Express News | Binance will list the ADA, ASTER, and other USD1 spot trading pairs.
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Daily market highlights and trend analysis, produced by PANews. 1. Market Observations: Driven by the Federal Reserve's rate cut of 25 basis points and plans to purchase $40 billion in short-term US Treasuries per month under an easing expectation, precious metals have performed exceptionally well. Gold surged past its December high, with prices nearing the $4,290 mark, while spot silver climbed above $64, continuing to set new historical highs. However, signs of weakness have emerged in the US labor market, as initial jobless claims surged by 44,000 to 236,000 last week, marking the largest weekly increase since the pandemic. Coupled with data showing a narrowing trade deficit, these developments have kept markets cautious about the economic outlook. Meanwhile, China
Do Kwon, involved in the 2022 cryptocurrency crash case amounting to USD 40 billion, sentenced to 15 years in prison after pleading guilty to fraud.
Do Kwon, the South Korean cryptocurrency mogul, was sentenced to 15 years in prison by a New York court on Thursday. The collapse of TerraUSD and Luna, cryptocurrencies he founded, triggered a $40 billion market crash in 2022, and Kwon admitted to related fraud charges. Kwon, now 34, was arrested in Montenegro in 2023 while attempting to travel to Dubai using a fake passport. He was extradited to the United States at the end of last year and pleaded guilty in a New York court in August this year. The court handed down the sentence today. Kwon still faces fraud charges in South Korea. His company, Terraform Labs, was known for launching various cryptocurrencies.
Terra Founder Do Kwon Receives 15-Year Prison Sentence For 'Epic' $40 Billion Crypto Fraud
Sentenced to 15 years, another 'crypto tycoon' goes to prison as prosecutors label the 'US$400 billion Luna coin crash' an 'epic fraud.'
The federal judge in New York stated during sentencing that this was an epic, cross-generational fraud, with few cases in the history of federal prosecution having caused more severe monetary losses. Prosecutors noted that the collapse of Terraform Labs in May 2022 resulted in losses exceeding $40 billion for hundreds of thousands of investors, triggering a chain reaction of collapses across the cryptocurrency market. This ultimately led to the downfall of the FTX exchange and extended into a 'crypto winter' lasting until early 2023.
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Betting on LUNA, $1.8 billion wagered on Do Kwon's prison sentence.
The sharp rise and high trading volume of LUNA do not reflect a return to fundamentals but rather the market using real money to bet on the length of Do Kwon's sentence on the eve of his sentencing.
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