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Terraform wallet moves $62M BTC as Do Kwon remains in legal limbo

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Do Kwon, the co-founder of Terraform Labs, is poised to be extradited from Montenegro to the United States following legal proceedings in the Balkan country. Kwon, who has been a central figure in the controversy surrounding the collapse of the Terra (LUNA) cryptocurrency project, faces serious charges in the U.S. related to alleged financial crimes.

Montenegrin authorities have formally approved Kwon’s extradition, a decision that comes after his arrest in the country earlier this year. The extradition process now awaits a final ruling from Montenegrin courts, which will determine the exact timeline for Kwon’s transfer to U.S. jurisdiction.

Kwon has been accused by U.S. prosecutors of orchestrating fraudulent activities that contributed to the dramatic failure of Terraform Labs’ Terra ecosystem. The collapse of Terra and its associated stablecoin, UST, led to significant financial losses for investors and prompted regulatory scrutiny worldwide.

The legal battle over Kwon’s extradition underscores the international dimension of the case, reflecting the global impact of the Terra incident and the complex legal challenges involved. The U.S. has been pushing for Kwon’s return to face charges, which include allegations of securities fraud and other financial misconduct.

Kwon’s defense team has contested the extradition, arguing that he should not be sent to the U.S. due to concerns about fair trial conditions and the potential for a biased legal process. Despite these objections, Montenegrin authorities have proceeded with the extradition process, marking a significant development in the ongoing legal saga.

The case has garnered widespread attention within the cryptocurrency community, highlighting the broader regulatory and legal challenges facing the industry. As the situation unfolds, it remains to be seen how it will impact both Terraform Labs and the broader crypto market.

Kwon’s potential transfer to the U.S. represents a critical moment in the ongoing effort to address the fallout from one of the most high-profile failures in the cryptocurrency sector.

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Binance launches in Syria after Trump lifts sanctions

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Binance has signaled interest in expanding its services to Syria following a recent move by former U.S. President Donald Trump to lift certain economic sanctions. The easing of restrictions has opened the door for global businesses, including cryptocurrency platforms, to re-evaluate their presence in the region.

A Binance spokesperson confirmed that the company is exploring opportunities in Syria and may extend support to local users. The development marks a potential shift in crypto accessibility for a country that has long faced economic isolation due to international sanctions.

Although no formal launch has been announced, the move suggests that Binance is preparing to tap into an underserved market. The company emphasized that it will continue to monitor regulatory guidelines while assessing how best to engage Syrian users within legal frameworks.

The renewed interest in Syria reflects broader efforts by crypto firms to expand globally amid shifting geopolitical and regulatory dynamics. If Binance proceeds, it could become one of the first major crypto platforms to reenter the Syrian market in years.

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GameStop plunges 12% after proposing new $1.75B debt offering

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GameStop’s stock dropped 11% after the company revealed plans to offer $2.14 billion in convertible notes, sparking investor concerns about potential dilution. The market reacted sharply to the move, which could lead to an increased share count if noteholders opt to convert their holdings into equity.

The company stated that the proceeds will be used for general corporate purposes, which may include acquisitions and investments. Convertible notes provide flexibility for companies, but often trigger negative investor sentiment due to the future possibility of share dilution.

The timing of the announcement came just as GameStop was enjoying renewed attention from retail investors, particularly following the reappearance of “Roaring Kitty,” a central figure in the 2021 meme stock frenzy. That momentum was quickly undercut by fears surrounding the fundraising effort.

GameStop’s latest financial strategy highlights its continued attempts to adapt and remain relevant in a changing retail landscape. However, the negative market reaction reflects ongoing uncertainty over the company’s ability to convert hype into sustained performance.

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Peaq and UAE bet on tokenized machines to power future economy

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The United Arab Emirates has introduced a new regulatory sandbox dedicated to advancing the machine economy, in collaboration with blockchain network peaq and Web3 data platform Pulsar. The initiative is backed by the country’s Artificial Intelligence, Digital Economy and Remote Work Applications Office and is aimed at supporting decentralized physical infrastructure networks (DePINs).

The sandbox offers a controlled environment where projects involving autonomous vehicles, delivery drones, and smart city applications can be tested and scaled. Developers will be able to deploy real-world use cases involving connected devices while benefiting from regulatory guidance and technical support.

Participants in the program will receive resources such as funding opportunities, mentorship, and access to strategic partners, enabling them to refine and expand their technologies. The initiative reflects the UAE’s continued efforts to lead in Web3 innovation, artificial intelligence, and future-driven economic models.

By fostering projects that combine AI, blockchain, and IoT, the UAE seeks to attract global startups to build the foundations of a decentralized machine economy. The sandbox is expected to drive real-world adoption of DePIN technologies across transport, infrastructure, and smart services sectors.

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