?? Where's Kwon
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“It’s not in the interest of being on the run or something like that, that I don’t want to disclose where I live. It’s just that every time the location where I live becomes known, it becomes almost impossible for me to live there.” - Do Kwon
In this edition:
Unraveling...
The search for Do Kwon is still on and has taken a different dimension. Some other vigilantes have joined the hunt. But before then,
here is a recap of major events before this update:
New updates
4,400 disgruntled investors have joined the hunt for Do Kwon
A group of 4400 vigilantes from a discord group called the UST Restitution Group (URG) have teamed up to seek the whereabouts of Do Kwon.??
URG was initially formed on 16th May as a chatroom for Terra ecosystem investors and to help launch lawsuits on behalf of its members to recover funds lost from TerraUSD Classic (USTC). Now, its members search for and share clues relating to Kwon's whereabouts. Some have suggested that he could reside in Russia, Dubai, or on a Yacht.
Singapore, Dubai, and a third unidentified country
According to a?local report, South Korean Prosecutors believe Do Kwon left Singapore and landed at Dubai airport last month. However, as his entry record has not been confirmed, they think he traveled to a third country via Dubai. That country has not been identified yet.
Kwon's statement
In an interview with Laura Shin, a crypto-journalist and host of the Unchained podcast, Kwon suggested he has been on the move due to privacy and security concerns. He said: "It's not in the interest of being on the run or something like that, that I don't want to disclose where I live. It's just that every time the location where I live becomes known, it becomes almost impossible for me to live there."
Fingers crossed for the next turn of events in this saga.
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Europe accounts for about 10% of world crypto mining, with Germany and Ireland leading the continent and Sweden experiencing a large uptick in activity after mining was banned in China. This might no longer be the case as the?European Union is moving?to halt crypto-mining operations in the region.?
The commission plans to achieve this through load shedding and by putting an end to tax breaks that benefits crypto miners. In a document, the commission said:
"In case, there is a need for load shedding in the electricity systems, the [EU] member states must also be ready to stop crypto-assets mining,"
The commission further added:
"it is also crucial to put an end to tax breaks and other fiscal measures benefitting crypto miners currently in force in certain member states,"
Norway is already moving?to eliminate crypto miners' tax breaks.
Why is the EU embarking on this initiative??
To save energy
The initiative is part of an action plan for implementing the European Green Deal and the REPowerEU Plan, which aim at energy savings by digitalizing the energy sector.
The commission accelerated the plans as a response to the tight energy situation currently experienced in the region due to upheavals in Russian energy supplies.
The EU believes this initiative would cause more cryptocurrencies to switch from PoW to PoS models, reducing the power consumed by verifying blockchain transactions.
Pro-miners offers a different view.
Others view this matter differently. Some view?crypto mining as a key player?in the goal of a better climate by reducing global warming. Also, former MicroStrategy CEO Michael Saylor?slammed?"misinformation and propaganda" regarding the energy usage of the Bitcoin network. He pointed out that metrics show almost 60% of energy for BTC mining comes from sustainable sources, and energy efficiency improved by 46% year on year.
A?peer paper?shows that Bitcoin is 56 times more efficient than the current banking system.?A University of Cambridge report?also shows that the Bitcoin network currently consumes 102 terawatt hours (TWh) per year, less than the energy consumed by all Fridges in the US in that same period.
The Teaser section
In today’s teaser.
Question:
How long did Lizz Truss last as PM:
Potential answers:?
BC's Musts
YouTube:?The Energy Crisis & Bitcoin
Latest on Voyager...
Voyager Digital could allow its customers to retrieve up to 72% of their frozen funds as part of a provisional deal with FTX US.
According to Michael Wiles, the Judge overseeing Voyager's bankruptcy proceedings, the deal will not proceed unless the firm's creditors approve. Should the creditors vote in favor of the deal, Wiles will have the final say in approving the sale contract.
Wiles noted,
"If the plan falls apart, there's no part of this agreement that survives."
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The inflation rate in the UK hit 10.1% in September after dropping to 9.9% last month.
According to the Office for National Statistics?report, food prices have spiked by 14.6% since last year. This marks the highest jump in food prices since 1982.?Similarly, the cost of household items also increased by 10.7%, while housing, water, and electricity prices soared by 20.2%.?
The events have made people?swap their fiat for crypto?in a bid to mitigate the effects of inflation.
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