Token pre-sale for Web3 mental health dApp sells out in nine hours

Fraud Defense Sees Terraform Labs Pursue Access to FTX WalletsTerraform Labs, the Singapore-based cryptocurrency firm at the center of a lawsuit filed by the United States Securities and Exchange Commission (SEC) in February, is taking steps to bolster its defense against fraud charges.Photo by Anete Lusina on PexelsSubpoena for debtors’ recordsAccording to a motion filed with the FTX bankruptcy court in Delaware on Wednesday, the company is seeking permission from a judge to subpoena data from the bankrupt crypto exchange. The filing shows that Terraform’s legal team is requesting access to information about digital wallets utilized by short sellers between March and May 2022.The company believes that its algorithmic stablecoin’s collapse was not a result of natural market forces but rather a coordinated attack by short sellers, potentially involving Alameda Research, FTX’s sister company.The motion states: “To establish these defenses, TFL needs Debtors’ records about wallets, accounts, and assets used to transact on the FTX International and US exchanges and sales/offers of large volumes of cryptocurrencies developed by TFL, if any, by FTX Trading and West Realm Shires Services Inc. d/b/a FTX US.”Alleged securities fraudThe SEC’s lawsuit, filed on February 16, accuses Terraform Labs and its founder, Do Kwon, of orchestrating a multi-billion dollar crypto asset securities fraud. The regulator alleges that Terraform offered unregistered securities through its algorithmic stablecoin, TerraUSD (UST), and the Terra Luna (LUNA) token. The failure of Terraform in 2022 led to a staggering loss of over $40 billion in the crypto markets.The motion also targets Jump Trading, another entity accused by the SEC of colluding with Terraform to manipulate the price of the UST stablecoin. Jump Trading is facing a separate lawsuit in Illinois in the US, accused of purchasing millions of UST tokens in 2021 as part of an agreement with Terraform to maintain the stablecoin’s peg to $1.“Defendants misrepresented UST’s recovery by claiming that the algorithm was able to restore and maintain the price peg. According to the SEC, UST instead recovered its price peg because Defendants entered an arrangement with a U.S. trading firm, Jump Trading, […] to purchase substantial amounts of UST to support the price,” reads the court filing.Jurisdictional argumentsAside from its pursuit of FTX’s data, Terraform is also seeking to dismiss a class-action lawsuit in California, having already sought to have the SEC lawsuit dismissed. The company argues that since it is based in Singapore, US securities laws referenced in the lawsuit are not applicable to its foreign-developed protocols.Using a similar jurisdictional argument, Do Kwon also tried to conceal documents held in Singapore by the Singaporean company from the SEC, but he failed in that endeavor.Another significant development at Terraform has seen a new CEO appointed to lead the troubled company. According to a report in the Wall Street Journal on Wednesday, Chris Amani, who has been acting as Terraform’s Chief Operating Officer and Chief Financial Officer up until now, has been appointed as CEO.

OliveX Launches OVE Governance TokenSingapore’s OliveX, a crypto trading ecosystem solutions platform, marked a significant milestone on Sunday with the official launch of its governance token, OVE.The introduction of this token allows users to participate in staking, mining, and unlocking other rewarding opportunities. OliveX was established to address challenges faced by traders within the crypto space.Photo by Kris Sevinc on UnsplashHybrid trading modelTo that end, the platform has introduced its “Fusion-Ex” trading model, presenting a solution to the perpetual dilemma of choosing between centralized exchanges (CEX) and decentralized exchanges (DEX). By merging the strengths of both CEX and DEX, OliveX is attempting to optimize the trading environment for market participants.Through the Fusion-Ex model, OliveX combines the user-friendly and fast experience of CEX with the transparency, security, and control offered by DEX. With this approach, it strives to strike a delicate balance, ensuring high efficiency while prioritizing user asset control. OliveX caters to the diverse needs of both novice and professional traders, while seeking to tailor trading services to these user groups.The role of OVE in the OliveX Ecosystem, the governance token of OliveX, serves as the central component for value circulation within the ecosystem. It plays a pivotal role and offers numerous advantages to OVE token holders. These privileges include the right to propose and vote on ecosystem changes, receiving profit dividends, access to priority whitelists, and participating in airdrops.AI IntegrationAI integration has become a trend among crypto platforms of late. Singapore-based Crypto.com has harnessed AI for the benefit of its user base, as has global exchange, Binance. OliveX has also taken this approach, embracing the future of trading by incorporating AI technology. With its AI trading suite, it offers users a new and enhanced trading experience. The suite customizes an automated revenue model, enabling users to maximize their trading profits. Additionally, it seamlessly integrates with various DeFi applications, opening doors to various on-chain applications and expanding its user base as a consequence.Recent IEOOVE’s journey commenced with an Initial Exchange Offering (IEO) on July 6, which consisted of five rounds. The overwhelming response from the market was evident as each round ended with over-subscriptions. The total funds raised during the IEO surpassed $40 million, with over-subscription rates exceeding 3,000%. The high level of recognition and support was reflected in the participation of over 20,000 users.Looking ahead, the OliveX ecosystem, including the forthcoming OVE Chain, continues to expand into new areas. The platform is promising further product development and updates over the coming months.The official launch of OliveX’s governance token, OVE, is a significant step forward for the fledgling project. With the Fusion-Ex trading model, AI integration, and the versatility of OVE, the platform is certainly making every effort to differentiate itself and appeal to the crypto trading public.

GroundX releases membership NFT for JND Studios’ character figures on Klip DropsGroundX, the blockchain subsidiary of South Korean conglomerate Kakao, has teamed up with JND Studios — the only hyper-realistic figure maker in South Korea — to drop a membership non-fungible token (NFT) collection on Klip Drops, its digital art curation gallery and NFT platform, according to an official announcement on Monday (local time).Photo by Choong Deng Xiang on UnsplashExclusive accessJND Studios’ figures are known for being hard to acquire, as they are often made in small batches that sell out quickly. Owners of the membership NFT will get the exclusive opportunity to be the first to purchase products from the company’s K-Star Figures lineup, which features figures of popular characters from South Korean movies and dramas. This will allow the NFT owners to secure the items before their official release without the risk of them selling out prematurely.The first character from the lineup — actor Choi Min-sik as Oh Dae-su from the critically acclaimed film “Oldboy” — will be gifted to customers who purchase the NFT. The product is valued at KRW 3 million (approximately $2,300), according to JND Studios. A figure of actress Kim Hye-soo as the iconic Madam Jung from the movie “Tazza” will also be unveiled early next year.The sales period for the NFT drop will run until Jan. 3 with a limited quantity available for purchase. Buyers can link their Klip wallet on the JND Studios website, verify the NFTs they own, and then purchase the K-Stars membership NFT to get their hands on the upcoming K-Star Figures.Spearheading NFT integrationGroundX is leveraging Klip Drops to promote the widespread adoption of NFTs by implementing them in diverse sectors, such as art, retail and culture, where they can be used as membership vouchers, tickets or even coupons.