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Terra Classic Development Group Launches Validator To Fund LUNC Growth

Mark Brennan
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Terra Classic Development Group Launches Validator To Fund LUNC Growth

 

Terra Classic (LUNC) will fund development from validator profits.



In a tweet on Sunday, TerracVita, a group dedicated to Terra Classic development, disclosed that it had partnered with High Stakes Switzerland to launch a validator to help generate funding for Terra Classic development activities.

“Our volunteers have self-funded for four months, helping implement governance proposals, developing code, and restoring governance to give LUNC a chance of life.

TerraCVita helps this by funding those members sustainably and others,” the group wrote in a thread, encouraging people to stake with the validator to encourage Terra Classic development.

 

So far, the community has welcomed the news of the validator launch. All agree that the contributors deserve compensation for their efforts. Additionally, it bears mentioning that it also provides an incentive for increased development activity on the network. Unlike most blockchains, the now community-owned Terra Classic lacks access to venture capital (VC) funding or a cache of reserved tokens for development.

TerracVita disclosed that its team includes Edward Kim, MarventusWP, and RexYellerBelly, among others. Notably, all these individuals have been significantly involved in Terra Classic’s development and promotion in recent months. For example, Edward Kim is the author of the latest 1.2% tax burn proposal that has ushered in a new wave of excitement around the ecosystem as it promises to cut down on the excess LUNA Classic (LUNC) supply.

The 1.2% tax parameter change is expected to go live within 24 hours.

Notably, it remains unclear if the funds generated will be exclusive to TerracVita members alone or fund all of the Terra Rebels, the current umbrella group for Terra Classic developers. According to former Terra Rebel Ackbar, who controversially left the group earlier this month, the former is likely the case.

TerraRebel commenting on the development, said:

“Finally, TerracVita has launched a validator so that people can help sustainably fund work to help promote and rebuild LUNC.”

Ripple Puts SEC In Big Trouble, Eyes Unprecedented Win After Latest Filing

Mark Brennan
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Ripple Puts SEC In Big Trouble, Eyes Unprecedented Win After Latest Filing

 

The recently filed summary judgment motions stir reactions from Ripple experts.



In a surprising development, Ripple and the Securities and Exchange Commission publicly filed the summary judgment motions over the weekend in contrast to the expected September 19, 2022.

 

The parties filed their motion separately in the Southern District of New York. Following the development, the parties call on the Judge in charge of the lawsuit, Magistrate Analisa Torres, to rule on the more than one-year case to determine whether XRP sales violated United States security laws or not.

Bone of Contention

The SEC has built its argument on the premise that purchasing XRP in a common enterprise makes the cryptocurrency an investment vehicle, thus security, which U.S. securities laws must govern.

Additionally, the SEC asserted that Ripple lured many investors to purchase XRP by making them believe that they would make enormous gains in the future, thus implying that the cryptocurrency is a security.

On the contrary, the defendants – Ripple, Chris Larsen, and Brad Garlinghouse – said the regulators could not prove that investors purchased XRP while relying on the company to help them make a profit since no agreement was reached.

According to the Silicon Valley tech company, token holders usually profit from the asset through the forces of demand and supply. 

Based on this, XRP holders do not have the right to demand profit from Ripple. Furthermore, they cannot accuse the company of any breach when they do not make profits from the XRP, Ripple added. 

Ripple Executives and Enthusiasts Blast SEC

Meanwhile, Ripple executives and several enthusiasts took their time to comment on the SEC’s recently filed summary judgment motion. 

According to Garlinghouse, the CEO of Ripple, it is evident that the SEC is not interested in applying the law in the case, adding: “They want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress.” 

Ripple’s General Counsel, Stuart Alderoty, also commented on the development, stating that the SEC is yet to identify any contract for investment after two years of litigation. 

“[The SEC] cannot satisfy a single prong of the Supreme Court’s Howey test. Everything else is just noise,” Alderoty added. 

 

In a similar development, attorney Jeremy Hogan, a Partner at Hogan & Hogan law firm, said the Securities and Exchange Commission now has big problems following the recently filed motion for summary judgment.

South Korean Investigators Deny Do Kwon Claims, Say Terra (LUNA) Founder Is On The Run

Mark Brennan
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South Korean Investigators Deny Do Kwon Claims, Say Terra (LUNA) Founder Is On The Run

 

Terra Founder Do Kwon On The Run, Flees Singapore.


The search for Do Kwon’s whereabouts continues.

After it was reported by The Crypto Basic that South Korean prosecutors had issued an arrest warrant for TerraForm Labs (TFL) founder Do Kwon, believed to be in Singapore, Singapore police on Saturday disclosed that Kwon is no longer in the country, with South Korean prosecutors asserting that the Terra founder is on the run.

Local media outlet Hankyung writes:

“It is considered that Do Kwon left Singapore at the end of April…

Prosecutor’s Office: Tera Kwon’s escape is evident…”

Hankyung further notes:

“The prosecution when started a forced investigation, such as a search and seizure; Kwon did not cooperate with the investigation, and around August appointed a lawyer and said that he did not intend to appear immediately at the prosecution.”

An official from the prosecution says, “There was absolutely no room for cooperation with Kwon when he lied that he was fully cooperating with government agencies.”

Terraform Labs CEO Kwon, whose whereabouts are currently unknown abroad, denied the escape rumors, but the prosecution refuted Kwon’s claim, saying, “It is clear that he escaped.”

In May, Kwon and his family departed for Singapore. At the same time, most of Terraform Labs’ financial-related key figures were also reported to have departed to the same country.

It is worth mentioning that South Korean prosecutors issued an arrest warrant for Terra founder Do Kwon and five other TFL employees last Wednesday. Prosecutors, as per the report, elaborated that the charges against Kwon and his colleagues involve violations of the Capital Market Act. According to Singapore police, Terra’s founder is no longer in Singapore.

The above response from the South Korean investigators came when Kwon took to Twitter to reject claims that he was on the run moments after the Reuters report on Saturday indicating he had fled Singapore as South Korean prosecutors moved to revoke his passport. According to Kwon, he was not on the run.

Kwon claimed to fully cooperate with any authorities that have indicated an interest in communicating. He added that his location is his private business, asserting that he and other Terraform Labs (TFL) employees involved have held themselves to high standards and are working to defend themselves, but prosecutors denied all these claims.

 

It is worth noting that Do Kwon is under investigation in South Korea for possible wrongdoing leading up to the Terra ecosystem collapse in May that wiped off over $40 billion of LUNA and TerraUSD investor funds. Notably, South Korean authorities question the timing of Kwon’s departure to Singapore and the closing of Terra’s Korean arm in April, just before the collapse. Meanwhile, he is investigating for issuing unregistered security in the US.

Additionally, Kwon and TFL face multiple class action suits in both jurisdictions from disgruntled investors who suspect foul play. Kwon, on his part, has consistently denied any wrongdoing, repeatedly asserting that he worked according to his convictions with no plans to defraud investors.

However, most crypto investors have lost faith in the once influential founder. This much is clear in the quote tweets in response to Do Kwon’s claims that he is not on the run and is willing to cooperate with authorities.

What New Investment Opportunities Are Emerging After the Risks Cryptocurrencies Experience?

Andrew MacGill
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What New Investment Opportunities Are Emerging After the Risks Cryptocurrencies Experience?

With UST off-anchor and LUNA to zero, Terra pulled the digital asset industry down a gradient with its power, and the entire digital market of $700 billion market cap turned into air. As a triple-digit token with a market cap of over $10 billion, LUNA collapsed down to 0.0001 U. If it is said that there is no human factor, no one will believe it. It seems that stable tokens are not “stable” anymore.

The New York Times says this is arguably the biggest panic since the bitcoin price plunged 80 percent in 2018. Critics say the collapse is “long overdue.” Some traders are comparing this to the start of the financial crisis in 2008. Behind the cryptocurrency “riches movement”, not only celebrities and investors are involved, but also ordinary retail investors are attracted, especially young cryptocurrency investors.

Since the massive token drop in the crypto market, many investors think it is a good time to invest and some of them have started buying or selling various cryptocurrencies at Gate.io crypto exchange such as Bitcoin and Ethereum. Some investors have also chosen to invest in the smaller crypto token SafeMoon, which after all has seen a 43.9% price increase in the last 7 days when such cryptocurrencies are basically on the decline.

SafeMoon is currently trading at $0.0006842 at the time of writing, up 43.9% in the last 7 days and up 19.7% in 24 hours on a volume of $1,787,381. The current market cap of the token is $382,333,513. This is not a small increase in the current cryptocurrency market.

The SafeMoon had a wild rise in April-May 2021, up 6,000% at one point, making headlines in major cryptocurrency media reports. Now as Bitcoin falls below $30,000 and Ethereum falls below $2,000, it alone is up 43.9% in 7 days, becoming an emerging potential investment opportunity.

What Is the Future of Cryptocurrencies?

 Recently central bank policymakers have been speaking out intensively, either taking a position or evaluating the value of cryptocurrencies. Of these evaluations, they fall into two broad categories: those that recognize Bitcoin as an asset, but not a currency, with no payment function; and those that do not recognize any value in Bitcoin.

Developed economies, mainly in Europe and North America, are now recognizing the asset properties of cryptocurrencies, more by adding regulatory frameworks than bans. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), warned this Monday at the World Economic Forum in Davos not to confuse crypto products with currencies. Any product without a sovereign guarantee can be an asset class, but not a currency.

While cryptocurrencies are widely accepted in some countries, the number of countries and regions imposing bans on cryptocurrencies is also growing. The Central Bank of Argentina (BCRA) recently announced that banks in the country are banned from offering cryptocurrency services to their customers. The same goes for Sri Lanka, Jamaica, Kenya, and England.

India’s policy on cryptocurrencies is more ambiguous. However, RBI Governor Shaktikanta Das has repeatedly stated that cryptocurrencies have no potential value. Das also noted that the recent correction in the cryptocurrency market has justified his cautious approach to cryptocurrencies. He stressed that the country’s central bank is in agreement with the government when it comes to cryptocurrencies.

Backed By $4.6M In Seed Funding, Mailchain Launches The First Multi-Wallet Web3 Email Platform

Andrew MacGill
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Backed By $4.6M In Seed Funding, Mailchain Launches The First Multi-Wallet Web3 Email Platform

Following a seed-stage funding round led by Crane Venture Partners and Kenetic Capital, Mailchain modernizes email to create a Web3 inbox for all users, and a native communication platform for all blockchain projects, exchanges, and DAOs.

Mailchain, the new communication layer for Web3, launches the first secure, multi-wallet email solution on the heels of a $4.6 million funding round led by Crane Venture Partners and Kenetic Capital. Mailchain will implement the funding to onboard users, communities, and protocols to its encrypted, multi-wallet inbox. 

Web3 represents a huge leap forward in the evolution of the internet. But where core technologies like blockchains and smart contracts are well into maturity, Web3 communication is still in its infancy. Users cannot easily send and receive messages from their blockchain identities. Most communication happens through instant messaging, social media, and community servers. Keeping track of valuable, relevant information, such as NFT mints, DeFi positions, and DAO votes across these channels can become overwhelming, confusing, and pose a privacy risk. 

Mailchain makes secure and easy Web3 communication a reality. Designed to resemble and function like traditional email, users can create an end-to-end encrypted Mailchain account using any personal blockchain addresses for no charge or gas fees. The ability to connect multiple wallets to one inbox creates a private, central hub for Web3 activity.

Mailchain users, whether creators, collectors, investors, or DAO members, will never miss the messages or context that matter. Projects integrating Mailchain can communicate directly with intended audiences, wallet-to-wallet, and ensure updates are not buried or lost across disparate channels.

Leading the seed-round funding round for Mailchain’s public application and SDK launch are contributions from Crane Venture Partners and Kenetic Capital. Rounding out the funding with additional participants include Kestrel0x1, Acequia Capital, Eterna Blockchain Fund, Maex Ament (Centrifuge founder), Charles Songhurst (former head of corporate strategy at Microsoft), Sarah Drinkwater (community-first investor), and Nick Ducoff (Web3 educator). 

“Web3 is growing fast,” says Tim Boeckmann, CEO of Mailchain, “And we’re excited to solve the biggest problem that exists around communication today. People can now email natively. Artists can reach their collectors. DAOs can reach their members. DApp developers can reach their users. All creators, all communities, all of Web3—finally connected and communicating in context.” 

“What drew us to Mailchain was the team’s commitment to align the technology design and implementation with the ethos of Web3,” says Scott Sage, partner at Crane. “It’s an open, secure communication platform built to prioritize the privacy and security of the user. Mailchain is more than a product or platform—it’s the root node of a new, critical layer of Web3 infrastructure.” 

About Mailchain 

Mailchain is the new communication layer for Web3. With one simple, elegant inbox, users can send and receive private messages using public blockchain addresses. Teams and individuals can receive notifications about their on-chain activity and communicate with any identity, on any protocol.  Projects, DAOs, exchanges and protocols integrating Mailchain can directly communicate with their users, wallet-to-wallet. For more information, please visit https://mailchain.com/  

VeChain Enters Another Partnership This Time To Aid Sustainable Biofuel Production In Europe

Mark Brennan
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VeChain Enters Another Partnership This Time To Aid Sustainable Biofuel Production In Europe

VeChain will aid in the conversion of used cooking oil to biofuel.

In a tweet on Friday, VeChain confirmed an announcement by UCO Network, a blockchain protocol focused on sustainable biofuel production in Europe, notably becoming its Layer 1 blockchain of choice.

“Transforming used cooking oil to Biofuels – a great use for a common waste resource. 

Just another of the ways VeChain will drive the sustainability revolution in Europe!” VeChain said in its Quote tweet.

 

Notably, the UCO network is a blockchain solution built to trace used cooking oil, focusing on complying with the European Union’s Renewable Energy Directive II. It bears mentioning that the network combines blockchain with Internet of Things (IoT) technology to tackle the risk of supply chain fraud.

According to the shared medium blog post by UCO, VeChain was tapped as its Layer 1 blockchain of choice due to the robustness of the network’s smart contract functionality.

“After evaluating multiple Smart Contract platforms and their capabilities, VeChainThor was UCO Network’s Layer 1 Blockchain Partner of choice.”

Notably, UCO also lauds VeChain for its commitment to Environmental, Social, and Governance goals. According to the UCO, the shared goals allow for a “natural and exciting partnership.”

It bears mentioning that VeChain is on a roll in terms of enterprise partnerships. Most recently, the company disclosed that it had partnered with Canadian product verification software company TruTrace to improve product provenance and authentication in the cannabis industry. 

Notably, these moves have not gone unnoticed. In July, it was ranked among the top 10 crypto projects by engagement growth on CoinMarketCap. Additionally, the network has also been working to improve itself with the introduction of “Finality in One Bit” (FOB) to its test network (testnet) in August.

VeChain’s native token VET is trading at the $0.02364 price point, 1.70% higher in the last 24 hours.

Ripple Price Soars Nearly 10% After Unknown Whale Purchased $500 Million Worth of XRP  

Lele Jima
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Ripple Price Soars Nearly 10% After Unknown Whale Purchased $500 Million Worth of XRP  

XRP price is rallying while the value of top 10 cryptos plummet. 

Ripple (XRP) has surprised many investors over the last 24 hours as the asset class records the largest gains among the top 10 cryptocurrencies by market capitalization. 

XRP is up 8% in the last 24 hours after it was reported that an unknown whale purchased a whopping $500 million worth of XRP yesterday. The development was shared by CryptoVinco, a cryptocurrency data provider that covers market updates about top cryptos, especially Ripple. 

Following the massive purchase, XRP soared from a 24-hour low of $0.324 to $0.357. Although XRP has slightly dipped and is currently changing hands at around $0.348, the digital currency still remains the best performing cryptocurrency among the 10 largest cryptos by market cap. 

According to CryptoVinco, XRP appears to be decoupling from the entire crypto market, as the asset’s price is up while others continue to decline. 

“$XRP seems to be decoupling from the rest of the crypto markets, a mega-whale purchased over $500 million #XRP yesterday while other coins tanked. Do they know something we don’t?,” CryptoVinco tweeted. 

John Bollinger Says ‘Ethereum Survived The Merge’ But Sounds Skeptical

Mark Brennan
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John Bollinger Says ‘Ethereum Survived The Merge’ But Sounds Skeptical

 

John Bollinger Indicates Ethereum Skepticism.



In a tweet today, legendary technical analyst John Bollinger, famous for inventing the Bollinger Bands, noted that Ethereum appears to have survived The Merge but did not sound excited, indicating possible skepticism.

“I see that $ETH survived the merge. Pondering…,” Bollinger wrote.

 

While Bollinger has recently refrained from commenting on the crypto market, the analyst has been closely following The Merge event, with more tweets about Ethereum in the days leading up to The Merge. On September 9, Bollinger shared his Ethereum chart showing that the crypto asset was at the top of the band at about the $1,723 price point. 

Notably, the price of Ethereum has continued to slide since, with The Merge event providing no support. However, the asset appears to have bounced on Friday around the $1,395 price point at the bottom of the Bollinger Bands.

In August, Bollinger had cautioned traders to be careful in the crypto markets as the underlying trading dynamics continue to change. Bollinger, at the time, elaborated on his case by pointing out an “unusual resolution” of a Bollinger Band squeeze in the Bitcoin charts. In January, the analyst warned crypto investors that the growing adoption of crypto assets, especially amongst institutions, is making the market more complex to trade.

As highlighted earlier, following The Merge, the price of Ethereum has continued to plummet, strengthening the “sell the news” narrative. In a tweet on Thursday, Crypto analyst Ali Martinez warned that a dip below $1,460 could lead to a free fall to the $1,000 price point. 

 

Ethereum is currently trading at the $1,430.03 price point, 2.96% lower in the last 24 hours.

 

Terra Classic (LUNC) Launched New Proposal For Exchanges To Implement Burns On Trading

Mark Brennan
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Terra Classic (LUNC) Launched New Proposal For Exchanges To Implement Burns On Trading

Should exchanges implement a 1.2% tax burn?


A New Proposal Is Launched To Request That centralized exchanges (CEXes) Implement burns On Off-Chain Transactions (trading).

The LUNC community has launched a new proposal requesting that central exchanges (CEXes) implement the proposal on off-chain activity, like spot trading. While several exchanges have expressed support for the proposal, there appears to be mixed messaging, as most plan to implement it on only deposits and withdrawals. Notably, in an ask me anything (AMA) with KuCoin on Thursday, the exchange implied that it would not implement the proposal for off-chain transactions.

However, the community believes that central exchanges’ support for the 1.2% tax burn proposal should include off-chain activity. It is worth noting that most LUNC activity takes place on these CEXes. Consequently, implementing the proposal on off-chain transactions will go a long way to make it more effective in burning excess LUNC supply. Notably, the community is set to join an AMA with Binance less than a week from now, with plans to bring up the tax burn.

Terra (LUNA) Founder Singapore Employment Pass To Expire In December, What’s Next?

Albert Brown
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Terra (LUNA) Founder Singapore Employment Pass To Expire In December, What’s Next?

Will Singapore Allow Do Kwon to Renew His Employment Permit?



That is an important question about Do Kwon, the founder and CEO of TerraForm Labs (TFL).

According to Bloomberg, Kwon’s employment permit, which grants him the right to work and live in Singapore as a foreign executive, will expire on December 7, 2022. 

Bloomberg writes:

“Kwon has applied to renew his Employment Pass, which gives him the right to work in Singapore and which expires on Dec. 7, according to the report. Kwon applied for an EntrePass — which is meant to allow eligible foreign entrepreneurs to start and operate businesses in Singapore — and was rejected, the Straits Times said, citing Ministry of Manpower records.”

Whether Singapore would allow Kwon to renew his license following the unfortunate incident that occurred in the past few months that prompted South Korea to issue an arrest warrant for the Terra boss. 

Regent Law criminal lawyer Rajan Supramaniam told Bloomberg:

“If there’s a police case or lawsuit against a work-pass holder or other adverse records like involvement in a scam, Singapore takes those factors into consideration when considering the person for renewal of the pass.”

In past and present, FatMan pseudonymous whistleblower has been using his Twitter account to share interesting details about the Terra boss. FatMan recently accused Terra of receiving the airdrop for the new LUNA tokens created to compensate investors for their losses. 

FatMan disclosed that he had gathered sufficient evidence capable of indicting Kwon as the main culprit for the TFL collapse. Based on this, he said he would be joining a class action lawsuit against Kwon and TFL for causing investors huge losses. 

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