Do Kwon's Extradition Delayed; Buterin Advises Musk; Bitcoin ETF Trading Volume Peaks
Summary:
Terraform Labs co-founder Do Kwon's extradition to the U.S. is likely to be delayed, his legal team discloses. Vitalik Buterin has advised Elon Musk about personal computing issues following the latter's complaint about Microsoft Windows installation on his new laptop. The trading volume of Bitcoin spot ETFs, excluding Grayscale, reached a record daily high on February 26. Bitcoin's price surpassed $57,000, leading to considerable losses for short-sellers.
Terraform Labs co-founder Do Kwon's transfer to U.S. custody is expected to be postponed, his legal team has announced. In another development, Elon Musk has turned to Ethereum co-creator Vitalik Buterin for a helping hand after expressing frustration over installing Microsoft Windows on his new device without a Microsoft account. Simultaneously, Bitcoin spot exchange-traded fund (ETF) trading volumes, Grayscale excluded, attained unprecedented daily levels on February 26.
Attorney David Patton, representing Kwon, filed a document with the U.S. District Court for the Southern District of New York stating that his client's extradition from his current location in Montenegro to face criminal charges is unlikely to occur before the month's end. As Kwon is not expected to be present at the start of his trial, scheduled to commence on March 25, 2024, Patton clarified that they will not request any delay of the trial date, irrespective of Kwon's extradition timeline.
Kwon and Terraform came under legal scrutiny in February 2023, when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against them—an action followed by the U.S. Attorney’s Office slapping Kwon with eight criminal charges. A court ruling in December 2023 favored the SEC’s argument that Terraform had sold unregistered securities.
In the aftermath of Musk's struggle with his new Windows laptop, Buterin guided the SpaceX CEO to the community of Linux desktop users. The tech tycoon's outcry emerged from his inability to employ his new computer without a Microsoft account—a requirement he claims was not mandatory before. Responding to the intricate bypass solution suggested by other users, Musk articulated his belief that the process should be more straightforward.
The day of February 26 also marked a milestone in trading figures for the "new nine" Bitcoin spot ETFs, excluding Grayscale, as they amounted to an unprecedented high of $2.4 billion. The latest surge came as the Bitcoin price have successfully soared past $57,000. Also noteworthy is the concern stirred by BitForex exchange denying withdrawals and remaining uncommunicative with its user base.
The trading volume record overshadows the previous high of $2.2 billion observed initially on the first trading day, January 11, as per Eric Balchunas, Bloomberg's ETF analyst. Coinciding with the trading boom was Bitcoin's ascent from $51,471 to $57,035 in less than a full day, as exhibited by TradingView data. Concurrently, Bitcoin short-sellers have accrued $158 million in losses, and Ether short-sellers suffered $44 million in liquidations. Notably, the ten Bitcoin ETFs witnessed a net influx of over $515 million on February 26—one of the peak inflow days from the date of the ETFs approval on January 11, according to Farside figures.
This news piece does not serve as investment guidance or proposals. Every financial endeavor entails risk, and readers are encouraged to perform their investigation before making any decisions.
This report also includes inputs by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
2/27/2024 9:50:23 PM
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