Families with a net worth of up to 0 million exhibit a strong preference for algorithmic cryptocurrencies over tokens (4.32% versus 0.92%), a new study has found. The study cites statistics indicating that ownership continuity is disrupted in 91% of cases involving a transition from crypto to fiat and vice versa. Traceability of Ownership Continuity […]
Bitcoin News
Report: DOJ and FBI Investigating Terraform Labs in Connection to Algorithmic Stablecoin Collapse
The Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) are reportedly investigating the collapse of the algorithmic stablecoin terra usd (UST) and the firm Terraform Labs. Unnamed sources say that former staff members from Terraform Labs, the company behind the Terra blockchain project, have been questioned by U.S. law enforcement.
Unusual Relationship: Report Claims Terraform Labs and South Korean Payment Firm Chai Under U.S. Investigation
After the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Terraform Labs and its CEO, Do Kwon, accusing them of fraud and orchestrating “a multibillion-dollar crypto-asset securities fraud,” the DOJ and FBI are allegedly investigating Terraform Labs. The Wall Street Journal’s Alexander Osipovich reports that people familiar with the matter have detailed that the FBI and the Southern District of New York DOJ have been questioning former members of the Terraform Labs team.
According to sources, the DOJ’s probe is not much different from the SEC’s allegations, and investigators are also looking into the relationship between Terraform Labs (TFL) and the South Korean payment firm Chai. The co-founder of TFL, Daniel Shin, created the payment firm Chai, and it has been alleged that the company helped Terra launder funds. Several social media reports have shown that Terraform Labs and Chai had an unusual relationship. In mid-November 2022, it was reported that South Korean investigators were probing Chai and Daniel Shin.
Osipovich noted that the WSJ contacted the SDNY DOJ and Terraform Labs, but both declined to comment. The report also noted that it “couldn’t be learned what specific charges” the DOJ may be pursuing, and the case could be dropped. Do Kwon’s lawyer and the attorney for TFL are attempting to get the SEC lawsuit dismissed, and Kwon vehemently denies committing fraud. Kwon has not been active on social media since February 1, 2023.
Currently, the once-stablecoin Terra USD (UST), now referred to as USTC, is trading for .023 per unit. Terra’s former native asset, LUNA, now referred to as Luna Classic (LUNC), is priced at .00013233 per coin on Tuesday. Furthermore, the second iteration of Terra’s native crypto asset, LUNA 2.0, is exchanging hands today for .42 per unit. TFL CEO Do Kwon was living in Singapore, but his whereabouts are currently unknown. Prosecutors from South Korea think that Kwon may be in Dubai and possibly even Serbia.
What do you think the outcome of the DOJ and FBI investigation into Terraform Labs will be? Share your thoughts in the comments section below.
Cardano Seen Hitting Over $0.50 By End Of November, This Algorithmic ‘Prophet’ Predicts
Cardano (ADA), as it appears, is one of the altcoins which have failed to capitalize on the short-lived rally of the crypto market to once again push its overall valuation to above trillion.
In fact, the cryptocurrency was surpassed by Dogecoin in terms of market capitalization as ADA now ranks 9th in that particular list having a total cap of .30 billion.
At press time, according the data from Coingecko, the asset is trading at .4101 and is up by 5% over the last seven days and by 20.1% for the past two weeks.
However, one glaring problem with Cardano right now is its 6.1% decline on its month-to-date performance. One month ago, ADA was trading at .4316.
Prediction Algorithm Gives Cardano A Bullish Forecast
As the crypto space hasn’t been severely impacted by the Federal Reserves’ recently implemented interest hike, ADA might just have enough breathing room to gain composure and finally push its price to higher levels.
This sentiment is reinforced by the prediction of the PyTorch-based algorithm of NeuralProphet which states that Cardano will hit the .57 marker by the end of this month.
The system, which uses an open-source machine learning framework, has proven its ability to make fairly accurate predictions of future values for the period of July 31, 2021 to December 31, 2022.
If this forecast comes true, it would mean a jump of over 40% from its current price for ADA and it will end the year by recovering some of its losses during the extended crypto winter.
The asset will need all the help it can get as it is down by more than 80% on its year-to-date performance.
A Hidden Signal For A Strong Run
The algorithm predicting that Cardano will trade at a higher price range towards the end of the month might have discovered one of the hidden signals that indicate a relatively good run for the crypto asset.
While other cryptocurrencies seem to have cooled down after their individual rallies over the last few days, ADA has reached a point where it moved out of the overbought zone.
Moreover, its Relative Strength Index (RSI) managed to move on the middle zone, giving the altcoin some room to move past the neutral zone, validating the previous bullish thesis.
If this happens, ADA might even supplant Dogecoin from its current position in the top 10 list as it also aims to reclaim the spot that was taken by the dog-themed crypto.
XMR total market cap at .74 billion on the daily chart | Featured image from Shutterstock, Chart: TradingView.com
Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.
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