NFT that belonged to Niq Chen is worth around $548,000, based on the $1.1 million paid by collector Pranksy for a different Doodles NFT.
  • OpenSea, a NFT marketplace, had 17 users fall victim to phishing scams that stole around $1.7 million total in NFTs.
  • Upon request, OpenSea froze the stolen NFT, and Chen is hoping to work out a deal with the buyer in order to retrieve his assets.

A senior at Shanghai’s Tongji University, Niq Chen, had a valuable NFT worth about $548,000 stolen after falling for a phishing scam.

According to South China Morning Post, Chen went “all in” buying non-fungible tokens (NFT) before recently losing about half of his assets to a phishing scam. The stolen NFT was bought from the Doodles collective NFT project and was worth $548,000. 

Australian man claiming to be Japanese Bitcoin inventor wins $27 billion court case

Australian man who claims to be the real inventor of Bitcoin, Satoshi Nakamoto, wins court battle

Craig Wright, an Australian computer scientist who claims to be Satoshi Nakamoto, the inventor of Bitcoin, has been cleared of six out of seven civil charges during a trial in a Miami court on Dec. 7 that put him up against the estate of his deceased business partner.

Trial and claims: The plaintiff of the civil court case declared that Wright and David Kleiman, a computer forensics expert and Wright’s friend, pre-mined 1.1 million bitcoin together (worth $54 billion), fueling an argument over whether Wright owed half of his assets to Kleiman’s family. 

Scammers steal $3.3 million by pulling rug from under ‘Squid Game’ cryptocurrency investors

squid game cryptocurrency scam

Within days of launching, SQUID coin was shuttered and its creators made away with millions, suggesting it was a cryptocurrency scam known as a “rug pull.”

Rise in popularity: Although unaffiliated with the hit Korean Netflix show “Squid Game,” the cryptocurrency took advantage of its namesake’s popularity to convince more than 40,000 people to invest.