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According to U.S. prosecutors, Do Kwon, the cryptocurrency innovator responsible for two digital currencies that reportedly lost over $40 billion in value last year, has been indicted on fraud charges. After his arrest earlier on Thursday in Montenegro, an eight-count indictment against Kwon was unveiled in the U.S. District Court in Manhattan. However, Kwon’s attorneys in the U.S. have yet to comment on the matter. The indictment issued on Thursday brings charges against Kwon who is a South Korean citizen and co-established Terraform Labs and created the TerraUSD and Luna cryptocurrencies. Kwon is accused of two counts of securities fraud, wire fraud, commodities fraud, and conspiracy. This criminal case comes after the U.S. Securities and Exchange Commission filed civil charges against Kwon and Terraform Labs last month. Kwon had been a fugitive for several months, and in September of last year, South Korean authorities issued an arrest warrant for him. On Fr...

Will DeFi and crypto overthrow traditional banks, or is there a middle ground? Over the years, the financial industry has undergone significant transformation as challenger banks and crypto institutions have emerged to challenge the traditional banking system (TradFi). According to data acquired by Finbold, downloads for selected six European mobile-only bank apps peaked at 26.3 million in 2022 for Android and iOS operating systems, representing year-over-year (YoY) growth of 54.09% from 2021’s figure of 17.06 million. Number of European Mobile-only Bank App Downloads in 2022 Source: Finbold Similarly, the global crypto currency market cap has grown significantly over the past year, reaching a total market value of over $2.5 trillion in early 2022. As digital Banking and crypto adoption gain more traction, the competition to shape the future of Finance is intensifying. Thus, which will come out on top? Challenger Banks Challenger banks represent financial institutions that ‘challeng...

Crypto assets continue to thrive despite being in the midst of macro-economic instability. Just a few hours back, Bitcoin went on to claim the $29k mark, for the first time since June 2022. Alongside, companies from the industry have also been expanding their reigns to cater to the growing demand for crypto assets. Crypto exchange OKX recently announced that it will be opening an office in Australia “in the coming months.” Haider Rafique, the Chief Marketing Officer at OKX asserted that the exchange intends to become “the leading crypto platform in the world.” Elaborating on how the latest initiative would help foster the company’s ambition, he said, “We see Australia as an indispensable part of this strategy and a key growth market. With such a strong uptake of crypto in Australia already, we’re committed to the local market and aim to build a strong local office.” OKX has a host of prominent ambassadors like F1 driver Daniel Ricciardo and Olympic snowboarder Scotty Jam...

The meme coin Shiba Inu (SHIB) is once again turning heads after 814 million SHIB tokens were burned. The amount of tokens burned has been steadily increasing since the launch of the Shibarium testnet a few weeks ago. The amount of SHIB burned has increased by a massive 10,000% since this launch. This recent token burn occurred over seven consecutive transactions, with 814,901,863 SHIB tokens sent to dead wallets in an attempt to reduce the token supply. On March 27 alone, about 794,858,822 SHIB tokens were burned. 24 hours later more than 800 million tokens were burned. SHIB burn rate (Source: Shibburn) The Shibburn portal indicates that today, the burn rate has decreased by more than 98%. Just over 14 million SHIB tokens have been burned for today so far. In addition to the burn rate increasing, the number of SHIB holders who have become trillionaires saw a 5% increase over the past month. The fact that the number of SHIB whales are increasing could be a good thing...

Join Our Telegram channel to stay up to date on breaking news coverage The Balancer price prediction shows that bulls are coming to dominate the market as the price moves from $6.46 to $6.99. Balancer Prediction Statistics Data: Balancer price now – $6.97 Balancer market cap – $338.8 million Balancer circulating supply – 48.5 million Balancer total supply – 56.1 million Balancer Coinmarketcap ranking – #106 BAL/USD Market Key Levels: Resistance levels: $8.0, $8.5, $9.0 Support levels: $5.5, $5.0, $4.5 BALUSD – Daily Chart BAL/USD is positive, but it looks like it lacks enough momentum to hit the resistance level of $7.0. Following the recent price, Balancer faces a potential resistance at the $7.5 level near the upper boundary of the channel. A break above this could produce a huge green candle to the upside, reaching resistance levels at $8.0, $8.5, and $9.0. By then, the Balancer market would have been in a bullish run. Balance...

Sam Bankman-Fried ’s lawyers have been bargaining about the former FTX executive’s bail conditions for quite some time now. Last month, Bankman-Fried came to terms with federal prosecutors over his use of encrypted messaging applications and communications with his ex-employees. Right after, revised bail conditions were issued which barred the FTX founder from using phones and the internet. A recent report from Reuters revealed that the parties have now come up with a new bail agreement. According to the proposed new conditions, Bankman-Fried will have a new phone with no internet capability. In fact, the phone’s communication functions will be restricted to text-only messages and voice calls. All other messaging applications will be prohibited. Lawyers for Sam Bankman-Fried said they reached an agreement with US prosecutors on revised bail conditions, after a judge raised the prospect of sending the indicted FTX cryptocurrency exchange founder to jail pending trial https://t.c...

Traders in the crypto world were in for a big surprise recently as the price of ARbit’s native token (ARB) skyrocketed by an astounding 2,000%. The alleged cause of this unexpected surge was confusion with the highly anticipated Arbitrum token. As traders rushed to invest in what they believed had an upcoming token airdrop, they inadvertently poured their funds into ARbit, causing prices to soar. The phenomenon has left many scratching their heads, but one thing is for sure: ARbit’s sudden rise to fame is a prime example of the unpredictable nature of the cryptocurrency market, as highlighted by experts. During the course of the last twenty-four hours, the value of an ARB token has increased by more than thirty percent, reaching a new all-time high of $0.01136. ARB/USD price chart, source: Coinmarketcap Yet, throughout the previous week, the price of ARB has increased from a low of $0.00024 to a high of $0.027. Since then, it has decreased, most likely as a resu...

Bitcoin price is gearing up for a key monthly close that could see it dump its 2022 bear market for good. Bitcoin (BTC) enters the last week of March in uncertain territory as a strong weekly close still keeps $30,000 out of reach. The largest cryptocurrency has sealed seven days of practically flat performance despite some volatility in between as the market seeks fresh direction. Where could it go next? In what was a week of more surprises from the macro economy, BTC/USD spent much time reacting to decisions from the United States Federal Reserve and associated commentary. Next up, however, is a period of relative calm, followed by a key monthly close, which analysis says could see the start of a new bullish trend. Bitcoin is currently up 20% for March so far, meaning that the coming days will decide the strength of the ongoing recovery from multi-year lows. Cointelegraph takes a look at five key topics to bear in mind during the final week of a what has been a volatile month. Count...

Much to the delight of the SHIB Army, it has been revealed that the long-awaited Shiba Inu (SHIB) ecosystem upgrade, Shibarium , will have 70% of its base fee burned. Subsequently, the layer 2 protocol will greatly affect the vital burn rate of the meme coin. The massive development of the Shiba Inu ecosystem had been on the horizon for some time. Now, documentation has revealed just how Shibarium could play a vital role in the community’s pursuit of burning SHIB. Nice! Also 10,000 times lower fee than etherium! Someone do that math real quick. I’m bad. If I paid $10 in Eth fees last transaction and it’s now 10,000x lower how much Shib will burn?! pic.twitter.com/rMm9NHe1Lo — OhGodYes (@ohgodyes) March 24, 2023 Shibarium Upgrade’s Crucial Burning Info For months, the arrival of Shibarium had been a dominating part of the digital asset industry discourse. Moreover, the expansion of the Shiba Inu ecosystem spoke to the potential utility of the highly popular meme co...

Join Our Telegram channel to stay up to date on breaking news coverage The Arbitrum price prediction is consolidating and seems to be preparing for the next move above the moving averages. Arbitrum Prediction Statistics Data: Arbitrum price now – $8.33 Arbitrum market cap – $1.83 billion Arbitrum circulating supply – 1.27 billion Arbitrum total supply – 10 million Arbitrum Coinmarketcap ranking – #33 ARB/USD Long-term Trend: Ranging (Daily Chart) Key levels: Resistance Levels: $9.50, $10.00, $10.50 Support Levels: $7.50, $7.00, $5.50 ARBUSD – Daily Chart The daily chart reveals that ARB/USD couldn’t break the resistance level of $8.55 with the current consolidation pattern as it fails to cross above the 9-day and 21-day moving averages. Meanwhile, the nearest support level could be located around $8.00. Beneath this, other supports could be found at $7.50, $6.00, and $5.50 levels. Arbitrum Price Prediction: Arbitrum (ARB) M...

Major crypto platforms are gearing up for the upcoming ARB token listing on March 23. As the countdown to the Arbitrum (ARB) token airdrop continues, crypto enthusiasts on Twitter are abuzz with speculation about its listing price. While the community is busy forecasting the price trajectory and benchmarking against other Layer-2s on Ethereum (ETH), several major crypto platforms have proudly announced their plans to list ARB. With the airdrop just around the corner, investors and traders are eagerly anticipating the listing of the new ARB token on various crypto platforms. This article provides an in-depth look at the confirmed listing venues where enthusiasts can acquire ARB token s after the March 23 airdrop, exploring what each platform has to offer. Huobi and MEXC Following the official announcement of the Arbitrum token airdrop on March 16, Huobi and MEXC wasted no time in revealing their plans to list ARB, and were the first to announce their listing on March 17. Both platfor...

Following their most important meeting to date, the Federal Reserve officially raised interest rates by another 25bps . Moreover, the meeting was heralded for its vitality. The Fed was conflicted between continuing to raise rates in their fight against inflation or halting the hikes to encourage financial stability amidst a budding banking crisis. Now, we have our answer. Specifically, the Fed is clearly committed to calming banking concerns in other ways. Interestingly, it has been a calendar year since the Fed first began its interest rate hikes to combat growing inflation. This marked a continuation of the steady increase of interest rates by another quarter point. BREAKING: Federal Reserve raises interest rates by 25bps . — Watcher.Guru (@WatcherGuru) March 22, 2023 FED Unveils Crucial Interest Rate Decision All eyes were on the Federal Reserve today, as they met to decide whether or not to continue to raise interest rates or stand pat. The decision was set to ha...

Ripple ’s native token XRP is rallying in the indices and is up nearly 25% in the last 24 hours. XRP broke its resistance of $0.40 and skyrocketed to $0.49, briefly missing the $0.50 level. However, it retraced in price and is currently hovering around $0.47 and attracting heavy bullish sentiments. This is the first time that the cryptocurrency rallied strongly this year, and defied the overall cryptocurrency markets with its price run. Also Read: Bitcoin Might Crash Hard After Reaching $30,000, Explains Analyst Source: CoinGecko The cryptocurrency reached its highest since November 2022 and another leg up could take it beyond the $0.50 mark. Ripple: Why Is XRP Rising Today? Source: TheSun.co.uk / Alamy The bullish trend comes after speculations being rife about a positive ruling in favor of Ripple in the SEC lawsuit. The Ripple camp is anticipating the case to come to an end in a favorable ruling on the fintech company. Also Read: Credit Suisse CEO Claimed B...