SEC Charges Do Kwon, Mars on Crescent, Turkey Earthquake Aid Proposal - CEC Issue #25
Newsletter about the Cosmos Ecosystem
Hello, and we hope you are having a good day! Here are some of the latest updates under the Cosmos Ecosystem.
Today, we will be covering
SEC Charges Do Kwon
Mars Protocol added on Crescent
Turkey Earthquake Aid Proposal
SEC Charges Do Kwon
In a press release dated February 3, 2023, The Securities and Exchange Commission (SEC) has charged Terraform Labs PTE Ltd and Do Hyeong Kwon with orchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities. According to the SEC’s complaint, from April 2018 until May 2022, Terraform and Kwon raised billions of dollars from investors by offering and selling an interconnected suite of crypto asset securities, many in unregistered transactions. The complaint alleges that Terraform and Kwon marketed crypto asset securities to investors seeking to profit, repeatedly claiming that the tokens would increase in value. The SEC’s complaint charges the defendants with violating the registration and anti-fraud provisions of the Securities Act and the Exchange Act. The whole press release can be read here.
Mars Protocol added on Crescent
In a recent tweet by Crescent Network, they announced that Mars Protocol is added to the Crescent DEX, with the discussion on listing and incentivization ongoing on the Crescent forum.
The proposed pools for the Mars Protocol include MARS/bCRE, which is expected to provide farming incentivization with a liquidity driver period of approximately 28 days, and a 6% farming weight for each pool. The farming will be adjusted based on liquidity, trading demand, evaluation of system performance of $MARS, and synergy with Crescent DEX.
Turkey Earthquake Aid Proposal
On February 6, 2023, two catastrophic earthquakes with magnitudes of 7.6 and 7.8 hit Kahramanmaraş, Turkey, affecting over 13 million people. Japanese earthquake expert Shinji Toda stated that the Kahramanmaraş earthquake is the largest earthquake to occur on land. 6207 buildings were destroyed, and the death toll is reported as 17406 with 71806 injured. A Level 3 Emergency was declared by the World Health Organization, and the need for support is urgent.
Proposal #101, currently in the voting period, suggests transferring funds to Ihtiyac haritası, a reputable non-governmental organization operating in the earthquake zone. The request asks for 20,000 Atom from Cosmos Hub and proposes the establishment of a Charity DAO for future charitable efforts. Currently, the major votes have abstained with almost 47% of the votes.
Price Update (February 18, 19:00 UTC)
ATOM: 14.14
JUNO: 1.31
EVMOS: 0.398
OSMO: 1.01
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Best regards,
Cosmos Ecosystem Chat Team
