Dogecoin Price Surges Over 4% After Elon Musk's Tweet
In a recent tweet, tech billionaire and Dogecoin advocate Elon Musk made a joke about a fee for visiting Twitter headquarters, which he suggested should be paid in DOGE.
> Responding to a user who expressed interest in visiting the head office of the social media platform, Musk quipped that it would "cost 3 Doge."
> This is significantly less than the $8 USD monthly fee that Twitter charges for a blue verification check. At the time of writing, three Dogecoins are valued at $0.222040 USD.
> Following Musk's tweet, the price of Dogecoin, the largest meme token by market cap, experienced a surge, rising over 4% to reach $0.0785.
> While the price has since dropped slightly to $0.0776 on the Binance exchange, the initial increase may be attributed to enthusiasm from the Dogecoin community. More here
Cody Harris, a member of the Texas House of Representatives, has introduced a resolution expressing support for the Bitcoin economy in the state.
> In his resolution, Harris urges lawmakers to protect individuals who code or develop on the Bitcoin network, as well as miners and Bitcoin holders operating in Texas.
> He also argues that Texans' constitutional rights should extend to digital assets, preventing any attempts to seize or search residents' crypto holdings.
> Harris emphasizes the importance of Bitcoin mining in Texas, stating that "individuals who mine Bitcoin in Texas will never be inhibited by any law or resolution."
> He also assures those who use Bitcoin to store their wealth or make peer-to-peer transactions with other law-abiding Texas citizens that they will "always feel free and safe in their ownership and use of Bitcoin." Details here.
Terraform Labs Co-Founder Do Kwon Arrested in Montenegro
On March 23rd, the Minister of the Interior of Montenegro, Filip Adzic, announced the arrest of an individual suspected to be Do Kwon, co-founder of Terra Luna, within the Balkan nation's borders.
> Local news outlet Vijesti later confirmed the authenticity of the tweet and that the arrested person was a South Korean national.
> "The former 'crypto king,' responsible for losses exceeding $40 billion, was arrested at Podgorica airport with fake documents," stated Adzic. "He is wanted by South Korea, the United States, and Singapore. We are waiting for official confirmation of his identity."
> Since December 2022, South Korean prosecutors had been alleging that Kwon was hiding in Serbia, which has no extradition agreement with South Korea.
More here.[/body]
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[title]FTX Group to Recover $404 Million in Proposed Settlement with Modulo Capital
FTX Group is set to recover approximately $404 million, which its founder Sam Bankman-Fried allegedly transferred to the investment fund Modulo Capital.
> The proposed bankruptcy settlement was made public on Wednesday and aims to add to the crypto firm's slowly growing pot of money.
> According to court records, Modulo Capital, managed by Xiaoyun “Lily” Zhang and Duncan Rheingans-Yoo, received $475 million before FTX collapsed into bankruptcy amidst fraud allegations.
> The settlement was filed on Wednesday afternoon in a federal court in Wilmington, Delaware.
> FTX has claimed that Modulo has no other funds to repay the $404 million in question.
> By avoiding an expensive lawsuit, FTX said the deal is worth $460 million. Continue here.
SEC Warns Investors: Crypto Exchanges a Danger Zone
The U.S. Securities and Exchange Commission (SEC) has encouraged investors to exercise caution when dealing with crypto asset securities.
> The SEC's Office of Investors Education and Advocacy warned that platforms facilitating crypto trading might not be adhering to federal securities regulations.
> In a Thursday bulletin, the SEC stated, "The law requires parties such as securities broker-dealers, investment advisers, and exchanges to register with the SEC, a state regulator, and/or a self-regulatory organization."
> Furthermore, the bulletin emphasized that "entities and platforms involved in lending or staking crypto assets may be subject to the federal securities laws."
> The SEC has made previous efforts to establish that numerous crypto exchanges are functioning as unregistered securities exchanges in the U.S., a perspective frequently expressed by SEC Chair Gary Gensler
. Continue here.
FTX Seeks to Recover $460 Million in Misused Customer Funds
The financially distressed cryptocurrency exchange FTX is taking steps to recover customer funds that were reportedly misappropriated.
> On Wednesday, the company filed a motion to recover $460 million in assets on behalf of its clients.
> The recovery of these funds is anticipated to come from Modulo Capital, a hedge fund based in the Bahamas, which received around $475 million from Alameda Research, the investment arm of FTX, throughout 2022.
> Earlier reports suggest that the investment in Modulo Capital was one of the most significant made by FTX under the leadership of its former CEO, Sam Bankman-Fried.
> The recent court filing implies that Bankman-Fried may have personally directed Alameda Research to execute multiple investments in Modulo, with transactions beginning in May 2022.
Full report here.
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Bitcoin and Major Cryptocurrencies
Bitcoin and Major Cryptocurrencies Defy Rate Hike: Market Resilience Amid Federal Reserve Decision
> Bitcoin maintained its position above $28,000 on Thursday, as leading cryptocurrencies appeared unfazed by the U.S. Federal Reserve's 25-basis point rate increase and ongoing apprehensions about the banking industry and upcoming monetary policy choices.
> BTC, the top cryptocurrency by market cap, traded near $28,200 on Thursday afternoon, experiencing a 4% increase within the last 24 hours.
> Earlier in the day, BTC had reached as high as $28,800, demonstrating a temporary resurgence of confidence in high-risk assets.
> Ether, the second-largest cryptocurrency by market cap, saw an over 5% gain, trading around $1,818 on Thursday afternoon.
> Earlier, it had soared to $1,858, its highest point since August. Meanwhile, Litecoin (LTC) increased by 12% during the day, hovering around $93.
> Coinglass data revealed that traders had liquidated around $3 million of LTC short positions within the past 24 hours, boosting the price from around $83 a day earlier.
> Additionally, Aptos' native APT token, a Layer 1 blockchain, climbed over 7% to settle near $13.
