Last week, a jury in New York found Terraform Labs and its founder Do Kwon guilty of fraud charges. Meme coins saw an average return of 1,312% in the first quarter (Q1), and Ripple is planning to launch a USD-backed stablecoin. Here’s a recap of the latest news in the cryptocurrency world.

Do Kwon Saga

The Do Kwon saga took a new turn when the Supreme Court of Montenegro overturned a previous decision to extradite the Terraform Labs founder to South Korea. Meanwhile, a jury in New York delivered a guilty verdict on the charges brought against Do Kwon by the U.S. SEC.

Meme Coin Narrative

Solana has been attracting successful meme coin projects, with the BNB Chain ecosystem offering rewards up to $1 million for meme coin developers. CoinGecko’s report confirmed that meme coins were the most profitable in Q1, with an average return of 1,312%. BODEN, a meme coin inspired by U.S. president Joe Biden, saw a 70% gain in market cap.

Global Adoption

Global institutional interest in blockchain and cryptocurrencies is on the rise, with Hong Kong-based investment bank GF Securities using Ethereum to launch the region’s first tokenized commercial paper. ZA Bank in Hong Kong plans to introduce a special banking service for stablecoin issuers, and Ripple announced plans to launch a USD-backed stablecoin on the XRP Ledger and Ethereum networks.

Regulatory Efforts

Regulatory efforts and enforcement actions are increasing globally. Argentina’s securities regulator mandated registration for entities involved in crypto activities. Lithuania’s Bank of Lithuania plans to tighten crypto regulations by 2025, requiring licenses for crypto exchanges. Binance continues its legal battle in Nigeria, demanding the release of a detained representative.

KuCoin’s BTC Balance

Data shows that customers are leaving KuCoin following indictments by the U.S. DoJ and CFTC, leading to a 20% drop in Bitcoin balance. The SEC believes there is clarity in the industry, despite regulatory uncertainties. The U.S. government moving confiscated BTC to Coinbase sparked investor concerns.

As the cryptocurrency industry evolves, it faces challenges and opportunities. Stay informed with the latest news and developments in the world of cryptocurrencies on Global Crypto News.

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