The prosecutors are looking into the collapse of LUNA (now LUNC) and UST (now USTC).
The judgement by prosecutors would aid legislators in the next crypto legislation.
Prosecutors in South Korea have initiated a fresh probe and evaluation of Terra tokens to determine whether or not they qualify as securities. If Terra tokens LUNA, LUNC, and UST (formerly USTC) are determined to be securities, then TerraForm Labs, its creator Do Kwon, and other affiliates will also be prosecuted for breaking the Capital Market Act.
According to the Korea Herald, the Seoul Southern District Prosecutors Office’s Financial and Securities Crime Joint Investigation Team met with crypto exchange specialists and financial authorities such as the Financial Supervisory Service on September 13 to evaluate whether Terra tokens are securities.
Securities or Non-Securities?
Also implicated in the action are TerraForm Labs, Do Kwon. Along with other affiliates for alleged violations of the Capital Markets Act. There have been claims made against Terra and its management, including possible fraud and tax evasion.
Regardless of the verdict of the financial authorities. The prosecutors looking into the collapse of LUNA (now LUNC) and UST (now USTC) may prosecute the defendants with breaches of the Capital Markets Act. Furthermore, the judgement by prosecutors would aid legislators in the next crypto legislation.
Cryptocurrencies are now being sorted by financial authorities into two broad categories: securities and non-securities. Some analysts classify cryptocurrencies as securities. Since they may be issued much like stocks, while others classify them as commodities because of their decentralized nature.
Furthermore, Terraform Labs, the company responsible for LUNA, is being looked at by the U.S. Securities and Exchange Commission (SEC). It has been brought to light that Mirror Protocol, a decentralized financial platform developed by Terra, has been peddling mirrored assets of US equities in UST.
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Terra Classic (LUNC) Is Bearish, Is the Trend Reversing Back?
Binance continues its expansion spree despite the bearish market conditions.
The CEO has said that New Zealand is an intriguing market.
Binance has confirmed that it has completed the necessary steps to become a registered Financial Service Provider with the New Zealand Ministry of Business, Innovation, and Employment. On Thursday, “Binance New Zealand” was launched, and CEO Changpeng Zhao announced it on the exchange’s official Twitter. Binance continues its expansion spree despite the bearish market conditions.
Kia Ora, New Zealand! 🇳🇿
We’re pleased to announce that #Binance has successfully registered as a Financial Service Provider with the New Zealand Ministry of Business, Innovation and Employment, and has officially launched Binance New Zealand. pic.twitter.com/xCyBmRVb2x
The CEO has said that New Zealand is an intriguing market with a long history of fintech innovation. CZ added that In New Zealand, “Our team of Binancians in New Zealand are working hard to bring freedom of Crypto to Kiwis.”
Rapid Global Expansion
With each passing day, the exchange solidifies its position as the premier cryptocurrency trading platform worldwide. In addition to New Zealand, the company is trying to get its services back up and running in Japan. Several crypto mining operations have opened in New Zealand in the last year, indicating a rising interest in cryptocurrency usage in the nation. When the Ministry of Business, Innovation, and Employment finally gives Binance the green light, it will be a major step forward for the company.
On the other hand, Binance had announced that its users may now participate in a mining pool for ETHW, the split version of Ethereum that keeps the blockchain’s original proof-of-work (PoW) principles.
According to a statement released on Thursday, there will be no fee for ETHW Pool members during a promotional period that expires on October 29. It’s been two weeks since the Ethereum Merge successfully switched the blockchain over to a proof-of-stake method, making cryptocurrency miners obsolete.
Telefonica also announced that it will be working with Qualcomm.
The telecom giant formed a partnership with Polygon earlier this year.
Organizations all around the globe have begun supporting cryptocurrency payments at a steady pace as crypto acceptance grows. Telefónica, the largest telecom provider in Spain, reportedly now accepts Bitcoin and other cryptocurrencies for purchases on its tech marketplace.
Following the integration of a payment option from Spain’s biggest crypto exchange, Bit2Me, the firm reportedly enabled cryptocurrency transactions on Tu.com. This week, Telefonica also announced that it will be working with Qualcomm to develop augmented reality (AR) and metaverse-related products and services.
The official statement noted:
“This agreement opens the opportunity to deliver new experiences to customers merging the digital and analogue worlds, re-imagining commerce, entertainment, and communication in the Metaverse.“
Rise in Crypto Adoption in Spain
The Spanish telecommunications giant is likewise NFT-compliant. It formed a partnership with Polygon earlier this year to provide Web3 solutions and make it simpler for businesses to issue NFTs.
Recently, a number of well-known companies have expanded their payment methods in an effort to adapt to changing times and meet the needs of their clients. Gucci, for example, said in May that some of its shops will begin taking cryptocurrencies such as Shiba Inu, Dogecoin, Bitcoin, and Ethereum. Balenciaga began taking Bitcoin and Ethereum at certain stores around the same time.
In June, Chipotle, a chain of Mexican fast food restaurants, announced that it will begin accepting cryptocurrency payments. Specifically, it just included a Post Merge similar approach to Ethereum’s. Given that the Ethereum network would use 99.95% less energy after the Merge, the well-known fast food company announced a massive discount on its steak bowl in honor of the event.
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Spain Announces $4 Million Grant Funds For Metaverse Initiatives
The Celsius stablecoin sale plan is oppose by Texas and Vermont regulators.
A hearing on the issue is schedule for October 6.
The Texas State Securities Board and the Vermont Department of Financial Regulation filed objections to Celsius’s intention to dispose of its stablecoin assets to bolster its finances in the context of the ongoing bankruptcy proceedings on September 29.
Objections to Celsius
A Vermont lawyer stated that Celsius can use the proceeds to resume potential legal activities. They object on the basis that the Celsius request does not detail how the firm would use the fund, generating the risk that the firm will resume operating in violation of state law.
According to the Texas lawsuit, Celsius failed to provide adequate facts in their application to sell the stablecoin assets.
Texas filing states that
“The Debtors fail to disclose in the Motion how much stablecoin will sold, and how the monetization of the stablecoin ultimately benefits the bankruptcy estate and the many consumer creditors of the Debtors.”
Celsius petitioned the court for permission to sell stablecoin holdings in the middle of this month. Disclosing that the proceeds would be around $23 million. Initially said that it contains eleven different types of stablecoins but did not specify the tokens. A hearing on the issue is schedule for October 6.
The objections of the regulators are part of a shared chorus in the Chapter 11 case, which began in July of this year. Parties including state securities regulators and the U.S. Trustee has often noted the bankrupt firm’s lack of transparency. So the court has appoint an outside examiner to produce a third-party report on the firm’s financials.
The U.S District Court rejected the SEC’s attempt to conceal Hinman Documents.
William Hinman previously claimed that Ether was not a security.
Ripple Labs is now one step ahead in the ongoing legal dispute with the US regulatory body, the Securities and Exchange Commission (SEC). The U.S. District Court Judge Analisa Torres has recently rejected the SEC’s second attempt to conceal records connected to former SEC Corporation Finance Division Director, William Hinman.
Allegations of Ripple and SEC
The disputed documents are related to a speech given by William Hinman in 2018, at the Yahoo Finance All Markets Summit. Throughout the speech, he argued that Ether was not a security. Following this, the SEC declared that Hinman’s comments did not accurately reflect the agency’s policy viewpoint.
However, Ripple Labs claimed that the speech is a key piece of evidence in the action the SEC has launched against it, alleging that sales of Ripple’s XRP violated U.S. securities laws.
Following District Court Judge Sarah Netburn’s order declaring that the emails and draughts of the speech were not covered by deliberative process privilege, Judge Torres’ judgment dismissed SEC objections to release the documents. The SEC subsequently asserted attorney-client privilege over the materials, which Netburn overruled in July.
The SEC filed a complaint against Ripple in December 2020, claiming that the company sold over $1.38 billion worth of unregistered securities through the sale of XRP. As co-defendants for allegedly aiding and abetting Ripple’s actions, the SEC also identified the CEO Brad Garlinghouse and executive chairman Chris Larsen of Ripple.
Moreover, at the time of writing, Ripple’s native cryptocurrency, XRP is trading around $0.491 with a one-day trading volume of $4,061,812,163. XRP has increased by nearly 11.28% in the last 24 hours, according to CMC.
The collapse of the algorithmic stablecoin Terra and its native token LUNA remained a shocking event in the crypto space. The outcome was the loss of billions of dollars for many individual and institutional investors. It also threw the entire crypto industry into a historic crisis. Lots of changes have taken place following the fall of the stablecoin.
Subsequently, some investigations and legal cases have been against the founder of Terraform Labs, Do Kwon. Firstly, the South Korean Prosecutors leveled some allegations against the Terra Chief.
Also, the International Criminal Police Organization (Interpol) issued a Red Notice against him. The Interpol request is for law enforcement’s immediate arrest of Do Kwon globally.
There was a massive loss of over $60 billion of investors’ funds through the fall of Terra and its ecosystem in the first half of the year. The South Korean Prosecutors requested the assistance of Interpol for the arrest of Kwon.
The prosecutors accused the Terra chief of hiding to avoid their investigations. According to a source, Kwon was seen in Singapore, though the city police noted that he later left.
Terra Says Case Against Kwon Is Highly Hyped Up
Following the alert from Interpol, there was a slight fall in the prices of Terra Classic (LUNC) and the newly launched Terra LUNA. Some rumors have been that Kwon went into hiding since the collapse of Terra and its ecosystem.
Terraform Labs has finally reacted to the case against Do Kwon. The firm stated that the case is highly politicized while speaking to Bloomberg. The spokesperson mentioned that the South Korean Prosecutors’ steps depicted unfairness in all aspects.
According to the spokesperson, the prosecutors failed to adhere to the basic rights available under Korean Law. Also, he noted that the prosecutors’ allegations against Kwon of breach of capital market laws indicated reasonable bias.
Featured Image Pixabay, Charts From Tradingview.com
Bullish POLY price prediction is $0.2874 to $1.0941.
Polymath(POLY) price might also reach $1 soon.
Bearish POLY price prediction for 2022 is $0.1506.
In Polymath (POLY) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and other information about POLY to analyze the future movement of the cryptocurrency.
Polymath (POLY) Current Market Status
According to CoinGecko, the price of Polymath (POLY) is $ 0.254022 with a 24-hour trading volume of $77,191,842 at the time of writing. However, POLY has decreased by nearly 5.6% in the last 24 hours.
Moreover, Polymath (POLY) has a circulating supply of 898,550,829 POLY. Polymath (POLY) trades in cryptocurrency exchanges such as Binance, Coinbase Exchange, Gate.io, Poloniex and Wazirx
What is Polymath(POLY)?
The native token of the Polymath network is POLY. It was launched in January 2018. POLY is the platform’s cryptocurrency and an ERC-20 standard token. The primary utility of the token is to pay gas costs for generating or issuing security tokens. Furthermore, POLY may be used to pay for system extra services including as legal advice, aid with token sales, custodial solutions, and KYC and AML regulatory services. POLY may be upgraded to POLYX, Polymesh’s native protocol token, at a 1:1 ratio.
Security tokens are a relatively new type of digital asset. These digital security tokens are designed to represent any kind of asset, including liquid assets like stocks and bonds as well as illiquid assets such as real estate and intellectual property.The project’s goal is to reduce the difficulty of producing and managing security tokens.The Polymath network intends to improve the security token market’s transparency and efficiency.
Polymath (POLY) Price Prediction 2022
Polymath (POLY) holds the 148th position on CoinGecko right now. POLY price prediction 2022 is explained below with a daily time frame.
The above chart of Polymath (POLY) laid out the Horizontal channel pattern, also known as sideways trend. In order to indicate how the price is constrained between the upper line of resistance and lower line of support, horizontal channels are trend lines that join changeable price highs and lows.
Currently, Polymath (POLY)is in the range of $ 0.2634 If the pattern continues, the price of POLY might reach the resistance levels of $0.3821 and $ 0.9355. If the trend reverses, then the price of POLY may fall to $0.2557 and $0.1697.
Polymath (POLY) Support and Resistance Levels
The chart below shows the support and resistance levels of Polymath(POLY).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Polymath (POLY).
Resistance Level 1
Resistance Level 2
Resistance Level 3
Resistance Level 4
POLY /USDT Support and Resistance Levels
The charts show that Polymath (POLY) has performed a bullish trend over the past month. If this trend continues, POLY might run along with the bulls overtaking its resistance level at $ 1.0941.
Accordingly, if the investors turn against the crypto, the price of Polymath (POLY) might plummet to almost $ 0.1506, a bearish signal.
Polymath (POLY)Price Prediction 2022 — RVOL, MA, and RSI
The Relative Volume (RVOL) of Polymath (POLY)is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of POLY lies below the cutoff line, indicating weak participants in the current trend.
Also, the Moving Average (MA) of Polymath (POLY) is shown in the chart above. Notably, Polymath (POLY) price lies below 50 MA (short-term), so it is in a downtrend. Currently, POLY has entered a bearish state. Therefore, there is a possibility of a reversal trend of POLY at any time.
Meanwhile, the relative strength index (RSI) of the POLY is 59.08. This means that Polymath (POLY) is in an overbought state. However, this means a major price reversal of POLY may occur in the upcoming days. So, traders need to trade carefully.
Polymath (POLY)Price Prediction 2022 — ADX, RVI
Let us now look at the Average Directional Index (ADX) of Polymath (POLY). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of Polymath(POLY). Currently, the ADX of POLY lies in the range of 47.8754 and thus, it indicates a strong trend.
The above chart also represents the Relative Volatility Index (RVI) of Polymath (POLY). RVI measures the constant deviation of price changes over a period of time. The RVI of POLY lies above 50, indicating high volatility. In fact, the RSI of Polymath (POLY) is at 59.08 thus confirming a potential sell signal.
Comparison of POLY with BTC, ETH
The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and Polymath(POLY).
From the above chart, we can interpret that the price action of POLY is dissimilar to BTC and ETH. This indicates that when the price of BTC and ETH increases, the price of POLY decreases.When the price of BTC and ETH decreases,the price of POLY increases.
Polymath (POLY)Price Prediction 2023
If the declining price action completely slows down in momentum and the trend reverses, Polymath (POLY)might probably attain $3 by 2023.
Polymath (POLY)Price Prediction 2024
With several upgrades in the network, Polymath (POLY)might enter a bullish trajectory. If the coin grabs the attention of major investors, POLY might rally to hit $5 by 2024.
Polymath (POLY)Price Prediction 2025
If Polymath (POLY)sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 7 years, POLY would rally to hit $7.
Polymath (POLY)Price Prediction 2026
If Polymath (POLY)sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 4 years, POLY would rally to hit $9.
Polymath (POLY)Price Prediction 2027
If Polymath (POLY)sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 5 years, POLY would rally to hit $11.
Polymath (POLY)Price Prediction 2028
Polymath (POLY)holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, POLY would hit $13 in 2028.
Polymath (POLY)Price Prediction 2029
If investors flock in and continue to place their bets on Polymath(POLY), it would witness major spikes. POLY might hit $15 by 2029.
Polymath (POLY)Price Prediction 2030
With greater advancements in the Basic Attention TokenEcosystem, the crypto community might continue to invest in POLY for the next 8 years and drive significant price rallies for the token. Hence, Polymath (POLY)might hit $17 by 2030.
With continuous improvements in the PolymathNetwork, we can say that 2022 is a good year for POLY. For this reason, the bullish price prediction of Polymath (POLY)in 2022 is $1.0941. On the other hand, the bearish price prediction of Polymath (POLY)price prediction for 2022 is $ 0.1506.
Furthermore, with the advancements and upgrades to the Basic Attention Token ecosystem, the performance of POLY would help to reach above its current all-time high (ATH) of $ 1.59 very soon. But, it might also reach $1 if the investors believe that POLY is a good investment in 2022.
1. What is Polymath(POLY)?
The native token of the Polymath network is POLY. POLY is the platform’s cryptocurrency and an ERC-20 standard token. The primary utility of the token is to pay gas costs for generating or issuing security tokens
2. Where can you purchase Polymath(POLY)?
Polymath (POLY) has been listed on many crypto exchanges which include Binance, Coinbase Exchange, Gate.io, Poloniex and WazirX.
3. Will Polymath (POLY) reach a new ATH soon?
With the ongoing developments and upgrades within the Basic Attention Token Platform, POLY has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Polymath(POLY)?
On February 20, 2018, Polymath(POLY) reached its new all-time high (ATH) of $1.59.
5. Is Polymath (POLY)a good investment in 2022?
Polymath (POLY) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of Basic Attention Token In the past few months, POLY is considered a good investment in 2022.
6. Can Polymath (POLY) reach $1?
Polymath (POLY) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then Polymath (POLY)will hit $1 soon.
7. What will be the Polymath (POLY) price by 2023?
Polymath (POLY) price is expected to reach $3 by 2023.
8. What will be the Polymath (POLY) price by 2024?
Polymath (POLY) price is expected to reach $5 by 2024.
9. What will be the Polymath (POLY) price by 2025?
Polymath (POLY) price is expected to reach $7 by 2025.
10. What will be the Polymath (POLY) price by 2026?
Polymath (POLY) price is expected to reach $9 by 2026.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.