Terraform Labs CEO charged, Balaji Srinivasan bets on Bitcoin
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UBS has agreed to buy Credit Suisse for a reported $3.2 billion, after the Swiss government brokered the deal to prevent a financial crisis. Credit Suisse's share value had fallen rapidly after managers disclosed "material weaknesses" in the bank's financial reporting controls, leading to concerns around the bank's stability.
Justin Sun, known for his leadership role at Huobi and his former role as CEO of TRON, had offered to buy Credit Suisse for $1.5 billion and integrate it with blockchain technology and cryptocurrency, but it is unclear whether his offer was considered seriously.
Ex-Coinbase CTO bets $1M on Bitcoin
Balaji Srinivasan, the ex-CTO of Coinbase, has agreed to a $1 million bet on the performance of bitcoin (BTC) with social democrat James Medlock, with Medlock betting that the US will not go into hyperinflation. If BTC reaches $1 million within 90 days, Srinivasan would keep the 1 BTC and $1 million worth of USD Coin (USDC), a dollar-pegged stablecoin issued by Circle.
Read the second part of Weekly Summary by coinpaprika: Thanks to @wallet bot, Telegram users can transfer USDT within chats | FXMAG.COM
American professional poker player Isaac Haxton also joined the bet by offering to send 1 BTC to the escrow on behalf of Medlock and pledging to donate 70% to charity if he loses. Bitcoin is currently trading at $27,200.34, up approximately 36% over the past seven days.
Terraform Labs CEO charged with fraud.
Terraform Labs founder and CEO Do Kwon has been charged with eight counts of fraud by US prosecutors in New York, including commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation.
Kwon was reportedly arrested in Montenegro and faces investigations in South Korea and a red notice issued by Interpol. Charges against Kwon are in connection to the collapse of the Terra Luna Classic token and TerraClassicUSD stablecoin last May. Kwon allegedly made false and misleading statements about the adoption of the Terra blockchain and the effectiveness of USTC.
