crypto news updates

By NewsDesk7

Stablegains is being sued for promoting UST as "safe"!

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Stablegains, a decentralized finance yield platform is being sued in a Californian court for misleading the customers, which resulted in them facing losses after they got exposed to the Anchor Protocol and UST collapse in 2022.

A "unworkable" Illinois Senate Bill  is being ridiculed by the crypto community

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On 9th February, a Senate Bill titled the 'Digital Property Protection and Law Enforcement Act' was introduced in Illinois by Senator Robert Peters. Recently on 19th February lawyer Drew Hinkes discussed on Twitter how this bill is “the most unworkable state law” related to crypto and blockchain that he has ever come across. Other members of the crypto community also share similar opinions on this topic.

Bitcoin is cheaper to buy on South Korean exchanges now!

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South Korea is going through a "Kimchi premium" discount again. The term refers to a phenomenon in which the price of BTC trades higher on South Korea's exchanges compared to other markets. As a result of this, cryptocurrencies such as Bitcoin are cheaper to buy on South Korean exchanges now.

Galois has decided to shut down after losing $40M to FTX

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Galois Capital, a crypto-focused quantitative fund has decided to shut down after losing about $40 million due to the collapse of FTX.  Kevin Zhou, the co-founder of Galois Capital, reported that it is not tenable for them to "continue operating the fund both financially and culturally” due to the "severity of the FTX situation."

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