In the fast-paced world of cryptocurrency, there are always exciting headlines to keep track of. Welcome to the latest weekly news update on CryptoTvplus, where we bring you the most captivating stories from the crypto industry. Today, we have some remarkable news to share with you. Tether, the world’s largest stablecoin provider, has joined forces with Yellow Card, a leading pan-African fintech and cryptocurrency exchange. We’ll also delve into the recent bail granted to Do Kwon, co-founder of Terraform Labs, and the unfortunate atomic wallet hack that resulted in the loss of $35 million. Additionally, we’ll discuss gate.io’s response to rumors.
Tether’s Strategic Partnership with Yellow Card for African Youths
Cryptocurrencies have the potential to bring about positive change in people’s lives, particularly in developing nations. Tether, the pioneer of stablecoin USDT, recently joined hands with Yellow Card to empower young Africans in Nigeria, Kenya, and Ghana. The partnership aims to increase awareness and adoption of USDT amongst students and young professionals. By focusing on financial literacy initiatives in colleges and cities across these countries, the first phase of this partnership was a success, with over 10,000 young individuals benefiting from the program. The project garnered attention from students at reputable institutions such as the University of Benin in Nigeria, Kwame Nkrumah University of Science and Technology in Ghana, and the University of Nairobi in Kenya, fostering economic growth and meaningful opportunities for African youth.
Do Kwon Granted Bail in Montenegro
The Montenegrin court recently granted bail to Do Kwon, the co-founder of Terraform Labs, following an intensive appeal process. He and the company’s CFO, Han Cheng Guan, can now await further legal proceedings at their legal residences – but under house arrest. This, however, comes with strict bail conditions that they must abide by.
To secure this release, both Do Kwon and Han Cheng Guan had to pay €400,000 each, equivalent to $436,000. Even though it’s only a temporary solution, it offers them a bit of relief while awaiting their next legal proceedings. The effects of this legal case will be significant; it has broader implications for the Terraform Labs project, as well as the crypto community overall.
Atomic Wallet Hack: Millions Lost
Despite being touted for its benefits, the world of cryptocurrency still suffers from security breaches every so often. Atomic Wallet, a beloved platform for crypto enthusiasts, was recently subject to a significant hack that cost users $35 million in losses. The horrible event occurred on June 2nd, a day that left users feeling shattered and looking for answers.
In looking more closely at the hack, Zach XBT, a famed investigator who specializes in stolen funds, found some shocking information. The top five losses hit $17 million, rendering a devastating loss. The hacker seemed to have gone even further than just taking tokens; he also chose to erase transaction histories, making it nearly impossible to produce concrete evidence of the breach. It’s especially troubling to consider that some users’ entire crypto portfolios were lost due to this heinous attack. As investigators work round-the-clock to identify the culprits and hold them responsible, the investigation into this security breach remains ongoing.
Gate.io Threatens Legal Action Amid Rumors
Crypto markets can be heavily impacted by rumors and speculation, leading to chaos for investors. In response to baseless rumors of bankruptcy, the decentralized cryptocurrency exchange Gate.io is taking a strong stance. The exchange has publicly announced that legal action will be taken against individuals who spread panic solely based on hearsay and unverified gossip.
Gate.io underlines the necessity of relying on accurate and authentic sources of information. It is essential to deal with such situations carefully and not to bow down to fear and uncertainty that rumors can bring. Moreover, while Gate.io clarifies its financial stability, it is worth considering that the cross-chain protocol Multi-Chain has reported technical difficulties since May 24th, causing transaction delays.
The partnership between Tether and Yellow Card has the potential to empower African youths significantly. Meanwhile, the legal proceedings surrounding Terraform Labs and Do Kwon’s bail are continuing to unfold. We also discussed the unfortunate Atomic Wallet hack, as well as gate.io’s response to rumors, highlighting the importance of accurate and reliable information in the cryptocurrency community.