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Terra founder Do Kwon denies being ‘On the Run’

published2 months ago
2 min read

​​Good Morning!

In today's dispatch we report:

  • Do Kwon denies being ‘On the Run’
  • Infura to launch open source protocol for Web3 APIs
  • FTX obtains European investment firm license

Do Kwon, who is currently wanted by police, has finally commented on the whole arrest warrant situation.

The South Korean co-founder of the Terra ecosystem tweeted that he has nothing to hide and is "fully cooperating" with government agencies.

Regarding hiding whereabouts, Kwon claims that unless someone is his friend, they have made plans to meet, or they have been involved in a GPS-based Web3 game, they have no business knowing his GPS coordinates. Fair enough.

Kwon has been accused of fraud by five South Korean investors following the collapse of Terra, which lost approximately $40 billion in investor funds. The 31-year-old is charged with violating capital markets rules in South Korea and also faces legal challenges in multiple jurisdictions.

Earlier this week, South Korean prosecutors issued an arrest warrant for Do Kwon and asked the finance ministry to void his passport.

The local police issued a statement saying he was on the run.However, Kwon says he has nothing to hide and is "fully cooperating" with government agencies.

Twitter is still debating on whether Do Kwon is a scammer or not. To top it all off, the Terra founder has turned off his comments on Twitter, which did not sit well with his followers.

Infura to launch open source protocol for Web3 APIs

Infura, a provider of Web3 APIs powered by ConsenSys, plans to launch a protocol to create a more decentralised paradigm for the administration of Ethereum's application layer.

The first action taken by Infura will be to launch an open-source project to involve the larger DeFi community.

Why is it important? Infura offers Web3 businesses the backend infrastructure. It allows companies to connect to decentralised ledgers like Ethereum without having to manage their own nodes.

As businesses operate their projects through Infura, Web3 becomes increasingly centralised as it attracts more clients. Hence creating decentralized protocols would engage the wider DeFi community.

"We're focused on decentralizing the lower level infrastructure layer beneath that, so there's more interoperability between operators that serve this type of traffic," Galano told CoinDesk, adding that certain things in the customer experience can't be decentralized.

Crypto exchange FTX obtains European investment firm license

The largest cryptocurrency exchange, FTX, announced that its European operation had been granted a permit to conduct business. According to FTX, it is the only cryptocurrency exchange with a full range of exchange services and a MiFID II licence.

The Cyprus Securities and Exchange Commission granted FTX a Cyprus Investment Firm License. Due to this, FTX Europe must adhere to the MiFID II directive of the European Union's requirements. The EU, Iceland, Liechtenstein, and Norway are all included in the European Economic Area, where FTX can service.

"Securing this license in the European Union is an important step in achieving our goal of becoming one of the most regulated exchanges in the world," FTX CEO Sam Bankman-Fried said in the statement.