Solana (SOL) is nearing a decisive breakdown moment as it inches towards the apex of its prevailing "descending triangle" pattern. SOL's 40% price decline setup Notably, SOL's price has been consolidating inside a range defined by a falling trendline resistance and horizontal trendline support, which appears like a descending triangle—a trend continuation pattern. Therefore, since SOL has been trending lower, down about 85% from its November 2021 peak of $267, its likelihood of breaking below the triangle range is higher. As a rule of technical analysis, a breakdown move followed by the formation of a descending triangle could last until …

Terraform Labs, the parent company behind the collapsed Terra ecosystem, is currently under multiple investigations from the South Korean authorities. The latest investigation revolves around the alleged embezzlement of Bitcoin (BTC) from the company’s treasury. According to a report published in a local daily, the Seoul Metropolitan Police Agency received an intelligence tip last month informing them of possible embezzlement of BTC by one of the employees of the firm. The police stated that the investigation into the alleged embezzlement of BTC from the company’s treasury had no direct connection with tainted co-founder Do Kwon, and they are investigating individual …

Anchor Protocol was originally designed to offer an interest rate of 3.6%, but this was dialed up to 20% just a week before release to attract more investors, a core developer alleged in an interview with Korean media outlet JTBC. “I did not know that this would go out with such a high-interest rate. Set to 20% just a week before the release,” said the employee, referred to only as Mr. B in the Korean report: “I thought it was going to collapse from the beginning (I designed it), but it collapsed 100%.” Mr. B said that the platform was …

Since May 10, the Bitcoin (BTC) chart shows a relatively tight range of price movement and the cryptocurrency has failed to break the $32,000 resistance on multiple occasions. The choppy trading partially reflects the uncertainty of the stock market as the S&P 500 Index ranged from 3,900 to 4,180 in the same period. On one side, there has been economic growth in the Eurozone where the gross domestic product grew 5.1% year over year. On the other, inflation continues to soar, reaching 9% in the United Kingdom. Further adding to Bitcoin's volatility was the digital assets regulatory framework proposal introduced …

Major cryptocurrency exchanges in South Korea have delisted Litecoin (LTC) weeks after flagging its privacy-focused MimbleWimble (MWEB) upgrade. In a public announcement on Wednesday, Upbit cited the Act on the Reporting and Use of Specific Financial Transaction Information, which prohibits anonymous transactions as the key reason for ending support for LTC. The delisting comes in the light of the much-awaited MWEB upgrade that made LTC transactions private, hiding some of the key identifiers. The upgrade was released earlier this year, nearly two years after its first proposal. The crypto exchange reached out to the Litecoin Foundation to understand the privacy-focused …

The “long waves” of TerraUSD’s May 7 collapse, which we noted two newsletters ago, are extending even further. Last week brought some notable reactions to the stablecoin’s depegging in the East Asia region. A Chinese state-owned media outlet, the Economic Daily has signaled that the Chinese government may introduce even tighter regulations on cryptocurrencies and stablecoins due to the collapse of the Terra ecosystem. It might even mean a complete ban on stablecoins to prohibit ownership, transfer, purchase and sale of the assets, some experts believe. What China plans, Japan does — as a new law will limit the issuance …

On Friday, South Korea’s Financial Supervisory Service (FSS) began an investigation into payment gateway services that work with digital assets. The FSS is South Korea’s financial regulator that operates under the Financial Services Commission (FSC), both of which are government institutions. As reported by local news outlet Money Today Co., the FSS had recently demanded reports from 157 payment gateways about any service related to crypto, its plans for the future and disclosure of digital assets. But, an FSS report stated that only six held any digital assets. Related: How Terra’s collapse will impact future stablecoin regulations Although the FSS …

South Korea, a nation known for its strict crypto regulatory stance, is betting big on the Metaverse. The government will invest over 223.7 billion won ($177.1 million) directly in various Metaverse projects. The decision to invest in nascent Metaverse tech makes South Korea one of the first national governments to do so. The investment came under the "Digital New Deal" program set up to invest in emerging technologies. The program is headed by South Korea's Ministry of Science and Information and Communication Technology led by Lim Hyesook, who called the metaverse “an uncharted digital continent with indefinite potential,” indicating the …

The Terra ecosystem’s rise and fall has had major consequences all around the world, but there’s no doubt that South Korea, the birthplace of its creator, was the most concerned country of them all. Amid signs that Terraform Labs co-founder Do Kwon was facing legal trouble in South Korea, the country’s ruling party announced Tuesday that it would launch a new Digital Asset Committee in early June, according to local news outlet NewsPim. According to the report, the committee will serve as a watchdog over the crypto industry and will be responsible for policy preparation and supervision — that is, …

The South Korean government continues to investigate Terraform Labs, the firm behind the Terra Network as well as Luna Classic (LUNC), previously known as Terra (LUNA), and TerraUSD (UST) tokens, by reportedly summoning subpoenas to employees. South Korean authorities have reportedly summoned all employees at Terraform Labs as part of a full-scale investigation of the collapse of UST and LUNC, the local news agency JTBC reported on Saturday. According to the report, the probe is conducted by the joint financial and securities crime investigation team of the Seoul Southern District Prosecutors Office. The authorities are looking into the case to …

The Korean Financial Supervisory Service (FSS) has announced that it will be standardizing the way in which virtual asset risks are assessed. According to a local news report, this is because it is currently tough to safeguard investors due to the many ways that risk is measured for each virtual asset exchange. While the FSS's standardization efforts are still in their infancy, when a legal framework for virtual assets has been established, it will be expected that a uniform evaluation system can be implemented for all exchanges. On Wednesday, Stablenode's chief operating officer Doo Wan Nam tweeted that a meeting …

It’s been two weeks since the shock of the TerraUSD (UST) depegging, but the long waves of this event are still coming in. The Congressional Research Service described the UST crash as a “run-like” scenario and claimed that the crypto industry has not reached the same level of “adequate regulating” as the traditional finance market. Michael Barr, former advisory board member of Ripple Labs and United States President Joe Biden’s pick for a vice chair for supervision at the Federal Reserve, definitely agrees with that. During the confirmation hearing, he mentioned “some significant risks” that innovative technologies and cryptocurrencies, in …