Blockchain technology has emerged as one of the most promising and disruptive innovations of the 21st century, with the potential to transform a wide range of industries. As this technology continues to evolve, there's always something new and exciting happening in the world of blockchain.
Through this weekly news report from EkoLance, we will be taking a deep dive into the latest developments in the blockchain space, including new projects, partnerships, and industry trends.
This week, we are reporting:
1. Do Kwon Arrested in Montenegro
2. Binance Suffers Two-Hour Spot Market Outage
3. The Arbitrum Airdrop
4. USDC Stablecoin Depegs from $1
1: Do Kwon Arrested in Montenegro
First up, the founder of Terraform Labs, Do Kwon, has reportedly been arrested in Montenegro. The country's Minister of Interior, Filip Adzic, tweeted that Montenegrin police had detained Do Kwon, who was wanted by Interpol after the stablecoin terraUSD and its $40 billion ecosystem collapsed last year. Kwon has been the target of several investigations, and his arrest marks a significant development in the ongoing investigation into the Terraform Labs scandal.
2: Binance Suffers Two-Hour Spot Market Outage
In other news, the world's largest cryptocurrency exchange, Binance, experienced a two-hour outage on its spot markets due to a software bug related to the trailing stop loss feature. The exchange suspended spot trading at 11:38 UTC, and CEO Changpeng "CZ" Zhao later revealed that "engine one" was back online, with the other engines to catch up. Binance resumed trading at 14:00 UTC, with some limitations on trailing stop orders.
3: Arbitrum Airdrop
Moving on, the long-awaited Arbitrum token (ARB) made its market debut last week, trading at $3.99 on Uniswap. The token was part of an airdrop that saw 625,143 wallets receive the new token. Arbitrum is a layer 2 blockchain on Ethereum that uses a technique called transaction rollups to achieve scalability. The blockchain has been gaining traction since November, with its total value locked (TVL) reaching $2 billion. The largest single holder of ARB was the Arbitrum-based decentralized exchange GMX, which received 8 million tokens in the airdrop.
4: USDC Stablecoin Depegs from $1
The USDC stablecoin has been experiencing some volatility, with the coin's value dropping below $1. Circle, the issuer of USDC, has stated that the de-pegging was due to a technical issue and that operations are normal. Circle also announced that it plans to cover any missing liquidity in Silicon Valley Bank with corporate funds.
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About EkoLance
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