Crypto Moves – Bitcoin and Ethereum intensely plummet; Terraform and other VCs sued; Over-the-counter crypto trading in Dubai

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

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

Investors sue Terraform Labs and other VC firms

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

In an attempt to recover damages and any injunctive and punitive fees from a jury trial, Plaintiff Nick Patterson filed a lawsuit seeking class-action status on Friday.

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

Aside from 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, Coindesk concluded.

Dubai now offers over-the-counter cryptocurrency trading

In Dubai, Coinsfera has opened its over-the-counter shop where people can exchange their cryptocurrencies for cash or bank transfers, according to a statement.

By using this new system, people can take advantage of the current market situation by selling and purchasing cryptos in the UAE, it said.

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

Moreover, Coinsfera has launched its new crypto-fiat payment solutions for companies as well as consumers.

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

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

Bitriver cooperates with Russian oil giant Gazprom Neft

Gazprom Neft, Russia’s third-largest oil producer, will run data centers operated by the country’s leading crypto mining company, Bitriver.

The electricity needed to produce the cryptocurrency will be generated using petroleum gas, a form of natural gas found in oil deposits, Bitcoin.com reported. 

The arrangement is part of a memorandum of cooperation signed by the two companies during the St. Petersburg International Economic Forum, RBC Crypto reported, quoting a Bitriver representative.

The mining company will develop the digital infrastructure at Gazprom Neft’s oil fields and provide services relying on computing hardware, according to the report.

Gazprom Neft’s business model does not encompass digital currencies but the oil giant is seeking solutions that would allow the beneficial use of the associated gas obtained during oil extraction.

The infrastructure necessary to use associated gas in the energy-intensive mining of crypto assets has already been built at Gazprom Neft companies in three Russian regions, according to Bitcoin.com. 

Meanwhile, Oman has announced a plan to employ gas associated with bitcoin mining, with the aim of reducing harmful emissions into the atmosphere where this gas is usually vented or burned.