Digital assets custody and collateral management provider Copper now offers custody and staking support for Mina Protocol.
Copper.co announced its support for Mina Protocol (MINA) on Aug. 21, noting that support for the zero-knowledge blockchain platform’s native token expands digital asset options for institutional investors.
The integration will allow eligible clients to participate in the Mina Protocol ecosystem through Copper’s infrastructure.
Targeting institutional investors Founded in 2018, Copper is a platform that seeks to offer institutional investors access and exposure to the digital assets market. The platform provided an MPC wallet and launched its off-exchange settlement solution, ClearLoop, in 2020.
ClearLoop allows users to manage digital asset collateral and settle trades across major crypto exchanges without moving assets off Copper’s wallet.
According to the London-based company, adding MINA staking allows for increased adoption of ZK technology.
“The addition of Copper’s custody solution gives professional and institutional entities more options to diversify their crypto participation with MINA. We hope that it will also raise awareness of institutional use cases for ZK technology, such as zk-KYC credentials that help address compliance without sacrificing user privacy,”
Kurt Hemecker, chief executive officer of Mina Foundation
Copper co-founder and chief executive Dmitry Tokarev commented that crypto and blockchain are at a “pivotal moment for institutional adoption.”
Tokarev added that the U.S. Securities and Exchange Commission’s approval of Ethereum ETFs in May and launch of trading in July has accelerated interest. As a result, the ecosystem is seeing increased demand for reliable tools through which institutional investors can gain exposure to cryptocurrencies.
Copper’s recent partnerships Copper recently partnered with Hedera (HBAR) to expand institutional access to the proof-of-stake network’s native token. The integration allows investors to leverage Copper Connect and Hedera protocols such as SaucerSwap to participate in the HBAR and Hedera Token Service utility.
Copper expanded its custody and staking service to Internet Computer (ICP) in July.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of SBUX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
In the rapidly evolving crypto market, the robust activity plays a significant role. As per Phoenix Group, based on GitHub’s 12-month data concerning most active crypto assets, Internet Computer, Mina Protocol, and Sushi are dominating the others. The on-chain analytics provider took to social media to share the list of top active projects over the year.
Internet Computer Emerges as 1st Most Active Crypto Project During Past 12 Months Phoenix Group’s list of most active cryptocurrency projects during the recent twelve months includes Internet Computer ($ICP) at the 1st position. The project saw a staggering 7,071 commits and more than 100 contributors during this period. Subsequently, Mina Protocol ($MINA) is the top 2nd project with up to 4,274 commits. In addition to this, saw above 100 contributors in the meantime.
Following that, Sushi ($SUSHI) stands in the 3rd place with its commits reaching 3,207 in terms of number. Additionally, witnessed twenty-seven contributors cumulatively. Apart from that, Bitcoin ($BTC) has secured the 4th position with nearly 3,068 commits in total, with up to 99 contributors. The next project in this respect is Chainlink ($LINK) with almost 3,034 commits as well as 100+ contributors.
Along with that, Cosmos ($ATOM) is the 6th most active crypto project. Hence, it has effectively recorded 2,370 commits and 100+ contributors. It is followed by Rubic ($RBC) which has obtained 2,279 commits and 20 contributors to secure the 7th spot in the list.
eCash Bottoms List with 1,666 Commits and 100+ Contributors Phoenix Group’s list of most active crypto projects in line with GitHub’s 12-month data includes Storj ($STORJ) on the 8th rank. The project has gained 1,788 commits and 100+ contributors. After that, PancakeSwap ($CAKE) occupies the 9th position with 1,717 commits and 100+ contributors. eCash ($XEC) comes last in the list with its commits reaching 1,666 mark while it witnessed 100+ contributors.
AUTHOR
Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
OlympusDAO has been hit hard by the recent market selloff and is quickly approaching its all-time low of $163 set over the summer.
OlympusDAO Enters Freefall Investors are fleeing OlympusDAO.
The decentralized reserve currency protocol is down over 87% from its all-time high achieved in April last year amid a selloff across the market. OlympusDAO’s downward trajectory has accelerated over the last week, shedding 43.5% of its value. The OHM token is down 24.9% in the last 24 hours, currently trading at $183. It’s about 12% away from its all-time low of $163 set during the May 2021 market crash.
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OHM/USD chart. Source: CoinGecko OlympusDAO was the first crypto project to utilize a circular tokenomic structure to draw in liquidity. Thanks to OlympusDAO’s clever tokenomic mechanism, investors can earn outsized yields for bonding assets and staking the OHM token. This so-called liquidity “flywheel” has proven effective while the market impulse is bullish and has inspired many fork projects such as Wonderland Money. The OlympusDAO frenzy hit a peak in late 2021 as various digital assets soared to new highs, and by November it had hit a $4 billion market cap.
However, as the May crash and more recent price action have shown, OlympusDAO appears to suffer more than other projects when the market declines. OlympusDAO’s design has attracted criticism from many crypto enthusiasts who liken the project to a Ponzi scheme. This is because Olympus and other such projects need new money to enter the protocol to prop up the incentives for existing investors.
Other protocols that use a similar tokenomic structure to OlympusDAO have also been hit hard. Wonderland has also experienced similar losses, trading down 34.6% over the past week. On Ethereum, the OlympusDAO-backed fork Redacted Cartel is also bleeding despite almost tripling in value since its launch mid-December. The protocol’s BTRFLY token dropped approximately 34% during the recent dip, but has since partially recovered.
Since the start of the year, the crypto market has been hard hit after a weak end to 2021. Bitcoin briefly dipped below $40,000 Monday and is down 10% on the week but appears to have found support at current levels. Ethereum has fared worse, seeing a weekly decline of 17%. The second-biggest crypto asset also appears to have stabilized after testing support at $3,000. The latest dip follows the Federal Reserve’s Jan. 5 confirmation that it would hike interest rates, which also shook crypto and stocks.
However, while most crypto assets are following Bitcoin and Ethereum’s downward trajectory, there are some exceptions. NEAR Protocol, a sharded Layer 1 network, has bounced back from temporary weakness, gaining 17% in the past 24 hours. Elsewhere, the privacy-focused Oasis Protocol has also shown strength, rising 16.5% in the same period. Whether these assets will continue to decouple from the wider market remains to be seen.
Disclosure: At the time of writing this feature, the author owned ETH, NEAR, and several other cryptocurrencies.
Disclosure: This article was edited by Timothy Craig. For more information on how we create and review content, see our Editorial Policy.
Shark tank star and billionaire Mark Cuban is revealing his crypto portfolio, which includes several non-fungible tokens (NFTs) and altcoins built on Ethereum (ETH).
According to ETH search engine EtherScan, Cuban’s top altcoin holdings include data exchange platform Ocean Protocol (OCEAN), cross-chain smart contract protocol Rarible (RARI), the governance token of the Olympus DAO (gOHM), and music streaming blockchain Audius (AUDIO).
[adinserter block="1"]
The business magnate has also made a portion of his crypto wallet public and is showing off his NFT collection on the social crypto collectible platform Lazy.
Cuban’s collection includes NFTs built on ETH-competitors Solana (SOL) and Polygon (MATIC), as well as ETH itself.
In a recent interview with comedian Jon Stewart, Cuban reveals that 80% of his most-recent non-Shark Tank investments have been into crypto assets as he believes newer generations are very likely to incorporate cryptocurrencies into their business models.
“The investments I’m making now are not in traditional businesses, 80% of the investments I make not in Shark Tank are in and around cryptocurrencies.”
Cuban then tells Stewart that he’s less of a speculative investor and believes decentralized cryptocurrencies will have legitimate use cases in the business world moving forward.
“Put aside all the speculation you read about with Bitcoin and Dogecoin, all that. Set that aside, that’s just the gamesmanship that’s played with stocks and everything.
A decentralized autonomous organization (DAO) basically says that there is no central organization. It’s all decentralized and trustless. What we mean by trustless is there’s not a management group or board of directors or a CEO making decisions…
And so everybody who owns a token in that application then has an equal, not always equal, but typically equal vote to set the direction of the hull, of the network. That is changing decision-making and that is where I look to invest.”
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Olympus is the first on-chain acceleration platform. Olympus will transition into a DAO. The DFINITY Foundation (DFINITY), a Swiss not-for-profit research and development organization and major contributor to the Internet Computer Blockchain (ICP), today announced the launch of the Olympus Acceleration Platform, web3’s first decentralized, on-chain global acceleration platform. Olympus supports the development and adoption of web3 technology across multiple ecosystems. The acceleration platform is a first of its kind platform and will be used by teams around the world to organize and launch their own accelerator programs.
Initial operations of Olympus will be funded by a $15M grant from DFINITY and the ICP Asia Alliance, which aims to cultivate a dynamic Web3 and AI ecosystem in Asia. There will be new allocation of funds in future with the launch of proposed EU, MENA, Africa and America alliances, cementing ICP’s global reach.
By the end of 2024 the platform will transition into a decentralized autonomous organization (DAO). To ensure platform sustainability and independence from grants, future cohorts will be funded by a native token generation event (TGE), followed by fundraising from the community.This will also ensure all stakeholders benefit from the success of the platform as token holders.
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Designed for a new cycle of web3 product launches, Olympus provides a consolidated platform for open and sustainable project acceleration by providing access to grants, crowdfunding, VC investments, and referrals all in one place and on-chain. The platform operates as an ecosystem pipeline, channeling and curating the best projects from 40+ countries around the world. Projects can apply to join a distributed network of startup accelerators, raise funds, access talent, and interact across communities and ecosystems, while investors on the platform can increase their visibility and gain early access to fully transparent, globally vetted deals.
The Olympus Acceleration platform promotes decentralization, innovation and entrepreneurship, we’re all looking forward to witnessing the growth of the next generation of projects on the Internet Computer and other ecosystems through Olympus. By creating a web3-based global platform for everyone, we’re able to bring together top talent, projects, investors, and mentors to create a credible and trustless marketplace offering equal opportunity and access to all qualified projects. Traditional accelerator programs are permissioned and operate as silos, many are also not sustainable and rely on grants. Olympus is a new model, that’s why I am especially excited to get involved as a mentor and share my experience with the next generation of founders.
Dominic Williams, Founder and Chief Scientist of the DFINITY Foundation, commented. Unlike existing accelerator programs which are siloed and require permission to interact, Olympus uses an Open Stake model where projects, mentors, and investors can interact freely, enabling permissionless ecosystem inclusivity and unlimited integrations. Utilizing multi-chain infrastructure, projects can also unlock capital and users at scale through early crowdfunding. Olympus will also enable on-chain verification of key project growth metrics, with further verification provided by the platform’s trustless perpetual rating loop enabling community members, investors, mentors, and users to rate projects and provide testimonials. Such multi-chain infrastructure and on-chain verification are uniquely powered by the technologies of Internet Computer Protocol.
The launch of the platform is anchored by a number of partners and supporters, including Web3Labs, a blockchain incubation accelerator and investment firm based in Hong Kong committed to discovering, investing in, and nurturing the best projects and innovative teams in web3. DFINITY and Web3Labs recently announced a strategic partnership to foster and promote blockchain innovation across Asia with Web3Labs joining the ICP Asia Alliance founded last year. The first batch of multiple web3 startup accelerator programs is expected to be operated by ICP Hubs as well as partners like Web3Labs through the platform.
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Also joining the platform are venture capital investors who will become Mentors in the accelerator cohorts and gain access to deal flows. These investors have also led investment at VC funds including Fenbushi Capital, Fundamental Labs, Softbank Vision Fund, NewTribe Capital, Cypher Capital, Bitcoin Frontier Fund, Summer Ventures, L2IV, Dext Force Ventures, Leadblock Partners, viaBTC Capital, Cipholio Ventures, Chiron Group, 3X Capital, Plutus.VC, and others.
Founders and developers wishing to participate in Olympus can submit their projects to the platform here.
The DFINITY Foundation is a not-for-profit organization of leading cryptographers, computer scientists and experts in distributed computing. The DFINITY Foundation boasts the largest R&D operations in the blockchain industry with many employees coming from IBM Research and Google. The DFINITY Foundation employees have published papers 1600+ and 250+ patents. The Foundation is headquartered in Zurich, with a research center also in San Francisco. With a mission to shift cloud computing into a fully decentralized state, the Foundation leveraged its experience to create the Internet Computer and currently operates as a major contributor to the network.
[PRESS RELEASE – Singapore, singapore, July 4th, 2024]
Piggycel, a IoT-based blockchain RWA project, has secured investment from the global mainnet Internet Computer (ICP) and joined the ICP Olympus accelerator program.
Piggycell is a blockchain RWA platform that users can expereince IoT based Charge To Earn (C2E) while charing their bateries. It is a decentralized platform linked to the No. 1 power bank sharing service in Korea, Piggycell, which has over 3 million users.
The ICP Olympus program, announced in April 2024, is an accelerator program for the global 24th ranked (on Coinmarketcap data as of June 23, 2024) L1 mainnet operated by the DFINITY Foundation in Switzerland. It is a program that supports promising projects to grow into high-quality large projects in the ICP ecosystem by participating as investors and mentors, including Fenbushi Capital, Softbank Vision Fund, and Cypher Capital.
Jake Park, CEO of ICP HUB Korea, said, “Through this investment in Piggycell and approval for participation in ICP Olympus, we will fully support the Piggycell project to grow into a global top project and showcase the technology and stability of ICP through Piggycell.”
The Piggycell C2E platform is planning its closed beta test (CBT) and officially launch this year.
About Piggycell
The Piggycell project is a pioneering initiative aimed at driving real-world applications and mass adoption of blockchain technology. By creating a digital twin of the assets from the already successful Web2 project Piggycell in a virtual world through blockchain, it seeks to imbue existing assets with new functionalities and philosophies, thereby generating higher value and achieving true blockchain innovation.
About the author
Chainwire is a specialized crypto newswire service providing high-impact distribution for the cryptocurrency and blockchain industry.
FTX customer Nikolas Gierczyk accuses Olympus Peak of underpaying him after buying his FTX bankruptcy claim worth $1.59 million, alleging the hedge fund owes him much more in additional recovery.
According to a Bloomberg report on Oct. 11, Californian Nikolas Gierczyk is suing hedge fund Olympus Peak for not honoring his right to additional recovery.
He claims that the hedge fund owes him much more than $1 million from their deal, as creditors stand to gain around 129% to 146% from the FTX bankruptcy payout plan.
Gierczyk stated that he and Olympus Peak settled on a purchase agreement when the hedge fund bought the bankruptcy claim at a “substantial 42% discount,” as he was promised any excess distribution from the bankruptcy.
“However, Olympus Peak made clear that they would not be fulfilling their end of the bargain,” Gierczyk’s lawyers wrote in a complaint filed to the federal court in Manhattan on Oct. 10.
Olympus Peak is a hedge fund based in Greenwich, Connecticut. It has not responded to Bloomberg’s request for comment at the time of writing.
On Oct. 7, a Delaware bankruptcy judge approved FTX’s reorganization plan nearly two years after the crypto exchange’s collapse in November 2022.
According to a statement, the crypto exchange company claims it has amassed between $14.7 billion and $16.5 billion worth in property distribution. An amount that surpasses FTX’s previous estimation of what it owes creditors, which is around $11.2 billion.
“Looking ahead, we are poised to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors through what will be the largest and most complex bankruptcy estate asset distribution in history,” said John Ray, who took over as FTX CEO after the company filed for bankruptcy.
According to the plan approved by Delaware bankruptcy Judge John Dorsey, 98% of FTX’s creditors will gain 118% of their claim as of November 2022, when the exchange filed for bankruptcy protection. This large payout is made possible due to the bullish nature of the crypto market in the past two years.
OORT’s decentralized AI Layer1 blockchain, Olympus Protocol, has officially integrated Circle-issued stablecoin, USDC. By doing so, Olympus bridges DeAI with real-world utility.
Olympus Protocol becomes the first decentralized AI-based ecosystem to integrate the USDC (USDC) stablecoin, opening the door for real-world use cases and establishing a practical and functional infrastructure with ample liquidity and financial stability for evolving DeAI projects.
By integrating USDC into the Olympus ecosystem, businesses will be able to process AI-driven transactions securely and efficiently using the Circle-issued stablecoin. Moreover, AI companies that use the Olympus Protocol for storage and compute power can make USDC transactions. Thus, developers can use USDC to pay for decentralized cloud computing services via Olympus.
While there have been other Layer 1 chains before Olympus which have USDC integrated into their ecosystems, Olympus Protocol’s specialization in the DeAI sector offers unique access to the emerging AI sector that is making its way through the decentralized crypto space.
Since 2024, many traders have started relying on AI Agents in trading as more AI-based technology has made innovative strides in the decentralized finance spaces. At press time, AI tokens have accumulated a market cap of more than $22 billion, according to CoinGecko.
Through USDC, Developers will be able to unlock a stable and liquid infrastructure for projects in multiple sectors, including DeFi, Enterprise AI, Data Monetization, AI-powered Identity and Reputation Systems, and more.
This is because Olympus Protocol’s environment offers a myriad of projects and dApps with unique functionalities for AI development. These projects encompass data collection and labeling, data storage, and computing. By merging the stability of USDC with DeAI, Olympus Protocol gears up to drive exponential growth and cutting-edge advancements in the sector.
Not only that, the USDC stablecoin could also facilitate AI-powered trading, lending, and staking projects built on Olympus.
Powered by the Olympus Protocol, OORT offers trustless infrastructure built on AI for enterprises and individuals. Some of their products include OORT Storage, OORT DataHub (for B2C and B2B), as well as the upcoming OORT Compute.
Previously, OORT raised $10 million from several major investors including Taisu Venture, Red Beard Venture, Sanctor Capital, and has received grants from Microsoft and Google.
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This article is not intended as financial advice. Educational purposes only.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
Foreword In an exclusive interview session, we sat with Daniel Bara, the Director of the Olympus Association. The discussion covered different aspects related to Olympus’ treasury-backed design; like its automated crisis-response mechanisms and how $OHM is navigating the recent market correction with comparatively lower drawdowns.
While talking to blockchainreporter.net, Daniel Bara explained the structural differences between Olympus and conventional crypto blue chips. He highlighted the protocol’s on-chain reserves, countercyclical tools like the Yield Repurchase Facility and Cooler Loans, and most significantly the role of premium compression in absorbing volatility without triggering panic selling.
Interview Section How is the treasury-backed design of Olympus primarily distinct from conventional crypto “blue chips” in the case of a market crash? Most crypto assets, including what people call blue chips, have no structural floor. Since the correction began on January 27, Bitcoin has fallen 25 percent and Ethereum has fallen 35 percent. Some crypto assets address this with pegs, but a peg is a target maintained by mechanisms, and we have seen targets break under stress. A floor is different: liquid reserves that exist regardless of market conditions.
Olympus made a deliberate design choice to back every OHM token with liquid reserves in the treasury, currently around $11.55 per token. Over that same period, OHM’s price fell 18 percent, but the reserves behind each token barely moved. The price changed because market sentiment changed. The value underneath barely did. That creates a fundamentally different risk profile than any asset where the price is the only measure of value.
As Olympus emphasizes automation to prevent human bias, could you specify its role in particular scenarios of human failure? The standard response during a crash is real-time human judgment. Protocols call emergency governance votes, adjust parameters on the fly, pause systems, or rely on multisig holders to make real-time decisions under pressure. That’s human bias in action, not because the people are bad at their jobs, but because fear spreads faster than conviction and the decisions get made when judgment is at its worst.
Olympus was built to remove that dependency. During the January correction, with billions being liquidated across DeFi, the protocol required zero manual interventions. No emergency proposals, no parameter changes, no team overrides.
The Yield Repurchase Facility kept buying automatically and actually tripled its rate because lower prices meant each dollar of yield purchased more OHM. Cooler Loans kept honoring every position without a single liquidation. The system didn’t need someone to make the right call under pressure, because the right behavior was already encoded into how it works.
When $OHM plunged half as much as $ETH during the downtrend, which mechanism backed that resilience, Cooler Loans, YRF, or premium compression? OHM declined 18% against Ethereum’s 35% over the correction, so roughly half the drawdown. All three mechanisms contributed to the resilience, and the important thing is that they work as layers, not as alternatives. Cooler Loans broke the cascade that normally amplifies crashes. Most DeFi lending is pro-cyclical: prices fall, collateral ratios break, liquidations trigger forced selling, and the drawdown deepens.
Cooler has no price-based liquidation triggers, so there was no forced selling into weakness, which is the single most important thing during a correction. The Yield Repurchase Facility provided countercyclical buying pressure, tripling its buyback rate as prices fell, because the treasury yield purchases more OHM at lower prices. And premium compression acted as the shock absorber, allowing the market to reprice confidence without touching the underlying value.
During the sharpest week of the selloff, the backing moved just 0.3 percent while the price moved over 15 percent, meaning nearly all of the drawdown was the market adjusting its premium, not the intrinsic value eroding. Additionally, Convertible Deposits created additional countercyclical demand, with new capital flowing into the treasury at six times normal volume as participants locked in lower conversion prices. Each mechanism has a different job, and they all ran simultaneously without any coordination needed.
Can you elaborate on how premium compression effectively absorbed up to 98% of the total downside effect without leading to any panic selling? OHM’s market price reflects two things: the reserve value underneath each token, and the premium the market assigns for what the protocol is building on top of those reserves. On January 28, OHM was trading at $20.89 against reserves of $11.63, a premium of roughly 80 percent. By February 3, the price had fallen to $17.70, but the reserves had only moved to $11.59. The reserves declined by four cents.
The price declined by $3.19. That means 98 percent of the price decline was the premium compressing from roughly 80 percent to 53 percent, not the reserves themselves losing value. The reason this didn’t trigger panic is that holders could see exactly what was happening. The treasury is transparent and on-chain, and the mechanisms were still running.
Cooler Loans meant anyone who wanted liquidity could access it without selling at market prices. There was no information gap, no uncertainty about whether the floor was real, and no forced selling to accelerate the decline. When holders can see that the intrinsic value is intact and they have options, the psychology shifts from panic to patience
Question 05. With Cooler Loans having seen zero liquidations throughout a major crash, how crucial was the role of the backing-based LTV mechanism in preventing any cascading failures? It was central to everything. The standard DeFi lending loop works like this: market price falls, the oracle updates, the collateral ratio breaks a threshold, and the liquidation engine triggers a forced sale. That forced sale pushes the price down further, which triggers more liquidations, and the cascade feeds on itself. This is how billions in leveraged positions unwound across DeFi during the October crash and January downturn.
Cooler Loans was specifically designed to break that loop. The loan terms are based on backing value, not market price, and since the backing barely moved during the downturn, borrowers’ positions remained healthy throughout. Without price-based liquidation triggers or external oracle dependencies, there are no margin calls.
Borrowers accept fixed terms and give up some upside optionality in exchange for certainty, and that certainty is what prevented the cascade. Across more than $121 million in loans outstanding, zero liquidations is the direct result of designing around backing value rather than market price.
Do you believe in the ultimate supremacy of autonomous treasury mechanisms over DAO governance? Not supremacy. They do fundamentally different things, and the crash demonstrated exactly why you want both. Autonomous mechanisms handle execution: the YRF buying OHM, Cooler Loans maintaining positions, RBS managing liquidity depth (when active). These need to run continuously, without the distortion that comes from making decisions under duress.
No governance vote can move fast enough to respond to a market crash, and even if it could, the decisions would be colored by fear. That’s where automation is essential. But governance handles evolution, deciding what parameters the mechanisms should operate with, what new products to develop, and how the treasury should be deployed over time. The DAO sets the rules; the mechanisms enforce them without discretion.
The January downturn was a clean demonstration. The mechanisms ran exactly as designed with zero human intervention, while governance stayed focused on longer-horizon decisions without being pulled into crisis management. You want your monetary policy automated and your strategic direction governed. Trying to do both with the same process is how systems fail under stress.
While increasing Convertible Deposits indicate participation of ‘smart money,’ how is it significant for $OHM? Convertible Deposits let users deposit stablecoins and lock in a future conversion price for OHM. During peak volatility last week, new deposits flowed in at nearly six times normal volume. As prices fell, the auction mechanism automatically adjusted strike prices downward, from $22.99 to $19.71, a 14 percent reduction from pre-event levels. Some depositors looped their positions, borrowing against existing deposits to acquire additional strikes at the lower prices.
This kind of countercyclical conviction has shown up at institutional scale as well, with an eight-figure institutional allocation entering during the October correction. What this does structurally for OHM is create demand when the broader market is selling.
Deposits add capital to the treasury and establish buying pressure at lower prices, which strengthens the backing over time. When the people who understand the system best are deploying capital into it during drawdowns, that tells you something about the underlying economics, not just sentiment.
Moving forward, is Olympus endeavoring to provide a volatility-resistant DeFi base layer or something resembling a decentralized reserve asset? Both, and they reinforce each other. The reserve asset function comes from the treasury-backed design, the programmatic monetary policy, and the stability mechanisms that held up during the crash. Those properties are what make OHM useful as a foundation for other things to be built on. Cooler Loans is lending infrastructure built on top of that reserve value. Convertible Deposits are a capital formation mechanism.
Protocol Owned Liquidity means the protocol controls its own liquidity rather than depending on external providers who leave during downturns. The base layer works because the reserve asset is sound, and the reserve asset becomes more valuable as more infrastructure is built on top of it.
The more OHM is used as a base layer, the more demand it generates, the larger the treasury grows, and the stronger the backing becomes. A reserve asset that nobody builds on is a curiosity. A base layer without sound reserve properties doesn’t survive its first real test. Olympus has been stress-tested through multiple major corrections now, with every mechanism performing as designed, and that track record is what makes both functions credible.
If we sum up the whole conversation, Bara framed Olympus as an organized system designed to withstand stress without relying on emergency governance or reactive decision-making. Olympus is set to position $OHM as both a volatility-resistant DeFi base layer and a decentralized reserve asset.
And to transform this idea into reality, Olympus platform is merging automated monetary mechanisms, DAO-led strategic evolution, and treasury-backed reserves. The recent downturn, he argued, served as a live stress test, with each mechanism functioning as designed and reinforcing the protocol’s long-term structural thesis.
PANews reported on April 30th that, according to The Block, Gemini's Olympus has obtained a Derivatives Clearing Organization (DCO) license from the US CFTC. This license allows Gemini to provide proprietary clearing, settlement, risk management, and escrow services for its Titan platform's prediction markets, futures, options, and perpetual contracts, reducing reliance on third-party clearing and lowering costs. Gemini obtained a Designated Contract Market (DCM) license last year and is working towards a "full CFTC license stack" including DCM, DCO, and potentially a Futures Commission Merchant (FCM). Currently, only a handful of crypto companies hold both DCM and DCO licenses; competitors Kraken and Coinbase primarily expand their licenses through acquisitions of already licensed institutions.
Gemini’s Olympus unit won CFTC clearing license enabling in-house derivatives infrastructure for futures, options, perpetuals, and prediction markets.
Summary
License enables in-house clearing for futures, options, perpetual contracts and prediction markets Gemini received Derivatives Clearing Organization (DCO) license from CFTC on April 30, 2026 Approval follows December 2025 Designated Contract Market (DCM) license for Gemini Titan subsidiary Gemini announced April 30 that its affiliate Gemini Olympus received a Derivatives Clearing Organization (DCO) license from the Commodity Futures Trading Commission, positioning the exchange as one of few crypto-native platforms with complete regulatory infrastructure to operate derivatives clearing in the United States. The license allows Olympus to act as a clearinghouse for regulated derivatives trading, including prediction markets.
“Today marks a major milestone in Gemini’s marketplace expansion,” said Cameron Winklevoss, Gemini’s President. “In addition to our crypto spot marketplace, Gemini now has a full-stack, end-to-end marketplace for predictions as well as futures, options, and more.”
Regulatory Roadmap Complete The DCO approval follows the CFTC‘s December 2025 designation of Gemini Titan as a Designated Contract Market, which enabled the launch of its predictions marketplace the same month. Gemini Titan will explore expanding its derivatives offering for U.S. customers to include crypto futures, options, and perpetual contracts.
According to The Block, Gemini is pursuing a futures commission merchant (FCM) license from the CFTC and working to obtain all derivatives-related licenses from the regulator. The company said it now has end-to-end trading infrastructure spanning spot crypto, prediction markets, futures and options.
Winklevoss described the DCO license as “a major building block for our super app, where users will be able to fulfill their existing and future financial needs all in one place”.
Gemini’s affiliate Gemini Olympus secured a CFTC Derivatives Clearing Organization license, giving the exchange full in-house control over clearing and settlement as it builds toward prediction markets and crypto perpetuals.
Posted May 1, 2026 at 5:59 am EST.
Gemini’s affiliate Gemini Olympus, LLC received a Derivatives Clearing Organization (DCO) license from the Commodity Futures Trading Commission on April 29, the company announced Thursday. Gemini shares (GEMI) jumped roughly 8% on the news.
The license allows Olympus to act as a central counterparty for regulated derivatives — managing clearing, settlement, margining, and collateral in-house rather than routing trades through outside firms like QC Clearing LLC, which Gemini had previously relied on. Cameron Winklevoss called it “a major milestone in our marketplace expansion” and a building block for Gemini’s financial services super app.
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The DCO approval follows the December 2025 Designated Contract Market (DCM) license granted to affiliate Gemini Titan, which enabled the launch of Gemini’s prediction marketplace. With both licenses in place, Gemini now controls the full trade lifecycle — from listing to settlement — inside a single regulated structure. The company said Gemini Titan will explore expanding into crypto futures, options, and perpetual contracts for U.S. customers. A futures commission merchant (FCM) license is the remaining piece of the full CFTC stack, and The Block reported that Gemini is actively pursuing it.
The approval puts Gemini in a small group of crypto-native firms holding both a DCM and a DCO. Bitnomial holds the same combination, and Kraken’s parent company Payward agreed earlier this month to acquire it — the first firm to hold the full CFTC stack, including an FCM.
The timing matters. As Unchained reported this week, Polymarket is seeking CFTC approval to reopen its main exchange to U.S. traders. Hyperliquid is testing HIP-4, a zero-fee prediction market product. And Kalshi is expanding into perpetual futures under the name Timeless. The prediction market sector saw trading volume surge more than 300% in 2025 to $63.5 billion.
Gemini has been pivoting hard toward the U.S. to compete in that market.
Earlier this year, it announced “Gemini 2.0,” exiting the UK, EU, and Australia and cutting roughly 25% of international staff. The company went public via Nasdaq IPO in September 2025, with shares popping 14% on debut before falling roughly 90% from that high, weighed down by nearly $600 million in 2025 losses and investor scrutiny over its transition away from spot crypto. Thursday’s approval was one of the first meaningful catalysts since the IPO.
In brief The Sandbox is rolling out its Season 7 content package featuring more user-created games and token rewards for players. With accessibility a key focus, players will be able to play some games directly from their web browser. The game is focused on adding and retaining players amid a difficult period in the crypto gaming industry. Crypto gaming ecosystem and metaverse platform The Sandbox is lowering the barriers to entry in its Season 7 rollout, enabling users to join select games directly from their browser without requiring downloads, installations, or an account.
The new season launch will also feature at least 20 creator-built experiences alongside a mix of those from established IP from partners, including Atari, “Black Mirror,” musician Steve Aoki, "The Terminator," and the Bruce Lee estate.
“Accessibility is definitely at the core of the launch of the season,” The Sandbox and Animoca Brands CEO Robby Yung told Decrypt.
“One of the challenges that we've had since the very earliest days is that we wanted to make this a user-generated content (UGC) platform for everybody,” he added. “But I think we have been held back in the past, honestly, by the kind of technical infrastructure that we put in place that we built it with.”
The team behind The Sandbox, which was acquired by Animoca Brands in 2018, has learned a lot in the last seven years. According to Yung, who took over the CEO role last August, the game is “kind of an old product” by blockchain standards. Since launch, the team recognized that “simple things”—like requiring big file downloads—can dissuade players from jumping in and playing.
A screenshot from The Sandbox Season 7. Image: The Sandbox"It's much easier if people can jump into a browser right away and engage in the experience quickly,” Yung said. “One of the things we're really pleased about is the browser-level ability to just jump right into The Sandbox. I think it is going to make a big difference, especially for people who are new to the experience.”
And while the developers will be watching lots of different metrics to evaluate the season, Yung said that retention—or the ability to bring people back to the game—will be of key importance.
"It's really about creating engagement that leads to retention as the north star metric,” he said.
With retention, Yung said that hopefully revenues should follow and create the potential for impact on token price as well—though he reiterated that all else is secondary to the game’s retention rate.
The price of SAND is down approximately 78% over the last year, per CoinGecko, amid a tough stretch in crypto gaming marked by investment broadly drying up across the industry. Many blockchain-based games shut down in 2025 and into early 2026 due to factors including a lack of funding and low player retention rates.
Players in The Sandbox ecosystem that keep coming back will have the opportunity to earn rewards in Season 7 as well, which is highlighted by a prize pool of more than 650,000 SAND or around $52,000 worth based on the ecosystem token’s current price.
A screenshot from The Sandbox Season 7. Image: The Sandbox“We're really excited,” said Yung of the Season 7 launch. “I think this is going to be the best season yet as far as content goes. And I think most importantly, it's all about the creators at the end of the day. Having more than 50% of the content coming from creators now, I think, is an overdue milestone for us.”
The ecosystem’s growing embrace of user-generated content mirrors that of other successful gaming platforms like Minecraft and Roblox. While The Sandbox has leaned on prominent brands and IP to drive interest across all of its seasons, the goal is ultimately for developers of all sorts to come in and create an ever-evolving array of experiences.
“We want to be a place where it's not just us making content that people enjoy and have fun with. It's also a place where any third-party, any player or professional developer, can come and create cool stuff and engage audiences—and do so in a way that benefits them,” he said.
“It's exactly what big platforms like Roblox are doing every day. But we want to do so in a way that's true to our Web3 values,” Yung added. “That basically means that there are low take rates, low transaction costs, and low infrastructure costs—so the benefit goes back to the creators and the IP holders.”
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The Sandbox opens pre-registration for NEXT mobile playtest built on Unreal Engine
18 March 2026
Following introduction of browser-based access in Season 7, The Sandbox opens pre-registration for playtesting NEXT, new mobile battle royale game
18 March 2026 – The Sandbox, an immersive gaming platform and subsidiary of Animoca Brands, today opened pre-registration for the playtest of NEXT, its first dedicated mobile battle royale game. NEXT is built on Unreal Engine, a significant technical shift for The Sandbox, which has historically run on Unity. Register for free at sandbox.game/next.
NEXT is a mobile battle royale game in which players carry over their identity, progression, and assets from The Sandbox game platform. NEXT provides players with a fast-paced, replayable PvP experience that connects intense and skill-demanding gameplay with the broader player-driven ecosystem of The Sandbox, where player avatars extend beyond a single match.
Players of NEXT are dropped into the Desert, an open-terrain environment built around sightlines and long-range combat, or the City, a vertical, close-quarters map that rewards adaptability. Matches support solo play or multiplayer groups of up to 20 players per instance.
NEXT will serve as a new entry point into The Sandbox, where playing, collecting, and expressing identity all converge. The mobile launch represents a major step for one of web3’s most established entertainment brands, with more than 400 brand and IP partners spanning gaming, music, fashion and culture, including Warner Music Group, Gucci, Ubisoft, Snoop Dogg and Lacoste.
Season 7 of The Sandbox, which is currently ongoing, introduced three browser-based games as a frictionless entry point to The Sandbox ecosystem. Now, with the NEXT playtest, The Sandbox is taking steps to integrate additional experiences via mobile.
“Like our recent launch of WebGL games, NEXT is part of our plan to increase the reach of The Sandbox so players can discover, play and come back more often, whether they’re on desktop or on their phone,” said Robby Yung, CEO of The Sandbox. “The goal is to meet people where they spend their time. A native mobile experience in addition to the desktop version makes that possible in a way browser access alone can’t.”
Registration for NEXT playtest is now open until 25 March 2026 at 2 p.m. (UTC), with limited spots assigned on a first-come first-served basis. The playtest begins on 26 March, with additional features rolling out as NEXT evolves. Register now at sandbox.game/next.
For more information about The Sandbox and the NEXT mobile app playtest, visit sandbox.game/blog and follow The Sandbox on X, Discord, and Instagram for regular updates.
###
About The Sandbox
The Sandbox, a subsidiary of Animoca Brands, is an immersive metaverse platform in which users play, create, and monetize unique experiences alongside their favorite brands, IPs, and celebrities across gaming, entertainment, music, art, and more. The Sandbox leverages web3 technologies to fully enable end-user creation and creator economies, disrupting existing platforms by providing both Players and Creators with true ownership of their assets, creations, and rewards as non-fungible tokens (NFTs). Over 400 partners have joined The Sandbox, including Warner Music Group, Gucci, Ubisoft, Paris Hilton, Attack on Titan, Snoop Dogg, Lacoste, Steve Aoki, The Smurfs, and many more. For more information, please visit www.sandbox.game and follow the regular updates on X, Medium, and Discord.
About Animoca Brands
Animoca Brands Corporation Limited (ACN: 122 921 813) is a global digital assets leader building and investing in impactful technologies and ecosystems to reimagine future economies. It has received broad industry and market recognition including Fortune Crypto 40, Top 50 Blockchain Game Companies 2025, Financial Times’ High Growth Companies Asia-Pacific, and Deloitte Tech Fast. Animoca Brands is recognized for building digital asset platforms such as the Moca Network, Open Campus, Anichess, and The Sandbox, as well as institutional-grade platforms; providing digital asset services to help Web3 companies launch and grow; and investing in frontier Web3 technology, with a portfolio of over 600 companies and digital assets. For more information visit www.animocabrands.com or follow on X, YouTube, Instagram, LinkedIn, Facebook, and TikTok.
The Sandbox opens pre-registration for playtesting The Sandbox NEXT, new mobile game
LOS ANGELES, March 19, 2026 /PRNewswire/ — The Sandbox, an immersive gaming platform and subsidiary of Animoca Brands, today opened pre-registration for the playtest of The Sandbox NEXT, marking for the franchise a going back to its roots after 40 million historical downloads on mobile. The Sandbox NEXT is built by Unreal Engine, a significant technical shift for The Sandbox, which has historically run on Unity. Register for free at sandbox.game/next.
The Sandbox NEXT offers a multiplayer extraction and survival mobile gameplay in which players carry over their identity, progression, and all the voxel assets from The Sandbox game platform, including UGC and branded ones. The Sandbox NEXT provides players with a fast-paced, replayable PvP experience that connects intense and skill-demanding gameplay with the broader player-driven ecosystem of The Sandbox, where player avatars from over 56 collections of branded Avatars (Snoop Dogg, Attack on Titan, Smiley, Steve Aoki, Paris Hilton, Smurf, etc) extend beyond a single match.
Players of The Sandbox NEXT are dropped into the Desert, an open-terrain environment built around sightlines and long-range combat, or the City, a vertical, close-quarters map that rewards adaptability. Matches support solo play or multiplayer groups of up to 20 players per instance.
The Sandbox NEXT will serve as a new entry point into The Sandbox, where playing, collecting, and expressing identity all converge. The mobile launch represents a major step for one of web3’s most established entertainment brands, with more than 400 brand and IP partners spanning gaming, music, fashion and culture, including Warner Music Group, Gucci, Ubisoft, Snoop Dogg and Lacoste.
Season 7 of The Sandbox, which is currently ongoing, introduced three browser-based games as a frictionless entry point to The Sandbox ecosystem. Now, with The Sandbox NEXT playtest, The Sandbox is taking steps to integrate additional experiences via mobile.
“Like our recent launch of WebGL games, The Sandbox NEXT is part of our plan to increase the reach of The Sandbox so players can discover, play and come back more often, whether they’re on desktop or on their phone,” said Robby Yung, CEO of The Sandbox. “The goal is to meet people where they spend their time. A native mobile experience in addition to the desktop version makes that possible in a way browser access alone can’t.”
Registration for The Sandbox NEXT playtest is now open until 25 March 2026 at 2 p.m. (UTC), with limited spots assigned on a first-come first-served basis. The playtest begins on 26 March, with additional features rolling out as The Sandbox NEXT evolves. Register now at sandbox.game/next.
For more information about The Sandbox NEXT mobile app playtest, visit sandbox.game/blog and follow The Sandbox on X, Discord, and Instagram for regular updates.
About The Sandbox
The Sandbox, a subsidiary of Animoca Brands, is an immersive metaverse platform in which users play, create, and monetize unique experiences alongside their favorite brands, IPs, and celebrities across gaming, entertainment, music, art, and more. The Sandbox leverages web3 technologies to fully enable end-user creation and creator economies, disrupting existing platforms by providing both Players and Creators with true ownership of their assets, creations, and rewards as non-fungible tokens (NFTs). Over 400 partners have joined The Sandbox, including Warner Music Group, Gucci, Ubisoft, Paris Hilton, Attack on Titan, Snoop Dogg, Lacoste, Steve Aoki, The Smurfs, and many more. For more information, please visit www.sandbox.game and follow the regular updates on X, Medium, and Discord.
About Animoca Brands
Animoca Brands Corporation Limited (ACN: 122 921 813) is a global digital assets leader building and investing in impactful technologies and ecosystems to reimagine future economies. It has received broad industry and market recognition including Fortune Crypto 40, Top 50 Blockchain Game Companies 2025, Financial Times’ High Growth Companies Asia-Pacific, and Deloitte Tech Fast. Animoca Brands is recognized for building digital asset platforms such as the Moca Network, Open Campus, Anichess, and The Sandbox, as well as institutional-grade platforms; providing digital asset services to help Web3 companies launch and grow; and investing in frontier Web3 technology, with a portfolio of over 600 companies and digital assets. For more information visit www.animocabrands.com or follow on X, YouTube, Instagram, LinkedIn, Facebook, and TikTok.
PANews reported on April 15th that, according to SoSoValue data, the crypto market experienced overall volatility and divergence, with most sectors declining. The GameFi sector fell 5.02% in the last 24 hours, with The Sandbox (SAND) and Axie Infinity (AXS) falling 2.41% and 1.94% respectively. Only the CeFi and Meme sectors remained relatively resilient, rising 0.40% and 0.23% respectively. Within the CeFi sector, Gate (GT) rose 2.52%, and Binance Coin (BNB) rose 0.66%. In the Meme sector, Binance Life continued its significant upward trend, surging 66.27%.
In addition, Bitcoin (BTC) rose 0.40% to $74,000, having briefly broken through $76,000 during the session; Ethereum (ETH) pulled back 1.28%, having broken through the $2,400 mark during the session.
In other sectors, the PayFi sector fell 0.30% in the last 24 hours, while SafePal (SFP) rose 1.60%; the Layer 1 sector fell 0.53%, but TRON (TRX) rose 0.96%; the DeFi sector fell 0.68%, while Genius (GENIUS), which was newly launched yesterday, rose 24.72%; the Layer 2 sector fell 1.90%, and Mantle (MNT) fell 3.45%.
Jefferies: Samsung is likely to follow SK Hynix’s example to list in the US via ADRs.
Jeff Kim, Head of Research at Jefferies, said Samsung is likely to follow SK Hynix in listing on the U.S. market via American Depositary Receipts (ADRs), which will boost the share price of the South Korean chipmaker whose valuation lags behind Micron. "Chip stocks are at a turning point. ADRs will serve as an important catalyst to drive their valuations," he added.
7 minutes ago
UBS and TD Cowen sharply raise Arm’s target price, betting on a revaluation of Arm’s AI data center CPU value.
Arm’s stock price pulled back this week alongside the high-valuation AI sector, though some Wall Street analysts say the correction does not alter the company’s long-term standing in AI data centers. UBS sharply raised Arm’s price target from $260 to $470, retaining its Buy rating; TD Cowen lifted its target from $265 to $475, also keeping a Buy recommendation. Both firms share the view that as agentic AI evolves, CPUs could gain greater importance in data center architectures, rather than GPUs continuing to monopolize the investment narrative. TD Cowen believes that over the long term, CPUs could hold a more strategic position in certain AI workloads. UBS, meanwhile, emphasizes that the real debate in the market centers on the revenue potential of Arm’s self-developed or independent CPU business. The bank projects Arm’s CPU-related revenue could reach around $14 billion by 2030, though the company itself has stated this business will not have a material impact on its finances until fiscal 2028. Arm’s strengths lie in low latency and energy efficiency—metrics that major cloud providers are increasingly prioritizing as they expand AI infrastructure. Even with its stock pulling back from recent highs in the short term, analysts still view Arm as one of the key beneficiaries of the server CPU upgrade cycle.
7 minutes ago
Crypto whale who profited over $23.77 million from BAT ICO liquidates 27,586 ETH
According to monitoring by Yu Jing, a whale that earned $23.77 million from participating in the BAT ICO sold 15,000 ETH (valued at roughly $24.29 million) two hours ago. The whale has now fully liquidated all 27,586 ETH it received from selling 35 million BAT on-chain over the past day and a half, converting the proceeds into 44.836 million USDS at an average selling price of $1,625.
7 minutes ago
Sources: Iraqi officials once considered withdrawing from OPEC, but current plans are to remain a member and pursue a higher quota.
A senior Iraqi oil ministry official said that if OPEC quotas are not significantly increased, Iraq will be forced to consider all available options. Sources said Iraqi officials had considered withdrawing from OPEC, but the current plan is to remain a member and push for higher quotas. (Jinshi)
7 minutes ago
Kepler Cheuvreux raises ASML’s European share price target from €1,460 to €1,830.
Kepler Cheuvreux has raised the target price for ASML’s European shares from €1,460 to €1,830.
7 minutes ago
Stifel: U.S. economy in "overheated expansion" as AI investment cycle outweighs consumer pressure
U.S. large diversified financial services holding company Stifel has raised its year-end S&P 500 target and rolled out a stock allocation framework for a "high-growth, high-inflation" environment. The firm lifted its year-end S&P 500 target to 7,800 points, noting the U.S. economy is entering a "running hot" state—where economic growth is strengthening alongside mounting inflationary pressure. Stifel’s models show U.S. growth momentum is picking up while inflation momentum is clearly overheating, a trend that will reshape the market’s leading sector structure in the second half of the year. Instead of traditional consumer sectors, Stifel’s top picks are investment-led cyclical industries, including banks, transportation, materials, energy, semiconductors, software and equipment. The firm adds that fixed-asset investment in AI remains on the rise: large tech firms including Amazon, Microsoft, Meta and Google are projected to combine for roughly $725 billion in total capital expenditures in 2026, some $100 billion higher than prior estimates. This means the AI investment chain is likely to continue outperforming the consumption chain squeezed by inflation. Stifel advises investors to reduce exposure to discretionary consumer, consumer staples, communication services and some financial services sectors, as these areas see weaker earnings revisions. Conversely, the firm favors cyclical value stocks and hedges with defensive value sectors such as insurance, autos, energy and banks.
PANews reported on May 21 that, according to The Block, the wife of Sebastien Borget, co-founder and COO of The Sandbox, was recently the victim of an attempted kidnapping at her home in Villenoy, Seine-et-Marne, France. The report, citing French media, stated that a suspect posing as a deliveryman rang the doorbell to lure her in, after which five hooded accomplices broke into the yard and attempted to force her into a vehicle. Neighbors intervened, and the suspects fled. Police subsequently intercepted a ride-hailing vehicle and arrested two teenage suspects, recovering a toy handgun, restraints, and a hood at the scene. Preliminary investigations suggest the incident is related to cryptocurrency; France has recorded over 100 kidnapping or attempted kidnapping incidents related to crypto assets since 2023.
A failed kidnapping attempt targeted the wife of The Sandbox’s chief operating officer at their home in France, marking yet another violent incident in what has become a deeply unsettling trend across the country’s crypto community.
The attempt was unsuccessful. But the fact that it happened at all sends a clear signal: if you’re connected to crypto wealth in France, you and your family are potential targets.
A pattern that’s impossible to ignore This wasn’t a random crime. The attack fits neatly into a wave of kidnapping attempts that have targeted individuals and families linked to cryptocurrency in France, with a particular concentration around the Paris area.
What makes this trend especially chilling is the targeting methodology. Attackers aren’t going after the executives directly. They’re going after spouses, children, and other family members, people who likely have no involvement in crypto operations but serve as leverage against those who do.
Think of it as the criminal world’s version of a phishing attack. You don’t need to breach the most fortified target when a softer one gets you the same result.
French authorities have been investigating multiple similar cases, treating them as organized crime operations rather than isolated incidents. The sophistication suggests these aren’t opportunistic street criminals. These are planned operations with surveillance, coordination, and a clear understanding of who holds crypto wealth and where they live.
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The Sandbox, for context, is one of the most prominent metaverse and gaming platforms in Web3. Its native token, SAND, powers a virtual world where users can build, own, and monetize digital experiences. The platform has partnered with major brands and entertainment companies, making its leadership team publicly visible figures in the crypto space, exactly the kind of visibility that apparently draws unwanted attention.
Why France has become ground zero France’s relationship with crypto is complicated. The country has positioned itself as one of Europe’s more welcoming jurisdictions for digital asset companies, attracting talent and capital. Paris has become a genuine hub for blockchain startups and established crypto firms alike.
But that concentration of crypto wealth in a relatively small geographic area has created an unintended consequence. It’s essentially painted a target on an entire community.
Here’s the thing about crypto wealth: it’s simultaneously public and private in the worst possible combination. Blockchain transactions are visible on-chain, making it possible to estimate holdings. Yet the assets themselves can be transferred quickly and pseudonymously, which makes them attractive to criminals who want to extract ransom without the friction of traditional banking systems.
In English: criminals can roughly figure out who’s rich from public blockchain data, and they know that crypto can be sent anywhere in the world in minutes without a bank freezing the transaction. That’s a dangerous combination when paired with physical violence.
The French authorities’ decision to treat these cases as organized crime reflects the scale of the problem. These aren’t copycat crimes inspired by headlines. They appear to be coordinated campaigns by criminal networks that have identified crypto-linked families as high-value, relatively accessible targets.
What this means for the crypto industry The security conversation in crypto has always centered on digital threats. Hacks, exploits, rug pulls, phishing scams. The industry has built an entire infrastructure around protecting private keys and smart contracts.
Physical security has been an afterthought for most people in the space. That calculus is changing rapidly, at least for anyone with meaningful public exposure.
The trend of targeting family members rather than executives directly creates a particularly difficult security problem. A CEO can hire personal bodyguards, vary their routine, and maintain operational security. Extending that same level of protection to every family member, at all times, is exponentially harder and more expensive.
Some crypto executives have responded to these threats by relocating entirely, leaving France or other high-risk areas for jurisdictions where they’re less likely to be targeted. Others have invested heavily in private security. Neither solution is ideal, and both represent a real cost of doing business in crypto that doesn’t get discussed in pitch decks or tokenomics papers.
For investors in projects like The Sandbox, the direct financial impact of an incident like this is likely minimal. SAND’s price isn’t going to move because of a failed kidnapping attempt. But the broader trend matters. If France’s crypto hub becomes synonymous with physical danger, talent will leave. And talent migration has real consequences for the projects and ecosystems built there.
The uncomfortable reality is that crypto’s transparency, one of its most celebrated features, has become a liability in the physical world. On-chain wealth is legible to anyone who knows where to look, and criminal organizations have clearly learned to look. Until the industry develops better norms around personal security, or until law enforcement catches up to the organized networks behind these attacks, the people building Web3 and their families will remain targets.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
In brief Six suspects allegedly targeted the wife of Sébastien Borget, co-founder and COO of The Sandbox, at their home in Villenoy, Seine-et-Marne, this week. Two teenagers were arrested in connection with the incident, while four other suspects remain at large. The incident adds to France's surge in crypto-targeted violence, with 135 kidnapping attempts recorded since 2023. The wife of Sébastien Borget, co-founder of metaverse gaming platform The Sandbox, was targeted in a kidnapping attempt at their French home this week, according to reports in local media.
Per police sources cited in Le Journal de Dimanche, one individual approached the Borget residence in Villenoy, Seine-et-Marne disguised as a deliveryman and carrying a cardboard box. When Borget’s wife opened the gate, five accomplices rushed into the courtyard and attempted to drag her into a Citroën C3, only abandoning the kidnap attempt when neighbors intervened.
Two teenagers were arrested in connection with the alleged kidnapping attempt, identified as Mateo V., born in 2010, and Walid H., born in 2009, both from Pantin in Seine-Saint-Denis.
Authorities allegedly discovered the pair carrying a fake handgun, zip-tie restraints, and balaclavas at the time of their arrest. Four others suspected of participating in the incident remain at large.
In a tweet, Borget said he was "truly touched" by the messages of support he had received in the wake of the incident, adding, "Thank you for the outpouring of love, thoughtful messages, and deeply caring words for my family."
💙 Thank you for the outpouring of love, thoughtful messages, and deeply caring words for my family. We’re truly touched by your kindness and support.
— Sebastien 🏞 (@borgetsebastien) May 21, 2026
France and crypto kidnappingsFrance has emerged as an epicenter of so-called “wrench attacks,” in which crypto owners are threatened with kidnapping and physical violence in order to force them to give access to their wallets. Per JDD, the National Directorate of the Judicial Police has recorded 41 crypto-linked kidnapping attempts since the start of the year.
To date, there have been 135 total crypto-related kidnapping incidents in France documented since 2023—representing nearly 80% of all European cases. The surge has prompted urgent government intervention, with 88 charged across 12 active judicial investigations, and heightened security concerns among blockchain executives.
Last month, Jonathan Riss, Blockchain Intelligence Analyst at CertiK, told Decrypt that France "ranks among the top three countries worldwide for personal data breaches," citing a leak at national ID agency ANTS that exposed the personal data of 12 million citizens.
The latest kidnap attempt follows several high-profile crypto-targeted crimes in the country, including the kidnapping and mutilation of Ledger co-founder David Balland, a home invasion attempt targeting Binance France’s CEO, and the abduction of a magistrate and her mother for a crypto ransom.
French officials have scrambled to address the crisis. During Paris Blockchain Week 2026, Minister Delegate Jean-Didier Berger unveiled preventive measures including a dedicated prevention platform, while select French cryptocurrency entrepreneurs and their families have been assigned enhanced security.
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Near Paris, the wife of Sebastien Borget, co-founder of the popular blockchain-based metaverse platform The Sandbox, narrowly escaped an attempted kidnapping reportedly linked to cryptocurrency. The dramatic incident unfolded at the couple’s residence in the Seine-et-Marne area, raising fresh concerns over the personal security risks facing prominent figures in the crypto industry.
Masked assailants ambush the homeAccording to French media reports, the attack occurred around 8:30 PM on Tuesday evening. A man posing as a delivery courier approached the house and convinced someone to open the door. As soon as the door opened, multiple masked intruders forced their way inside, grabbed Borget’s wife, and tried to force her into a waiting Citroën C3 car parked outside the property.
Neighbors, alerted by the woman’s screams, intervened immediately, prompting the attackers to flee the scene. Police confirmed that the victim was unharmed in the ordeal.
Police responded promptly and detained two suspects soon after the incident. However, authorities believe six individuals were involved and are still searching for the remaining four. Investigators suspect the victim may have been targeted specifically because of her husband’s high profile and visibility in the cryptocurrency sector.
What is The Sandbox?Mini Glossary: The Sandbox is a leading metaverse platform built on the Ethereum blockchain, allowing users to interact with virtual land and digital assets such as NFTs.
France has seen a marked increase in crimes tied to cryptocurrency in recent months. Across many cities and countries, reports have surfaced of physical assaults and robberies targeting well-known figures in the digital assets world.
Initial police evaluations suggest the primary motive was Borget’s strong public standing in the crypto space. Crypto assets, with their anonymous and rapid transactions, are often exploited in cases of physical assault and extortion.
Companies tighten security after high-profile attacksA series of physical attacks targeting crypto insiders has sparked urgent debate across the industry. Blockchain analytics firm Specter recently revealed that a user connected to Kraken and Coinbase exchanges lost roughly $6.7 million in digital assets following a violent assault. The stolen funds included Bitcoin, Ethereum, and cbBTC tokens, with some assets funneled through the privacy-focused Tornado Cash protocol.
Mini Glossary: Tornado Cash is a mixer protocol on the Ethereum network that anonymizes digital asset transactions, a feature often misused in unlawful activity.
In response to this surge in attacks, major crypto companies have dramatically increased their investment in security. According to Bloomberg, some exchanges now spend millions of dollars to protect senior executives and their families, in addition to boosting safety measures for employees.
Leading exchanges such as Coinbase and Gemini have announced efforts to expand their private security teams and roll out advanced safety protocols for personnel in especially exposed positions.
Since crypto can be quickly and irreversibly transferred, digital asset holders are increasingly vulnerable to physical attacks, prompting law enforcement to seek new strategies to address this emerging risk.
A pattern appears to be emerging in France, with recent cases involving violence, robbery, and attempted abductions showing a common thread: the victims are often individuals with considerable holdings or management of digital assets.
Police continue their search for the remaining suspects involved in the kidnapping attempt targeting Borget’s wife, as security concerns escalate for the crypto elite in France and beyond.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
According to law enforcement disclosures in France, organized criminal groups executed a targeted kidnapping attempt against the wife of Sebastien Borget, the prominent co-founder and Chief Operating Officer of decentralized metaverse gaming ecosystem The Sandbox. The calculated assault occurred at the couple’s family residence in Villenoy, located within the Seine-et-Marne region, where an operative disguised as a commercial delivery worker managed to breach the perimeter security. Upon opening the residential gate, five hooded accomplices ambushed the executive’s spouse, using physical force in a coordinated attempt to drag her into a waiting getaway vehicle. The operation was ultimately thwarted by the rapid intervention of nearby residents who responded to the victim’s cries, compelling the criminal cell to scatter and abandon the scene.
Minors Recruited as Disposable Proxies to Navigate Advanced Forensic Tracking Interceptions This alarming security breach has exposed a sophisticated, highly decentralized tactical shift in how regional syndicates execute physical cryptocurrency extortion. Following the failed abduction, regional units from the Meaux Anti-Crime Brigade in France successfully intercepted a ride-hailing vehicle, detaining two suspects who were found in possession of a tactical bag containing a replica handgun, zip-tie restraints, and balaclavas. Strikingly, judicial police records revealed that the apprehended individuals were minors born in 2009 and 2010, hailing from the Seine-Saint-Denis district. Intelligence agencies report that digital syndicates are increasingly leveraging encrypted messaging applications to recruit highly disposable, underage operatives, insulating the core organizers from direct exposure. These young proxies are paid nominal sums to carry out high-risk physical field operations, presenting a severe structural challenge to traditional counter-terrorism and judicial enforcement protocols across the continent, as the criminal masterminds remain completely anonymous behind decentralized communication layers.
Sovereign Enforcement Demands Mount as Western Europe Combats Distressed Wrench Attacks The targeting of a high-profile metaverse executive’s family marks a terrifying escalation in what sovereign authorities are now classifying as an organized national security crisis. Statistical registries compiled by the National Directorate of the Judicial Police reveal that France has become the definitive regional epicenter for crypto-related physical violence, logging forty-one distinct kidnapping or abduction attempts since the commencement of this calendar year alone. This staggering volume represents nearly eighty percent of all documented digital asset extortion cases across the entire European continent. The rapid multiplication of these violent operations—frequently labeled as wrench attacks due to the use of physical duress to force instantaneous blockchain ledger transfers—has driven intense pressure onto state regulators to implement emergency protection architectures. In response, administrative delegations have fast-tracked specialized prevention platforms and elite surveillance task forces, warning public Web3 figures to immediately minimize their online overexposure to safeguard their immediate families from hostile, data-driven physical targeting.
About the Author: Karthik Subramanian
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem. He covers token economics, L1/L2 infrastructure, DeFi protocols, wallets/custody, and the bridge between crypto and forex—broker technology, liquidity, and macro drivers. Karthik’s writing focuses on clear, practical frameworks that help professionals evaluate new products and on-chain innovation alongside FX market realities.
In brief Six suspects allegedly targeted the wife of Sébastien Borget, co-founder and COO of The Sandbox, at their home in Villenoy, Seine-et-Marne, this week. Two teenagers were arrested in connection with the incident, while four other suspects remain at large. The incident adds to France's surge in crypto-targeted violence, with 135 kidnapping attempts recorded since 2023. The wife of Sébastien Borget, co-founder of metaverse gaming platform The Sandbox, was targeted in a kidnapping attempt at their French home this week, according to reports in local media.
Per police sources cited in Le Journal de Dimanche, one individual approached the Borget residence in Villenoy, Seine-et-Marne disguised as a deliveryman and carrying a cardboard box. When Borget’s wife opened the gate, five accomplices rushed into the courtyard and attempted to drag her into a Citroën C3, only abandoning the kidnap attempt when neighbors intervened.
Two teenagers were arrested in connection with the alleged kidnapping attempt, identified as Mateo V., born in 2010, and Walid H., born in 2009, both from Pantin in Seine-Saint-Denis.
Authorities allegedly discovered the pair carrying a fake handgun, zip-tie restraints, and balaclavas at the time of their arrest. Four others suspected of participating in the incident remain at large.
In a tweet, Borget said he was "truly touched" by the messages of support he had received in the wake of the incident, adding, "Thank you for the outpouring of love, thoughtful messages, and deeply caring words for my family."
💙 Thank you for the outpouring of love, thoughtful messages, and deeply caring words for my family. We’re truly touched by your kindness and support.
— Sebastien 🏞 (@borgetsebastien) May 21, 2026
France and crypto kidnappingsFrance has emerged as an epicenter of so-called “wrench attacks,” in which crypto owners are threatened with kidnapping and physical violence in order to force them to give access to their wallets. Per JDD, the National Directorate of the Judicial Police has recorded 41 crypto-linked kidnapping attempts since the start of the year.
To date, there have been 135 total crypto-related kidnapping incidents in France documented since 2023—representing nearly 80% of all European cases. The surge has prompted urgent government intervention, with 88 charged across 12 active judicial investigations, and heightened security concerns among blockchain executives.
Last month, Jonathan Riss, Blockchain Intelligence Analyst at CertiK, told Decrypt that France "ranks among the top three countries worldwide for personal data breaches," citing a leak at national ID agency ANTS that exposed the personal data of 12 million citizens.
The latest kidnap attempt follows several high-profile crypto-targeted crimes in the country, including the kidnapping and mutilation of Ledger co-founder David Balland, a home invasion attempt targeting Binance France’s CEO, and the abduction of a magistrate and her mother for a crypto ransom.
French officials have scrambled to address the crisis. During Paris Blockchain Week 2026, Minister Delegate Jean-Didier Berger unveiled preventive measures including a dedicated prevention platform, while select French cryptocurrency entrepreneurs and their families have been assigned enhanced security.
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The Sandbox launched The Sandbox Studio on June 9, an AI-native game engine that lets creators go from a written description to a playable, live multiplayer game entirely in the browser. No downloads. No installs.
The core pitch is deceptively simple. Type what you want your game to be, and the engine builds it. The resulting games can be distributed across browser, mobile, and desktop, with The Sandbox planning future integration on platforms like Telegram and Steam.
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The company says over 400 studios and thousands of games have contributed to the development of The Sandbox Studio. It means the engine’s built-in templates and workflows are informed by actual player behavior and retention data, not theoretical game design principles.
CEO Robby Yung drew a sharp line between The Sandbox Studio and the growing pile of AI coding assistants flooding the market.
“AI tools generate code. The Sandbox Studio generates games. Players will see the difference.”
The platform is opening an alpha phase for early participants. Those who get in will have access to game jams, feedback channels, early testing opportunities, and monetization through AI token grants.
The SAND token remains the economic backbone of the whole operation, alongside LAND parcels and digital assets that have been part of The Sandbox ecosystem for years.
The planned expansion to Telegram and Steam distribution is worth monitoring closely. If The Sandbox can place creator-built games on those platforms natively, it transforms from a walled-garden metaverse into something closer to a cross-platform game publishing engine.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Binance Futures lists USTC on 27-11-2017 15:30 with up to 50x leverage.
As it is known, USTC was the stablecoin of the Terra ecosystem, which should normally be fixed at 1 dollar. However, it is currently trading at $0.062.
Binance Futures Launches USDⓈ-M USTC Perpetual Contract with Up to 50x Leverage The maximum funding rate of the USTCUSDT Perpetual Contract at launch is +2.00% / -2.00%.
The funding fee payment frequency is every four hours.
Qualifying USDⓢ margin futures liquidity providers will be able to take advantage of 0.005% maker fee discounts for trades on the USTCUSDT Perpetual Contract for approximately 14 to 15 days.
Binance may change the specifications of the USTCUSDT Perpetual Contract from time to time, including funding fee, tick size, maximum leverage, initial margin or maintenance margin requirements, depending on market risk conditions.
Multi-Asset Mode allows users to trade the USTCUSDT Perpetual Contract across multiple collateralized assets, subject to applicable margin deductions.
For example, when Multi-Asset Mode is enabled, users can use BTC as collateral when trading on the USTCUSDT Perpetual Contract.
*This is not investment advice.
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Algorithmic stablecoin TerraClassicUSD (USTC) has received a massive boost in the last 24 hours, posting over 283% gains within the period. As of publication, CoinMarketCap data showed the USTC price standing at $0.6279, as it continues to make an impressive effort toward reclaiming its peg to the US dollar.
Recall that the USTC stablecoin lost its dollar peg back in May 2022. Since then, Terra Classic Labs (TCL) has put in place a recovery model that may now just be proving successful.
Why Is USTC Stablecoin Surge? A surge as high as seen in USTC’s ongoing rally certainly begs some questions. And an X user identified as Trader QT, has attempted to shed more light on it. Trader QT, who claims to be an Official Partner of Luna Classic Labs, revealed that TCL recently acquired 25.6 million USTC for about $500,000. That is at an average price of $0.021 per USTC. Per the source, TCL made the strategic investment as part of its Treasury Reserve Policy.
So, while the purchase was enough to send USTC prices to the moon, it also may have just revived the entire Terra Classic ecosystem.
Interestingly, the surge in USTC’s value has also rubbed off on its sister token Terra Classic (LUNC). As of publication, LUNC was seen feeding off the ongoing USTC rally. It had added an over 57% gain of its own in the last 24 hours to stand at $0.0001237.
For what it’s worth, the recent price surges seen in both the USTC and LUNC, once again highlight the undying resolve and commitment of the Terra Classic community to bring value to both assets. But more importantly, it also showcases the height of influence that community action can exert in shaping digital asset trajectories, albeit on a broader scale.
Overall, there is now positive sentiment around the recovery of both assets after what seemed like an actionless past week.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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USTC and LUNC see major price surges, driven by Terra Classic Labs' investment and community efforts, sparking renewed hope for recovery.
TerraClassicUSD (USTC) and Terra Classic (LUNC) Price surged recently, surprising everyone and showing how dedicated the Terra Classic community are to reviving these assets. USTC has increased by over 283% within 24 hours, now priced at $0.63997, as it moves towards regaining its US dollar peg that has been lost in May 2022.
Terra Classic Labs recently made a strategic purchase of 25.6 million USTC, people believe that this is the reason for the sudden surge in USTC’s price. This investment didn’t just boost USTC's price but also restored some life to the Terra Classic ecosystem.
LUNC is also benefiting from USTC's rally, as it also increased by 57%. This rise in both tokens demonstrates the power of community efforts in influencing the value of digital assets.
Overall, the recent price increases for USTC and LUNC bring renewed optimism for the project’s recovery, showcasing the major effects of community actions in the crypto market.
Below is a chart showing USTC and LUNC Price movement in the past 24 hours
USTC
LUNC
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The Terra Classic community has successfully burned over 700 million LUNC and 230,000 USTC tokens as part of its revival strategy. This burning initiative addresses the inflated supply issue contributing to the ecosystem’s previous downfall. Using data from StakeBin, Alex Crypto Bull reported the value of the burned LUNC at approximately $70,840 and USTC at around $6,187. Terra Classic community has successfully executed the burning of over 700 million LUNC and 230,000 USTC tokens. This move forms a part of the broader strategy to restore the Terra Classic (LUNC) and TerraUSD Classic (USTC) after their notable collapse over 20 months ago.
Ongoing efforts in reviving LUNC The Terra Classic community remains steadfast in its efforts to rejuvenate the ecosystem. A key strategy in this endeavor is the systematic burning of the LUNC and USTC supply. This method addresses the bloated supply issue, a significant factor in the ecosystem’s downfall. Recently, the network achieved a milestone by burning over 700 million LUNC, valued at approximately $70,840, and 230,000 USTC, worth around $6,187. These figures were reported by Alex Crypto Bull, citing data from StakeBin.
While the amount burned might seem modest in the context of Terra Classic’s vast supply, the community is confident about the long-term positive impact of these actions. The burning mechanism is linked to network activity, implying that the number of tokens burned will increase during heightened user engagement.
Binance’s role and market impact Binance, a leading cryptocurrency exchange, has played a pivotal role in supporting the Terra Classic community. The exchange has been actively involved in the burning campaign, using trading fees on its platform to burn Terra Classic tokens. Earlier this month, Binance completed its latest burning program, destroying 5.5 billion Terra Classic coins, which, at current prices, are valued at over $550,000. This contribution places Binance at the forefront of the Terra Classic burning initiative, accounting for over 52% of the total burned assets.
Despite these efforts, the short-term market response has been mixed. After an initial surge, both LUNC and USTC have experienced price declines. In December, LUNC reached a trading high of $0.00025, and USTC peaked at $0.069. However, both assets have since faced a downturn, with LUNC currently trading at $0.000102 and USTC at $0.025. These price movements are attributed to a combination of profit-taking activities and a broader correction in the crypto market.
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Terraform Labs, the entity responsible for the now-defunct TerraUSD (UST) stablecoin, has initiated bankruptcy proceedings in the United States.
The company filed for Chapter 11 bankruptcy protection at the United States Bankruptcy Court for the District of Delaware, indicating estimated liabilities and assets ranging from $100 million to $500 million, as per a January 21 filing.
In a separate statement, Chris Amani, the CEO of Terraform Labs, stated, “The Terra community and ecosystem have shown unprecedented resilience in the face of adversity, and this action is necessary to allow us to continue working toward our collective goals while resolving the legal challenges that remain outstanding.
We have overcome significant challenges before and, against long odds, the ecosystem survived and even grew in new ways post-depeg; we look forward to the successful resolution of the outstanding legal proceedings.”
According to the bankruptcy filing, the defunct company’s liabilities and assets both fall within the range of $100 million to $500 million.
READ MORE: Bitcoin ETFs: Game Changer or Threat to Crypto’s Core Principles?
This development comes just four days after the U.S. Securities and Exchange Commission (SEC) granted a postponement of Kwon’s upcoming fraud trial until March 25 in response to a request from his legal team.
The Terra ecosystem, overseen by Kwon, experienced a collapse in May 2022.
Following the firm’s implosion, the whereabouts of its co-founder remained unknown until he was apprehended in Montenegro in March 2023 for attempting to use forged travel documents to leave the country.
The SEC initially filed civil charges against Terraform Labs and Kwon in February 2023, accusing both parties of orchestrating a “multi-billion dollar crypto asset securities fraud” linked to the tokens previously known as UST and Terra (LUNA).
The United States and South Korea are both seeking Kwon’s extradition, sparking speculation that he could face multiple sentences in both nations.
Should Kwon be extradited to South Korea, he might potentially confront a 40-year imprisonment sentence in the country where the majority of his alleged crimes were committed.
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No information published in Crypto Intelligence News constitutes financial advice; crypto investments are high-risk and speculative in nature.
TerraClassicUSD (USTC) price has jumped 9% over the last 24 hours, backed by a strong trading volume increase of over 800%. USTC is currently ranked 67 in terms of trading volume, surprising the crypto community due to the sudden boost. Are plans for USTC revival to $1 in effect?
Terra Luna Classic Proposal For USTC Repeg Proposal 12102 “The Ultimate Repeg Plan – A Community-Driven Repegging Proposal” is under voting stage on Terra Classic Station wallet. The proposal’s aim is to establish a resilient and community-driven mechanism focused on incrementally restoring and preserving the stability of the USTC peg.
The proposal is based on three mechanism. These are — stakers need to lock a specific amount of USTC along their LUNC delegations to fully earn their staking rewards and stakers must lock additional USTC when the price of USTC falls for full staking rewards. Also, after the repeg, stakers are not required to maintain the additional USTC balance to earn rewards and allow them to sell extra USTC at a profit.
The proposal hasn’t received much voting from the community, with 18% “Yes” votes. It saw high number of “No” votes at 78.45%. Validators such as Interstellar Lounge, JESUSisLORD, Community First LUNC and others have voted against the proposal, believing that the proposal holds no value. Whereas, LBUN Project, StakeBin, and other think the narrative can help repeg USTC.
Also Read: Ripple Vs SEC News: Settlement, Appeal, & Judge Torres’ Final Ruling Timeline
LUNC Price Follow Similar Rally? Analyst Javon Marks reaffirmed a more than 5 times rally possible in LUNC. It could take the price to $0.000593, which is post-Terra Classic high.
LUNC price jumped 1% in a day amid market-wide buying. The price is currently trading at $0.0001091. The 24-hour high and low are $0.0001084 and $0.0001221, respectively. Moreover, trading volume has increased by 370% in the last 24 hours.
The massive increase in trading volume in USTC and LUNC are due to buying by futures traders. Total USTC futures open interest skyrocketed 70% in the last 24 hours.
Also Read: Bitcoin, ETH, XRP, SHIB Price To Rally After Israel-Hamas Ceasefire Declaration
The world’s largest crypto exchange Binance expands support for key cryptocurrencies including SingularityNET (AGIX), Shiba Inu (SHIB), TerraClassicUSD (USTC) and others. Notably, Binance will adjust the tick size of trending spot trading pairs to increase market liquidity and improve trading experience by next week.
Binance Expands Support For SHIB, USTC, AGIX Binance in an official announcement said it will adjust the tick size for some listed cryptocurrencies via API by May 23 at 05:00 UTC. The crypto exchange cites increasing market liquidity and improving trading experience as the reasons behind the move.
“The tick size update will not affect existing spot orders. After the tick size is updated, orders placed before the update will still be matched with the original tick size,” as per the announcement.
The tick size is decreased for AGIX/FDUSD, AGIX/TRY, AGIX/USDT, ALT/BNB, ALT/FDUSD, ALT/TRY, ALT/USDC, ALT/USDT, ARKM/BNB, ARKM/FDUSD, ARKM/TRY, ARKM/TUSD, ARKM/USDT, EDU/USDT, FET/FDUSD, FET/TRY, FET/USDC, and FET/USDT.
Whereas, the tick size is increased for ID/TRY, ID/USDT, REN/USDT, SHIB/TRY, STX/FDUSD, STX/TRY, STX/USDC, STX/USDT, TRX/TRY, TRX/XRP, USTC/FDUSD, USTC/TRY, USTC/USDT, VANRY/USDT, XAI/BNB, and XAI/TRY.
SHIB, USTC, AGIX Saw Price Increase SHIB price jumped 2% in the past 24 hours and 12% in a week, with the price currently trading at $0.000025. The 24-hour low and high are $0.0000242 and $0.0000253, respectively. However, the trading volume has decreased by 50% in the last 24 hours.
USTC price climbed over 4% in the last 24 hours with the price currently trading at $0.02244. The 24-hour low and high are $0.02157 and $0.02283.
Meanwhile, AGIX price has increased by 7% in the past 24 hours. The price currently trades at $0.980, with a 24-hour low and high of $0.912 and $0.989, respectively.
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Terraform Labs (TFL) has executed a large-scale token burn of 251 billion Terra Luna Classic (LUNC) and 264 million TerraClassicUSD (USTC) tokens from circulation. The burn was part of a settlement with the U.S. Securities and Exchange Commission (SEC) that required TFL to dispose of specific assets held in its Shuttle Bridge wallets.
This move has fueled speculations of a potential rally in the LUNC price, sparking discussions in the crypto community about the possibility of LUNC reaching the $1 mark.
Terra Luna Classic Burns LUNC and USTC Holdings According to an update on X (formerly Twitter), the recent burn event is linked to TFL’s decision to permanently shut down the Shuttle Bridge, a cross-chain transfer solution for Terra Classic tokens. As a precautionary measure and to avoid any legal complications, TFL closed the bridge on the 31st of October, 2024. In the US SEC settlement, TFL committed to destroying the tokens stored in the Shuttle Bridge wallets with a view to meeting regulatory requirements.
The burn took out around 4% of the LUNC supply, which stands at around 5.45 trillion tokens.
Although this could be seen as significant when looking at the numbers, market experts posit that this could be insufficient to make the prices skyrocket due to lack of enough demand. TerraClassicUSD (USTC) also received a significant reduction with its 264 million tokens burnt while this accounts for a lesser part of its 5.56 billion circulating supply.
LUNC and USTC Price Reaction Despite the substantial reduction in circulating supply, the market reaction has been restrained. LUNC price saw an increase of 3%, while USTC price rose by 1.70%, according to CoinMarketCap data.
Analysts attribute the limited price movement to the overall large supply of these tokens, as the recent burn represents only a fraction of the total amount in circulation.
‘It’s a good thing that supply is down, but since there are still billions still in circulation it’s doubtful this will have much effect on prices,’ said a market analyst. This relative calm suggests that although burns can cut down on supply, token utility and consumer appetite are needed for more significant gains.
While the immediate price impact was limited, technical indicators suggest the possibility of a future uptrend. Analysts have identified a “falling wedge” pattern on LUNC’s price chart, a formation that typically signals a bullish reversal. This pattern forms when prices oscillate between converging trendlines, often hinting at a potential breakout.
LUNC/USD 1-day price chart (Source: TradingView) Support levels for LUNC are currently around $0.000083572, where strong buying interest has been observed. Resistance within the pattern is gradually decreasing, pointing to diminishing bearish sentiment.
If LUNC breaks through the upper trendline, some analysts believe it could aim for a target price around $0.0001, potentially setting the stage for further gains if market conditions align.
Ongoing Community and Exchange Initiatives The Terra Luna Classic community has continued to support the ecosystem with additional burn initiatives and tax reforms. Binance has also been contributing to the burn efforts. In its 27th batch of LUNC burns, Binance recently eliminated over 1 billion tokens from circulation. With these contributions, the total LUNC burned by the community now stands near 137 billion.
Furthermore, the community recently approved a new tax proposal aimed at simplifying transactions on the Terra Classic blockchain.
This “Reverse Charge” tax mechanism is designed to streamline how taxes are deducted, making it easier for both users and developers to engage with the platform. These community-driven efforts demonstrate an ongoing commitment to boosting LUNC’s value, though the path to $1 remains uncertain.
