Decentral Block Post

A court in South Korea has supported the decision of local exchanges to delist Wemade’s Wemix (WEMIX) tokens, dismissing Wemade’s request to cancel the delisting.

The Seoul Central District Court ruled on Dec. 7 to justify the decision of the Digital Asset eXchange Alliance (DAXA) to delist WEMIX from major South Korean exchanges, The Korea Herald reported on Thursday.

The DAXA, a crypto exchange group representing South Korea’s largest firms like Upbit, Bithumb, Coinone, Korbit and Gopax, said that Wemade has failed to properly disclose the number of tokens outstanding.

The court has reportedly supported the position of the DAXA, emphasizing the importance of transparent reporting of token’s distribution, stating:

“Crypto assets have no regulator or an absolute means of determining their price like the stock market [...] Therefore the distribution number is crucial because the price is decided as a result of the balance between supply and demand."

Bitcoin (BTC) and crypto are only used by 13.7% of Americans, but they generate more exchange volume than anyone else.

The latest data compiled by exchange Huobi confirms that in 2022, the United States is the most “mature” crypto market.

U.S., Vietnam lead the way on crypto

Despite the heavy drawdowns in price for Bitcoin and altcoins this year, interest throughout the world remains “extremely active,” and the leaders may come as a surprise.

In its latest annual report, Huobi Research, an affiliate of Huobi Global, revealed that the U.S. accounts for 9.2% of global centralized exchange (CEX) volume. When it comes to DeFi, the figure is even higher — 31.8% of global volumes.

At the same time, the percentage of the population using crypto is not as high as in some other jurisdictions. 13.7% of Americans use crypto, the report said, compared to 20.3% Vietnam, the leader out of the 15 countries examined.

Bitcoin (BTC) and crypto are only used by 13.7% of Americans, but they generate more exchange volume than anyone else.

The latest data compiled by exchange Huobi confirms that in 2022, the United States is the most “mature” cryptocurrency market.

U.S., Vietnam lead the way on crypto

Despite the heavy drawdowns in price for Bitcoin and altcoins this year, interest throughout the world remains “extremely active,” and the leaders may come as a surprise.

In its latest annual report, Huobi Research, an affiliate of Huobi Global, revealed that the U.S. accounts for 9.2% of global centralized exchange (CEX) volume. When it comes to DeFi, the figure is even higher — 31.8% of global volumes.

At the same time, the percentage of the population using crypto is not as high as in some other jurisdictions. 13.7% of Americans use crypto, the report said, compared to 20.3% Vietnam, the leader out of the 15 countries examined.

Bitcoin (BTC) investment vehicle, the Grayscale Bitcoin Trust (GBTC), is trading close to 50% below the BTC price on spot markets.

Data from on-chain analytics platform Coinglass confirms that on Dec. 8, GBTC shares hit a new record low of -47.2% against BTC/USD.

GBTC troubles pile up post-FTX

In the latest bout of nerves to hit the Bitcoin industry since the fall of FTX, GBTC is nearing half-price versus the price of Bitcoin.

The largest institutional Bitcoin investment vehicle, with assets worth around $10 billion, GBTC has faced numerous challenges in recent years.

The price of its shares previously traded higher than BTC/USD, resulting in what was called the “GBTC premium.” Since 2021, however, that premium has turned negative, but the resulting “discount” has done little to lure additional institutional interest.

United States federal prosecutors have reportedly begun investigating whether the collapse of the Terra ecosystem was in fact triggered by market manipulation tactics by former FTX CEO Sam Bankman-Fried.

According to a Dec. 7 report from The New York Times (NYT), the prosecutors — as part of a broader inquiry into FTX’s own collapse — are investigating whether Bankman-Fried’s empire intentionally caused a flood of “sell” orders on Terra’s algorithmic stablecoin TerraClassicUSD, USTC (formerly UST).

The sudden increase in UST sell orders were said to make it difficult to match them with corresponding “buy” orders, which in turn forced more downward price pressure on UST, causing it to depeg from its intended 1:1 ratio with the U.S. Dollar.

The events also led to the fall of Terra’s native token, Terra Classic, LUNC (formerly LUNA) as the two cryptocurrencies were designed to be linked.

But while no one has been able to precisely determine the root cause behind the collapse of LUNC and USTC in May, it is known that the majority of the USTC sell orders came from Bankman-Fried’s trading firm Alameda research, according to the NYT.