🫥 SEC charges Do Kwon and Terraform Labs with multi-billion dollar crypto fraud scheme

🫥 SEC charges Do Kwon and Terraform Labs with multi-billion dollar crypto fraud scheme 🐂 $1.6b USDC injection spurs crypto market's biggest green day since august: onchain analysis ⚙️ EU approves zk-proof tech for their digital ID framework

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🫥 SEC charges Do Kwon and Terraform Labs with multi-billion dollar crypto fraud scheme

🐂 $1.6b USDC injection spurs crypto market's biggest green day since August: onchain analysis

⚙️ EU approves zk-proof tech for their digital ID framework

SEC charges Do Kwon and Terraform Labs with multi-billion dollar crypto fraud scheme

SEC has finally decided to charge Terraform Labs and its chief Kwon Do-hyung for their fraud. The organization and individual are accused of using deceptive tactics to raise billions in an unauthorized offering of crypto asset securities, such as TerraUSD algorithmic stablecoin and mAssets - tokens that mirror the price of U.S. based stocks, misrepresenting them to investors.

The SEC has also alleged that Terraform and Kwon misled investors by claiming the crypto tokens were backed by real assets, when in fact, they have been created through an unregulated means and are not registered with them. Furthermore, SEC has alleged that Kwon personally profited from the scheme by transferring large amounts of the funds raised from investors to his personal bank accounts.

The SEC has finally taken notice of this case just a mere year later, making us all wonder why it took so long to act upon such blatant fraud. But better late than never.

$1.6b USDC injection spurs crypto market's biggest green day since august: onchain analysis

According to Lookonchain data, the recent price pump is related to USDC inflows - the stablecoin from Circle. BTC price rose significantly in one day, making it the best green day for the market since August.

The on chain data suggest that three wallets associated with Circle were responsible for the massive USDC injection. Around $1.6 billion funds were transferred from Circle to various exchanges. The first wallet address transferred 155 million USDC; the second wallet address transferred 397 million USDC, and the third wallet address transferred 953.6 million USDC to various exchanges, starting from Feb. 10 and continuing until now.

So, if you ever needed proof that the crypto market is entirely driven by whales, there you have it. A few well-timed transfers from some influential entities and suddenly the market is awash in green.

EU approves zk-proof tech for their digital ID framework

EU wants to incorporate zero knowledge blockchain technology into its digital identity framework, which is fantastic news for privacy advocates and anyone who would like to keep their personal data secure. At least technically, zk proofs enable digital transactions to be conducted confidentially - which is a kind of privacy that many people thought they had lost in the age of Big Tech.

EU's Research and Energy Committee included the standard of zero-knowledge proofs in its amendments to the digital identity framework this week and the update was voted in by 55 votes to 8.

The draft is not available to the public so the field experts weren't able to give us a complete picture of what is about to happen, but we hope that this new development will be a step in the right direction towards more privacy and security, and not, you know, some plan where they can now keep better tabs on everyone using the blockchain or something.