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Terraform Labs Co-Founder Do Kwon to Be Released in Montenegro Amid Extradition Deliberations

Montenegro’s authorities are set to release Terraform Labs co-founder Do Kwon from prison while his extradition to the United States or South Korea remains undecided.

Kwon, detained for approximately one year, will be released on March 23 but must relinquish his travel documents to ensure he does not leave the country, as reported by Montenegrin news outlet Vijesti on March 22.

This decision by the Council of the Supreme Court precedes a review that may either approve or reject his extradition to South Korea, his homeland.

Kwon’s arrest in Montenegro in March 2023 alongside Han Chang-joon, Terraform Labs’ ex-chief financial officer, was due to the use of counterfeit travel documents.

This arrest was complicated by extradition requests from both the U.S. and South Korea, where Kwon faces charges of fraud, although a final ruling on his extradition has yet to be made.

In the U.S., Kwon would confront eight felony charges filed by prosecutors in March 2023.

Alternatively, South Korea might indict him for fraud and breaches of capital markets law. The destination of his potential extradition remains uncertain.

The plan involves confiscating Kwon’s South Korean passport, which was set to be revoked in 2022 following Terra’s downfall.

Despite this, Kwon used a falsified Costa Rican passport in Montenegro, claiming it to be genuine, which led to his arrest in 2023.

Additionally, Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, and others linked to the platform are facing criminal charges for investor fraud.

Following Terra’s collapse in May 2022, Shin remained in South Korea.

The collapse brought significant regulatory attention to the platform and played a part in a broader downturn in the cryptocurrency market.

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Bitcoin Futures Volatility Surges: Open Interest Hits $36 Billion Amid Price Fluctuations

Bitcoin/Blockchain News/Crypto News Today

Bitcoin investors often crave the excitement of market volatility but usually find the reality less thrilling, especially when a surge in prices is swiftly followed by a sharp downturn.

This often results in forced liquidations of futures contracts, exacerbating the fall in Bitcoin’s value.

The Bitcoin futures market, vital for traders wanting to leverage their positions, grows in significance with its expansion, influencing Bitcoin’s price more markedly.

Recently, the aggregate open interest in Bitcoin futures soared to an all-time high of $36 billion on March 21, a significant increase from $30 billion just two weeks earlier.

Leading the charge, the Chicago Mercantile Exchange (CME) recorded $11.9 billion in open interest, overshadowing the inflow to U.S. spot Bitcoin exchange-traded funds (ETFs) since their launch.

Despite the advent of spot ETFs—which some expected would dampen volatility given their $3 billion average daily trading volume—Bitcoin’s volatility has escalated, contrary to these expectations.

Over the last four weeks, Bitcoin’s 30-day volatility index shot past 80%, the highest in over 15 months, starkly contrasting with the lower volatility seen in traditional markets and even in stocks known for their unpredictability.

This heightened volatility was highlighted by a dramatic price correction on March 19, followed by a significant recovery the next day, leading to substantial liquidations in the futures market.

Such volatility not only affects traders but also impacts the general perception of Bitcoin’s risk and its market trajectory.

The futures market serves as a double-edged sword, offering opportunities for leveraged positions but also presenting risks of sharp corrections and liquidations.

This dynamic can lead to short-term buying pressure if the market reverses from bearish bets, contributing to the observed volatility.

Some analysts point to excessive leverage or market manipulation as causes, with instances where market movements in related sectors seemingly coincide with major Bitcoin price shifts, though the motivations behind such movements remain speculative.

To understand the impact of futures on Bitcoin’s price, examining the premium on monthly contracts is crucial.

These contracts, favored by professional traders for their lack of a funding rate, command a significant premium over spot prices, reflecting market sentiment.

Despite a recent price dip, the sustained high premium on futures contracts indicates a bullish stance among traders, yet the risk of forced liquidations looms large, especially with the substantial open interest in the market.

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DOJ Targets Apple with Antitrust Lawsuit Over App Store Monopoly, Alleging Anti-Competitive Practices and Innovation Suppression

Blockchain News/Crypto News Today

The United States Department of Justice (DOJ) has filed a significant antitrust lawsuit against Apple, accusing the technology behemoth of employing its app market regulations to illegally suppress competition and stifle innovation.

Filed on March 21 in a New Jersey federal court, and supported by 16 state attorney generals, the lawsuit claims that Apple maintains a monopolistic position in the smartphone market.

This, the DOJ contends, allows Apple to coerce developers into exclusively using its payment system, thereby locking in developers and users to its platform.

Central to the DOJ’s accusations are Apple’s App Store guidelines and developer agreements, which are criticized for their complex and variable rules.

These restrictions, according to the DOJ, enable Apple to charge excessive fees, hinder innovation, compromise user experience security, and limit competitive alternatives.

The lawsuit suggests that such practices notably restrict the functionality of crypto-based apps on iOS devices, impacting competition not only in the smartphone sector but also in financial services and other industries.

The DOJ specifically criticizes Apple for excluding alternative payment systems in a manner deemed anticompetitive and exclusionary.

Highlighting the controversial 30% commission, often referred to as the “Apple tax” on apps and in-app purchases, the complaint outlines how this policy and Apple’s fiat-only payment systems effectively block the integration of cryptocurrencies into apps, rendering it economically unfeasible for crypto-based applications to offer in-app purchases.

Additionally, the complaint notes that while Apple permits certain customers to distribute apps through custom app stores, it restricts iPhone users and developers from accessing these alternatives.

This restriction aims to protect Apple’s revenue from its App Store fees.

The DOJ accuses Apple of inconsistently enforcing its App Store rules to penalize developers leveraging technologies that could challenge Apple’s market dominance.

Specific examples include the disabling of functionalities in nonfungible token (NFT) marketplaces like OpenSea, and the social app Damus being forced to remove a Bitcoin tipping feature after Apple removed it from the App Store for circumventing its payment system.

Moreover, the DOJ alleges that Apple’s control extends to web apps, as it mandates the use of its WebKit engine for all iOS web browsers, further restricting competition.

In defense, an Apple spokesperson refuted the DOJ’s allegations, asserting the lawsuit is baseless and vowing to “vigorously defend against it.”

Apple argues that the lawsuit threatens to give the government undue influence over technology design, potentially compromising user privacy and security.

This defense comes as Apple faces pressure from regulations like the European Union’s Digital Markets Act, which mandates offering alternative browser engines and app stores, despite Apple’s concerns for user safety.

Following the lawsuit’s announcement, Apple’s stock price dropped by 4% to around $171, with no significant recovery in after-hours trading, as reported by Google Finance.

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Starbucks to End NFT Rewards Program, Paving Way for Future Digital Initiatives

Blockchain News/Crypto News Today/Metaverse

Starbucks has announced the discontinuation of its NFT rewards initiative, the “Odyssey Beta program,” slated to end on March 31.

This unique program engaged customers with coffee-themed games and challenges, rewarding them with digital collectible stamps as non-fungible tokens (NFTs).

These NFTs offered exclusive benefits and interactive experiences.

With the closure, the marketplace for trading these digital stamps and the company’s community discord server will also be discontinued.

Nevertheless, the Odyssey marketplace will pivot to the Nifty marketplace, allowing the ongoing trade and transfer of Odyssey stamps.

This termination aligns with Starbucks’ broader strategic shifts, although specific reasons for the program’s end were not disclosed.

The company hinted at preparing for future developments in their statement, indicating a strategic realignment.

Launched amidst a tumultuous period for the cryptocurrency sector in September 2022, the Odyssey program was a foray into the NFT world during a time marked by significant downturns in the crypto industry, including the collapses within the Terra-Luna ecosystem and the challenges faced by Celsius and FTX.

Starbucks chose the Polygon network for its lower energy consumption, showcasing a preference for sustainability in its digital endeavors.

The decision by Starbucks reflects a growing trend among corporations to step back from NFT ventures. Notable examples include GameStop’s withdrawal from its NFT marketplace and Meta’s (formerly Facebook) cessation of NFT features on its platforms.

More recently, X (formerly Twitter) eliminated the option for premium users to showcase NFT images as profile pictures.

As the NFT market continues to evolve, industry leaders offer optimistic forecasts for its potential in 2024. Vineet Budki, CEO of Cypher Capital, predicts a shift towards NFTs serving practical, real-world applications.

Similarly, Oh Thongsrinoon of Altava Group envisions NFTs breaking out from their current digital confines into tangible sectors like precious metals and real estate.

Amidst these developments, the NFT market has shown signs of revival, with a significant uptick in trading volume and record-breaking sales on the Bitcoin network, highlighting a renewed interest and the dynamic nature of this digital asset class.

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Ether’s Price Projected to Surpass $5,400 in 2024 Amidst High Market Optimism and Potential ETF Approval

Blockchain News/Crypto News Today/DeFi

Ether‘s price is on track for a significant increase, potentially hitting the $5,400 mark in 2024, according to a well-regarded technical indicator.

This prediction comes from an analysis using the Mayer multiple oscillator, which compares Ether’s current price to its 200-day moving average.

This insight, provided by CryptoQuant-verified author Binhdangg, was shared in a post on March 21.

The Mayer multiple oscillator indicates that Ether might not only reach but possibly exceed $5,400 in a high-risk scenario.

Bitfinex analysts have elaborated on this projection, stating, “We expect it to reach oversold condition this year based on the fact that there is a cyclical behavior of the asset to oscillate between the overbought and oversold bands of the indicator.

However, this is a dynamic moving average-based deviation, and the upper band may be far above the $5,400 level by the time the price reaches those levels.”

Presently, Ether is trading above $3,500, marking a 27% gap from its all-time high of $4,891 recorded on November 16, 2021, as per CoinMarketCap data.

Market sentiment is increasingly optimistic, with over 62% of participants now expecting Ether to revisit its all-time high within 2024, a significant jump from 45% just a month prior, based on Polymarket odds.

The anticipation surrounding Ether’s value is also buoyed by the potential impacts of the Dencun upgrade on the ETH/BTC ratio, hinting at a possible climb to $5,900 for Ether, considering the current BTC market price. Bitfinex analysts suggest that the BTC price could rise by the time Ether reaches this significant level.

A crucial factor that might influence Ether’s price trajectory in the short to medium term is the potential approval of a spot Ether exchange-traded fund (ETF).

This event is highly anticipated but comes with uncertainties regarding regulatory scrutiny, especially from the SEC. John Lo, founder of Recharge Capital, noted that the approval process for an Ether ETF might face more challenges compared to previous Bitcoin ETF approvals.

The SEC has delayed its decisions on ETF applications from VanEck, Hashdex, and ARK 21Shares, with final decisions expected by late May.

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Grayscale’s Bitcoin ETF Faces Record Outflows Amid Crypto Market Turmoil, But Analysts Predict a Turnaround

Bitcoin/Blockchain News/Crypto News Today

Grayscale, a leading crypto asset manager, is experiencing a notable decline in investments in its Bitcoin exchange-traded fund (ETF), with recent data showing significant outflows.

On March 21, the Grayscale Bitcoin Trust (GBTC) reported outflows of $358.8 million.

This event comes on the heels of a record-breaking $642 million outflow on March 18, according to Farside Investors.

Over the past week, GBTC has seen a total of $1.8 billion in withdrawals, marking a trend of persistent outflows across the cryptocurrency ETF sector for four consecutive days.

Despite these significant outflows, experts believe this trend could be nearing its end.

Eric Balchunas, a Senior Bloomberg ETF analyst, suggested on March 21 that the majority of the outflows, particularly from the recent bankruptcies within the crypto industry, might be concluding due to their “size and consistency.” H

e further speculated that the outflows could be linked to bankrupt firms purchasing Bitcoin with cash, which could be stabilizing the market.

Balchunas optimistically noted that once this period is over, the market might only see retail-driven flows, similar to those observed in February.

Adding to the discussion, an independent researcher known as ErgoBTC pointed out that around $1.1 billion of the recent GBTC outflows likely originated from Genesis, a bankrupt crypto lender.

The researcher highlighted the timing and volume of transactions between GBTC and Genesis as evidence of their correlation.

WhalePanda, a pseudonymous crypto market commentator, echoed this sentiment, referring to a statement from Genesis about returning assets to creditors by converting GBTC shares into Bitcoin.

The selling pressure on GBTC has been further amplified by major liquidations in the crypto industry.

On February 14, Genesis received court approval to liquidate its $1.3 billion in GBTC shares to repay creditors.

Additionally, the bankrupt cryptocurrency exchange FTX liquidated all of its 22 million GBTC shares, valued at nearly $1 billion, just a month earlier.

As of March 21, Grayscale reported its Bitcoin Trust holds assets under management worth $23.2 billion, despite a $13.6 billion reduction since its conversion to an ETF on January 11.

These developments reflect the volatile nature of the cryptocurrency market and the interconnectedness of its participants.

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Spot Ether ETF Approval Faces Delays Amid Financial Institutions’ Strategy Gaps

Blockchain News/Crypto News Today

The anticipated green light for spot Ether exchange-traded funds (ETFs) might face delays beyond their final decision deadline in May.

Robby Greenfield, CEO of Umoja, a smart money protocol, highlighted to Cointelegraph the challenges large financial institutions face due to a lack of a clear strategy towards these ETFs.

He pointed out, “What makes it difficult for institutions to position themselves advantageously with Bitcoin, Ether and cryptocurrencies generally is that they can’t facilitate the same market manipulating functions as with previous commodities.

“You can’t create paper Bitcoin like you can create paper gold.” Several prominent firms, including BlackRock, Grayscale, and Fidelity, are in the race to launch an Ether ETF.

Despite these efforts, Bloomberg ETF analyst James Seyffart anticipates a rejection of the current Ether ETF applications in late May, referencing a March 19 post on X.

This expectation follows the United States Securities and Exchange Commission’s (SEC) recent postponement of its decision on the Hashdex and ARK 21Shares spot Ether ETFs, with a final verdict due by late May.

The unique challenges posed by the decentralized nature of cryptocurrencies like Ether complicate the development of institutional strategies for ETFs, though Greenfield believes approval is inevitable.

He asserts, “Whether it gets approved in May or in December, it’s inevitable… I wouldn’t understand why it wouldn’t be approved, particularly given that even the SEC’s perspective on Ether has been increasingly one of it being a commodity rather than a security.”

The SEC has set specific deadlines for the decision on applications from various companies, ranging from May 23 to August 7.

Moreover, the hesitance of large institutional players to dive into decentralized finance (DeFi) stems from infrastructure inadequacies, which also deter traditional retail investor participation.

Greenfield emphasizes the need for more accessible investment strategies and infrastructure to bridge this gap, especially for retail investors who, despite owning a significant portion of global assets under management, face limited wealth creation opportunities.

To this end, Umoja has raised an additional $2 million, bringing its total seed funding to $4 million, aiming to democratize access to asset management strategies.

Greenfield underscores the importance of catering to retail investors, who are projected to hold a larger share of global assets in the coming years, according to World Economic Forum estimates.

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SBF’s Legal Team Calls 50-Year Sentence Proposal ‘Medieval’, Advocates for Leniency in High-Profile Crypto Case

Blockchain News/Crypto News Today

In a striking rebuttal to a proposed sentence of up to 50 years for former FTX CEO Sam Bankman-Fried (SBF), his legal representatives argue that such a penalty reflects an outdated, “medieval” approach to justice, misaligning with the actual severity of his offenses.

Attorneys Marc Mukasey and Torrey Young expressed their objections in a letter to Judge Lewis Kaplan, dated March 19, responding to the sentencing proposal made by the government on March 15.

Describing the prosecution’s narrative as overly harsh, Mukasey and Young accused it of painting Bankman-Fried as a “depraved super-villain” based on a skewed “loss” narrative.

This came after the United States prosecutors, on March 15, advocated for a sentence between 40 and 50 years for Bankman-Fried, who had been convicted of fraud and money laundering in November 2023.

This sentence, according to his lawyers, equates to a life sentence, a punishment they deem excessively harsh and unjust.

Arguing for leniency, Bankman-Fried’s lawyers proposed a significantly shorter prison term of five to six years. They disputed the claims of actual financial losses, pointing to the ongoing bankruptcy proceedings expected to fully compensate affected customers and lenders.

Contrary to the depiction of Bankman-Fried as driven by greed, his legal team highlighted his philanthropic efforts and modest living, challenging the portrayal of him as a risk for future offenses due to low recidivism rates among similar offenders.

Moreover, they criticized the prosecution for allegedly unsupported allegations and misleading comparisons with sentencing in similar fraud cases, stressing that non-violent offenders rarely, if ever, face sentences as severe as 40–50 years.

Highlighting the personal and professional losses Bankman-Fried has already suffered, they suggested a more appropriate sentence range would be five to six and a half years.

This, they argued, would be more in line with justice, especially if the government believes in a chance for Bankman-Fried’s eventual reintegration into society.

The jury had found Bankman-Fried guilty on all seven counts nearly a year after FTX’s downfall, sparking a debate over the appropriate consequence for one of the most high-profile figures in the cryptocurrency industry.

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Binance Thrives Amid Regulatory Scrutiny, Assets Under Custody Surpass $100 Billion

Blockchain News/Crypto News Today

Binance, a leading cryptocurrency exchange, has demonstrated resilience in the face of actions by the United States Department of Justice against it and its co-founder Changpeng Zhao.

Impressively, its assets under custody have soared to over $100 billion as of March 18, marking a significant increase from $40 billion at the beginning of the year.

This remarkable growth has been attributed to the doubling of Binance users’ assets under custody. Binance emphasizes its commitment to security and transparency, noting, “We hold all user funds at a 1:1 ratio, plus additional reserves, which anyone can verify using Binance’s proof-of-reserves (POR) system.”

This system showcases the exchange’s robust collateralization ratios, with over 100% coverage for major cryptocurrencies and altcoins.

Despite this, experts caution that proof-of-reserves might not fully account for an entity’s liabilities, potentially omitting crucial details regarding net equity.

Nevertheless, Richard Teng, CEO of Binance, assures that the exchange operates on a “debt-free” capital structure.

The exchange also clarifies that while blockchain market intelligence firms offer valuable insights, their data may not perfectly capture the entirety of user funds on Binance due to the inclusion of operational assets.

Binance maintains that the most accurate figures regarding user asset holdings are available through their monthly POR audits.

In a strategic move, Binance announced on March 12 its decision to sever ties with its venture capital division, Binance Labs, despite the latter’s impressive track record of returns averaging over 14x on investments and a portfolio valued at $10 billion.

This separation underscores the independence of Binance Labs, which, while licensed to use Binance’s trademark, has no further association with the Binance exchange or any related entities.

This development highlights Binance’s continuous efforts to streamline operations and maintain transparency in its dealings, further cementing its position in the cryptocurrency market amidst regulatory scrutiny.

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Bit Digital Reports 39% Earnings Surge in 2023, Expands into AI Technology and Diversifies Globally

Bitcoin/Blockchain News/Crypto News Today

In 2023, Bit Digital, a prominent Bitcoin mining company listed on the Nasdaq, reported a notable increase in its earnings, with a 39% rise to $44.9 million compared to the previous year.

The firm disclosed that it mined 1,507.3 BTC during the year, marking a 21% increase from 2022, valued at approximately $97 million at the current market rates.

This growth in revenue and mining output was attributed to an enhanced active hash rate, although challenges such as increased network difficulty slightly offset these gains.

By the end of 2023, Bit Digital’s total assets amounted to $189.3 million, with shareholders’ equity standing at $152.7 million.

Furthermore, the company reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $12.4 million, alongside an adjusted earnings per share of $0.12.

Over the year, Bit Digital implemented several strategic adjustments to its mining hosting portfolio.

The company expanded its operations, ending the year with six hosting partners across seven sites in three countries.

A significant development was the extension of its activities to Iceland, a move aimed at benefiting from the region’s ample clean energy and favorable government policies.

This expansion underscores Bit Digital’s commitment to geographic diversification and the pursuit of cost-effective, carbon-neutral energy sources.

Amid fluctuating Bitcoin prices, Bit Digital remains focused on navigating the Bitcoin market’s cyclicality, eyeing sustained growth and resilience through all market phases.

The company anticipates that the trajectory of Bitcoin prices by the end of the year could set the stage for record highs in 2024.

Expanding beyond its core mining activities, Bit Digital announced its foray into artificial intelligence technology and digital infrastructure services.

This new venture includes offering rental services for graphics processing units (GPUs), marking a significant stride into digital service provision.

Notably, this diversification has already begun yielding financial benefits, with the company reporting $4 million in earnings from this new business segment in February 2024.

This strategic expansion reflects Bit Digital’s ambition to broaden its revenue streams and reinforce its position in the digital technology sector.

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