Tuesday, Nov 29, 2022
Outlook Money

South Korea Debars Staff Of Crypto Firm Terraform Labs From Leaving Country, Bitcoin Falls

The price of Bitcoin fell by 4.13 per cent and that of Ethereum by 6.39 per cent in the last 24 hours.

Terraform Labs' employees in South Korea are forbidden from leaving the country.

South Korea has put several employees of Terraform Labs on a no-fly list, effectively debarring them from leaving the country. 

The South-Korea based company is behind the Stablecoin, TerraUSD, which collapsed last month. TerraUSD’s paired token, Luna, plunged drastically last month, sparking a sell-off and creating a ripple through the crypto sector, pushing several other cryptocurrencies into a nosedive. TerraUSD was meant to be pegged 1:1 to the US dollar.

An official at South Korea’s Supreme Prosecutors’ Office said on condition of anonymity that multiple Terraform Labs staff had been put on a no-fly list, according to a report in NDTV.

A Terraform Labs spokesperson, however, said in a statement, “We are not aware of the details of the reported ban.”

In other news, Indian crypto trading platform Vauld has announced its decision to cut down its global staff strength by 30 per cent. 

Vauld co-founder Darshan Bathija said in a series of Tweets that the market conditions have become uncertain and they have had to take this step because of a prolonged market downturn, according to a report in Livemint.

“We know that resilient companies are built during bear markets. Sanju and I started Vauld during the last crypto winter and we’re here because we carefully managed expenses then. We believe that these measures are necessary so that we’re very strong in the long term,” Bathija said in a series of tweets. 

Crypto Prices

The price of Bitcoin in the cryptocurrency market fell by 4.13 per cent in the last 24 hours, and it was trading at $20,387.63 at 4:20 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 43.35 per cent, down by 0.14 per cent in the last 24 hours.

The value of cryptocurrencies decrease in the market.

Ethereum (ETH) was trading at $1,088.07, down by 6.39 per cent, while Binance Coin (BNB) was down by 3.84 per cent during the same time period. It was trading at $214.09. Solana (SOL) was down by 7.09 per cent to $35.30, while Cardano (ADA) was down by 6.59 per cent to $0.4717. 

Meme Coins

Dogecoin was trading at $0.06256 at 4:20 pm IST, down by 5.22 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was up by 8.05 per cent, and it was trading at $0.00001007. Samoyedcoin was down by 2.66 per cent, and it was trading at $0.004734, while Dogelon Mars was down by 4.93 per cent, and it was trading at $0.0000002591.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $898.01 billion, a decrease of 3.37 per cent in the last 24 hours, while the total crypto market volume was $67.76 billion, a decrease of 9.36 per cent.