Here is the top crypto news of the day curated by CoinChapter.com.
Terraform Labs Pay $4.5 Billion to Settle SEC Fraud Case
Terraform Labs and its former CEO, Do Kwon, have agreed to pay $4.5 billion to resolve civil fraud charges brought by the Securities and Exchange Commission (SEC). The company and individual, held responsible for the $40 billion collapse of UST and LUNA in 2022.
As part of the settlement, Kwon and Terraform Labs will return $4.5 billion in ill-gotten gains. They will also pay a $420 million civil penalty. Additionally, they will be barred from participating in any future crypto asset securities transactions. Kwon will personally pay $204 million in monetary relief. The funds will go to Terraform Labs’ bankruptcy estate, pending approval by Judge Jed Rakoff of the U.S. District Court Southern District of New York.
Crypto News: MoonPay Expands PayPal Crypto Integration to UK and EU Customers
MoonPay has announced plans to expand its PayPal integration in the United Kingdom and European Union. This move is similar to the successful launch of a similar integration in the United States last month, which allowed U.S. users to buy and sell over 110 cryptocurrencies using PayPal.
his expansion aims to provide a seamless experience and lower entry barriers for new users worldwide. The integration enables customers to purchase cryptocurrencies using their existing PayPal balance, bank withdrawals, or debit cards. MoonPay has observed that the PayPal integration has attracted a more mature user base.
OKX Confirms User Account Breaches
Cryptocurrency exchange OKX has confirmed that a small number of user accounts were compromised due to identity theft. In a post-mortem on X (formerly Twitter), OKX stated that a hacker used forged “judicial documents” to obtain the personal information of a few users. The matter is currently under investigation by judicial authorities.
The security breach came to light after two OKX users claimed their accounts had been compromised and drained, with blockchain security company SlowMist noting similarities between the incidents. Web3 security group Dilation Effect alleged that attackers exploited a security loophole in OKX, which the exchange has since refuted.
OKX has stated that it has compensated affected users and will continue to do so. The exchange declined to provide further details regarding the exact number of affected users.
Crypto News: Circle Introduces Programmable Wallets and Gas Station
Circle is expanding its support for the Solana blockchain across its Web3 services. It brought features such as programmable wallets and gas stations. The integration will take place in two phases. First phase will focus on programmable wallets. This will allow developers to automate asset management based on predefined rules and sponsored transaction fees via the gas station feature.
The second phase will include support for non-fungible tokens (NFTs) and program interactions through Smart Contract Platform. Programmable wallets interact with smart contracts automatically and streamlining tasks that typically require manual execution.
Crypto Trading Addiction Rises in UK
Amanda Pritchard, the chief executive of the United Kingdom’s National Health Service (NHS), has called on British lawmakers to take action to prevent young people from becoming addicted to crypto trading. Speaking at the ConfedExpo of NHS managers in Manchester, Pritchard highlighted the growing social need for specialist gambling addiction clinics. The NHS has recently opened its fifteenth such clinic.
Pritchard further questioned whether society should continue to allow increasingly sophisticated methods to keep people hooked on gambling and cryptocurrency trading. She noted that staff at the national problem gambling clinic had informed her about the rising problem of addiction to unregulated cryptocurrency markets among younger individuals.
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