phllebas5ha

@phllebas5ha

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Azure ocean stretches beyond sight

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The Terra Luna ecosystem collapsed in May 2022, wiping out $60 billion in market value after its TerraClassicUSD (USTC) stablecoin lost its peg, falling below $0.01. Destabilization of USTC and panic selling also contributed to the collapse of the Terra Luna Classive (LUNC) token.

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They added that documents relating to Kwon’s extradition to the US, the Federal Bureau of Investigation’s receipt of certain evidence in Montenegro, statements made by Kwon to the US securities regulator and records of crypto trading data have also been sent to the defendants.

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“And in the crypto industry, I think we've learned that that business model does not work,” Long, said, citing the Silvergate Bank collapse.

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Long also hopes the US passes long-awaited stablecoin legislation soon but wants to see stronger consumer protections set in place — most notably, making sure the banks hold on to cash.

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The US Federal Bureau of Investigation has urged crypto node operators, exchanges and the private sector to block transactions from addresses used to launder funds from the $1.4 billion Bybit hack.

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To use a DEX, you’ll need to connect your non-custodial crypto wallet. The following example demonstrates how to acquire Bitcoin on a DEX like Uniswap, assuming you’ve already set up your wallet.

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Diminishing Bitcoin supply on exchanges may signal an incoming price rally driven by a “supply shock,” which occurs when strong buyer demand meets decreasing available BTC, leading to price appreciation.

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Bitcoin exchange reserves have fallen to their lowest level since 2022, suggesting a supply shock as institutional demand from exchange-traded funds (ETFs) continues to grow.

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In November 2024, the central bank of Brazil proposed to ban stablecoin transactions to self-custodial wallets like MetaMask. According to the community, such a move would only trigger a further shift to decentralization.

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As self-custodial wallets enable users to “be their own bank,” many financial regulators and banking institutions have expressed concerns over the potential risks behind such tools.

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While stablecoins like USDT can be restricted by centralized crypto exchanges, self-custodial wallets like Zengo allow users to store their tokens freely, with some industry execs saying that such wallets are unbannable.

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Tether CEO Ardoino previously expressed disappointment over crypto regulation developments in Europe, warning of potential risks of a “disorderly crypto market” in the EU.

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Tether’s investment in Zengo comes amid its USDt stablecoin facing increasing regulatory pressure in the EU, with many exchanges delisting the stablecoin to comply with the Markets in Crypto-Assets (MiCA) framework.

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“By supporting Zengo’s innovative approach to self-custody, we aim to help more people worldwide access blockchain technology with confidence, ease, and security. Together, we are shaping the future of how stablecoins are used and adopted,” Ardoino said.

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According to the announcement, the wallet has served more than 1.5 million users worldwide “without a single wallet being hacked, phished, or taken over.”

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Launched in 2019, Zengo operates a self-custodial cryptocurrency wallet that eliminates the need for traditional seed phrases.

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Advocates say that these services are primarily designed to ensure user privacy. Still, there have been numerous recorded incidences of illicit actors using the services to launder money, putting mixers squarely under the eye of law enforcement worldwide.

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Tornado Cash is one of several “cryptocurrency mixers,” which can obscure the origins of cryptocurrencies operating on a public blockchain. Someone wishing to keep their crypto private can use the service to “mix” the potentially identifiable cryptocurrencies with large sums of other funds.

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Pertsev has argued that he should not be held liable for the actions of those who used his protocol for illicit activities. Roman Storm, a co-founder of Tornado Cash who is set to face trial in the US in April, similarly has argued that he is being “prosecuted for writing open-source code that enables private crypto transactions in a completely non-custodial manner.”

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