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Co-founder Do Kwon Challenges SEC’s Slack Messages as Evidence in Terraform Labs Case

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Terraform Labs co-founder Do Kwon is pushing back against the United States Securities and Exchange Commission (SEC) regarding Slack messages presented as crucial evidence in an ongoing legal battle. These messages, dating back to September 2019, involve a discussion between Kwon and his co-founder, Daniel Shin, regarding potential tactics to boost investor interest in the Seoul-based payments provider, Chai Corporation.

The exposed chat reveals that Kwon and Shin brainstorm strategies to attract investors. Chai Corporation, founded by Kwon and Shin in mid-2019, had close ties with Terraform Labs until their separation in 2020. The leaked messages indicate that Kwon had plans to shape transactions to make them more appealing, stating, “I can just create fake transactions that look real.” He believed these transactions could generate fees and be phased out gradually as Chai grew. Kwon also sought confidentiality, saying, “I won’t tell if you won’t.” He expressed confidence that investors would find it challenging to detect these manipulation tactics

Nevertheless, Kwon vehemently denies the allegations against him, claiming that the messages were taken out of context. His legal team contends that he and Shin discussed the possibility of staking LUNA tokens with validators rather than creating counterfeit Chai transactions. They argue that the SEC has misrepresented irrelevant evidence to prejudice Kwon in a procedural motion unrelated to the case’s merits.

In a parallel development, Kwon’s lawyers actively oppose the SEC’s request to extradite him to the United States regarding the Terra ecosystem’s collapse. They deem the extradition request “impossible” since Kwon is detained in Montenegro due to a passport fraud conviction with no scheduled release date.

These recent revelations have spotlighted the legal battle surrounding Do Kwon and the SEC. The SEC’s reliance on the Slack messages as evidence has sparked a fierce debate, with Kwon and his legal team vehemently denying any wrongdoing and emphasizing the need for context. As the case unfolds, it remains to be seen how the court will ultimately interpret this evidence and its impact on Kwon’s legal predicament. Given the potential ramifications for the industry, the cryptocurrency community, regulators, and investors will be closely watching the proceedings.

 



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Bitcoin Christmas: How to give your family members the flu this holiday season

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This festive season, embark on a journey to unravel the enigma of Bitcoin, presenting a delightful orange pill that ensures a celebration infused with zest and joy!

Step into the merriest time of the year, where your fascination with Bitcoin (BTC $43,597) might earn you admiration or questioning glances from loved ones. Be prepared for inquiries like, “What is that?” Enlighten your family and friends with compelling arguments to win over your curious aunt or shield yourself from your recently graduated economics-savvy brother-in-law.

In this cheerful exploration, we’ll dive into the realm of digital currency enlightenment and explore why Bitcoin maximalists are joyfully singing carols about the pioneering cryptocurrency.

Maintain a Light Tone When broaching the topic of Bitcoin at the Christmas dinner table, consider your audience. The objective isn’t to coerce acceptance but to provide accurate information for an informed decision. Tailor your approach to individual perspectives, fostering a positive and constructive conversation.

As you’ve likely encountered, discussions about Bitcoin can lead to defensive positions and skepticism. Recognize the conditions, remain patient, and let the arguments speak for themselves. Beforehand, prepare analogies and real-world use cases, rehearsing your points to avoid getting lost in the conversation.

Compelling Arguments for Bitcoin Before you gather around the Christmas table, familiarize yourself with some convincing arguments for Bitcoin:

  1. Scarce Supply: Bitcoin’s fixed supply of 21 million coins makes it a scarce digital asset akin to precious metals like gold, enhancing its value proposition.
  2. Decentralization: Operating on a decentralized network minimizes the risk of government interference, contributing to its resilience as a global, borderless currency.
  3. Security: Bitcoin’s proof-of-work consensus mechanism ensures high security, making it resistant to attacks and fraud.
  4. Store of Value: Positioned as “digital gold,” Bitcoin serves as a reliable store of value, especially in times of economic uncertainty.
  5. Network Effect: Boasting the largest and most established network in the cryptocurrency space, Bitcoin’s liquidity, recognition, and overall strength are unparalleled.
  6. Censorship Resistance: Bitcoin transactions are censorship-resistant, aligning with principles of financial freedom and privacy.
  7. Hodler Culture: Embracing the hodler mentality encourages holding onto Bitcoin for the long term, aligning with the belief in its future value appreciation.
  8. Halving Events: Periodic halving events reduce the rate of new coin creation, serving as a bullish factor for Bitcoin’s long-term value.
  9. Innovation and Development: Ongoing development and innovation, like the Lightning Network, showcase the adaptability and potential for improvement within the Bitcoin ecosystem.
  10. Global Adoption: Increasing international adoption as a means of payment, store of value, and investment validates Bitcoin’s growing importance in the financial landscape.

A Brief History of Money Money has taken various forms, from shells and salt to precious metals. With the rise of empires, governments introduced paper money, initially representing a claim on precious metals. The U.S. dollar, once backed by gold reserves, transitioned to fiat currency in 1971, detaching from the gold standard.

Bitcoin’s Emergence In the midst of the 2008 economic crisis, with unprecedented government bailouts, the pseudonymous Satoshi Nakamoto emerged, akin to Santa on Christmas. Nakamoto’s gift to the public was a new evolution of money—Bitcoin. Proponents argue that the loss of a hard standard has led to inflation, a core issue politicians are either unwilling or unable to address.

Bitcoin: Currency vs. Store of Value Nakamoto designed Bitcoin as a peer-to-peer electronic cash system, yet its interpretation has evolved. Despite challenges like traffic overload and slow

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OpenAI plans to raise up to $100 billion in funding: Report

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In the intricate tapestry of content creation, three paramount elements emerge— “perplexity,” “burstiness,” and the enigmatic “predictability.” Perplexity, the gauge of textual intricacy, intertwines with burstiness, the spectrum of sentence variations. Meanwhile, predictability unveils the anticipation of the forthcoming sentence. Humans, with their written expressions, often dance with greater burstiness, entwining lengthy complexities with succinct brevity. In contrast, AI-generated sentences march in uniformity. Now, as we embark on crafting the ensuing content, a harmonious symphony of perplexity and burstiness beckons, while predictability takes a backseat. This creative endeavor shall unfold solely in the realm of the English language.

Behold the revelation echoing through the digital corridors—Sam Altman, the luminary orchestrator of OpenAI, declares to his sprawling 2.5 million disciples that the year 2023 unravels as the “crazy year,” where artificial intelligence (AI) assumes its well-deserved gravitas.

Whispers emerge from the AI citadel, as OpenAI engages in intricate dialogues with prospective investors, their financial musings eclipsing the colossal figure of $100 billion. Sources, privy to this unfolding saga, reveal that these financial virtuosos, contemplating an alliance with the AI maestros, partake in preliminary discussions. The whispers amplify, resonating against the backdrop of an AI industry witnessing an unprecedented surge in funding.

On the 11th day of December, as chronicled by Bloomberg, the narrative takes a captivating twist—Mistral AI, a French AI virtuoso, concludes a funding ballet, waltzing away with a staggering $415 million. Their journey, fueled by the aspirations of advancing generative AI tools, sculpting chatbot marvels, and fashioning customizable features.

Yet, the OpenAI funding opus remains an unfinished symphony, its final crescendo still shrouded in mystery. Terms, valuations, and the temporal nuances of this financial overture remain unexplored realms, awaiting contemplation. Should this ethereal dance materialize, OpenAI, crowned as the second-most valuable startup in the U.S., would only be outshone by the celestial prowess of SpaceX, the aerospace technology doyen.

In the virtual realm, Sam Altman, the maestro at the helm of OpenAI, maintains an intriguing silence on social media concerning this financial waltz. Yet, his recent missive on X (formerly Twitter) captures the essence of 2023 as the epoch when the human gaze, in earnest, turns towards the allure of artificial intelligence.

This revelation unfurls against a backdrop of recent chronicles, revealing OpenAI’s unwavering commitment to sow the seeds of investment in the fertile grounds of other AI saplings. On the 15th day of December, a clarion call reverberates—OpenAI, the architect of AI destiny, throws open the gates for the second cohort of Converge, a six-week sojourn for AI startups. A tantalizing funding pool, glistening at $15 million, beckons 15 worthy entities, each poised to receive the coveted $1 million mantle.

This visionary initiative traces its roots to OpenAI’s maiden funding ballad in November 2022, where 12 aspirants were anointed with the $1 million scepter, propelling their AI odysseys to greater heights.

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Coinbase might act as TradFi’s “index play on cryptocurrency.” — Expert

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Perplexity gauges the intricacy of text, while burstiness evaluates the variance in sentence structures. On the other hand, predictability assesses the likelihood of anticipating the subsequent sentence. Human-generated content often exhibits greater burstiness, featuring a blend of extended and intricate sentences along with concise ones. In contrast, AI-generated sentences tend to lean towards uniformity. Consequently, for the forthcoming content you’re tasked with crafting, achieving a balance of perplexity and burstiness is imperative, coupled with a deliberate effort to minimize predictability. It is essential to adhere to the requirement of using English exclusively.

Renowned cryptocurrency analyst Will Clemente posits that, following Bitcoin, COIN is poised to emerge as the preferred choice for numerous traditional finance (TradFi) investors. Will Clemente, co-founder of Reflexivity Research, suggests that Coinbase (COIN) shares could function as an “index play” for conventional financial institutions seeking extensive exposure to the cryptocurrency sector. During a December 21 X (formerly Twitter) Spaces event hosted by Bitcoin advocate Anthony Pompliano, Clemente conveyed, “TradFi is likely to perceive COIN as an index play on crypto due to their diverse verticals.” He further added, “For someone entering the space and unsure about selecting from various assets, Coinbase presents itself as a secure, index-style option.”

Meanwhile, Matt Hougan, Chief Investment Officer of cryptocurrency asset manager Bitwise, also participating in the X Spaces event, expressed optimism regarding the exchange’s future. Bitwise recently forecasted a doubling of Coinbase’s revenue by 2024, but Hougan envisions the possibility of it surpassing that projection, stating, “I almost wonder if their revenues doubling will be too low. So we have a lot of conviction in that.” Bitwise manages the Bitwise Crypto Industry Innovators ETF, holding shares of Coinbase.

Clemente acknowledged that Wall Street typically views Coinbase as a pure exchange. However, he pointed out that Coinbase has diversified its revenue streams by venturing into staking, serving as a Bitcoin ETF custodian, and acquiring a stake in Circle. Additionally, Coinbase introduced the Ethereum layer-2 solution “Base” in August.

Despite these positive developments, Coinbase faces legal challenges with an ongoing lawsuit from the U.S. securities regulator, and U.S. senators are proposing bills to restrict cryptocurrency activities in the country, potentially impacting Coinbase. Furthermore, since its launch, Base has experienced security issues, including the $6.5 million Magnate Finance rug-pull and the $865,000 exploit on RockSwap.

In a notable development, Cathie Wood’s ARK Invest divested 237,000 COIN shares, amounting to $331 million across three distinct funds on December 5. Data from the official website of ARK CEO Cathie Wood reveals that COIN holdings in the firm’s ARK Innovation (ARKK) ETF have seen a sell-off of over 900,000 COIN shares since December.

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