MARBLEX Introduces New Update to Multichain Service

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.

Upbit Launches “Experimental Lab” for Users to View Investment PerformanceDunamu, the fintech company operating South Korea’s leading crypto exchange Upbit, announced on Wednesday that Upbit has added a new feature called the Experimental Lab, which allows users to try out new functions before their official release.“Through the Experimental Lab, we will progressively introduce various features and actively gather user feedback to enhance our service experience,” the exchange said.Photo by Gilles Lambert on UnsplashEmpowering insightful investmentThe first feature unveiled through the Experimental Lab allows users to view the statistics of their investment performance — in other words, their profits and losses — for any given timeframe, all in one place. This includes cumulative return rates, the average amount of money they invested, and more. This is one of the most frequently requested updates, according to the exchange.The feature also provides information on three types of returns: simple return rate, time-weighted return rate, and money-weighted return rate.Simple return rate calculates the actual gains and losses relative to a user’s initial investment amount. Time-weighted return rate calculates an account’s performance over a specific period while ignoring the effects of external cash flows, such as timing and size. On the other hand, money-weighted return rate calculates investment performance while factoring in changes in external cash flows.Users interested in trying out Experimental Lab can find it in the “More” tab on the Upbit mobile app or the “My” tab on the PC site located at the bottom right corner of the page.Customer-centered philosophyThis move aligns with Upbit’s commitment to providing a better service experience by incorporating user feedback into their feature development and updating processes.

Busan City Aims to Cultivate Growth in Blockchain and Fintech IndustriesThe South Korean Ministry of SMEs and Startups (MSS) convened a meeting at the Korea Technology Finance Corporation today to address issues related to emerging industries, including blockchain and fintech, and devise strategies for their growth in Busan, a city rapidly establishing itself as a global hub. That’s according to a report by local news media News1.Photo by Minku Kang on UnsplashBlockchain, fintech, and hydrogenThe meeting saw the presence of MSS Minister Lee Young, Lawmaker Park Soo-young, Busan government officials, and university representatives. Local business leaders specializing in blockchain, fintech, and hydrogen also attended to provide their opinions.During the meeting, two presentations were delivered, each focusing on key policies. The first presentation outlined Busan’s strategic initiatives aimed at bolstering the finance and hydrogen sectors. The second presentation detailed the plans of the MSS’ Busan branch to support innovative enterprises.Following the presentations, local businesses put forth additional ideas pertaining to the policies. Minister Lee presided over a 100-minute discussion, facilitating an in-depth exploration of these ideas and extracting valuable insights. The proposed ideas encompassed mid-to-long-term strategies aimed at strengthening the connections between innovative firms, streamlining inspection standards for hydrogen containers, and promoting systematic research and development to address the sluggish adoption of new services in the fintech industry.Government’s visionExpressing the government’s commitment, MSS Minister Lee stated that up to ten global innovation clusters will be established across the nation by 2027, accompanied by expanded R&D support for new technologies. She called upon local governments and businesses to collaborate and spearhead innovation in the region.Meanwhile, in February, the MSS implemented a regulatory forecasting system to provide small businesses with advance notice of forthcoming regulations and gather their opinions for consideration. Additionally, the MSS intends to select two municipalities outside of the Seoul metropolitan area by October to enable businesses to drive innovation with minimal regulatory barriers.Busan’s blockchain driveBusan has been actively promoting blockchain initiatives through various events. An example of such an event, as reported by local news outlet Erounnet, is an upcoming three-day educational program on blockchain technology, organized by the Busan Creative Economy Innovation Center. The program will take place from July 25 to 28, followed by another event scheduled for September.