Crypto News

Do Kwon, the founder of the collapsed cryptocurrency project Terra, has been arrested in Montenegro with falsified documents. He was wanted by the South Korean authorities and Interpol for his alleged involvement in the collapse of the Terra ecosystem that led to losses amounting to $40 billion in May 2022. Terra's native luna tokens fell 8% on news of the arrest, per a tweet by Montenegro's Minister of Interior.

Cardano (ADA) has experienced a significant price increase over the past few days, with high growth potential due to its proof-of-stake (PoS) Layer 1 blockchain protocol. The recent rally is said to be driven by whales and Bitcoin's multi-month highs amid the banking crisis and Fed pivot hopes. However, there is speculation of another correction in the future, leading some investors to take profits.

The Avalanche network has experienced various outages and issues. The C-chain recovered from a minor outage, while the X-chain is yet to do so. AVAX dropped slightly in value after nodes went offline due to software bugs in the network's 1.9.12 version. Despite this, the platform continues to hold three distinct blockchain networks: C-chain, X-chain, and P-chain.

Crypto exchange FTX has reached a deal to recover over $400 million in cash from hedge fund Modulo Capital, retrieving 97% of the money FTX companies had sent to the hedge fund in 2022. This marks a significant breakthrough in the ongoing bankruptcy case, allowing firms to avoid expensive legal battles and recover assets for stakeholders.

Xapo Bank has partnered with Circle to offer its members an alternative to traditional banking payments using USDC stablecoin. This integration will allow members to deposit and withdraw funds without fees and will provide a SWIFT payment alternative. Xapo Bank also recently partnered with Faster Payment System (FPS) to expand its global reach.

Kraken cryptocurrency exchange will suspend ACH deposits and withdrawals from March 27th, 2023, while it looks for a new banking partner after its previous one, Silvergate Bank, collapsed. Other services will not be affected.

Arbitrum's daily trading volume hits a new record high indicating increased activity ahead of the anticipated airdrop of their native token ARB, a layer two scaling solution built on Ethereum. In other news, there has been confusion among traders, leading to a massive surge in a token similar to ARB. The company seeks to decentralize its network through ARB's governance token launch.

Bitget invests $30 million to acquire a controlling stake in BitKeep crypto wallet. The acquisition expands Bitget's services and product offerings to connect DeFi and CeFi.

Russia-linked crypto exchange Bitzlato has allowed its users to withdraw up to 50% of their stuck funds by using its own Telegram bot. Bitzlato's remaining 50% user funds have not been resolved yet and may be compensated with their own funds. The exchange was dismantled by western law enforcement and had its server infrastructure seized.

Coinbase has added the upcoming crypto asset ARB to its listing roadmap ahead of Arbitrum's airdrop of 12.75% of the ARB token's supply on March 23rd. Coinbase users may trade ARB-USD pairs once sufficient liquidity and asset supplies are established. .