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Prime Core Technologies, the parent entity of crypto custodian Prime Trust, reports an $8 million shortfall from TerraUSD investments . The loss was disclosed in an Aug. 24 filing with the Bankruptcy Court for the District of Delaware in the United States. The company revealed it incurred losses of $6 million in client funds and $2 million in treasury funds through USTC investments under previous management. “Although crypto winter was not the precipitous event leading to the Receivership and these Chapter 11 Cases, the Company felt the ripple effect caused by crypto winter, which resulted in depressed revenues.” Prime Trust filing The filing attributed its investment losses and increased expenditures in October and November 2022 as key factors leading to its bankruptcy declaration.  In August, Prime Trust initiated a bankruptcy filing in the United States, revealing estimated liabilities between $100 million to $500 million, along with 25,000 to 50,000 creditors...

"NFTfi,” on-chain derivative platforms, decentralized stablecoins and Ethereum L2s are four investment opportunities being looked at closely by one crypto investment firm. Digital asset investment firms poured $2.7 billion into decentralized finance (DeFi) projects in 2022, up 190% from 2021 as investments into centralized finance (CeFi) projects went the other way — falling 73% to $4.3 billion over the same timeframe. The staggering rise in DeFi funding was despite overall crypto funding figures falling from $31.92 billion in 2021 to $18.25 billion in 2022 as the market shifted from bull to bear. According to a Mar. 1 report from CoinGecko, citing data from DeFiLlama, the figures “potentially points to DeFi as the new high growth area for the crypto industry.” It notes that the decrease in Funding towards CeFi could point to the sector “reaching a degree of saturation.” Funding amount by sector in the cryptocurrency market between 2018-2022. Source: CoinGecko. The near three-fol...

The South Korean prosecutor's office reportedly admitted that the reports one of its team visited Serbia “aren’t false.” The hunt for the controversial founder of the now-collapsed Terra ecosystem, Do Kwon, has intensified with South Korean officials reportedly confirming they sent at least two people to Serbia to track him down. According to a Feb. 7 Bloomberg report, the prosecutor’s office in Seoul said the reports “aren’t false” regarding members of its team trekking out to the Balkan state to find Kwon. It appears at least two state official s went — one from the prosecutor's office and the other being a senior member of South Korea’s Justice Ministry. Do Kwon speaking at a conference about Terra before the ecosys. Source: Terra. South Korean-based publication Chosun Media confirmed on Dec. 11 that a state intelligence official informed them that Kwon had based himself in Serbia. There is currently no extradition treaty in effect between South Korea and Serbia. This like...