- Markets are mostly negative today following large rallies earlier in the week. Major traditional indices are down with $SPX trading around $3,760 (-0.61%) and $NDQ hovering around $11,530 (-0.40%). Conversely, after breaking down earlier in the week, the US Dollar and US Treasury yields have churned higher. Crypto markets are mixed, with $BTC trading around $20k (-0.80%) and $ETH being one of the few positive names, holding around $1.36k (+0.49%). Alt-coins are following in Bitcoin’s steps with popular layer-1 tokens $SOL, $BNB, and $AVAX down 0.44%, 0.15%, 0.86%, respectively. Ethereum may be re-gaining strength as the issuance dynamics of The Merge start to take effect.
- Asset management powerhouse Golden Tree has disclosed an approximate $5.2 million investment into the decentralized exchange SushiSwap. Golden Tree has roughly $50 billion in AUM and recently launched a new investment arm called Golden Chain, headed by Avi Felman, which is focused on crypto investments. Golden Tree announced the investment on the Sushi forum, stating they are “psyched to be more active in all things Sushi” and “we believe Sushi has incredible potential.” The forum post continues to suggest areas in which Golden Tree thinks it can add value, such as updated tokenomics and general design and strategy. It has been a busy week for Sushi; on Monday, the community elected Jared Grey as the protocol’s new CEO. Investors seem to be embracing the changes and announcements, with the protocol’s governance token, $SUSHI, up nearly 30% this week.
- The South Korean government has escalated its efforts to prosecute Do Kwon, the founder of failed coins LUNA and UST. Prosecutors froze $39.6 million worth of crypto assets allegedly belonging to Kwon. Do Kwon took to Twitter denying the reports and stating, “I don’t know whose funds they’ve frozen, but good for them, hope they use it for good.” Whether or not the assets truly belong to the Terraform Labs CEO remains unseen. On top of freezing funds, prosecutors have ordered Do Kwon to return his South Korean passport within 14 days or else it will be invalidated. The announcement was made online as Kwon’s whereabouts are currently unknown. Interpol has issued a Red Notice calling for international law enforcement agencies to locate and arrest Kwon. Despite the lack of success in apprehending Do Kwon, South Korean authorities made their first case arrest yesterday: Yoo Mo, the head of Terraform Labs business team.
Crypto Daily Report – October 6
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