Month: März 2023

Terra Co-Founder’s Arrest Extension: Do Kwon to Appeal

• Terraform Labs co-founder Do Kwon is appealing the Montenegrin court’s decision to extend his detention for up to one month.
• Kwon was arrested last week at the airport of the capital of Podgorica and is likely to face justice in the United States.
• His legal defense will appeal Montenegrin’s court rule to reduce the 30-day detention period.

Do Kwon Arrested in Montenegro

Do Kwon, co-founder of Terraform Labs, was arrested last week at the airport of Podgorica, in Montenegro. He had been on the run for several months after LUNA token and its algorithmic stablecoin UST collapsed together with its entire ecosystem. The authorities agreed with a prosecutor’s request to increase the span of his case since he is a foreigner likely to flee.

US Prosecutors Name Kwon Main Culprit Behind Terra Failure

Shortly after his arrest, US prosecutors named Do Kwon as the main culprit behind Terra’s failure which left multiple investors empty-handed. It remains unknown when he will be extradited to another country, but chances are high that he will face justice in the United States.

Kwon To Appeal Arrest Extension

Kwon’s attorneys are reportedly seeking to reduce the 30-day detention extension period ruled by Montenegrin authorities and appeal against it. While Montenegro usually allows detainees for up 72 hours, it agreed with prosecutor’s request for an extended detainment due to him being a foreigner and likely flight risk.

Kown’s Last Known Locations

Do Kwon left South Korea sometime last year after Terra crashed and hid in multiple locations such as Dubai, Singapore, Mauritius, and Seychelles. The latest sources indicated that he could reside in Serbia, Montenegro’s eastern neighbor prior to his arrest at Podgorica Airport.

Conclusion

Do Kwon has been arrested by Montenegrin authorities at Podgorica Airport as a flight risk due to leaving South Korea shortly after Terra crashed last year and hiding out in numerous locations such as Dubai, Singapore, Mauritius and Seychelles before possibly residing in Serbia accordingto some sources .His attorneys are planning on appealing against this 30 day detainment extension requested by US prosecutors who have named him as main culprit behindTerra’s failure .

Crypto Twitter Bets on Hyperinflation Sending BTC to $1M in 90 Days

• Balaji Srinivasan, a venture capitalist and former CTO of Coinbase, claimed that the US economy would enter a phase of hyperinflation in 90 days, catapulting BTC to $ 1 million.
• He also offered to pay $1 million in BTC to the best 1,000 tweets that alert about stealth financial crisis.
• He advised people to buy Bitcoin now and get their coins off exchanges before the banks become insolvent.

Crypto Pioneer Predicts Hyperinflation

Crypto pioneer and venture capitalist Balaji Srinivasan believes that the US economy will enter a period of hyperinflation in 90 days, potentially catapulting Bitcoin (BTC) to an unprecedented $1 million valuation. To spread awareness about this stealth financial crisis disguised by banking bailouts, he is offering $1 million in BTC for the best 1,000 tweets that expose this truth.

Balaji’s Bold Prediction

In a tweet on March 16th 2023, Balaji stated: “They hid their insolvency from you, the depositors. And they’re about to print $2T to hyperinflate the dollar… So buy Bitcoin *now* and get your coins off exchanges.“ On March 17th he followed up with another tweet imploring for people to „THE BANKS ARE INSOLVENT“. His bold prediction has sent shockwaves throughout Crypto Twitter – some are calling it a scam while others are taking his advice seriously.

$1 Million In BTC Up For Grabs

In order to help spread awareness of this potential financial crisis Balaji has promised $1000 per tweet for the best 1000 tweets that expose this hidden truth. Balaji plans on moving money for his bet via smart contract or old-fashioned escrow – whichever is simpler – where assets will be held on chain for 90 days until his prediction comes true or not.

Stealth Financial Crisis Disguised By Bankers

The 2008 global financial crisis taught us all one thing: never trust bankers! After being bailed out with public money again and again, banks have been able to hide their insolvency from depositors who remain unaware of what’s going on behind closed doors. The situation could soon become much more serious as governments plan large scale money printing exercises which could result in rampant inflation and devaluation of fiat currencies around the world.

Protect Your Savings With Bitcoin Now!

Given how quickly things can change during periods of economic turbulence it’s important you make sure your savings are protected against devaluation now rather than later! By converting your fiat currency into Bitcoin today you can protect yourself against potential future losses due to inflation or other economic factors such as bank failures or bailouts etc…

Despegar Embraces Crypto: First Travel Agency in LATAM to Accept Payments

• Despegar, one of Latin America’s leading travel agencies, has partnered with Binance Pay and Inswitch to enable clients to pay for tour packages in cryptocurrencies.
• Initially, this offering will only be available to customers in Argentina but may extend across other countries in the future.
• The new option will allow customers to settle hotel accommodation, flights, car rentals, and cruise trips using more than 70 cryptocurrencies.

Despegar Introduces Crypto Payments

Despegar – one of the leading travel agencies in Latin America – has recently announced its partnership with Binance Pay and Inswitch to enable its customers to pay for tour packages in cryptocurrency. For starters, this offering is available only for customers in Argentina but may extend across other countries in the future.

What Cryptocurrencies are Available?

The agreement between Despegar and Binance allows clients to settle hotel accommodation, flights, car rentals, and cruise trips using more than 70 cryptocurrencies including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP).

Benefits of Using Crypto Payments

Paula Cristi – General Manager of Despegar for Argentina and Uruguay – said that by introducing crypto payments they hope their customers can “approach this universe in a friendly way” adding that they are proud to “continue adding new alternatives and payment facilities” so people can fulfill their dreams of traveling. Maximiliano Hinz – Binance Director for Latam South/Central America also emphasized on how much faster transactions become when done with cryptocurrencies compared with traditional payment methods such as credit cards or bank transfers.

A Growing Trend

This is not the first time crypto payments have been enabled by a major company as there have been several examples throughout the world showing how more businesses are willing to accept digital assets as an alternative means of payment. This latest move from Despeagar is expected to further increase the adoption of cryptocurrencies across Latin America which could potentially lead other companies within the region as well as around the world considering doing something similar in order to stay competitive on today’s market.

Conclusion

It seems like we are slowly entering a world where cryptocurrency use is becoming increasingly popular which could ultimately result in many benefits such as lower transaction fees, faster processing times and more security when making payments online or over the counter. With that being said it will be interesting to see how this trend develops throughout 2021 as more companies follow suit from what Despeagar has just done by introducing crypto payments into their system

Bitcoin Miner Riot Blockchain Hits Record Hashrate ATH in 2022

• Riot Blockchain achieved an all-time high of 9.7 EH/s in hash rate capacity and mined 5,554 BTC in 2022.
• Despite the bear market, the miner’s total revenue for 2022 was nearly $260 million, a 22% increase compared to 2021.
• CEO Jason Les described Riot’s performance as „remarkable“ due to the reached ATH in hash rate capacity, successful expansion at Rockdale Facility and maintaining a „strong financial position“.

Riot Blockchain: Record Hash Rate Capacity

Riot Blockchain hit an all-time high of 9.7 EH/s in hash rate capacity and mined 5,554 BTC in 2022. The Colorado-based bitcoin miner reported a total revenue of nearly $260 million for 2022 – a 22% increase compared to 2021 despite the devastating bear market that reigned during most of the year. CEO Jason Les described Riot’s performance as „remarkable“ due to reaching an all-time high (ATH) in hash rate capacity and successfully expanding their Rockdale Facility while maintaining a strong financial position.

2022 vs 2021 Performance

Riot produced 46% more bitcoin in 2022 than they did in 2021 however; the crypto market collapse affected its BTC mining revenue which stood at $156 million compared to $184 million registered the year before. This drop can be attributed to shrunk production levels during summer due to extreme heatwave conditions.

All-Time High Hash Rate Capacity

The impressive performance was made possible by increasing their hash rate capacity from 3.1 EH/s on December 31st 2021 to an ATH of 9.7 EH/s by end of 2022 – effectively tripling their capacity during this period! The team also completed three new buildings at their Rockdale Facility with a fourth one nearing completion by Q1 2023 – further strengthening their infrastructure and operations capabilities.

Heat Wave Impacts Production Levels

In spite of achieving record milestones, Riot’s shrunk production levels during summer were impacted by extreme heat wave conditions which hindered efficient operations for several weeks during this period – resulting into reduced profits relative to previous years’ performances but still managing positive gains overall!

Positive Results Despite Bear Market

Overall, despite facing numerous challenges throughout 2020 such as bear markets and heat waves – Riot Blockchain managed what CEO Jason Les described as “remarkable” results through successful execution of strategic initiatives such as increasing hash rate capacities and expanding infrastructure capabilities – allowing them not only survive these difficult times but grow significantly too!