🚨 Terraform Labs is filing for Chapter 11 bankruptcy protection in the United States.
The company claims to have between $100 and $500 million in estimated assets and liabilities, and the same amount in estimated assets.
"We have overcome significant challenges before and, against long expectations, the ecosystem has survived and even grown in new ways after the depeg; we look forward to the successful resolution of the ongoing legal proceedings."
The trial of Do Kwon, former CEO of Terraform Labs, has been postponed until March 25.
The trial was originally scheduled for January 29, but as Do Kwon is serving a prison sentence in Montenegro, he cannot be extradited until February or March.
Solana Mobile to Sell Second Crypto Smartphone: Source The successor to Saga will have new hardware and a cheaper price point, according to a person familiar with the plans.
Solana Mobile plans to launch a second smartphone as it looks to ride the unlikely success of its first crypto-ready smartphone, a person familiar with the matter said.
The upcoming phone will have the same basic features as its predecessor, called Saga: an onboard crypto wallet, custom Android software and a "dApp store" for crypto applications – but at a cheaper price point and with different hardware, the person said. The original phone cost $1000 when it first launched last year but later saw prices reduced amid struggling sales.
🇺🇸 💬 There's a "very good chance" that US lawmakers will approve a stablecoin bill.
That's according to Jeremy Allaire, CEO of Circle.
2024 is likely to be the year when the US would pass concrete legislation for the stablecoin sector.
"I think we're seeing a willingness from the administration, the Treasury, the Federal Reserve, both houses of Congress, and certainly on a bipartisan basis."
"Digital dollars are spreading around the world, other governments are regulating digital dollar currencies before the US. So I think there's a very strong desire to act, to assert U.S. leadership and put in place the right protections for consumers."
💰 HashKey Group has announced the completion of nearly $100 million in Series A financing.HashKey Exchange holds the second Hong Kong-compliant cryptocurrency exchange license 🇭🇰.
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