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Do Kwon is facing legal problems in Korea, China is still a major player in Bitcoin mining and Ethereum is considering a “major test phase” for the merger: Hodler’s Digest, 15-21. – Mail Bonus

Comes every Saturday, Hodler’s Digest will help you keep track of every single important news that happened this week. The best (and worst) quotes, recordings and highlights of regulations, leading currencies, predictions and much more – a week on Cointelegraph in one link.

Top news this week

Court documents show that Do Kwon dissolved Terraform Labs Korea days before LUNA crash

Co-founder of Terraform Labs dissolved two of the agency’s locations in South Korea, as well as Terraform Labs Korea, just before the collapse of LUNA and UST, according to legal documents. Although the decision to dissolve the offices was made at a shareholders’ meeting on April 30, the timing raised eyebrows within the cryptocurrency community.

As expected, the consequences of the collapse of Terra continued to resonate in the market this week. South Korean government is looking at the situation and Do Kwon himself could be convened a parliamentary session.

A great milestone in the tests for Ethereum: Ropsten testnet Merge set for June 8th

The merger of the Ethereum Ropsten test network is expected to begin in the first half of June. Simply put, the event will mimic the Ethereum proof-of-work (PoW) mainnet and the Ethereum proof-of-stake (PoS) Beacon Chain merge.

“Ropsten testnet will be merged on June 8th! said Prysmatic Labs Ethereum core developer Preston Van Loon. “The merger of Ropsten is a huge test step towards the merger of the Ethereum network later this year.

Further reports suggest August goals for real unification.

China returns as the top 2 Bitcoin mining hub despite the cryptocurrency ban

Although China banned cryptocurrency in 2021, it still accounts for about 21% of Bitcoin mining from January 2022, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI).

In 2019, China held over 75% of the world’s Bitcoin hash rate. Although 21% down one step from its previous glory, China ranks second in terms of BTC’s global hash rate, with the United States in first place. CBECI also included data on other countries, which revealed that Kentucky, Georgia and Texas currently lead BTC hash production in the United States

Crypto giants set up Chainabuse platform to dilute growing scams

The cryptocurrency community now has a free platform to raise awareness of fraud and other malicious activities, thanks to a joint effort from Circle, Aave, TRM Labs, Civic, Hedera, The Solana Foundation and Binance.US.

The online platform, called Chainabuse, offers both individuals and businesses a place to raise awareness about cryptocurrency and financial fraud. In addition, the forum contains a database of hacking and cheating.

Goldman Sachs and Barclays invest in UK cryptocurrency trading platform Elwood

Elwood Technologies, an institutional trading platform for cryptocurrencies, has secured investment from two mainstream giants: Barclays and Goldman Sachs. As part of a series of funding rounds, the big banks’ investments came along with other players, such as Galaxy Digital.

Goldman is seeing a growing interest in cryptocurrencies, according to Matthew McDermott, International Digital Asset Manager. “As institutions’ demand for cryptocurrency increases, we have been active in expanding our market presence and ability to meet customer demand,” he said.

Winners and losers

At the end of the week, Bitcoin (BTC) is at $ 29,037Ether (ETH) at $ 1,943 and XRP at $ 0.40. The total market value is at $ 1.24 trillion, according to to CoinMarketCap.

Among the 100 largest cryptocurrencies are the top three winners of the week for altcoin Kyber Network Crystal v2 (KNC) at 46.16%, KuCoin Token (KCS) at 19.99% and Kadena (KDA) at 17.37%.

The top three altcoin losers of the week are TerraUSD (UST) at -62.18%, Convex Finance (CVX) at -23.47% and Helium (HNT) at -21.56%.

For more information on cryptocurrencies, be sure to read the Cointelegraph market analysis.

The most memorable quotes

“When the market is hot, it is difficult to concentrate because there is so much noise.

Aleksandra ArtamonovskajaJoyn’s collaboration

“Focusing on and investing in the user experience is the way to mass capture and to the new world of Web3.

Dominik Schienerco-founder and chairman of the Iota Foundation

“Ethereum’s overwhelming mentality helps explain why its users have been willing to pay more than $ 15 million in fees a day on average just to use a blockchain.

Andreessen Horowitz (a16z)

“If you create the Stablecoin algorithm and you do not expect speculative attacks, welcome to the real world.”

Mike McGloneSenior Bloomberg Commodity Advisor

“ESG is a scam. It has been used by false warriors for social justice.

Elon MuskCEO of Tesla

“Crypto as a technology and asset class presents unique and irreplaceable values ​​and innovations, and we believe that one bad apple in the short term will not affect the long-term demand for cryptocurrencies and the industry as a whole.”

June Duco-founder of Huobi Global

Forecast of the week

Bitcoin price predictions are high as traders focus on the next half of BTC

Bitcoin remained in a slump this week, reflecting uncertainty and low demand in the digital space. Speculation about which BTC could aim next revolves around the timing of the asset’s four-year half-life process, as well as Bitcoin’s previous pricing action. One possible outcome, based on the halving cycle, means that BTC prices could potentially bottom in the last two months of 2022. However, some speculators remain hopeful of an upcoming $ 100,000 blow-off peak for BTC.

FUD of the week

Stablecoin DEI, which is dollar-denominated in Deus Finance, drops below 60 cents

DEI, the stablecoin Deus Finance project algorithm, dropped to $ 0.52 earlier this week. The property was designed to keep the value at par with $ 1. However, DEUS, the project’s governing body, rose sharply in price, reaching $ 327.28 at one point, up from $ 163.40. The DEI price collapse came after the booking suffered two quick loan attacks in recent months. Fears of a US-style bank raid on the property also forced Deus Finance developers to suspend DEI redemptions.

South Korean watchdog fined Terraform Labs $ 78 million for tax evasion

Terraform Labs and Do Kwon will have to pay $ 78 million in tax evasion, according to Naver. The tax evasion comes from the tax authorities in South Korea.

This is not the first time that Terraform Labs has raised the red flag for tax evasion. The company first appeared on the radar of the tax authorities in June 2021 on suspicion of corporate fraud and income tax.

Discord loan Axie Infinity was in danger, hackers issue counterfeit coins

The Discord channel for GameFi NFT project Axie Infinity saw its MEE6 bottom (a common tool on Discord for channel management) endangered this week. Among his wrongdoings, the seized loan issued an untrue currency announcement. Acquisitions on the MEE6 bottom are reportedly nothing new. The status was corrected, although users may need to restart Discord for the changes to take effect. The MEE6 Discord support channel did not recognize suspicious activity.

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