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šŸ’„Terra LUNA & LUNC Prices Surge While Do Kwon Denies Ducking Interpol ‘Red Notice’šŸ’„
September 27, 2022
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A day after Interpol issued a ā€˜Red Notice’ againstĀ TerraĀ co-founder Do Kwon, he has denied claims of hiding from law enforcement.Ā 

In a recentĀ TwitterĀ exchange, Kwon claimed that he was ā€˜writing code in his living room’ while ā€˜making zero effort to hide.

Kwon denies fleeing despite Red Notice

On being asked about theĀ Red Notice issuedĀ by the international criminal police organization, Kwon noted, ā€œFor something that has ā€˜notice’ in the name it sure gives no notice.ā€

Further sharing an officialĀ linkĀ to Interpol’s wanted person list, Kwon suggested that the agency has not included him officially on the list. Kwon also argued, ā€œI go on walks and [to] malls, no way none of CT hasn’t run into me the past couple weeks.ā€

Earlier last week as well, as soon as the reports of Kwon being on the run emerged, he denied the allegations. However, reports highlighted that theĀ Seoul court issuedĀ a warrant for the arrest of Terra co-founder Do Kwon and five additional people. Meanwhile, it was reported that the prosecution was looking into the Terra crash while taking steps toĀ revoke the passportsĀ of the Terra co-founder.

Weeks into the Terra USD (UST) andĀ LUNAĀ collapse, the 31-year-old entrepreneur andĀ stablecoinĀ issuer Terraform Labs was facing several allegations of fraud and securities law violations. And with recent reports ofĀ Kwon fleeing SingaporeĀ making the rounds, authorities seem to be tightening their grip.

However, Terraform co-founder made it clear with a tweet this month that it will fight the accusations, stating, ā€œWe are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months,ā€

Impact on the crypto market

After months of market weakness, the global cryptocurrency market is maintaining a market cap close to $1 trillion onĀ CoinGecko. With that, after losing a fair share of the market cap in the past weeks, LUNA has also gained strength and recovered around 15% in the last 24 hours.

At press time, it is maintaining a 24-hour range of $2.24 and $2.80.

Terra Classic USD (USTC) has also spiked over 23% in the previous day while trading in a range of $0.0264 and $0.0346.Notably, Luna Classic (LUNC) also started to rebound as a result of aĀ Binance tax implementationĀ on Monday. The exchange established a burning mechanism to burn all trading fees on LUNC spot andĀ margin trading.

Interestingly, the JAIL KWON (JKWON) meme coin has also shown resilience by gaining 125% in the last two weeks. In the past day, it has spiked close to 11%. Despite the surge, it remains down 67% from its all-time high peak of $0.00122915.

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, ā€œThe Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.ā€

The data includes Real GDP and the PCE Price Index,Ā which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data šŸ‘‰will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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1) Simply scan the QR code below šŸ“²
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