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Crypto Moves – Bitcoin and Ethereum Drop Intensely; Terraform and Other VCs Sued; Over-the-counter crypto trading in Dubai

RIYADH: Bitcoin, the leading cryptocurrency internationally, hit a new low since December 2020 on Sunday, dropping 10.30% to $18,294.50 as of 9:00 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $954.45 plummeting 11.38%, according to data from Coindesk.

Investors are suing Terraform Labs and other venture capitalists

Coindesk reports that an investor has sued Terraform Labs, its founder Do Kwon, and several Luna Foundation Guard venture capital firms for allegedly violating federal securities laws and misleading investors.

In an attempt to recover damages and all injunctive and punitive costs of a jury trial, plaintiff Nick Patterson filed a lawsuit on Friday seeking class action status.

Coindesk added that the plaintiff argued that “Terra Tokens” resembled securities, as marketed by Terraform Labs and LFG’s VCs, even though investors could not recognize them as securities.

In addition to Terraform Labs and Do Kwon, the suit also names Defiance Capital/DeFinance Technologies Oy, GSR/GSR Markets Limited, Jump Crypto, Jump Trading LLC, Nicholas Platias, Republic Capital, Republic Maximal, Three Arrows Capital and Tribe Capital as defendants. , concluded Coindesk.

Dubai Now Offers Over-the-Counter Cryptocurrency Trading

In Dubai, Coinsfera has opened its OTC store where people can exchange their cryptocurrencies for cash or bank transfers, according to a statement.

Using this new system, people can take advantage of the current market situation by selling and buying cryptos in the UAE, he said.

Coinsfera is a physical cryptocurrency exchange located in Dubai and many other countries.

Additionally, Coinsfera launched its new crypto-fiat payment solutions for businesses as well as consumers.

In the United Arab Emirates, with Coinsfera, people can sell cryptocurrencies instantly to avoid losses and also earn profits from the sale.

Users do not have to be residents of the UAE, only valid ID and proof of address are required, the statement added.

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