The Korean Supreme Court Record Office stated that Kwon triggered the liquidation of two subsidiaries before the collapse. Those decisions have raised suspicions due to their potential correlation with the financial destruction of LUNA and the stablecoin UST.
The collapse of Terra (LUNA) amid the fall of the rest of the cryptocurrencies has taken a significant turn. Legal documents reveal the liquidation of two South Korean offices and the dissolution of the Terraform Labs Korea corporation before the crash.
The Supreme Court Record Office of the Asian country provided information on the above case. They pointed out that Do Kwon triggered the liquidation of two subsidiaries and an entire company before LUNA collapsed.
During a general meeting, shareholders agreed to dissolve the Busan and Seoul headquarters, which they did on May 4th and 6th.
The moment of those decisions has raised suspicions within the cryptocurrency community. Its potential correlation with the financial destruction of LUNA and the UST stablecoin on May 10th is the reason for that.
Central Bankers from Various Countries Visit Bitcoin Beach in El Salvador
El Salvador continues to celebrate its crypto adventure, showing off the beach town of El Zonte to 44 central bankers and financial delegates. The latter are learning about financial inclusion and the use of Bitcoin in the Central American country while enjoying that trip.
El Zonte, or Bitcoin Beach, is the home of Bitcoin in El Salvador, an iconic destination for enthusiasts of the pioneering cryptocurrency. The movement that led the government to proclaim Bitcoin as legal tender in 2021 happened precisely there.
The US Congress Introduces Bills to Regulate Cryptocurrencies
After careful evaluations, the US Congress developed its plan to regulate cryptocurrencies and other digital assets. The legal ambiguity of digital assets has concerned the authorities of several leading economies. The recent collapse of Terra (LUNA), which caused the crypto market to lose USD 15 billion, has made them think about the need for regulation.
For fear of cryptocurrencies, Congress introduced 50 bills and resolutions on regulation, blockchain, and CBDC. They made that decision after several months of speculation on the subject. However, they did not include the bill on stablecoins and the policy covering the regulation of digital assets.
According to Forbes, many approved bills deal with paying taxes on crypto assets. Republican and Democratic senators introduced the Virtual Currency Tax Fairness Act in a bipartisan draft law.
Americans Want to Receive Payments in Cryptocurrencies for Exercising in the Metaverse
Fitness website FitRated recently surveyed 1,001 Americans about blockchain-related fitness technology. More than 80% of the respondents said they would feel more motivated to exercise if they received payments in cryptocurrencies for their efforts.
The consultation revealed that 40% of people would cancel their membership in a physical gym for one in the Metaverse. In addition, 81% of the respondents would choose to stay fit if they received incentives in cryptocurrencies.
By Alexander Salazar
