Crypto News Recap: Terra Founder Denies Cashing Out Before Crash

The craziest story this week in the crypto world was about the allegations that are hunting the founder of Terra, Do Kwon.

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The founder of the firm behind the controversial LUNA and the algorithmic ‘stablecoin’ UST, has now legal troubles mounting with multiple jurisdictional probes.

Speaking of stablecoins, many still believe that stablecoins are still paving the way for mass adoption of crypto with USDT deployment on Tezos blockchain, despite the fact that UST has brought the whole concept into question.

Without any further ado, here is all your crypto news from last week in one link!

Do Kwon Denies Cashing out $2.7 billion from Terra Terror

Do Kwon, the CEO, and co-founder of the controversial LUNA and TerraUSD (UST) ecosystems, has denied the rumors which accused him of cashing out $80 million every month for nearly three years. Several reports began attacking Kwon beginning with this tweet that fueled a wave of anger among the crypto community:

The story doesn’t stop here, as Kwon refuted these claims on Twitter sharing his side of the events and confirming that he still has the majority of his LUNA holdings obtained after the airdrop:

According to Bloomberg, citing an unknown source, the US SEC is also looking into whether Terraform violated investor protection requirements prior to the Terra collapse.

It's worth noting that South Korea has launched a probe into Kwon’s case too. 

Tether Launches New USDT Token on the Tezos Blockchain

Tether, the leading cryptocurrency stablecoin, has announced the launch of Tether (USDT) tokens, a new asset created on the Tezos blockchain.

It aims at increasing its digital footprint across digital payments and decentralized finance (DeFi) sectors.

Currently, Tether enables transfers on a varied and expanding range of blockchains, including Solana, Ethereum, Kusama, Avalanche, Polkadot, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash's Standard Ledger Protocol.

The Weeknd Teams Up with Binance to Launch the World’s First Crypto-Powered Tour

The largest crypto exchange, Binance, has partnered with the multi-award-winning artist The Weeknd in his "After Hours Til Dawn" world tour, the world's first concert tour powered by crypto! 

The tour, which begins on July 8, 2022, will offer fans a special Web3 experience that will include tour-based NFT collections as well as co-branded tour products made in partnership between Binance and HXOUSE, a think-center and community incubator for creative businesses.

Jack Dorsey Joins Jay-Z on Bitcoin Brooklyn Educational Program

Jay-Z, the hip-hop singer and producer, has teamed up with Jack Dorsey, the founder of Block, Cash App and cofounder of Tweeter, to develop "The Bitcoin Academy". 

This program, which was created in partnership with Crypto Blockchain Plug and Black Bitcoin Billionaire, aims to educate and empower the community of Brooklyn. 

That’s not the only thing that Bitcoin maximalist Dorsey is working on, as TBD, a Block subsidiary, has revealed ambitions to construct a new decentralized web, dubbed “Web5” focused on Bitcoin (BTC).