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TRON DAO Reserve transfers another 100 million USDC to Binance to purchase more TRX.
TRON DAO Reserve
To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have transferred 100 million #USDC on TRON to binance to purchase #TRX. tronscan.io/#/transaction/…
Terra employee stole 80 BTC worth $2.39M, confirms South Korean police
However, it is still unclear if CEO Do Kwon or any other employees were involved in this exploit.
CoinGape Crypto News
#Terra #luna #Bitcoin #BTC
Optimism exploiter sends 1M OP tokens worth $874,000 to Vitalik Buterin's wallet
Optimism exploiter sends 1 million OP tokens to Vitalik Buterin's wallet
After initially selling 1 million Optimism tokens after the hack, the attacker has now sent another 1 million OP to Vitalik Buterin.
Solana launches a $100M fund for Korean crypto startups
Solana Ventures and Foundation set up a $100 million investment and grant fund to deploy capital into South Korean web3 startups. The fund will focus on gaming studios, GameFi, NFTs, and DeFi.
The firm will also offer Korean developers help with product and engineering, and will have advisors based in the region.
Solana sets up $100 million fund for Korean crypto startups
Solana this morning announced a new $100 million fund for Korean web3 startups.
MG Motors launches its metaverse platform "MGverse"
MG Motors launches its metaverse platform, MGverse which will be available later this year. It will provide an immersive experience to its customers and stakeholders through multiple arenas.
With this, the brand aims to bring customers, partners, and employees together to work, play, engage, collaborate, co-create, socialize and shop.
Through MGverse, the brand will provide five different experience centers on one platform — Explore & Creator's Center, NFT Gallery, MG Car Club, Gaming Arena, and MG Knowledge Centre.
MG Motor announces entry into the metaverse with MGverse; to be available later this year
With this entry into the metaverse space, MG Motors said it aims to bring fans, customers, partners, and employees together to work, play, engage, collaborate, co-create, socialise and shop.
**South Korea to invest $177 million directly in Metaverse platforms
**The government of South Korea has announced it will start investing in metaverse projects directly.
The investment, which will amount to $177.1 million to kickstart the national industry, was announced by the minister of science and information and communication technologies of South Korea, Lim Hyesook.
The investment is part of the new tech focus South Korea has included in its Digital New Deal, a set of guidelines that the government is following to push citizens to transition to a fully digital society.
South Korea to Invest $177 Million Directly in Metaverse Platforms – Metaverse Bitcoin News
The government of South Korea has announced it will start investing in metaverse projects directly, starting with $177.1 million.
Do Kwon fined $78M for tax evasion
South Korea’s national tax agency has fined the Terraform Labs and its co-founder Do Kwon a $78 million, or 100 billion won, the penalty for tax evasion charges.
The tax authorities revealed that Terraform Labs and its various subsidiaries were registered in the Virgin Islands as well as Singapore despite their actual place of management in South Korea itself.
It is said that the tax authorities were altered after Terraform Labs sent LUNA from Terra Singapore to LUNA Foundation Guard (LFG) to avoid taxations or make up for the losses of anchor protocol.
Goldman Sachs note to clients & brief history of algorithmic stablecoins
Algorithmic stablecoins in particular are vulnerable to self-fulfilling crises, as is now obvious after the decline of UST and LUNA. Regulation seems likely, in our view.
In the case of UST, the broader drawdown in digital assets may have raised investors’ subjective probabilities of the risk that LUNA’s market cap could fall below the supply of UST, such that it might be insufficient to cover all redemptions.
While stablecoins can provide a useful service within the digital asset ecosystem, current designs can be risky. More stability could be achieved through forms of government regulation and/or deeper network effects from greater non-speculative usage of the underlying protocols.