What Happened in Crypto Today: Do Kwon’s Going to the States?
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What Happened in Crypto Today: Do Kwon’s Going to the States?

4ในการอ่าน
2 months ago

From Robinhood launching crypto trading in Europe to LayerZero confirming its token airdrop, here is a 2-minute breakdown of everything important that happened in crypto today.

What Happened in Crypto Today: Do Kwon’s Going to the States?

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Bitcoin has been battling to break past the $44k resistance level this week, briefly moving above it before falling back into the $43k range. While Bitcoin's price action failed to generate much excitement yesterday, airdrops were there to cheer up the crypto community with LayerZero and JITO both announcing token giveaways.

Today CoinMarketCap is bringing you the top stories and developments you need to know. Here's what's happening in crypto:

Let’s dive deeper into each of those topics!

Robinhood Officially in Europe

Robinhood is spreading its wings, officially bringing crypto trading to the EU amid a volume surge in the US. Europeans can now buy and sell 25+ coins on the app.

The zero-fee platform will even give traders a cut of volume back in BTC each month. Robinhood says this makes it the only custodial crypto platform to offer rebates.

The app shows spread and rebate deets for transparency on execution. Robinhood taps relationships with trading venues to score competitive pricing.

GM Johann Kerbrat pointed to the EU's clear crypto rules as key to the move. Regulatory clarity gave Robinhood the green light.

Considering the regulatory challenges in the US, is Robinhood going to leave the US customers and fully settle in Europe eventually? Read more!

New Bitcoin Wallet 🔑

Crypto pioneer Jack Dorsey is making waves again with the launch of "Bitkey" - a slick new Bitcoin wallet from Block, the company he co-founded.

Bitkey will be available as an app or hardware device across 95+ countries.

It purportedly uses some type of multi-signature setup for security. Multi-sig wallets require multiple keys to authorize transactions, reducing risk if one key is compromised. Block emphasized the multi-sig design means they can't sneakily access your BTC. User control is key 🔑

Major partners like Cash App and Coinbase are already onboard. But in a sea of hardware wallets, can Bitkey stand out?

What does his wallet offer that others don’t? Read the full story!

And that brings us to our Word of the Day…

It’s ‘Multi-Sig’!

A multi-signature (multi-sig) wallet is a type of crypto wallet that requires more than one key to authorize a transaction.

The idea behind multi-sig is to increase security by preventing any single person from being able to move funds. A multi-sig wallet requires M signatures out of N possible signers in order to send or withdraw funds.

But how does it provide better security in comparison to other wallets? Read more!

Now back to our daily stories…

Something About Do Kwon… 😐

Terraform Labs founder Do Kwon's legal quagmire just took an unexpected turn. Montenegro may send him to the US instead of South Korea, per a WSJ report.

Kwon was arrested in Montenegro in March for falsified travel docs and sentenced to 4 months in prison. He faces legal charges in both countries related to Terra's implosion.

Terra's stablecoin UST de-pegging sent shockwaves through crypto markets. Major players like Voyager and Celsius also went bankrupt in the aftermath.

Before his arrest, Kwon's whereabouts were hazy. Rumors flew about him hiding out in Singapore.

If shipped to the US, Kwon faces 8 charges covering fraud and manipulation.

But what’s gonna happen to him if he is extradited to South Korea instead? Will he be free? Read the full story!

Poloniex’s Troubles 🚨

The UK's financial regulator put crypto exchange Poloniex on a warning list for unapproved companies. Poloniex is based overseas and owned by Justin Sun.

Firms tied to Sun got hacked four times in the last two months. The regulator said Poloniex may be illegally offering services in the UK.

So far the watchdog has only greenlit one crypto firm to operate - PayPal.

Poloniex itself was hacked for $100M in November. After the breach, Poloniex restored some services via Tron.

With regulators tightening screws industrywide, exchanges tied to hacks face extra heat.

What other exchanges are on FCA’s warning list? Read the full story!

LayerZero Airdrop 🪂

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Cross-chain infrastructure provider LayerZero has confirmed it’s airdropping a token in 2024.

The Vancouver-based company acknowledged the rampant speculation about a token launch.

They promised to execute the rollout properly.

LayerZero helps developers connect applications across different blockchains. Decentralized exchanges like PancakeSwap and Uniswap use its interoperability tech.

The team has poured massive venture money into enhancing its infrastructure. Names like a16z and Sequoia are betting big on them.

Earlier this year, LayerZero raised $255 million across two funding rounds, bringing its valuation to $3 billion. Quite the glow-up from its humble $2 million seed round just a year prior.

But when exactly is it airdropping its token? Read the full story!

And that wraps up the key crypto developments. As always in this fast-moving industry, there's never a dull moment!

We'll be back next week with the latest on all things crypto. Until then, stay curious and keep learning!

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