1 March

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4:53 PM UTC
1 March

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4:53 PM

Crypto News – September 29th

Total value locked in DeFi drops 70% in 2022 to below $100 billion

In 2021, according to DefiLlama statistics, the total value locked on DeFi platforms increased dramatically, with ATH reaching USD 180 billion. In addition, in September 2022, the DeFi market has decreased by 70 percent to USD 55 billion. The reason for the drop was due to the effects of the general economy of the crypto market when the BTC price dropped to USD 17,000 – 20,000. Besides, the crypto community has to witness the collapse of major platforms and VCs such as Luna, 3AC, etc.

Do Kwon was suspected of dispersing and hiding 3,000 BTC (USD 60 million) when his arrest warrant was issued.

A suspicious transfer of over 3,000 BTC (USD 60 million) has been detected after South Korea issued an arrest warrant against Do Kwon, the Founder and CEO of Terraform Labs.

The transfer was made from a LUNA Foundation Guard (LFG) wallet to KuCoin and OKX wallets, according to reports. Specifically, the amount transferred to the KuCoin wallet is 1,354 BTC and the OKX wallet is 1,959 BTC.

The Seoul Southern District Prosecutor’s Office and the Securities Crime Joint Investigation Team have requested to freeze said accounts which received BTC from LFG. Currently, Kucoin has frozen the above account. To the contrary, OKX has denied the request and refused to take any action.

USDC coming to five additional blockchain ecosystems

Circle Internet Financial, Inc., a global digital financial technology firm behind stablecoin USD Coin (USDC) announced in September that by the end of the year, USDC will be available on five additional blockchains.

USDC reveals that these blockchains are Arbitrum, NEAR, Optimism, and Polkadot.

USDC is the second largest stablecoin by market capitalization after USDT. Both are pegged to the value of the US dollar, and this support has made them a popular entry point into cryptocurrencies for banking and traditional finance.

AVAX partners with LINK

On 27 September, Avalanche Labs tweeted about its latest collaboration with Chainlink [LINK]. According to the post, Chainlink helped AVAX grow in the NFT, GameFi, and Defi sector.

This cooperation is aimed at promoting the development of a new wave of creativity for Web3, improving the safety and security of Dapps developed for the Avalanche ecosystem.

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