Crypto And Fintech Open New Career Options For Youngsters

Crypto And Fintech Open New Career Options For Youngsters

It is possible that studying economics or even just banking and finance will not be beneficial if you are interested in working in the financial industry at this time. A new kind of qualifications is coming into existence in order to provide qualified individuals to the newest generation of crypto and fintech companies.

For instance, the Bachelor of Science in Finance degree offered by the University of Southampton in the United Kingdom has been renamed the Bachelor of Science in Finance and Financial Technology degree. This new degree covers crowdsourcing, peer-to-peer lending, crypto and fintech.

According to Larisa Yarovaya, who is in charge of the new program at Southampton, it has been in the works for a number of years and might have been completed much sooner if COVID had not been involved. “The course is crafted to offer students with more basic knowledge about challenges like blockchain and the synergies between finance and technology,” says Yarovaya. 

Also Read: Crypto Exchange Huobi Gets Regulatory Permission In British Virgin Islands

“In this day and age, if our kids are just taught conventional finance, it may restrict their job opportunities. We wanted to create a curriculum that was as forward-thinking as it could be, so we included some cutting-edge technology.”

Despite the fact that cryptocurrency has been through another winter, supporters of the asset are as as enthusiastic as ever, and the blockchain technology that underpins crypto and fintech still being hailed as the next big thing in terms of payment systems. 

Following the conclusion of its most recent fintech conference, Deutsche Bank stated that despite the possibility of a recession, payments systems are still anticipated to deliver “solid growth” in comparison to other technology sectors. The bank also stated that the current conversation centers on topics such as real-time payments, payment velocity, software and embedded payments, and the electronic monetization of distributed ledger (blockchain) technology.

Also Read: Ethereum’s Merge Pushes ETH Price To New Height Against Bitcoin

There are other universities besides Southampton that have begun offering specialized degrees in financial technology. The New Jersey Institute of Technology in the United States has introduced a new bachelor’s degree program in financial technology. 

The New Jersey Institute of Technology in the United States has introduced a new bachelor’s degree program in financial technology.  The University of Sussex in the United Kingdom will begin offering a new degree in finance and technology beginning in the year 2020, while the University of Reading’s ICMA center will begin offering a new Bachelor of Science in Finance degree with an emphasis on fintech beginning in 2021.

Also Read: Selloff In Crypto Pulls Down The Market Value Below $1Trillion

It’s still very early in the process. At Southampton, Yarovaya would not specify the number of persons who have registered for the course this year; nevertheless, he believes that the number will eventually reach “several dozens” in the near future. Students who acquire knowledge in the field of financial technology will have a greater chance of finding job, according to her: “They will have the possibility to work in any industry or to build their own firm.”

Students won’t learn how to code in Southampton’s new class since it doesn’t cover that material. Although students will be exposed to the fundamentals of computer programming in addition to MatLab and AI, according to Yarovaya, coding will not be the primary emphasis of the course, at least not for the time being. She explains that in order to choose whether or not to include programming modules, “we want to see how sophisticated we can make the course.”

Alphabet Inc. Is Heavily Investing Into Blockchain Tech Companies

Alphabet Inc. Is Heavily Investing Into Blockchain Tech Companies

The recent history of blockchain has been marked by the rapid expansion of cryptocurrency and the rise of its applications. Many organizations have dedicated themselves to advancing this new paradigm and making it a reality. Alphabet Inc., one of the largest multinational tech giants, appears to be investing more money in cryptocurrencies and blockchain technology.

It seems reasonable that institutions and the general public are using digital assets more frequently these days. The growth of the crypto gospel and the efforts of several organizations have led to an increase in the number of blockchain application cases.

Also Read: DecentWorld Minimizes The Line Between The Physical And Digital World

According to Blockdata, a data source located in the Netherlands, Alphabet Inc has invested in these companies four times. Since September 2021, Alphabet has invested more than $1.5B in blockchain startups that are focused on improving the efficiency of their product or service delivery processes through this emerging technology.

Alphabet Inc appears to be leading the way with investments in digital asset custody service Fireblocks, blockchain game Dapperlabs, infrastructure provider Voltage, and venture capital firm Digital Currency Group.

Global investments in blockchain technology increased by 30% over the past year. This figure is more than double that of 2018 and shows no sign of slowing down. It is also predicted that by 2023, the usage of cryptocurrencies will have grown by 800% worldwide. The majority of investors are turning to digital assets as the global financial landscape experiences difficult times.

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Morgan Stanley, Samsung, Goldman Sachs, PayPal, LG, and Microsoft are among the further listed businesses. Additionally, institutions including Citi, Wells Fargo, and Commonwealth Bank have invested in blockchain startups. Speaking on the subject, a supporter emphasised how banks are among the most well-known investors in blockchain and cryptocurrency companies.

The use of cryptocurrencies is growing at an astonishing rate. As more people learn about their benefits, they have begun to invest in them. The most recent example of this was the announcement that BlackRock, one of the largest asset managers in the world, would offer a spot Bitcoin private trust to its American clients.

Also Read: CEO Of Binance Asks WazirX Users To Switch

The recent agreement between BlackRock and Coinbase showed that cryptocurrencies are receiving more attention than most people know. BlackRock introduced a spot BTC private trust one week after announcing a cooperation with Coinbase. This action would expose its American clients to Bitcoin. Being the biggest asset manager in the world was a major accomplishment for the bitcoin sector.

Uniswap V3 Under Cyber Attack?

Uniswap V3 Under Cyber Attack

Hackers have attempted a phishing attack on Uniswap V3 that resulted in nearly $4.7 million worth of tokens being stolen from users.

According to a report, the phishing attack has targeted over 73,000 addresses, and fraudulent ERC-20 tokens were transferred to those addresses.

The hacker sent fraudulent ERC-20 tokens to the addresses and then attempted to transfer those tokens out of their wallets—all while pretending that they were legitimate ERC-20 tokens.

uniswap v3 under attack

Binance’s CEO, Changpeng Zhao, revealed to his 6.6 million Twitter followers that the company’s threat intel had discovered a possible vulnerability on Ethereum’s Uniswap V3 network. A total of 4,295 ETH has been stolen by the hacker, who then laundered their money using Tornado Cash.

Also Read: Major Terra Projects Are Shifting To Polygon Network

The hacker used a novel trick to gain access to Binance’s smart contract and siphoned off all funds from the exchange. They did this by exploiting a vulnerability in the smart contract for Uniswap V3, which was not patched by either the team or its community. As a result, the hacker was able to loot all funds in Binance’s wallet and move them into their account.

The hacker stole funds from users’ wallets who had not implemented proper security measures on their platforms. According to Zhao: “Our engineers have found another vulnerability on Ethereum’s Uniswap V3 protocol that allows hackers to steal your funds.”

“The team will continue to investigate. As a result, we temporarily suspend Uniswap trading on Binance until further notice. We will update our users as soon as we have more information about this situation.” He further added.

Also Read: Shiba Inu Price Skyrockets After Its Listing On Robinhood

Security researcher Harry Denley at MetaMask, a browser-based cryptocurrency wallet, and exchange, collected evidence that the phishing effort targeted native coin positions at Ethereum, Binance Coin, and Uniswap LP. The attacker reached 74,800 addresses after incurring transaction fees of 8.5 ETH and still has an additional 90.86 ETH.

The attacker carried out their strategy in two stages: Send your address as well as information about your browser client to /66312712367123.com. This attempts to steal assets from the company by using a link to a fake website that claims to be offering a social media account recovery service for tokens like BNB or LSK. Tries to steal assets from the company

The second stage involves sending phishing emails with links to the same fake website used in stage one above.

Also Read: No Language Left Behind Project Will Make FB & Instagram Translations More Accurate

For this attack to be successful, users must have been vulnerable to a phishing campaign or have been tricked into clicking on a malicious link sent via email or instant message (IM). The attacker also needed access to multiple accounts at these crypto exchanges and some way of distributing funds from them across different wallets without arousing suspicion from exchanges or other users.

The hack of Uniswap V3 has left users with losses of up to $4.7 million

As word spread around crypto Twitter, the price of Uniswap fell, reporting losses of 10 percent throughout the evening.

Major Terra Projects Are Shifting To Polygon Network

Major Terra Projects Are Shifting To Polygon Network

In the last few weeks, the market has experienced a huge migration of almost fifty terra projects, such as the NFT marketplace OnePlanet and metaverse game Derby Stars to Polygon.

Terra’s UST and LUNA have jointly burnt a lot of investors’ money. Thus, the network left many Terra projects homeless. According to OnePlanet, the ecosystem collapsed suddenly, and as a result, it left a plethora of NFT projects. It has led and made its version of Noah’s Ark.

Polygon CEO Welcomes Terra Projects

The CEO of Polygon Studios, Ryan Wyatt, said on Twitter Friday that they would put capital and resources against these migrations to help the migrators swiftly do the process. Thus, they can welcome developers and their respective communities.

Also Read: Reddit Introduces NFT Marketplace

The CEO of Polygon Network wrote an email to the press on Saturday saying that there are more terra projects coming in the future. He also said that developers can come to the network and play around with the games. Developers must have an EVM-compatible chain ensuring longevity and minimizing the amount of work needed to recreate it.

terra projects left alone

Terra Projects That Migrated To Polygon

OnePlanet wrote on Twitter that all Ark*One partner projects and @polygonstudios move together to recreate the tokens ecosystem.
Derby Stars, a AAA play-to-earn game, also migrated to the Polygon network. It was previously deployed on Terra but has moved to the Polygon Network for its blockchain deployment.

Derby Stars is a horse racing game with a strong focus on earning in-game currency that can be used to buy horses, or upgrade your own horses. Players can also earn money by watching advertisements, as well as by playing the game itself.

Also Read: Tesla Faces A $440 M Loss As Bitcoin Price Slumps

Polygon Network’s Derby Stars project raised $6 million from investors earlier this year, and now it has secured new funding from the Polygon Network itself. In addition, it garnered popularity for its top-quality visuals and produced the teaser film and whitepaper.

The Derby Stars team has chosen Polygon as the protocol for scaling the Ethereum network. The protocol has more than 900,000 weekly active wallets and has been operating without any problems for a long time.

The CEO said that the choice of Polygon was based on its ability to scale the Ethereum network and its long track record of stability in this regard. The CEO further said that since the company has been the leader in gaming on the web3, they want to continue this trend. Besides, the migration of Derby Star illustrates the commitment of the team to helping Terra’s community.

Also Read: Solana Beats Ethereum In NFTs Transactions

The company also wants to create an excellent gaming ecosystem through the migration of tokens from other networks such as EOS and BTC to Polygon. After the move is complete, Derby Stars will proceed with their duty as usual, which involves the token creation event that is utilised to fuel the virtual economy.

Derby Stars team is currently in the midst of a hard-fought battle. The project has been accused of violating securities laws and being in breach of fiduciary duty. In addition, it has also been accused of failing to properly disclose some of its operations to investors. The team at Derby Stars is working hard to address these allegations and hopes to continue operating as an upcoming blockchain gaming company.

No Language Left Behind Project Will Make FB & Instagram Translations More Accurate

No Language Left Behind Project Will Make FB & Instagram Translations More Accurate

A new project at Meta called No Language Left Behind is helping people connect with each other across languages and cultures. The social media conglomerate which owns Facebook and Instagram has developed a single AI model that is capable of translating across 200 distinct languages. Many of those languages are not supported by the commercial tools that are available at the moment, including several obscure languages that have little digital resources.

The corporation has decided to release the No Language Left Behind project code for the project into the public domain in the expectation that other organisations may improve upon it. The artificial intelligence model is being developed as part of an enormous research and development initiative being undertaken by Meta to construct a so-called “universal speech translator.”

No Language Left Behind project for meta

Also Read: Reddit Introduces NFT Marketplace

The world is becoming increasingly globalized, and people are trying to communicate more easily with one another. The result is that the world’s languages are proliferating, and there are far fewer resources available to translate them all.

One way to help solve this problem is through machine translation. In fact, Meta has already developed a number of AI models to assist in this effort. One such model, called NLLB (No Language Left Behind), was developed by researchers at Meta.

Meta has also recently begun developing two new machine translation projects for the purpose of making it easier for individuals who speak languages that are uncommon or have limited resources available to connect with one another.

Also Read: Tesla Faces A $440 M Loss As Bitcoin Price Slumps

Mark Comments On No Language Left Behind Project

Mark Zuckerberg, founder and CEO of Meta, said that the company’s goal is to assist users in improving their connections in the present while also preparing them to participate in the metaverse of the future. Researchers working on artificial intelligence at Meta developed a project called “No Language Left Behind” (NLLB), which is said to be capable of translating more than 200 distinct languages at this point.

The AI modelling approaches that we employed from No Language Left Behind are assisting us in producing high-quality translations on Facebook and Instagram for languages that are spoken by billions of people all over the globe.

In order to ensure that the experiences are accessible to everyone, Metaverse has developed FLORES-200, a dataset that provides researchers with the ability to examine the performance of this AI model in 40,000 distinct language directions. This will help create better evaluations and improve NLLB-200’s capabilities.

Also Read: Solana Beats Ethereum In NFTs Transactions

According to Meta, there are less than 25 African languages that are covered by the translation technologies that are now accessible. The newly discovered information could reduce the likelihood of these negative outcomes and enhance user experiences. Metaverse has the capability of developing technologies that function effectively in a greater variety of languages, which will contribute to the democratisation of access to immersive experiences inside virtual worlds.

Uniswap Acquires Genie To Facilitate NFT Trading

Uniswap Acquires NFT Marketplace Aggregator Genie

Uniswap Labs, the primary developer of the Uniswap decentralized exchange system, has just completed the acquisition of NFT marketplace aggregator Genie. The agreement’s details have not been made public at this time. Still, it is anticipated that Genie will be integrated into Uniswap’s web app that facilitates buying and selling in “all major markets” for NFTs.

Uniswap Labs claims that the purchase is part of a larger strategy to include NFTs in their solutions. The developers claim that the Uniswap web app will facilitate buying and selling in “all major markets” for non-fungible tokens (NFTs). This capability is anticipated to be available sometime during the autumn.

genie nft platform

The acquisition of Genie will allow Uniswap to provide users with a place to buy and sell NFTs on their website. The developers claim this will create more demand for NFTs as consumers can use them as quickly as any other asset class on Uniswap’s platform.

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Genie is a platform that allows users to explore NFTs from several marketplaces at once. The platform streamlines purchasing and selling non-fungible tokens (NFTs) across numerous markets and will enable users to explore NFTs from several marketplaces concurrently.

According to information provided on the Genie website, users who purchase NFTs might save up to forty percent of their gas expenses. The Uniswap Labs team claims that it has compiled a list of users who have engaged with Genie in the past and will be providing those users with a USD Coin airdrop as a token of appreciation. The team has not yet released the total number of gifts that will be handed out during this particular airdrop, but they have said it will commence in August.

Also Read: FTX Acquires Canada Based Bitvo Inc.

OpenSea, the market leader in the NFT space, has significantly decreased trades over the last month. The platform is still the best option for traders looking to buy and sell NFTs. Other platforms like LooksRare and Magic Eden have climbed to the top in recent years. Coinbase also introduced a marketplace for NFTs this year. However, the once-popular collections have sunk along with the value of crypto-assets.

The amount of trades conducted on OpenSea has dropped by more than 65 percent over the course of the last month, according to data provided by DappRadar. During the same period, LooksRare and Magic Eden exhibited a bleak picture by demonstrating a decline of nearly 82 percent and 58 percent, respectively. Other exchanges, such as Axie Infinity, Decentraland, and Rarible, have also seen losses of sixty percent, fifty-three percent, and fifty-four percent, respectively, over the course of the preceding thirty days.

FTX Acquires Canada Based Bitvo Inc.

FTX Acquires Canada Based Bitvo Inc.

The Bahamas-based FTX Exchange is planning to officially launch its business in Canada by acquiring Bitvo Inc. This Calgary-based cryptocurrency exchange is regulated by all 13 provincial and territorial securities commissions across the country.

FTX Exchange is one of the world’s largest cryptocurrency companies, with over $4 billion in revenue last year alone. FTX is acquiring Bitvo Inc at an exciting juncture for the cryptocurrency market, as we’re now seeing widespread price drops following a bubble-like burst earlier this year. However, this news speaks to the level of commitment that FTX has to this industry over the long term.

Several cryptocurrency companies, including Coinbase Global Inc., are implementing severe staff reductions to save money. The crypto lending company Celsius Network Ltd. has announced that it will be suspending operations indefinitely, which will leave millions of its customers in a precarious position while also accelerating a global selloff of cryptocurrencies.

Also Read: Bitcoin Price Tumbles Below $20K, Ether Price Hit Too

The acquisition will allow FTX Exchange to expand its offerings into Canada and help it compete with other exchanges such as Binance and Bittrex, which have already launched businesses here. The two companies have not divulged the precise terms or valuation of the acquisition, which is scheduled to be finalised in the third quarter of this year, pending approval from the relevant regulatory authorities.

Both companies’ chief executive officers have stated that users of their respective cryptocurrency platforms will not notice any changes shortly. However, they are expected to borrow certain features from one another in the coming months and make them available to users as a whole. The companies said that they do not anticipate that the deal will have any impact on the current levels of staffing.

In an interview, Mr Bankman-Fried said, “We’re focused and excited to be building a real Canadian footprint.”
He specifically cited the collaboration with a registered platform as one of the reasons for his optimism. “In particular, we’ve had some fantastic conversations with the government of Alberta, which has been constructive and is trying to take the lead in Canada and around the world for crypto policy and frameworks,” he said.

Also Read: Safemoon Price Drop : Down By 95% In 24 Hours

The Alberta government has been quick to demonstrate “immense interest” in the cryptocurrency space. Earlier in the year, Mr Schweitzer stated that companies operating in the cryptocurrency space were quick to explain “immense interest” in the province after the Alberta government promised in its Throne Speech that it would make the area a global leader and hub for crypto.

FTX will launch its operation in Calgary, Alberta. The company’s CEO, Mr Schweitzer, stated that this new venture would help FTX grow its reputation and the opportunities it offers in technology and innovation.

Mr Bankman-Fried added that FTX is also looking into other opportunities across Canada, not just Alberta. He stated, “for the time being, we do not have any specific plans in mind.” However, he added, “as we’ve said before, we’re looking to expand in places where regulators are working with the sector to create meaningful opportunities.”

Twitter’s Ex-CEO Plans To Launch Web 5.0

web 5.0

People can reclaim custody of their data by hosting it on their own devices and accessing it from any location of their choosing, thanks to a new version of the Internet known as Web 5.0. This version of the Internet was recently released.

Jack Dorsey, a former CEO of Twitter, has announced his plans to build a new version of the web known as Web 5.0. This web version would utilize blockchain technology to give data owners greater control over their information. Dorsey’s plans were made public.

Using blockchain technology, the primary objective of Web 5.0 is to provide data owners with increased control over the information they save about themselves.

According to the central concept driving its development, this new version of the web will provide users with increased control over their data by enabling them to keep it on their own devices and access it in any location of their choosing.

Also Read: See What NFT 2.0 Has To Offer

It is anticipated that this next version of the Internet will be deployed in 2030, making it possible to share personal information online while maintaining a higher level of security.

It is anticipated that this next version of the Internet will be deployed in 2030, making it possible to share personal information online while maintaining a higher level of security.

Web 5.0, the most recent version, is now active during development. Despite this, several people have referred to it as a hybrid of Web 1.0 and Web 3.0. Web 5.0 will offer more valuable capabilities than any previous Internet generation.

The Web 5.0 platform will provide more useful features than any Internet generation that came before it. The version of Web 5.0 that Dorsey outlines, on the other hand, stands out from the crowd because of his assertion that it would be “really” decentralized. This indicates that neither governments nor intermediaries can handle or store consumers’ data.

As a direct result, neither national governments nor massive technology corporations can exercise control over the information flow on the Internet.

Also Read: Celsius Network Melts Down The Crypto Market

To put it another way, no centralized authority can monitor and track every piece of information that is transferred via computers and other devices linked to the Internet. There is no way for intermediaries like Facebook or Google to obtain all of their users’ data and then sell it to other companies.

Web 5.0 does not rely on centralized servers owned by large companies; instead, it depends on decentralized peer-to-peer networks. Within these networks, all users have equal access to the resources and information stored on their devices or computers, and geographical borders or political boundaries do not limit them.

Users will need a digital wallet that can store their identity, data, and authorizations to access the decentralized version of Web 5.0. This wallet will be required for users. They will be able to continue using the social networks they already have without creating a profile if they do this.

Because the confirmed identity of the user is already kept in the digital wallet, it will not be necessary for them to create a profile by utilizing a decentralized social networking program. Users will appreciate the time savings and the ease with which they may switch between programs.

Also Read: Cryptocurrency Credit Cards Are Becoming A New Trend

As long as the user grants the new vendor access to their data, all of the user’s previously created playlists and preferences will be accessible via the new vendor even if the user switches between various music applications or video services.

This is because the user’s settings are stored in the digital wallet. Moreover, because all of the user’s settings are stored in the digital wallet means that all of the user’s settings are stored in the digital wallet. Users are now able to share their information with numerous service providers as a result of the fact that the user’s decentralized digital wallet may hold all of these personal settings and preferences.

Cryptocurrency Credit Cards Are Becoming A New Trend

Cryptocurrency Credit Cards

The popularity of cryptocurrencies has soared in recent years, and it seems like there is no stopping. The crypto businesses are now leaping towards the Cryptocurrency credit cards. People who invest in cryptocurrencies want to be able to spend their money as they please, and they want to be able to do so without having to convert their cryptocurrency into traditional currency.

This is where cryptocurrency credit cards come into play. When making purchases, you may use these cards to convert your cryptocurrency holdings into fiat currency, but you will still have the peace of mind of knowing that your money is being kept by a conventional financial institution or a credit card business.

Let’s learning more about cryptocurrency credit cards, read through the article below!

Cryptocurrency Credit Cards sample card

Before cryptocurrencies may be used by the general public, one of the most important challenges that must be overcome is security. The problem with cryptocurrency is that it is not backed by anything tangible, so it does not have any intrinsic value like gold or silver do. This means that there isn’t really a way to guarantee its authenticity or safety when using it for transactions online.

Cryptocurrency Credit Cards function just like regular bank credit cards but are linked directly to your digital currency instead of physical currency like notes and coins. This gives you all the benefits of having a credit card without worrying about counterfeiting or theft because everything is digital!

Also Read: Do Kwon Refutes Claims Of Withdrawing 2.7B Over 3 Years

Rewards On Cryptocurrency Credit Cards

If you’re looking for a way to earn rewards for using your cryptocurrency, you’ll want to look into getting a crypto credit card.

A crypto credit card is a type of credit card that allows you to earn rewards in the form of cryptocurrency while you make purchases with it. You’ll get 3% back on all purchases made with the Gemini Credit Card and 1.5% back on all purchases made with the Blockfi credit card.

As long as you have a stable internet connection and a smartphone, you can use these cards just like any other credit card—just add your information and start shopping!

How To Get A Crypto Credit Card?

If you are interested in getting a cryptocurrency credit card, the first thing you should do is to find a business that participates in bitcoin exchanges. This can be done by going to the company’s website and looking for a section called “support” or “help. The site should also have an email address or phone number where you can reach someone with questions about their services.

Also Read: Top 7 Crypto Signal Providers For Maximizing Profits

The next step is to fill out an application form that includes basic information such as your name, address and social security number. You will also be required to submit evidence of your identification, such as a copy of your driver’s licence or the number of your passport.

After your application has been reviewed and accepted, your new cryptocurrency credit card will be sent to you through mail within no more than seven business days at the very maximum. If there is any problem with this process then contact customer service immediately so they can help resolve any issues with their system or staff members before moving forward with their plans for obtaining a new crypto credit card today!

Value

The value of the underlying cryptocurrency may have an effect on the value of the reward points that can be earned on bitcoin credit cards. When the value of the underlying cryptocurrency rises, your reward points will be worth more. However, when it falls, so will your reward points. This is a lot like the stock market, where the value of the stock goes up when the stock price goes up, and it goes down when the stock price goes down.

Also Read: Global Bitcoin Adoption Could Rise 10% By 2030

Do Kwon Refutes Claims Of Withdrawing 2.7B Over 3 Years

do kwon

It has been reported that Terra (LUNA) and TerraUSD (UST) CEO and co-founder Do Kwon has refuted claims that the corporation has been withdrawing $80 million every month for almost three years. This denial was made in a statement provided by Terra (LUNA) and TerraUSD (UST).

On Saturday, numerous unconfirmed reports surfaced claiming that Kwon participated in draining liquidity out of Luna Classic (LUNC) and TerraUSD Classic (USTC) before the crash to purchase the United States dollar-pegged stablecoins such as Tether.

According to the statement released by Kwon, these harmful rumors are wholly untrue and have no foundation in reality. He added that his team was working hard on creating innovative products for the blockchain industry.

Also Read: Top 7 Crypto Signal Providers For Maximizing Profits

Do Kwon is accused of withdrawing $2.7 billion over three years using Degenbox, the ideal mechanism to transfer liquidity from the LUNA and UST system into hard money such as USDT. Kwon used Degenbox to drain funds without being noticed by the community.

The founder of the LUNA cryptocurrency was quick to dismiss rumors that he had recently cashed out $2.7 billion. Kwon also urged cryptocurrency community members to refrain from spreading the story until it could be verified as accurate: “The notion that I took out $2.7 billion from anything is without a doubt incorrect,” he said. “This ought to be evident.”

Kwon has also stressed that the sole source of revenue he has received from TerraForm Labs over the previous two years has been cash compensation (TFL). Kwon provided this information to the community in an attempt to dispel rumors and lies spread by other parties.

Also Read: Global Bitcoin Adoption Could Rise 10% By 2030

In this context, Kwon pointed out that spreading false information harms LUNA investors and contributes to their suffering.

“I didn’t say much because I didn’t want to give the impression that I was playing the victim, but I lost the most of what I had in the collision. I’m sure you’ve heard me say this before, but the truth is that I don’t give a damn about money.” Kwon said in this context.

The founder of Terra, Kwon, is currently being questioned by South Korean lawmakers about alleged corruption. The allegation states that Kwon adjusted the interest rate for his benefit.

According to Mr. B from Anchor Protocol, a Terra-centric sub-ecosystem, the platform was initially planned only to provide an interest rate of 3.6 percent for the sake of maintaining the stability of the Terra ecosystem; however, this was adjusted to 20 percent soon before the release:

“I developed it, so I should have known it would fail from the beginning, but it failed.” Said Do Kwon.

According to the allegations, the developer proposed to Kwon that the interest rates be lowered; nevertheless, Kwon declined the proposal. The lawmaker who will be questioning Do Kwon has been asked to testify about the issue in a legislative hearing that will take place in South Korea.