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Terraform Labs, the company responsible for the stablecoin TerraUSD, has filed for Chapter 11 bankruptcy in the United States. The Singapore-based company listed their assets and liabilities between $100-$500 million. Despite the bankruptcy filing, Terraform Labs is committed to meeting all financial commitments to employees and vendors without needing additional financing. They also plan to continue expanding their Web3 offerings. This filing allows the company to execute its business plan while dealing with ongoing legal proceedings, including representative litigation in Singapore and a case involving the U.S. Securities and Exchange Commission (SEC). The SEC's case is connected to the collapse of TerraUSD and Luna, two cryptocurrencies that experienced significant losses of over $40 billion when TerraUSD failed to maintain its $1 peg in May 2022. The trial for the SEC's case has been delayed to allow for the extradition of Terraform Labs' co-founder, Do Kwon.

The XRP market is currently in a crisis, with technical indicators suggesting a potential deepening of the crisis, including a breakdown below the 200-day EMA and a bearish EMA cross. The descending volume adds to the concerning setup, indicating a lack of conviction in the downtrend. XRP faces a resistance at $0.66 and a support at $0.42, which, if breached, could lead to accelerated selling pressure. On the other hand, Arbitrum (ARB) is experiencing a substantial price correction, indicating a bearish reversal pattern. The retracement might reflect the market's shift of interest towards ecosystems like Solana, known for its high throughput and lower transaction costs. ARB must hold the critical support level at $1 to prevent further slides and needs to break the resistance at $1.8 for recovery. In contrast, Cardano (ADA) has shown some hope with a sharp reversal from the 100-day moving average, represented by a candle of hope. The decreasing volume suggests weakening selling pressure, and ADA has strong support at $0.4126. To regain its bullish momentum, ADA needs to break the resistance at $0.5591 with increasing volume. Positive developments within the Cardano network and stable market conditions could act as catalysts for a reversal from the current downtrend.

Nethermind has released a hotfix to address a critical consensus bug that was affecting its minority execution client on Ethereum. This bug prevented node operators from validating blocks and has raised concerns about the network's reliance on a single client like Geth. While the incident impacted only a small number of nodes, it highlights the importance of client diversity and decentralization in ensuring the security and stability of the Ethereum ecosystem. The recent bug fix demonstrates that bugs can occur in any client, underscoring the need for fault tolerance and redundancy measures in blockchain networks.

Terraform Labs, the company behind TerraUSD and Luna, has filed for Chapter 11 bankruptcy in Delaware. This filing comes after the collapse of its stablecoin and sister cryptocurrency. With liabilities and assets estimated to be between $100 million and $500 million, the bankruptcy filing will allow the company to address legal issues such as ongoing lawsuits by the SEC and pending litigation in Singapore. Terraform Labs stated that this step ensures their ability to continue supporting the community and developing innovative products and infrastructure. Meanwhile, the former CEO, Kwon Do-hyeong, is awaiting extradition after being charged with fraud and arrested for traveling with false documents. The SEC trial against Terraform and Kwon has been postponed until late March.

OKX Wallet is now integrated with the SatoshiVM Bridge, a platform that connects the Ethereum Virtual Machine ecosystem with Bitcoin. This integration represents a significant milestone for OKX, as it aims to promote seamless interoperability between different blockchain ecosystems. Users of OKX Wallet can now access the bridge's range of solutions, including cross-chain transactions, trading, and earning opportunities. These solutions are conveniently accessible through the OKX Wallet web extension. The SatoshiVM Bridge brings several unique features and advanced technology to the forefront, enabling the Bitcoin ecosystem to issue assets and develop applications. With features like the community-driven Bitcoin ZK Rollup Layer 2 solution and enhanced original Tapleaf Circuit scheme, it provides a seamless connection between the Bitcoin and EVM ecosystems. As a leading global Web3 technology company, OKX offers a comprehensive suite of products, including the OKX Wallet, DEX, NFT Marketplace, and Web3 DeFi platform. With partnerships with top brands and athletes, OKX is committed to challenging the status quo and advocating for a new paradigm led by Web3 self-managed technology through its recent global brand campaign, The System Needs a Rewrite.

Flash News: OKX Wallet Integrates with SatoshiVM Bridge, Bridging the EVM Ecosystem with Bitcoin SINGAPORE, Jan. 22, 2024 (GLOBE NEWSWIRE) — OKX, a leading Web3 technology company, has issued updates for January 22, 2024. OKX Wallet Integrates with SatoshiVM Bridge, Bridging the EVM Ecosystem with Bitcoin OKX Wallet is now integrated with SatoshiVM Bridge, a platform that connects the Ethereum Virtual Machine (EVM) ecosystem with Bitcoin. This integration marks a milestone in OKX's mission to promote seamless interoperability between different blockchain ecosystems. The integration with SatoshiVM Bridge allows OKX Wallet users to seamlessly access the bridge's range of solutions, including cross-chain transactions, trading and earning opportunities. All of these solutions can be accessed through the OKX Wallet web extension. SatoshiVM Bridge brings several unique features and advanced technology to the fore, enabling the Bitcoin ecosystem to issue assets and develop applications. Some of its key features include a community-driven Bitcoin ZK Rollup Layer 2 solution, an enhanced original Tapleaf Circuit scheme, and the ability to seamlessly connect the Bitcoin and EVM ecosystems. A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including: OKX Wallet: The world's most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, 'written down' seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction. DEX: A multi-chain, cross-chain decentralized exchange aggregator of 300+ other DEXs and approximately 15 bridges, with 200,000+ coins and more than 20 blockchains supported. NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur. Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains. OKX partners with a number of the world's top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo. As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

Terraform Labs, a crypto company, has filed for Chapter 11 bankruptcy protection in the U.S. after the collapse of its TerraUSD and Luna stablecoins in 2022. The co-founders of Terraform have faced indictment on fraud charges, with Do Kwon being charged by the SEC for defrauding investors. Despite the challenges, Terraform remains optimistic about resolving the legal proceedings and expressed gratitude for the ecosystem's survival and growth. The collapse of TerraUSD and Luna stablecoins led to a significant market capitalization loss, contributing to the wider crypto crash. Terraform's bankruptcy filing states estimated assets and liabilities between $100 million and $500 million. The trial for Do Kwon was postponed until April to allow for his extradition from Montenegro. Daniel Shin, the other co-founder, was indicted by South Korea in April 2023.

Terraform Labs files for bankruptcy protection in U.S. following 2022 collapse of its TerraUSD, Luna stablecoins Crypto company's co-founders have been indicted on fraud charges Terraform Labs filed for chapter 11 bankruptcy protection Sunday, following the collapse of its TerraUSD and Luna crypto coins in 2022. In a statement, Singapore-based Terraform said it took the "strategic step" of filing in Delaware bankruptcy court so it could continue to operate while resolving its "legal challenges." Terraform co-founder Do Kwon has been charged by the U.S. Securities and Exchange Commission with defrauding investors out of billions of dollars. "We have overcome significant challenges before and, against long odds, the ecosystem survived and even grew in new ways ... we look forward to the successful resolution of the outstanding legal proceedings," Terraform Chief Executive Chris Amani said in a statement. In May 2022, the TerraUSD and Luna stablecoins collapsed, wiping out more than $40 billion in market capitalization and helping kick off a wider crypto crash. In its filing Sunday, Terraform cited estimated assets between $100 million and $500 million, and the same range in liabilities. Last week, a federal judge postponed Kwon's trial until April, to allow time for his extradition to the U.S. from Montenegro, where he fled after South Korea issued an arrest warrant for him in late 2022. Terraform's other co-founder, Daniel Shin, was indicted by South Korea in April 2023.

According to a recent analysis by Blockfence, a sophisticated coin scam operation has managed to steal a staggering $32 million since April by creating over 1,300 scam crypto tokens. This operation functions in an automated manner, creating tokens that resemble upcoming projects or companies. Fake volume is introduced to attract traders, and once enough legitimate capital is drawn in, the scammers cash out and repeat the process. Despite passing security measures, the scammers retain control over the tokens and can manipulate them at will. Interestingly, the deployment of the scam tokens appears to be organized programmatically, suggesting a possible single operator or an AI-driven approach. To protect themselves from similar scams, crypto traders should avoid trading sketchy tokens and only invest in projects they understand. Additionally, using multiple fraud detectors can help identify potential scams. Stay vigilant in the dynamic crypto market.

US Senator Saddam Azlan Salim is championing the cause of Bitcoin mining by advocating for regulations that support the industry. He believes that digital asset mining should not be penalized solely based on the nature of the business and should be afforded the same rights as other manufacturing and industrial activities. Salim's proposed regulations emphasize the importance of complying with local noise ordinances while engaging in home digital asset mining. Despite the controversy surrounding Bitcoin mining's environmental impact, Senator Salim argues against using it as a reason to limit financial freedom. The upcoming Bitcoin halving in April has sparked speculation about its impact on mining companies, with some experts suggesting a positive outcome for miners. Additionally, recent reports have highlighted the significant earnings of Bitcoin miners, including Marathon Digital's impressive milestone of mining 1,853 Bitcoins. As the debate continues, it remains to be seen how the US government and politicians will navigate the complexities of Bitcoin mining and its broader implications.

JP Morgan recently released a note expressing doubts about the possibility of getting approval for an Ethereum spot ETF from the US SEC before May. Although they acknowledge the arguments supporting Ether's classification as a commodity, they remain skeptical about the SEC making a decision in favor of an ETF by May. This news comes as expectations for an ETH spot ETF have increased following the approval of BTC spot price-indexed exchange-traded funds by the SEC. So, for those eagerly anticipating an ETH ETF, it seems that the wait will be slightly extended.

The upcoming GDP report and other key economic events this week in the United States could potentially have an impact on the crypto markets. After the recent retreat and correction in the markets, a positive economic outlook is generally seen as good news for high-risk assets like cryptocurrencies. However, it seems that the markets are still cooling down following the excitement around the approval of spot Bitcoin ETFs in the US. While Bitcoin remains stable, many altcoins, including Solana, Cardano, Dogecoin, and Polkadot, have experienced larger losses. Currently, the predominant color in the crypto markets this Monday is red, indicating a slight downturn.

Can Crypto Markets Bounce Back on This Week’s GDP Report? Monday sees the start of another busy economic week with a number of key events on the calendar in the United States, such as sales quarterly GDP figures. Moreover, crypto markets have been in retreat over the weekend as Bitcoin ETF fervor fades and the correction continues. Macroeconomics outlet The Kobeissi Letter listed the key economic events for the United States for the week beginning January 22. It follows a week of declines on crypto markets which are cooling after the long-awaited approval of spot Bitcoin ETFs in the US. Macroeconomics Calendar Wednesday, January 24 sees the release of the Manufacturing PMI (Purchasing Manufacturer’s Index). This captures business conditions in the manufacturing sector, contributing a significant part of the total GDP. Therefore, it is an important indicator of business conditions and the overall economic condition in the US. The Services PMI report is also released on Wednesday. The direction and rate of change in the PMIs usually precede changes in the overall economy and both are expected to fall slightly. Thursday is the quarterly gross domestic product report for the fourth quarter of 2023. GDP is a comprehensive measure of US economic activity. Moreover, changes in this data point tend to reflect the nation’s overall economic health. After 4.9% growth in the third quarter, the economy is expected to have grown by around 1.8% in the fourth. December’s Core Personal Consumption Expenditures (PCE) report will be published on Friday. The data reflects the average amount of money consumers spend monthly, excluding seasonally volatile products such as food and energy. Central bank policymakers use the annual Core PCE Price Index as their primary gauge of inflation. Furthermore, analysts expect it to show a slight uptick on a monthly and annual basis. It will also be a stacked week for earnings reports with firms including Tesla, Intel, and Visa, releasing revenue data. Crypto Market Outlook A positive economic outlook is generally good news for high-risk assets such as cryptocurrencies. However, markets are still cooling following their three-month rally. Total market capitalization remained flat over the weekend at $1.71 trillion. Bitcoin was unmoved after Friday’s options expiry, trading at $41,368 during the Monday morning session in Asia. However, most of the altcoins had started to retreat again with larger losses for Solana, Cardano, Dogecoin, and Polkadot. Although daily losses remain small at the moment, red is the predominant colour for crypto markets this Monday.

Congressman Tom Emmer has expressed his agreement with former President Donald Trump's concerns about central bank digital currencies (CBDCs) and their potential threats to financial privacy. Emmer has offered his assistance in fighting against the expansion of government surveillance through the implementation of CBDCs. In addition, Emmer highlighted the ongoing efforts of Congressional Republicans, including his own bill, the CBDC Anti-Surveillance State Act, which has garnered support from 75 cosponsors. While some Fed officials and lawmakers question the need for CBDCs, Emmer's alignment with Trump's stance suggests a growing resistance to their implementation. The Federal Reserve is currently exploring the possibility of a digital dollar but has not committed to creating one. Emmer also believes that Trump's second term as president will likely see him becoming more crypto-friendly. With Trump currently leading the predictions for victory in the upcoming election, it is anticipated that the price of Bitcoin could experience new highs if he is reelected.

JPMorgan analysts have warned of a potential selloff in Bitcoin due to expected outflows from Grayscale's Bitcoin fund. They predict that this could put further pressure on Bitcoin prices in the coming weeks. The bank's analyst also mentioned the $3 billion inflow into new spot Bitcoin ETFs, which they believe reflects a shift from existing Bitcoin vehicles or from retail investors moving to cheaper spot Bitcoin ETFs. It appears that profit-taking has already been happening, resulting in a recent 10% decline in the Bitcoin price after the approval of spot Bitcoin ETFs. The JPMorgan analyst estimated that $1.5 billion has already left Grayscale's GBTC fund, potentially leading to an additional $1.5 billion exit from the Bitcoin market. Overall, it is expected that this outflow from Grayscale's Bitcoin ETF and the inflow into other spot Bitcoin ETFs will affect Bitcoin prices in the near future.

@YemiBjk Band Protocol’s new binary options dapp is the perfect tool for Bitcoin traders looking to make informed decisions

Sequoia-Backed Startup Enters DeFi Market With Bitcoin Binary Options Band Protocol launched its binary options dapp Monday, allowing users to make predictions on bitcoin's price swings.

@titerito_2471 The Ethereal Summit is the place to be for anyone interested in the future of Ethereum. CoinDesk’s Daniel Kuhn is there to report on the latest developments

@pelusithaxadoer Nomura’s investment in Line’s LVC is a testament to the potential of blockchain technology in the financial sector.

Japan's Nomura Invests in Line's LVC to Develop Blockchain Financial Services Nomura hopes to leverage Line's vast user base and high-quality user experience to deliver financial services.

@pelusithaxadoer Ethereum’s transition to Eth 2.0 is a planned reboot meant to address scalability issues. But there is no finite plan for how or when to migrate tokens and smart contracts onto Eth 2

'Scam' or Iteration? At Devcon, Ethereum Diehards Still Believe in 2.0 Ethereum is facing a major transition with a bevy of unanswered questions. Why is the Devcon crowd unfazed?

@titerito_2471 Hong Kong’s SFC has defined “virtual assets” as “digital representations of value which may be in the form of digital tokens.”

@Jojeee_22 Bitcoin’s long-term price support at $7,200 may be put to test for the first time in six months. #Bitcoin #cryptocurrency #price #support

Bitcoin Eyes First Test of $7.2K Price Support Since April Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

@Jojeee_22 Huobi Japan raises $4.6 million from Tokyo-listed financial services firm

Huobi Japan Raises $4.6 Million From Tokyo-Listed Financial Services Firm Huobi Japan has received $4.6 million in investment from a Tokyo-listed company involved in real estate and financial services.

@Rapettah12 “The crypto world is about to get a major boost with the launch of ethereum futures contracts in 2020. CFTC Chairman Heath Tarbert has confirmed that they are likely to be launched soon. #cryptocurrency #ethereum #futurescontracts” 1

CFTC Chair Says Ether Futures 'Likely' in 2020 Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert says the crypto world will see ethereum futures contracts sometime in 2020.