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South Korea Requesting an Interpol Red Notice on Do Kwon and UK’s FCA has Issued a Consumer Warning

Daily Market Wrap

  • Crypto market cap: 934.34 Billion, down 3.84%

  • BTC price stands at USD 19,281, up 4.61%

  • ETH price stands at USD 1,353.27, up 4.61%

  • Top gainer: ApeCoin (APE), up 12.29%

  • Top loser: Helium (HNT), down 3.42%

News of the Day

Why it matters:

  • Do Kwon is allegedly not cooperating with investigators and the Singapore police do not believe he is still in Singapore

  • While the Terra and Luna founder has tweeted that he is not “on the run”, his whereabouts are unknown, thus leading to South Korean prosecutors requesting an Interpol red notice

  • The May collapse of Do Kwon’s crypto company caused a $40 billion lost in investor’s money and further led to a broader market crash, bringing losses up to $500 billion

Crypto Daily Spotlight

Brief Introduction: FTX is a cryptocurrency and crypto derivatives exchange. FTT is the exchange platform’s native token, which serves purposes such as reducing transaction costs and trading fees. Furthermore, the token can serve as collateral, be staked to earn interests and allow holders to potentially win NFTs.

Why it matters:

  • The UK’s Financial Conduct Authority (FCA) has issued a consumer warning against cryptocurrency exchange FTX for unauthorised operations within the UK

  • Under the Temporary Registration Regime for cryptoasset businesses established in 2020, only crypto firms who have applied for temporary registration status are allowed to conduct, promote and offer financial services

  • FTX is not amongst the 37 firms that are on the temporary registration status and the public is now warned against using FTX as a financial service provider

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