There’s a lot of news in the crypto market today, but there are also plenty of stories to keep you up to date with the latest developments. If you’re a crypto investor, you should read our article on the Coin Center’s lawsuit against the US Department of Treasury for alleged financial spying. Another interesting article is on the Terra fallout founder Do Kwon withdrawing $80 million per month before the project crashed. The Cryptocurrency News Today Tron (TRX) remains one of the few that has held its value even though the market is going through a bear market.
Coin Center takes US Department of the Treasury to court over alleged financial spying
A nonprofit advocacy group known as the Coin Center has filed a lawsuit against the US Department of Treasury for allegedly snooping on crypto investors and companies. The suit challenges the constitutionality of Section 6050I of the US Tax Code, which was included in last summer’s Infrastructure Investment and Jobs Act. Among other things, the suit alleges that the US government is requiring nonprofits to provide the government with names, addresses, and social security numbers of all of their donors.
The lawsuit alleges that the 6050I provision requires civil liberties organizations and the Coin Center to publish a list of supporters. This provision would allow the government to monitor and track a much wider range of expressive activity, chilling political association. As such, the provision is unconstitutional. Further, the Coin Center claims that the US Department of Treasury does not have the legal authority to gather personal data on cryptocurrency users.
Terra fallout founder Do Kwon allegedly withdrew $80 million monthly before the project crashed
In a recent tweet, Terra fallout founder Do Kwon denied allegations that he withdrew up to $2.7 billion before the UST project crashed. He claimed to have not taken any founder’s tokens for the past two years, but received a small cash salary from Terraform Labs. As a result, he incurred substantial losses following the collapse of LUNA and UST.
The alleged withdrawals were revealed by staff members, who told the Securities and Exchange Commission that Do Kwon had been withdrawing at least $80 million every month. The withdrawals, however, did not cover off-chain events, which could have caused the project to collapse. Furthermore, the demise of Terraform Cash led to the resignation of the legal team of Terraform Labs. There is a rumor that investors are considering suing Kwon and Shin, claiming they did not protect their interests. Several people from the media have expressed concern over the Terra fallout.
After the UST lost the $1 peg, it fell to 35 cents. Despite Kwon’s repeated assurances to his 1 million Twitter followers, speculation Cryptocurrency News Today has escalated. In the wake of the UST price plunge, rumors of intentional attacks against Terra have arisen. Many investors have withdrawn their funds, and there have been widespread accusations. That Kwon intentionally withdrew money from investors before the project crashed.
Tron (TRX) remains one of the few cryptocurrencies that have performed well despite the bear market
While most cryptocurrencies have been wiped out during the bear market. Tron is still one of the few to have maintained its performance. Tron price has increased by 4.59% since June 2021. Making it one of the few cryptocurrencies with a positive profit ratio. The cryptocurrency News Today also remains one of the few that are currently in the top 15 when it comes to market capitalization.
Although investors are still unsure about Tron’s advantages over its rival Ethereum. Its price action is consistent with Justin Sun’s promotion of the currency. In addition, the recent Warren Buffet event has also generated some attention for the currency. As a result, analysts expect Tron to continue performing well. However, there have some risks associated with buying Tron.
Regardless of whether you invest in Bitcoin or Tron. You should be aware that the Cryptocurrency News Today market can continue to fall. It has recommended that you invest only in an amount you can afford to lose. Experts recommend that you allocate less than 5% of your total portfolio to crypto investments. As with any investment, cryptocurrency prices are highly volatile. So it is a good idea to be patient and stick to your investment plan. Share your thoughts with the help of write for us