Terra Luna's co-founder finally speaks😵

Morning folks,

Welcome to Switch Daily. 🤗

How’s it going? The market had a pretty interesting week—swinging up and down like it's a summer’s day in the park…

Let’s see what’s in the bag today:

• Market pulse

• Do-Kwon speaks up

• Creator's Spotlight

• Today's top stories

• Meme of the day

Market pulse 📈

The market is on a roller coaster🎢

Following the week's bullish trend, it is a mixed session for the broader crypto market. Bitcoin (BTC) is currently in the green, but it may fall short of $24,000 for the first time since 9 August. The total crypto market cap continued the four-day losing streak after experiencing below $1,100 billion. However, Kyber Network (KNC) and AirSwap (AST) are up by 4.03% and 0.62%

🤴Terra’s kingpin, Do-Kwon, speaks up🤴

It's a Friday, and on Fridays, you get an extra Gulab jamun. By Gulab jamun, we mean a special story of the week.

This week’s highlight features Do-Kwon, founder of Terraform labs, a.k.a the ‘Terra LUNA king.’ After three months of silence since the ‘black day,’ Do-Kwon finally cleared the air around the LUNA crash and everything that followed in an interview with Coinage.

Let’s dive into the highlights of Do-Kwon’s interview:

What happened? Really?

On the night of May 7, 2022, Terraform labs executed a transfer of funds between trading pools. This caused a brief window of vulnerability where untraceable traders sold off nearly $200 million worth of UST. *Insider trading alert*

Was Do-Kwon involved in planning the collapse?

It seems like Do-Kwon was as surprised as everyone else. He said, “I didn't think this would happen.” He even admitted that many of his beliefs and conjunctures were wrong at the time.

On his choice to utilize BTC as reserve money.

Do thought that if they were optimizing for economic stability, it would have made sense to build up a reserve in stablecoins. But he was too optimistic about Bitcoin and didn’t think that it would fall so much.

Did he profit from the situation?

Clearing up the rumors, he said, “I’ve never shorted any cryptocurrency, let alone $UST.” He did not reveal the extent of his loss but termed it as - down infinite. His exact words were, “I bet big and I lost.”

What lies ahead for him?

Sounding like a philosopher, he said that the time spent in the next 20 years of his life would be more meaningful than what happened in the past six weeks.

So, does that mean Do-Kwon has washed his hands off Terra? We are yet to find out!

Creator's Spotlight🔦

Watch our market expert Ananda as he decodes 🪙BTC’s price dump and the 🐶Doge rally.

What is brewing in the news? 🗞

🥷Crypto scams have reduced by 65%

Through July 2022, the value stolen through scams has declined to $1.6 billion—that’s 65% lower than last year. However, hacks have increased this year, and around $1.9 billion worth of crypto was stolen in July 2022 alone. Read more.

🐵Rare Bored Ape NFT sells for $1.5 million

The NFT is considered one of the rarest in the collection because of the solid golden fur trait featured. The seller, who bought the NFT last August, made a profit of $1.2 million on the transaction. Read more.

⛏️Crypto mining profitable despite crypto ban in China

Canaan's crypto mining giant reports a 117% increase in gross profit last quarter, amounting to 930 million renminbi (RMB), or nearly $139 million. The company's net income of 608 million RMB, or $91 million, makes it one of the most profitable companies in the industry.

🤝🏽Aave calls on members to support the Merge

After Tether; Aave has stated that it is fully prepared with respect to the upcoming Merge on September 15th. It also said that its codes are fully functional concerning Ethereum’s algorithm change. Read more.

Memewhile two dudes:

Well, that's a wrap for today!

Have a good weekend. See you Monday! 👋🏽