Lotte Group’s Bellygom NFT Project Garners Global Fanbase of Over 300K

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.

In a statement published to Vietnam.vn on Oct. 23, a website run by the Office of Foreign Information Service under Vietnam’s Ministry of Information and Communications, Vietnam revealed its official National Blockchain Strategy. Key objectives In announcing its National Blockchain Strategy, the Vietnamese government articulated several key objectives that it feels will lead to Vietnam eventually taking a leadership role in blockchain development within the region.  These key objectives include an emphasis on research relative to the further roll-out of blockchain innovation. The Vietnamese authorities intend to promote blockchain research, innovation and international cooperation. Another specific action area has been identified as perfecting the legal environment with respect to blockchain development.  The development of infrastructure has been cited as a key objective, with the Ministry proposing that this should incorporate the formation of a blockchain industrial ecosystem. Additionally, the statement highlighted the need to focus on developing human resources in respect of blockchain, while also pointing to an overall need to promote blockchain development generally and the application of the technology. A number of branches of the Vietnamese government have been tasked with achieving these key objectives, including the Government Cipher Committee, the Ministry of Education and Training, the Ministry of Science and Technology, as well as the Ministry of Information and Communications.Photo by Hugo Heimendinger on PexelsPositive reaction The plan has been broadly welcomed by Vietnam-based crypto stakeholders. Jenny Nguyen, Chief Operating Officer (COO) of Ho Chi Minh City-based crypto venture fund Kyros Ventures, suggested the development was bullish. She wrote: “This is the most bullish policy on blockchain from the Vietnam Government in history, which not only acknowledges the importance of blockchain, but also defines clear expectations for the development of this technology sector in the years to come.“ Nguyen also pointed out that regulations on digital assets are currently being discussed within Vietnam’s National Assembly, with legislators working towards a 2025 completion date. On the basis of these two developments, she believes that “the future for blockchain and crypto in Vietnam is looking brighter and brighter day by day.” KardiaChain, a hybrid blockchain infrastructure provider to governments in Vietnam and other Southeast Asian countries, outlined on social media that it had been a key contributor in shaping the strategy. The project believes that the strategy “will enable us as builders more opportunities to impact the country's blockchain development, and further accomplish our mission of mass adoption that we set out on day one.” Laura Nguyen, head of Vietnam at Ava Labs, said that the strategy was forward-thinking and that consequently Vietnam is “primed to become a blockchain powerhouse, pushing the boundaries of technological innovation and fostering global collaboration.” As part of the strategy, the Vietnamese government plans to bring about the development of 20 blockchain brands for platforms, products and services. Additionally, the strategy aims to put in place three testing centers located in major Vietnamese urban centers as part of an effort to create a national blockchain network. 

A United Nations (UN) report published on Monday pointed fingers at USDT for its alleged role in money laundering and scams in Southeast Asia, prompting the stablecoin’s issuer, Tether, to respond.Photo by DrawKit Illustrations on UnsplashFighting backThe stablecoin issuer finds itself under the spotlight once again, facing intense scrutiny over its association with illicit activities, according to the UN report. Responding by way of a blog post, Tether expressed disappointment and pushed back against the accusations. The firm asserted that the report disproportionately focuses on USDT's alleged connection to illicit activities, neglecting to acknowledge the positive impact it has had on developing economies in emerging markets. Collaborating with law enforcementTether defended its position by highlighting its collaborative efforts with global law enforcement agencies, such as the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI) and the recently onboarded United States Secret Service (USSS). The company expressed disappointment with the UN's assessment and stressed that its monitoring measures surpass those of traditional banking systems, historically implicated in money laundering cases. Having frozen over $300 million in recent months to combat the criminal use of crypto assets, Tether emphasized the traceability of its tokens and its established track record of collaboration with law enforcement. In its blog post, Tether urged the UN to shift the conversation from concentrating solely on risks to discussing how centralized stablecoins like USDT could contribute to the fight against financial crimes. The UN Office for Drugs and Crime (UNODC) division responsible for Southeast Asia and the Pacific released the report, specifically highlighting USDT as a significant instrument for money laundering in the region, notably on the Tron blockchain. Tether's response came soon after the release of the UNODC report, where the company emphasized the need for a broader discussion with the UN on addressing financial crimes within blockchain platforms. Tether acknowledged that there are still numerous opportunities to combat financial crimes on blockchain platforms and encouraged the UN to engage with the industry to comprehend and implement contemporary strategies. The company expressed a willingness to collaborate on initiatives aimed at enhancing the understanding of blockchain technology and its potential in fighting financial crime. A perennial controversyTether has been the subject of a perennial controversy inside and outside the crypto space over the years. Its critics have long accused the company of not having the asset backing to reflect the U.S. dollar stablecoins it issues. The issue has been compounded by Tether’s inability to produce fully fledged audits as opposed to attestation reports to verify its holdings. Speaking on the edges of the World Economic Forum’s annual meeting in Davos, Switzerland, on Tuesday, Howard Lutnick, CEO of leading global financial services firm Cantor Fitzgerald spoke positively about Tether. He said that his firm has held and managed large quantities of Tether’s assets. Lutnick confirmed that “they have the money they say they have.” Off the back of Lutnick’s comments, Nic Carter, partner at venture capital and private equity firm Castle Island Ventures, outlined that Tether’s critics have been proven wrong. Carter wrote: “Tether truthers spent 6 years trying to convince everyone tether would collapse and drag down the industry. it didn't. . . . Not sure anyone has ever been more wrong about anything.”