Home / Tether News /Venom Foundation Announces The Release Of Its Public Testnet

Venom Foundation Announces The Release Of Its Public Testnet

25 Apr 2023

Recent local reports have brought to light that Shin Hyun-seong, also known as Daniel Shin, co-founder of Terraform Labs, has been indicted by the Seoul Southern District Prosecutors’ Office on charges of fraud. Along with nine others, Shin is suspected of deceiving investors and accumulating around 460 billion won ($350M) before the Terra project ultimately failed.

KBS World, a regional South Korean publication, has revealed that ten individuals, including Daniel Shin, have been indicted in South Korea. Although they have not been detained, the suspects have been charged with financial law violations, embezzlement, and fraud. The South Korean authorities suspect that this group of individuals raised 460 billion won ($350M) through unlawful means linked to the Terra blockchain project.

According to the KBS report, Shin was responsible for supervising terrausd (UST) (now known as USTC) payments for four years, starting from July 2018. Prosecutors have reason to believe that false advertising was utilized during this period. Seven of the ten suspects who were indicted worked for Terraform Labs, while one was Shin’s financial broker. Although the prosecution is aiming to seize 246.8 billion won ($184.7M), the process has been far from smooth.

In a recent ruling, the court in Seoul stated that the original Terra asset, now referred to as LUNC, is not a security. As a result, the Seoul prosecutors’ office had difficulty confiscating Daniel Shin’s cryptocurrency assets due to this provision. After eleven months of investigations, the Seoul prosecutors’ office is now bringing the accused to trial. Notably, the indictment report does not mention co-founder Kwon Do-hyeong, commonly known as Do Kwon.

What do you think about Daniel Shin being indicted by the Seoul prosecutors’ office? Share your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.

Recent local reports have brought to light that Shin Hyun-seong, also known as Daniel Shin, co-founder of Terraform Labs, has been indicted by the Seoul Southern District Prosecutors’ Office on charges of fraud. Along with nine others, Shin is suspected of deceiving investors and accumulating around 460 billion won ($350M) before the Terra project ultimately failed.

KBS World, a regional South Korean publication, has revealed that ten individuals, including Daniel Shin, have been indicted in South Korea. Although they have not been detained, the suspects have been charged with financial law violations, embezzlement, and fraud. The South Korean authorities suspect that this group of individuals raised 460 billion won ($350M) through unlawful means linked to the Terra blockchain project.

According to the KBS report, Shin was responsible for supervising terrausd (UST) (now known as USTC) payments for four years, starting from July 2018. Prosecutors have reason to believe that false advertising was utilized during this period. Seven of the ten suspects who were indicted worked for Terraform Labs, while one was Shin’s financial broker. Although the prosecution is aiming to seize 246.8 billion won ($184.7M), the process has been far from smooth.

In a recent ruling, the court in Seoul stated that the original Terra asset, now referred to as LUNC, is not a security. As a result, the Seoul prosecutors’ office had difficulty confiscating Daniel Shin’s cryptocurrency assets due to this provision. After eleven months of investigations, the Seoul prosecutors’ office is now bringing the accused to trial. Notably, the indictment report does not mention co-founder Kwon Do-hyeong, commonly known as Do Kwon.

What do you think about Daniel Shin being indicted by the Seoul prosecutors’ office? Share your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

While several top digital assets have decreased in value against the U.S. dollar over the past month, the stablecoin economy has lost $2.4 billion in value since March 31, 2023. Four of the top five stablecoins experienced net redemptions over the last 30 days, except for tether, which grew by 2.3% during that time.

On March 31, 2023, the top stablecoins by market capitalization represented $133.63 billion in value, and now the valuation is down to $131.21 billion. A total of $2.4 billion worth of stablecoins has been withdrawn from the stablecoin economy since then. Data reveals that over the past 30 days, USDC, BUSD, DAI, and TUSD have all seen redemptions. Usd coin’s (USDC) circulating supply dropped 10.2% compared to last month, and binance usd (BUSD) fell by 20.6%. Of the top five largest stablecoins, both USDC and BUSD experienced the most redemptions.

Further, DAI’s circulating supply slipped 9% lower in 30 days and TUSD’s supply decreased by 0.7%. Tether (USDT), however, grew 2.3% since last month, reaching a market capitalization worth $81.39 billion. Tether’s market valuation accounts for 61.65% of the entire stablecoin economy’s $131.21 billion value. While tether’s supply grew by 2.3%, pax dollar (USDP) rose by 33.9% since last month.

USDP now has a market valuation of approximately $1,037,832,268. Both frax dollar and Tron’s USDD experienced losses during the past 30 days; frax dollar (FRAX) shed 3.8% while USDD lost 1% of its circulating supply. Gemini’s dollar-pegged token GUSD saw its supply increase by 18.1% to $465.22 million. Liquity usd (LUSD) recorded a 2.4% rise, and magic internet money (MIM) increased by 5.9% last month. The entire stablecoin economy represents 11.02% of the crypto economy’s $1.19 trillion net value.

What does the recent decline in the stablecoin economy mean to you? Share your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

While several top digital assets have decreased in value against the U.S. dollar over the past month, the stablecoin economy has lost $2.4 billion in value since March 31, 2023. Four of the top five stablecoins experienced net redemptions over the last 30 days, except for tether, which grew by 2.3% during that time.

On March 31, 2023, the top stablecoins by market capitalization represented $133.63 billion in value, and now the valuation is down to $131.21 billion. A total of $2.4 billion worth of stablecoins has been withdrawn from the stablecoin economy since then. Data reveals that over the past 30 days, USDC, BUSD, DAI, and TUSD have all seen redemptions. Usd coin’s (USDC) circulating supply dropped 10.2% compared to last month, and binance usd (BUSD) fell by 20.6%. Of the top five largest stablecoins, both USDC and BUSD experienced the most redemptions.

Further, DAI’s circulating supply slipped 9% lower in 30 days and TUSD’s supply decreased by 0.7%. Tether (USDT), however, grew 2.3% since last month, reaching a market capitalization worth $81.39 billion. Tether’s market valuation accounts for 61.65% of the entire stablecoin economy’s $131.21 billion value. While tether’s supply grew by 2.3%, pax dollar (USDP) rose by 33.9% since last month.

USDP now has a market valuation of approximately $1,037,832,268. Both frax dollar and Tron’s USDD experienced losses during the past 30 days; frax dollar (FRAX) shed 3.8% while USDD lost 1% of its circulating supply. Gemini’s dollar-pegged token GUSD saw its supply increase by 18.1% to $465.22 million. Liquity usd (LUSD) recorded a 2.4% rise, and magic internet money (MIM) increased by 5.9% last month. The entire stablecoin economy represents 11.02% of the crypto economy’s $1.19 trillion net value.

What does the recent decline in the stablecoin economy mean to you? Share your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals

A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.

PRESS RELEASE. Bitget and BitKeep are excited to introduce an exclusive airdrop event in anticipation of the official launch of the next breakthrough in the Web3 space – the LayerZero Protocol.

LayerZero is an interoperability protocol designed to address the challenge of limited blockchain interoperability. It employs a unique approach to facilitate seamless connections between different blockchain networks, striving to create a true ‘omnichain’ solution as a foundational interoperability layer for the entire blockchain ecosystem. While similar protocols aim to enable arbitrary data transfers across blockchains, LayerZero aspires to go even further by creating a blockchain for blockchains.

Backed by significant support from LayerZero communities and projects, Bitget and BitKeep are launching a month-long event, allowing users to earn free LayerZero airdrop tokens. Both parties have jointly issued LayerZero Certificate Bitget (LZBG) tokens, which will function as exchange vouchers for LayerZero’s official tokens in the future.

Read on to learn how you can win free airdrops!

5 Exciting Rewarding Tasks Await You – Swap Tokens and Trade NFTs on BitKeep Wallet Now to Earn LZBG Airdrops!

BitKeep users can obtain LZBG by receiving red packets through collaboration channels, participating in trading reward campaigns, and joining the LZBG Carnival on Bitget. To qualify for the exchange, simply perform a Token Swap or NFT transaction on BitKeep (excluding NFT transactions on Arbitrum), and LZBG holders will be 100% eligible.

LZBG airdrop rewards start at 1 LZBG for swapping tokens and trading NFTs worth $100 and can go up to 1,000 LZBG for transactions above $100,000, with increments in between based on total transaction volume. Note that NFT transactions on the Arbitrum network are excluded from this campaign. For more details, visit the campaign page.

Don’t miss out! Click this link to claim a red packet of 5 LZBG for new BitKeep users!

Best Time to Start Using a Multichain Web3 Wallet – 300% Lucky Draw for BitKeep New Users!

As the innovative LayerZero is set to launch soon, BitKeep Wallet has already integrated multiple decentralized applications (DApps) built with this cutting-edge technology. BitKeep Wallet is the ideal crypto wallet for experiencing LayerZero. Not only will you have access to the latest blockchain tech, but you’re also guaranteed to win fantastic prizes, including LZBG airdrops, GASU, ETH, and even BTC!

Fill out this form and follow the instructions. More importantly, remember to complete at least one Token Swap or NFT transaction on BitKeep Wallet to be eligible for rewards.

Note: Only LZBG tokens obtained through BitKeep’s airdrop campaign qualify for the exchange of LayerZero official tokens. LZBG acquired through Swap purchases or transfers is not eligible for exchange.

BitKeep anticipates this innovative investment opportunity will attract increased investor attention and participation, inject new energy into the LayerZero ecosystem, and drive its dynamic growth.

Contact us: WebsiteTwitterTelegramDiscordYoutubeFacebookInstagram

 

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

PRESS RELEASE. Bitget and BitKeep are excited to introduce an exclusive airdrop event in anticipation of the official launch of the next breakthrough in the Web3 space – the LayerZero Protocol.

LayerZero is an interoperability protocol designed to address the challenge of limited blockchain interoperability. It employs a unique approach to facilitate seamless connections between different blockchain networks, striving to create a true ‘omnichain’ solution as a foundational interoperability layer for the entire blockchain ecosystem. While similar protocols aim to enable arbitrary data transfers across blockchains, LayerZero aspires to go even further by creating a blockchain for blockchains.

Backed by significant support from LayerZero communities and projects, Bitget and BitKeep are launching a month-long event, allowing users to earn free LayerZero airdrop tokens. Both parties have jointly issued LayerZero Certificate Bitget (LZBG) tokens, which will function as exchange vouchers for LayerZero’s official tokens in the future.

Read on to learn how you can win free airdrops!

5 Exciting Rewarding Tasks Await You – Swap Tokens and Trade NFTs on BitKeep Wallet Now to Earn LZBG Airdrops!

BitKeep users can obtain LZBG by receiving red packets through collaboration channels, participating in trading reward campaigns, and joining the LZBG Carnival on Bitget. To qualify for the exchange, simply perform a Token Swap or NFT transaction on BitKeep (excluding NFT transactions on Arbitrum), and LZBG holders will be 100% eligible.

LZBG airdrop rewards start at 1 LZBG for swapping tokens and trading NFTs worth $100 and can go up to 1,000 LZBG for transactions above $100,000, with increments in between based on total transaction volume. Note that NFT transactions on the Arbitrum network are excluded from this campaign. For more details, visit the campaign page.

Don’t miss out! Click this link to claim a red packet of 5 LZBG for new BitKeep users!

Best Time to Start Using a Multichain Web3 Wallet – 300% Lucky Draw for BitKeep New Users!

As the innovative LayerZero is set to launch soon, BitKeep Wallet has already integrated multiple decentralized applications (DApps) built with this cutting-edge technology. BitKeep Wallet is the ideal crypto wallet for experiencing LayerZero. Not only will you have access to the latest blockchain tech, but you’re also guaranteed to win fantastic prizes, including LZBG airdrops, GASU, ETH, and even BTC!

Fill out this form and follow the instructions. More importantly, remember to complete at least one Token Swap or NFT transaction on BitKeep Wallet to be eligible for rewards.

Note: Only LZBG tokens obtained through BitKeep’s airdrop campaign qualify for the exchange of LayerZero official tokens. LZBG acquired through Swap purchases or transfers is not eligible for exchange.

BitKeep anticipates this innovative investment opportunity will attract increased investor attention and participation, inject new energy into the LayerZero ecosystem, and drive its dynamic growth.

Contact us: WebsiteTwitterTelegramDiscordYoutubeFacebookInstagram

 

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

PRESS RELEASE. Abu Dhabi, 25 April, 2023 — Venom, a Layer-1 blockchain that operates out of the Abu Dhabi Global Market (ADGM), today announced that its public testnet is officially live. The milestone marks a significant accomplishment in Venom’s roadmap as it prepares to launch on mainnet. Along with the testnet launch, Venom has also unveiled a host of in-house developed decentralized applications as part of its growing ecosystem.

The testnet design suits both ecosystem users and developers. It enables developers to test and debug dApps and blockchain protocols, while allowing users to experience these dApps firsthand. The goal of the program is to encourage innovation and community building within the ecosystem.

Developers and users can try out the testnet in two simple steps. First, download the Venom Wallet on mobile via the Apple App Store or Google Play Store, or on the desktop as a Google Chrome extension. Secondly, users can jumpstart their journey of testing the Venom ecosystem by claiming a free testnet allocation.

“We’re excited to announce the launch of Venom’s public testnet, a crucial step towards our upcoming mainnet launch. With our highly scalable and reliable asynchronous blockchain, we’re confident that developers will be able to build innovative dApps, while users will be able to experience them firsthand,” said Peter Knez, Chair of the Venom Foundation Council.

Developers will be able to try their hand at building on the asynchronous Venom blockchain which boasts ultra-fast speed at 100k TPS, and a dynamic sharding feature that enhances scalability and network reliability. To kick things off, Venom has curated a repository of developer documentation to equip developers with the necessary tools and knowledge to start building.

Venom’s network boosts interoperability making it a viable tool for developers, while its low transaction fees makes it user-friendly for global adoption.

A host of dApps debut on the testnet

Several dApps are to make their debut on Venom testnet. Users can test them out by performing transactions, testing the native Venom wallet and much more.

About Venom Foundation

Venom Foundation is licensed by the ADGM and enables the acceleration of global Web3 projects. The decentralized network operates under the jurisdiction of the Abu Dhabi Global Market (ADGM). The ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.

A portfolio of in-house dApps and protocols has been developed on the Venom blockchain by various companies. With capabilities of dynamic sharding, low fees, ultra-fast speed and scalability, Venom harbors the potential to function as the main infrastructure for a global ecosystem of Web3 applications, possessing ultra-fast transaction speeds and infinite scalability to meet the demands of an ever expanding user base.

For media inquiries, please contact: Adam Newton (pr@venom.ventures)

For more information about the Venom testnet launch, visit: Website

For more information about Venom Foundation, visit: Website | Twitter

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

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