🧧🔴​​Do-Kwon gets Red Noticed

Good Morning Rockstar,

And welcome to Switch Daily. 👋

How’s it going? We heard, too, Bitcoin fell below a significant level, and the value of the Rupee is falling like snow in Kashmir. We’re going to put on an iron suit and weather this out! How do you plan to deal with the falling markets? Let us know by responding to this mail.

Here’s what we’ve got for you:

• Market pulse

• Do-Kwon makes it to the most wanted list.

• Today’s headlines

• Meme of the day

Market pulse 📈

The market is greener 💚

The crypto market is looking brighter today and has made up for yesterday’s losses.The global crypto market cap stands at $958.24 billion and is experiencing a hike of over 3% in a 24-hour window. The total crypto market volume is $80.41 billion, marking a 48.44% increase since yesterday. Bitcoin’s market dominance is maintaining its superior status at 39.53%, indicating an increase of 0.51% over the day.

While dominant cryptos BTC and ETH were moving in the green zone, Solana and Terra Classic experienced many social media mentions, putting them in the spotlight. Luna classic (LUNC), the only remaining part of the failed Terra ecosystem, prior to its reboot also experienced a surge after Binance revealed a scheme to reduce the supply of the token.

🚨Do-Kwon, the search is full-on.🚨

You know Do-Kwon, right, the co-founder of Terraform labs? This is him👇🏽, before and after what went down as one of the biggest crypto disasters in history — The Terra LUNA crash.

Yep, we’re here talking about Do-Kwon again! But listen up; this time, things have gotten pretty messy.

He officially made it to the ‘Internationally most wanted’ list yesterday. This means the police authorities in over 195 countries are looking to catch him.

But how did it all come to this? Let’s take a trip down the (dark) memory lane:

• Terra LUNA crashed in May this year, wiping $40 billion of investors’ money in less than a week.

• Do-Kwon fled from South Korea to Singapore, citing safety issues.

• A couple of weeks ago, the South Korean authorities issued an arrest warrant for Do and five other partners in crime. We’ve covered it in detail here. Check it out.

• Nobody could find Do-Kwon. There were allegations that he was on the run.

• South Korean authorities attempted to get Interpol to issue a red notice for Do-Kwon.

A Red notice is a “request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.” - Interpol website.

And this was his response to all that went down.

For a moment we thought that the twitter bots had taken over. Coz, who jokes about getting an arrest warrant, right?

Here’s what followed

• The South Korean prosecutors managed to get Interpol to issue a red notice for Do-Kwon.

• Terra LUNA fell by 13% after the news broke out. But eventually gained momentum and jumped 60% after Binance announced its plans to introduce LUNC burning mechanism.

• Nobody still knows where Do is.

Maybe Interpol should keep an eye on Twitter. Do-Kwon may drop some hints as jokes there. Who knows?

What’s trending today? 🔥

🌸USDT is now available on Polkadot

USDT—the largest stablecoin by market capitalization—will now be available natively on Polkadot. With this, Tether expands its reach to another decentralized ecosystems besides Ethereum, Solana, and Algorand. Read more.

❇️Vitalik expects Dogecoin and Zcash to switch to PoS

Vitalik Buterin expects Proof-of-Work blockchains Dogecoin and Zcash to transition to Proof-of-Stake soon. Both might follow Ethereum’s lead and change their consensus models, Vitalik said at the Mainnet blockchain event. Read more.

🌱Tezos goes live with its 11th mainnet upgrade

Tezos, one of the more eco-friendly blockchain, activated the much-awaited Kathmandu upgrade on its mainnet. The activation went live at 2.00 a.m. IST on Saturday. Read more.

🔻Ethereum transaction fees hit a 2-year low amid rising transaction count

Transaction costs within the Ethereum ecosystem have dropped to the lowest point in the past two years, according to data from a key on-chain metric. Interestingly, the transaction count, new user count, and even layer-2 transaction volumes continued to increase. Read more.

Meme of the day…

Well, that's a wrap for today!

See you tomorrow! 👋🏽

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