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Terraform Labs Accuses Citadel Securities of Stablecoin SabotageTerraform Labs, the bankrupt Singaporean blockchain firm, is pointing fingers at American market maker Citadel Securities, alleging that it played a role in an orchestrated effort to destabilize Terraform’s TerraUSD (UST) stablecoin back in May 2022.In its pursuit of justice, Terraform Labs has now called upon the United States District Court in the Southern District of Florida to compel Citadel Securities to furnish vital documents concerning their trading activities during that critical period, when the stablecoin underwent a depegging crisis, now referred to as TerraUSD Classic (USTC).Photo by Tingey Injury Law Firm on UnsplashAllegations of intentional destabilizationThat’s according to a motion filed by Terraform in the United States District Court in the Southern District of Florida, earlier this week. As alleged by Terraform Labs, the catastrophic depegging event in May 2022, which saw UST plummet from $1 to a mere $0.02, was not solely due to inherent instability in the algorithm supporting the UST stablecoin. Instead, the firm contends that it was a result of the deliberate and collaborative actions of specific third-party market participants who engaged in “shorting” to trigger the depegging.Terraform stated in its motion:“Movant [Terraform] contends that the market destabilization that occurred did not result from instability in the algorithm underlying the UST stablecoin. Instead, Movant contends that the market was destabilized due to the concerted, intentional effort of certain third party market participants to ‘short’ and cause UST to depeg from its one dollar price.”The motion also alludes to “publicly available evidence” hinting at Citadel’s intention to short the stablecoin at the time of the depegging event. In particular, it references a Discord channel chat screenshot where a pseudonymous trader purportedly had a conversation with Citadel head Ken Griffin. Griffin allegedly remarked:“They were going to Soros the f*** out of Luna UST,” seemingly drawing a connection to George Soros’ trading strategies, which often involve highly leveraged, one-way bets.Citadel refuted allegations previouslyNotably, Citadel Securities has previously refuted allegations of trading the TerraUSD stablecoin in May 2022, according to Forbes.In its motion, Terraform refers to the importance of these documents for its defense in a lawsuit filed by the US Securities and Exchange Commission (SEC) in February. The SEC lawsuit alleges that Terraform Labs and its founder, Do Kwon, played a significant role in orchestrating a multi-billion dollar cryptocurrency securities fraud.The motion concludes with Terraform arguing that its defense would be substantially hampered if Citadel Securities were to successfully withhold the requested information. In the event that the court fails to compel Citadel, Terraform has requested that the matter be transferred to the US District Court for the Southern District of New York.The matter has been the subject of debate within the crypto community in recent months. In May a community member stated:“As I’ve been saying. People blamed Citadel et al. This was nothing but a rug pull. Wake up. Do Kwon says the dissolving of Terraform Labs in Korea days before the $LUNA and $UST crash is ‘purely coincidental.’”With the matter now being raised in the courts, it looks like the legal system will be the final adjudicator regarding the issue.

Former Binance CEO, Changpeng Zhao (CZ), facing criminal charges and awaiting sentencing in the United States, has been denied his request to return to the United Arab Emirates (UAE) by a U.S. federal judge, according to Bloomberg. The decision, rendered by the U.S. District Judge Richard Jones, reinforces the restrictions on CZ's movements in the months leading up to his scheduled February sentencing. In a filing on Friday, Judge Jones rejected CZ's motion seeking permission to travel to the UAE, where his children reside with former talk-show host and Binance co-founder, Yi He. The specific grounds for the denial were sealed, providing limited insight into CZ's argument against the judge's repeated constraints. However, CZ's legal team hinted that the motion involved "medical information regarding Mr. Zhao’s child."Photo by Kai Pilger on UnsplashSecond travel request denialThis ruling, dated Dec. 29, marks the second time CZ's request to travel to the UAE has been turned down. Earlier in the month, Judge Jones sided with U.S. prosecutors, citing CZ's substantial wealth abroad and the absence of an extradition treaty between the U.S. and the UAE, making him a potential flight risk. CZ had previously pleaded guilty to violating the Bank Secrecy Act and resigned as CEO of Binance, the world's largest digital asset exchange. Binance, as an entity, reached a $4.3 billion settlement related to sanctions and money transmission violations. Singaporean Richard Teng, Binance’s former head of regional markets, has been installed as CEO in CZ’s place. Despite legal challenges, Zhao secured release on a $175 million personal recognizance bond after pleading guilty. The billionaire posted $15 million from a trust account and had three guarantors pledge over $5 million in collateral to secure the bond. The court order allows CZ to remain free, but he is prohibited from leaving the U.S. until his sentencing. 40 million new usersIt’s not all bad news for Zhao’s Binance. In a recent report titled "State of The Blockchain: Binance’s 2023 in Review," Binance highlighted its significant growth in 2023, welcoming over 40 million new users — a 30% increase from the previous year. The report emphasizes the company's commitment to user-centric principles, boasting 170 million registered users and 431 assets available for trading across 1,785 trading pairs by the year's end. Key achievements outlined in the report include robust growth in crypto payment services, P2P trading and earning platforms. Binance Pay and Card experienced a 54% surge in users and the P2P platform recorded an 18% increase in trades and a 39% rise in users. Binance Earn, a crucial component of Binance's product suite, saw a 35% increase in users and a 16.8% rise in the total value locked within its products. Higher net worth2023 hasn’t been all bad for CZ on a personal basis either. His wealth has seen a substantial increase of approximately $25 billion in 2023 despite the legal turmoil. His $37 billion net worth primarily stems from his controlling stake in Binance.Despite potential imprisonment, CZ stands atop the list of cryptocurrency entrepreneurs whose fortunes have witnessed substantial growth this year, ranking 35th in the Bloomberg Billionaires Index.

GDAC joins hands with Zodia Markets to cultivate global digital asset networkGDAC, a cryptocurrency exchange run by Korean blockchain-based fintech company Peertec, has signed a business deal with Zodia Markets, a European digital asset marketplace under the UK’s Standard Chartered Group. As key institution-first digital asset platforms in their respective regional markets, the two enterprises plan to work together to build a global digital asset and stablecoin network to drive innovation, with a focus on preventing money laundering and reducing financial costs.Photo by m. on UnsplashAbout Zodia Markets and GDACThe Standard Chartered Group established Zodia Markets in 2021 following approval from the UK’s Financial Conduct Authority (FCA). The group’s latest partnership with GDAC represents a step further into the Korean market, in which it is already a major player through its local branch, the Korea Standard Chartered Bank.GDAC has been making strides in cybersecurity by forging partnerships. The exchange teamed up with Genians, a cybersecurity firm listed on the KOSDAQ stock exchange, and attracted investments from it to accelerate the establishment of a global security network. In October, GDAC entered into a collaborative agreement with crypto wallet provider Bitgo, aiming to enhance the security of the exchange’s wallet services.The exchange serves not only profit-oriented corporations but also non-profit organizations, such as the Community Chest of Korea. It also runs the GDAC Fund Service, a digital asset management solution for corporate clients that it jointly founded with Woori Financial Group.Dedication to different client demographics“Through our partnership with Zodia Markets, a subsidiary of the UK’s Standard Chartered Bank, we look forward to providing even higher-value digital financial services to our corporate clients,” said Lee You-ree, CCO of GDAC. “We also plan to continuously launch helpful, high-liquidity digital financial services for individual customers as well through our work with a European digital financial platform.”