$670 Million BUST!

$670 Million BUST!

Solana announces that they’re releasing a smartphone next year. Anonymous intends to hold Do Kwon responsible. And Three Arrows Capital fails to pay their loans. My name is Deezy. This is your crypto nightly news wrap-up. Let’s get it! Finally, Solana is launching a Web3-focused cellphone. The foundation has partnered with a group of engineers to create a cellphone called Saga designed to use crypto, Web3, NFTs. In fact, the phone will include an app store focused on decentralized apps. The phone is set to launch for a small number of countries in Q1 of 2023 and will be priced at $1,000. On June 23 in New York City, CEO of Solana, Yakovenko, publicly announced to the world something big, a crypto-focused cell phone.

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This is the logical next step for Web3. Or should I say the next chapter of the saga? The Solana Saga, an Android device, comes equipped with SMS, aka Solana Mobile Stack, which is a software developer kit devs can use to build Web3 dApps including a hardware-encoded Seed Vault for top notch security. Just like how the iPhone has Apple Pay, the Saga will have Solana Pay. This easy-to-use feature allows you to use QR codes or tap-to-pay features for seamless transactions on your online store. The Solana Foundation even started a $10 million grant program to fund the future of mobile dApp development. This innovation is something crypto needs to do to take the next step forward. And it’s a smart play for Android to catch up to Apple because as Yakovenko puts it, the existing gatekeeper model just doesn’t work anymore. In early 2023, you will be able to purchase a Solana Saga for $1,000. Learn more at solanamobile.com. Start saving these gains, but in the meantime.

Let’s jump in and do a little market watch here. We’ve got Bitcoin coming in at $20,755. Down about 1.5% on the day Ethereum coming in at $1,195 Down about 0.5% on the day Let’s go ahead and check our top movers. We’ve got Audius up about 10.5% on the day. We’ve got Tezos up about 10%. Chiliz up about 10% ApeCoin up 9% Stacks up 9% And GMT up 5.5% Guys, right now, we do have some more mixed signals coming up on the chart with some really scammy price action, so if you’re trading, be very careful. We do have some bullish stuff on the longer timeframes. But we do have a blood diamond on the 4-hour, which could possibly bring us down a little bit more. So keep an eye out for that.

 Greeting citizens of the world. This is a message from Anonymous for Do Kwon. The past several months have been bad for crypto and the economy as a whole. We were likely going to experience some pain in the crypto industry because of the macro environment regardless of what was happening internally. We were also due for another bear market this year, but the actions of Do Kwon, the founder of the Terra LUNA ecosystem, is single handedly responsible for scamming billions of dollars away from retail investors. Shots fired! Popular hacktivist group Anonymous released a video yesterday that they are conducting a full investigation on Terra’s founder Do Kwon for his alleged crimes. This is basically the real world cyber equivalent of being investigated by Batman. Although Do Kwon has denied all allegations of fraud and money laundering while maintaining a decimal size level of plausible deniability, members of his own team have brought to light an SEC investigation that he was skimming $80 million a month from the Terra ecosystem. In the video, Anonymous said that they’re looking into his entire history since he entered the crypto space, and they stated, “There is no doubt that there are many more crimes to be discovered in your trail of destruction.” Although Do Kwon and Terraform Labs are being investigated by several countries, I have a feeling deep down that this is the investigation he should maybe fear most.

This group has no boundaries. The cyber realm has no jurisdiction. If there’s more dirt on him, they are the shovel that will find it. They ended the video with this. Do Kwon, if you are listening, sadly, there is nothing that can be done to reverse the damage that you have done. At this point, the only thing that we can do is hold you accountable and make sure that you are brought to justice as soon as possible. We are Anonymous. We are Legion. Expect us. Whoa! Terrafying! Let’s hope for the sake of everyone Do Kwon wrong and for the stain he left on crypto’s reputation that Anonymous brings the justice that he deserves. Now, Three Arrows Capital, one of the biggest crypto hedge funds in the world, is up against the ropes and taking punches. While trying to regroup with insolvency issues brought on by the LUNA crash and Bitcoin volatility, they are now about to go down for the 10 count since they have defaulted on a loan payment to Voyager.

Voyager, who loaned them over 15,000 Bitcoin and $350 million in USDC, totaling around $670 million, officially filed a notice of default to 3AC earlier this morning. Luckily, Voyager has been able to run at full capacity and meet all of their customer withdrawal requests since they received a $200 million bailout from the Mother Teresa of crypto, Sam Bankman-Fried. He really is the bank man. Finbold has reported that Voyager has already used $75 million from their line of credit. Stephen Ehrlich, CEO of Voyager, stated, “We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands.” Although Voyager had to lower their daily withdrawal limit from $25K to $10K, they are still above water and actively consulting legal options to get their money back from Three Arrows Capital. It just goes to show that Do Kwon’s irresponsibility started a domino effect that brought many big players in the industry down to the canvas. Let’s just hope they get up before the referee counts to 10. 

This article is a transcription of a video made by BitBoy Crypto

Original video: https://youtu.be/bCUQpsNLMUI