WEEKLY RECAP: BTC Returns Above $19k, Interpol Launches Metaverse, Terra Investors Hunt Do Kwon

We have browsed through dozens of crypto media outlets and singled out the essential news, so you don’t have to. 

Bitcoin Regains Positions After Plunging Below 19k 

On the 21st of October, the Bitcoin price dropped below $19,000, reaching $18,600 on some exchanges. Nevertheless, within 24h, the number-one cryptocurrency returned above $19k and ranged between $19,200-$19,800 as of October 25th. 

The financial markets are experiencing extreme volatility due to global record-high inflation rates and macroeconomic instability. Although the crypto market has already shed ⅔ of its cap compared to all-time highs of November 2021, digital assets maintain long-term prospects. 

According to the 2022 Q3 report by CoinGecko, Bitcoin fell by only 1%, demonstrating better dynamics than fiat currencies (except for the US dollar), leading stock indices, gold, and oil. Still, based on the annual figures, BTC remains an outsider with a 58% drop in price. 

Hyped Aptos (APT) Launches Mainnet and Discloses Tokenomics

Last week, one of the most well-promoted crypto projects as of recently, Aptos, officially launched its mainnet on October 17th. The blockchain’s native token APT was immediately listed on major exchanges, including Binance, FTX, and Coinbase. These platforms are also the project’s early investors: Aptos held two highly successful funding rounds in 2022, securing over 350 million. 

Still, the token has already received some harsh criticism from the community. Many noted a lack of transparency in token emission and distribution, while others are concerned with blockchain’s low throughput. Aptos revealed the tokenomics details the next day, showing that investors, developers, and founders control a little over 50% of the tokens. 

Terra Investors Join Forces on the Do Kwon Hunt

Financial Times report Investors hit by the Terra ecosystem collapse have founded the UST Restitution Group (URG) to search for Terraform Labs founder Do Kwon. The organization comprises 4,400 investors who monitor the web, hoping to find traces to locate the “fugitive.” 

We recall that the South Korean authorities want Kwon, along with five other employees of Terraform Labs, on charges related to the Terra collapse. According to media reports, the Seoul Southern District Prosecutor’s Office asked the Ministry of Foreign Affairs to cancel his passport and sent a “red notice” request to Interpol.

Interpol Launches Its Very Own Metaverse 

The International Criminal Police Organization has presented a metaverse created for law enforcement worldwide at the 90th session of the General Assembly in New Delhi.

According to the institution’s statement, metaverse allows registered users to tour a virtual facsimile of the INTERPOL General Secretariat headquarters in Lyon, France, without any geographical or physical boundaries, interact with other officers via their avatars, and even take immersive training courses in forensic investigation and other policing capabilities. We recall that in October, Interpol created a unit to assist member countries in the fight against crypto crimes.

Telegram to Launch Blockchain Platform for Selling Usernames

The Telegram project has announced the upcoming ability to buy and sell unique and recognizable Telegram usernames. The feature will be realized via a decentralized marketplace on the TON blockchain’s immutable ledger. According to the company’s statement, the development is almost over, and we shall be able to test new functionality shortly. 

What else to read/watch 

1. The European Commission has stated that EU members should prepare to suspend cryptocurrency mining “if there is a need to shed the load on electrical systems.”
2. Real estate investor Adam Slipakoff used NFT to purchase a three-bedroom house in South Carolina, USA.  
3. Cryptocurrency exchange Kraken banned Russian users from registering accounts”.
4. FTX US offers to return 72% of frozen funds to Voyager customers.