🚀Bitcoin enthusiasts, hold on to your hats! BTC has been on a rollercoaster ride, soaring above $66,000, even nudging $67,000 a couple of times, but alas, it couldn't hold on. The subsequent rejection led to a bit of a tumble, causing over $200 million in liquidations on a daily scale. Ouch! 😬

But hey, don't forget the altcoins! They've taken a bit of a beating too, with most plummeting even more than Bitcoin.

Last week, geopolitical tensions between Iran and Israel caused BTC to dip below $60,000 twice. But as Iran decided to hold off on retaliating, Bitcoin bounced back, reaching around $65,000 by the time of the fourth halving. 🎉

BTC was on an upward trajectory, peaking at over $67,000 on Tuesday and Wednesday morning. But then, the bears stepped in, reversing Bitcoin's course. In just a few hours, BTC dropped to $64,500, then further to a multi-day low of under $63,600. It's recovered a bit since then, but it's still in the red at just over $64,000. 😓

And it's not just Bitcoin feeling the heat. Solana, Toncoin, Dogecoin, Avalanche, Shiba Inu, and many others have all seen significant declines.

In fact, nearly 100,000 traders have been hit in the past day, most with long positions. The total value of daily liquidations is just over $210 million on CoinGlass.

So, it's been a wild ride, but remember, in the world of Bitcoin, it's all part of the journey! 🚀🌕

🚀🚀BTC enthusiasts, buckle up! Geoff Kendrick, the head honcho of digital assets research at Standard Chartered Bank, is predicting a bullish trend for Bitcoin post-halving. 🎉🎉

Why, you ask? Kendrick points to a lower leveraged market as the key driver. The recent BTC plunge, triggered by escalating tensions in the Middle East, saw a whopping $1.8 billion in liquidations and left over 300,000 traders in the lurch. But Kendrick sees a silver lining here. 💡💡

He believes this bloodbath has cleared the path for the crypto market to trend higher. With the market entering the halving with less leverage, a rebound could catapult BTC to new heights. 🚀🚀

But wait, there's more! Kendrick also highlights the inflows into spot Bitcoin ETFs and the potential easing of the Iran-Israel situation as catalysts for a BTC uptrend. 📈📈

While Bitcoin ETF inflows have hit a temporary snag, Kendrick expects a whopping $50-$100 billion inflow in the next 18 to 24 months. Drawing parallels to the gold ETF space, he predicts a 4.3x growth, pushing BTC to $150,000 by 2024 end and $200,000 by 2025. 🤑🤑

And if Bitcoin ETF inflows hit the sweet spot of $75 billion? Standard Chartered sees BTC soaring to $250,000 in 2025. 🚀🚀

So, hold onto your hats, folks! The BTC rocket is ready for take-off! 🚀🚀🚀

🚀🚀 Get ready, BTC enthusiasts! Balaji Srinivasan, the former CTO of Coinbase, predicts a surge in Bitcoin Maximalism! 💪💪

In a recent tweet, Balaji argued that faith in the traditional financial system is set to crumble as U.S. dollar inflation pushes a new generation towards Bitcoin. 📉💵🔄📈₿

The U.S. Bureau of Labor Statistics reports a 3.5% inflation rate in March, significantly higher than the 2% target for three consecutive years. Despite the Federal Reserve's efforts to combat this through interest rate hikes, Balaji believes this strategy is unsustainable and harmful to consumers. 😱💰

Federal Reserve data reveals a sharp rise in personal interest payments, from $240 billion in 2021 to $520 billion today. Furthermore, U.S. Treasury interest payments have soared to $1.1 trillion per year and are projected to reach $1.6 trillion by Q4 2024 if rates remain stable. 😰💸

The nation's debt levels, which have now surpassed $34.6 trillion, are expected to lead to the printing of "gigantic quantities of money." This is a concerning prospect, especially as 64% of 18 to 29-year-olds view inflation as their top national issue. 📊💔

Balaji believes that this could trigger a Bitcoin Maximalist revolution. Bitcoin maximalism is a belief system that views Bitcoin as superior to all other financial assets, including precious metals, fiat currencies, bonds, stocks, and even other cryptocurrencies. 🏆₿🌐

So, are you ready for the rise of Bitcoin Maximalism? 🚀₿🎉

🚀🚀Nubank, the São Paulo-based fintech giant, is making waves in the crypto world! The bank has just rolled out a new feature allowing customers to deposit and withdraw Bitcoin and other cryptocurrencies using the Nubank app. Bitcoin, Ethereum, and Solana are the first three cryptos supported, but there's more to come! 🎉🎉

🔍🔍Before you dive in, there are a few things to keep in mind. Withdrawals might be subject to variable fees depending on the network, and transactions could take around 60 minutes. Also, make sure the selected network and currency are supported by the Nubank wallet. Sending assets to unsupported networks or incorrect addresses could lead to irreversible loss of funds. 😱😱

🌎🌎This move is set to supercharge Brazil's already buzzing crypto scene. Nubank is the largest fintech bank in Latin America, boasting a whopping 80.4 million customers in Brazil, and millions more in Mexico and Colombia. This step into the crypto world marks a significant stride towards mainstream acceptance. 🚀🚀

🇧🇷🇧🇷Brazil is a hotbed for crypto adoption, ranking within the top 20 on Chainalysis’ Global Crypto Adoption Index. This move by Nubank follows closely on the heels of Itau Unibanco, Brazil's largest bank, which entered the cryptocurrency exchange market in December 2023. The future of crypto in Brazil looks brighter than ever! 🎉🎉

🚀📢 Breaking news for all you Bitcoin enthusiasts! FTX, the bankrupt cryptocurrency exchange, is shaking things up by auctioning off its remaining Solana (SOL) tokens this week. 📅💰

This is a change of pace from their previous fixed-price sales strategy, which didn't sit well with most creditors. They felt it undermined the value of FTX's assets, thus reducing their potential recovery. 📉😕

FTX's SOL sales have caught the attention of big crypto firms like Pantera Capital, Neptune Digital Assets Corp, and Galaxy Trading. Last month, FTX sold between 25 million and 30 million locked-up SOL at $64 each, raking in as much as $1.9 billion. 🤑💵

However, the buyers got the SOL at a 67% discount from its value at the time. FTX hasn't disclosed its SOL sales for April yet, but previous reports show the asset has sold tokens worth roughly $2.6 billion. 💸📊

The auction deadline is set for Wednesday, April 24, with results to be announced on Thursday. Crypto exchange Figure Markets has publicly declared interest in the FTX SOL blind auction. They plan to create a Special Purpose Vehicle (SPV) for the auctions, open to non-U.S. and U.S. investors. 🌎👥

The SPV will accept investments in the U.S. dollar and Circle (USDC), with bid prices to be determined on a $1:1 vote basis. It also allows retail investors and FTX creditors to participate in the auction with a minimum investment of $5,000, a stark contrast to the $5 million set by the estate for direct sales. 💵🔍

FTX creditor activist Sunil Kavuri praised this approach, criticizing the law firm overseeing FTX's bankruptcy proceedings for selling the locked SOL at a heavy discount to their clients, despite objections from creditors. 🏦👨‍⚖️

Stay tuned for more updates on this exciting development in the crypto world! 🌐💫

🚀🚀 Bitcoin enthusiasts, buckle up! The creator of the 'Bitcoin Power Law', Giovanni Santostasi, has revealed his price model's exact BTC price targets for the next few market cycles. 🎯

🔮 The model predicts Bitcoin will reach a whopping $218,875 at its cycle peak in November 2025, before descending to $96,677 at its bottom in December 2026. But what is this 'Bitcoin Power Law'?

🧪 The Bitcoin Power Law is a long-term price model that forecasts Bitcoin's future market value as if it were bound by the laws of physics. Santostasi, a former physics professor, believes Bitcoin's long-term price trajectory follows a "power law" relationship with time.

🔬 Power laws have even been discovered in the financial realm, having been used to predict the average waiting time for a stock price’s directional change. The Bitcoin Power Law Theory is supposed to stay relevant across any span of time, and can forecast the asset’s price range indefinitely.

💰 The model expects BTC to peak at an incredible $1,212,799 in November 2033, before retracing back to $802,399 in December 2034. Santostasi insists that the Power Law model is not a "model" at all, but a "full and coherent theory of what Bitcoin is and how it works."

👎 Santostasi is a non-believer in other popular price models, such as Plan B’s “stock-to-flow” model, which predicts exponential gains for Bitcoin in the future without diminishing returns. He claims these models are "deeply wrong conceptually, logically, mathematically, from a construction point of view," and are "almost poison because gives really the wrong information about Bitcoin."

So, are you ready for the Bitcoin rollercoaster? 🎢 Let's see where this ride takes us! 🌕🚀

🚀Hold on to your hats, crypto enthusiasts! Santiment's latest rankings are in and it's a wild ride! 🎢

The rankings, which measure development activity over the past 30 days, have thrown up some surprises. Bitcoin (BTC), the granddaddy of them all, didn't even make the top 10! 😲 Ethereum (ETH), the second-largest cryptocurrency by market cap, just scraped in at ninth place. 🤔

So who's leading the pack? Optimism (OP), Cardano (ADA), and Hedera (HBAR) are sitting pretty in the top three spots, with Polkadot (DOT) and Kusama (KSM) completing the top 5. 🏆

Santiment's rankings aren't just about popularity. They pull data from Github activity to measure a team's efforts to innovate and improve. 🛠️

ADA and DOT have been on a roll, with seven-day price spikes of 11% and 14% respectively. 📈 ADA is predicted to reach $1.70 if it enters the $0.55-$0.80 range, while DOT is projected to rally towards the $15-$20 level. 🚀

So, while BTC may be the king of the crypto jungle, it seems there are plenty of contenders ready to challenge for the throne! 👑

Remember, the crypto market is always changing, so stay tuned for more updates! 📰

🚀Buckle up, Bitcoin enthusiasts! Ripple is fighting back against a hefty $2 billion SEC penalty over XRP sales, pushing for a reduction to a mere $10 million. Some are even predicting a possible settlement of $100 million. 🤔

🔥The Ripple vs SEC saga has been a hot topic since December 2020, with the SEC seeking a $2 billion penalty for alleged XRP sales violations. Ripple's chief legal officer, Stuart Alderoty, however, has officially opposed this, stating the fine should not exceed $10 million.

🎲The future outcome of this legal battle is still up in the air. Lawyer Jeremy Hogan recently suggested that the dispute might be resolved with a $100 million settlement. He also hinted at a possible case closure in July or August this year. 📅

🏁Ripple seems to be gaining the upper hand, with three partial court victories under its belt. A decisive win could trigger an XRP rally, while a loss could negatively impact the token and the entire digital asset market. 📈📉

🎥For those wanting to delve deeper into the lawsuit and its impact on Ripple's native cryptocurrency, check out the dedicated video below. Stay tuned for more updates! 🚀🌕

🚀🚀 Attention BTC enthusiasts! DeGods, the NFT project that once ruled the roost on Solana, is mulling over a comeback to its original blockchain. Founder Rohan Vohra, alias 'Frank', recently teased a test picture of bridging NFTs back to Solana, hinting at a potential U-turn to the platform where it first tasted fame. 🎉🎉

When DeGods made its grand entrance in late 2021, Solana was hitting its peak price, and its NFT ecosystem was flourishing. But by the time it became Solana’s most valuable large-scale NFT project, SOL had taken a hit, and the wider NFT market was in a slump. 😕😕

In December 2022, DeGods announced its exit from Solana and revealed plans to migrate to Ethereum, following a rocky year for Solana. Vohra stated, “If Ethereum is where we have to go to keep growing, it’s what we have to do.” 🚀🚀

Now, with the crypto landscape possibly shifting gears again, DeGods is exploring the idea of returning to its roots in Solana. This news has sparked varied reactions, with some expressing skepticism about the idea of hopping between blockchains. Stay tuned for more updates! 🎉🎉

📢 Breaking News! 📢 The U.S. Department of Justice (DOJ) has recommended a three-year prison sentence for Changpeng “CZ” Zhao, the founder and former CEO of Binance. 😮

Last year, CZ pleaded guilty to violating the Bank Secrecy Act. Now, the DOJ is suggesting he should serve 36 months in prison and pay a whopping $50 million fine. 💰💰

The DOJ believes this sentence will not only send a message to Zhao but also to the world, emphasizing the need for a severe penalty to deter similar misconduct in the future. 🌍👮‍♂️

The filing also criticizes the adequacy of the Sentencing Guidelines in addressing violations of the Bank Secrecy Act, asserting that they fail to sufficiently penalize misconduct of this magnitude or its potential impact on U.S. national security. 🏛️🇺🇸

The DOJ argues that Zhao’s deliberate disregard for legal obligations enabled Binance to handle millions of dollars in unlawful proceeds, including funds from darknet markets and crypto mixers. 😱

Central to the DOJ’s argument is Zhao’s failure to implement an effective anti-money laundering (AML) program at Binance, which led to the exchange becoming a hub for illegal activities. 🚫💰

Meanwhile, Binance faces its own repercussions. Together with Zhao’s guilty plea, Binance agreed to pay a $4.3 billion fine and the appointment of a court-appointed monitor. However, the appointment is still pending. 🏦👨‍⚖️

Stay tuned for more updates on this developing story! 📰👀

🚀🎉 Bitcoin enthusiasts, buckle up! While we've been enjoying the green wave in the crypto market with BTC, ETH, XRP, and SOL, Shiba Inu (SHIB) has been quietly outperforming them all with a 20% price increase in the past week! 🐕💰

Analysts are buzzing with optimism, predicting another bull run for SHIB. Why? CryptoQuant data shows that SHIB exchange reserves have dropped to a record low since February 2022. This means fewer SHIB tokens are available for trading, creating a scarcity that could potentially drive the price up. 📉🚀

But that's not all! SHIB's burn rate has increased significantly, and the layer-2 blockchain solution, Shibarium, has undergone a major upgrade. The burn rate increase has resulted in millions of tokens being removed from circulation, and the Shibarium upgrade promises a "faster, smoother, and more accessible" user interface. 🚀🔥

So, while we're always rooting for our beloved Bitcoin, let's give a round of applause to the underdog, Shiba Inu. Here's to the crypto market's continued growth! 🥂🎉

Please note, this is not financial advice. Always do your own research before investing.

🚀🎉Hey there, BTC enthusiasts! Get ready for some exciting news! Meme coins are stealing the limelight, with many experiencing significant price surges. The stars of the show include Bonk Inu (BONK), dogwifhat (WIF), Cat in a Dogs World (MEW), and BOOK OF MEME (COME), which have seen daily price spikes of 27%, 17%, 23%, and 12%, respectively. 🐶🚀

Meanwhile, the big boys, Dogecoin (DOGE) and Shiba Inu (SHIB), are lagging behind with more modest gains. But don't despair, DOGE and SHIB fans! The total market cap of the meme coin sector is now over a whopping $58.5 billion, a 4% increase from just yesterday! 💰💹

Now, here's where it gets interesting. Some analysts predict that these meme coins could be on the brink of an even bigger bull run. Why, you ask? Well, it's all thanks to the recent Bitcoin halving. Historically, this event has been a precursor to major market surges. 📈👀

For instance, DOGE was worth less than a cent at the time of the last halving in 2020, but a year later, it pumped to almost $0.70. So, who knows what's in store for these meme coins? Stay tuned, folks! 🚀🌕

🎉🎉 Big news for Bitcoin enthusiasts! More traditional finance firms in the U.S. are hopping on the crypto train, with Legacy Wealth Asset Management and United Capital Management allocating 6% and 5% of their portfolios to Fidelity Wise Origin Bitcoin Fund (FBTC) respectively. 🚀

These allocations, totaling over $20 million each, surpass the $17 million invested by a rival into BlackRock’s ETF, IBIT. Bloomberg ETF analyst Eric Balchunas has dubbed this a “new high water mark” for Bitcoin ETF investment. 🌊

While skeptics might be shaking in their boots, this is a fantastic sight for those of us rooting for long-term crypto adoption. Balchunas even suggests we could see 500-1000 firms like these reporting holdings in the coming weeks. 📈

Meanwhile, the $40.8 million investment in FBTC has given a much-needed boost to spot Bitcoin ETF inflows, offsetting last week’s outflows. On Monday, the spot Bitcoin ETF market recorded inflows of $62.2 million, with FBTC seeing the highest of more than $34.8 million. 💰

In other news, the student-run Stanford Blyth Fund has allocated a whopping 7% of its portfolio to Bitcoin. It's clear that Bitcoin is gaining traction in the world of traditional finance, and we're here for it! 🎉🎉

🚀 Zircuit, an EVM-compatible ZK Rollup, is making waves in the crypto world as its staking Total Value Locked (TVL) has soared past the $2 billion mark! 🎉 This impressive feat comes after users poured in more than $80 million into the project within the last 24 hours.

Still in the testnet phase, Zircuit is set to launch its mainnet later this summer. The project's staking program, announced on February 24, has seen over 500,000 ETH deposited, alongside a variety of staking derivatives from Renzo Protocol, Swell Network, Kelp DAO, Liquid Collective, and Lido Finance.

Zircuit points, earned by staking, are expected to qualify holders for a future airdrop. Migrating assets to the Zircuit Mainnet upon launch will yield the highest rewards. But here's the kicker: unlike other protocols, Zircuit allows users to withdraw their assets at any time while keeping the points and yield earned. 🎁

The project's "Build to Earn" program, introduced on March 27, is also encouraging developers to build infrastructure and deploy decentralized applications (dApps) on Zircuit’s testnet.

Zircuit's pre-mainnet growth is reminiscent of Blast's rapid rise last year. Blast, developed by the team behind Blur, a prominent NFT marketplace, quickly became the third-largest layer 2 platform, boasting a TVL of over $2 billion upon its mainnet launch.

Zircuit is definitely one to watch, folks! 🚀🌕

🎉🎉Big news for Bitcoin enthusiasts! Jack Dorsey's fintech company, Block Inc., has announced the completion of its advanced Bitcoin mining chip. This marks a significant milestone for the company's mining project.👏👏

Block's three nanometre (3nm) Bitcoin mining chip is now undergoing its full design tapeout with a leading semiconductor foundry. The chip will utilize the most advanced semiconductor process available, delivering the performance needed for mining operators to survive and thrive in the fifth mining epoch and beyond.🚀🚀

The fifth mining epoch began last Friday after Bitcoin block 840,000, reducing Bitcoin's fixed block subsidy from 6.25 BTC to 3.125 BTC per block. This major cut in miner revenues necessitates the acquisition of the most energy-efficient equipment to stay effective.💪💪

Recognizing the trend, Dorsey announced his firm's Bitcoin mining ambitions earlier this year, aiming to keep Bitcoin's hash rate and the distribution of mining hardware as decentralized as possible.🌐🌐

Block is also working on a full Bitcoin mining system of its own design and is still seeking design feedback on areas related to reliability, maintenance, and software features. In addition, the company unveiled its Bitcoin hardware wallet "Bitkey" last year, providing multi-signature cold storage Bitcoin custody in a way that's user-friendly for crypto newcomers.🔐🔐

Stay tuned for more exciting updates from the world of Bitcoin! 🎈🎈

🚀🚀Buckle up, BTC enthusiasts! Venezuela's state-owned oil and gas company, PDVSA, is reportedly planning to ramp up its use of crypto, specifically USDT, to dodge US sanctions. 🛢️🛢️

Starting in 2023, PDVSA began integrating USDT for oil sales, and now, they've got a new policy in place that requires new customers to have a digital wallet loaded with cryptocurrency. 🏦💰

This move to speed up USDT usage comes after the US refused to renew a general license that temporarily lifted sanctions in Venezuela's oil and gas sector. The license was issued in October, following a promise by President Nicolás Maduro to allow a free and fair election in 2024. 🗳️🇻🇪

But alas, the Maduro-led government didn't uphold its commitment, causing the US not to renew the license and reimpose sanctions on the country. 🚫🇺🇸

With the reimposed sanctions, PDVSA is looking to boost the use of USDT to reduce the risk of profits getting frozen in foreign bank accounts. In Q1 2024, the company moved non-swap spot oil deals to a new contract model that required half of each cargo to be prepaid in USDT. 🚢💸

But wait, there's more! PDVSA is also reportedly requiring new customers to have a digital wallet holding crypto, extending this requirement even to old contracts that didn't specify USDT usage. 📜🔐

While crypto for oil and gas transactions is unusual, considering that the US dollar is the dominant currency used in the global market, it seems like PDVSA is willing to take the risk to circumvent sanctions. However, this could reduce oil proceeds for the company. 🌍💵

This isn't the first time Venezuela has turned to crypto to dodge US sanctions. In 2018, the government introduced a state-owned, oil-backed cryptocurrency called Petro. But the Petro didn't enjoy widespread adoption and faced criticism from within and outside Venezuela. 🇻🇪🔥

So, what's next for PDVSA and Venezuela's crypto journey? Only time will tell! 🕰️🔮

🚀🌕 Buckle up, BTC enthusiasts! Polkadot (DOT) is making waves in the blockchain world with its new Join-Accumulate Machine (JAM) protocol. This exciting development merges the best of Polkadot and Ethereum, aiming to boost blockchain efficiency and scalability. But hold your horses! 🐎 It's still awaiting community approval.

🔧🌐 The protocol comes with an upgrade to the Acala Network and rumors of an $8.8 million sponsorship deal with Inter Miami CF. The JAM protocol will also support existing parachains, allowing developers to keep using Substrate for blockchain deployment. And guess what? The only way to interact with JAM will be with DOT; no new token will be issued.

🔗💡 Some of Polkadot's top parachains have also seen significant developments. The Acala Network recently announced the Sinai Upgrade, designed to strengthen its position as a liquidity layer in the Web3 space.

⚽💰 And let's not forget the potential mega collaboration with Inter Miami CF. If this $8.8 million sponsorship deal goes through, it will be a game-changer for Polkadot. And who's behind this football team? None other than English football icon David Beckham and Argentine legend Lionel Messi.

So, keep your eyes peeled on Polkadot! This is just the beginning of its blockchain revolution. 🚀🌕

🎉Hey there, Bitcoin enthusiasts!🎉 Despite a few bumps along the road, our favorite cryptocurrency, BTC, is still making waves!🌊

While Bitcoin's performance has been nothing short of spectacular🚀 over the past few years, it seems to be struggling to capture the safe-haven status. This was evident as the demand for such assets increased amidst escalating Middle East conflicts. While gold and the US dollar rallied, Bitcoin's value dropped by 6% in April.😮

But don't lose heart, BTC lovers!🙌 Bitcoin's performance varies significantly relative to different fiat currencies. It's been making massive gains against currencies like the Turkish lira, Argentinian peso, and Nigerian naira, compared to a smaller rise against the US dollar.💰

In the face of global economic turbulence, Bitcoin has surged nearly 1,000%!🎉 Outperforming traditional safe-haven assets like gold and US Treasuries. While gold saw a modest 33% increase during the same period, US Treasuries declined by 12% since March 2020.📉

This trend challenges the conventional notion that gold and Treasuries thrive in times of market turmoil. It suggests that Bitcoin is emerging as the ultimate safe haven despite its notorious volatility.🔥

While BTC has seen significant declines in the past, its long-term trajectory shows substantial growth, improving the purchasing power of its holders. Its decentralized nature and limited supply of 21 million coins make it an attractive hedge against economic uncertainty.👍

So, keep your eyes on Bitcoin, folks! It's a wild ride, but it's worth it!🎢🚀

🚀🎉 Bitcoin enthusiasts, brace yourselves! Despite recent fluctuations, XRP wallets holding at least 1 million tokens are nearing an all-time high, signaling a surge in investor interest. 📈🔥

Ripple's XRP has been hanging around the $0.45-$0.70 range lately, a far cry from its heyday. But hey, investors are seeing this as a golden opportunity to up their stakes! 💰👀

According to Santiment, the number of wallets holding at least 1 million XRP tokens has been climbing over the past six weeks, recently hitting 2,013 - just one shy of the all-time high recorded in June 2023. 🚀🎯

Remember when XRP was trading at around $0.50? Well, it shot up above $0.80 a month later after Ripple's first major (albeit partial) court victory against the US SEC. 🎉🏛️

Now, with Ripple's final trial phase with the SEC kicking off today (April 23), many crypto analysts believe that a Ripple victory could trigger a significant price movement to the upside for XRP. 📈🔔

But hold on, there's more! Last week's Bitcoin halving could also play a part in a potential XRP bull run. Historically, the halving event has often been a precursor to a major BTC rally and a market resurgence. 🎢🚀

Back in 2020, XRP was valued at less than $0.20 at the time of the Bitcoin halving. A year later, it skyrocketed to almost $2. So, who knows what the future holds for XRP? Stay tuned! 🎉🚀

🚨Crypto News Flash!🚨 Terraform Labs (TFL) and its founder, Do Kwon, are in hot water as they face a whopping $5.3 billion fine for fraud related to their now-defunct Terra blockchain. 😱

The U.S. Securities and Exchange Commission (SEC) is calling for Kwon and TFL to pay ~$4.2 billion in disgorgement and ~$546 million in pre-judgment interest. On top of that, they want Terraform and Do Kwon to cough up a $420 million and a $100 million civil penalty, respectively. 💸

If the court agrees, this could be the largest crypto-related enforcement action ever, even surpassing the Department of Justice’s $4.3 billion settlement with Binance in February. 🏛️

The charges against TFL relate to securities law violations and defrauding investors, including misleading them about the stability and profitability of its blockchain’s associated token and stablecoin – LUNA and UST. 🕵️‍♂️

Kwon, however, isn't going down without a fight. He argues there's no evidence he'll repeat the same conduct and that the disgorgement fines are unjustified. His lawyers say he should be charged just over $800,000. 🥊

Stay tuned for more updates on this high-stakes crypto drama! 🍿👀