• Coinbase announced the launch of its L2 platform on OP stack, causing Optimism token (OP) to surge 16% in price.
• Base Protocol, an unrelated cryptocurrency, saw 250% gains due to speculation.
• OP/USD trading volume rose nearly 90% and RSI suggests bulls are in control.

Coinbase Launches Layer-2 Platform On OP Stack

Coinbase recently announced the launch of its Layer-2 platform on OP stack. This news caused the Optimism token (OP) to surge 16%, reaching highs of $3.10 on Coinbase, not far from its all-time high of $3.19.

Base Protocol Spikes 250% Amid Speculation

An unrelated cryptocurrency called Base Protocol saw staggering gains of 250%, likely due to speculation following Coinbase’s announcement.

Trading Volume Up 90% & Bulls In Control

As a result of the news, trading volume for OP/USD rose nearly 90%, according to CoinGecko data, while the relative strength index (RSI) suggests bulls are in control.

Optimism Price Could Reach New ATH

Optimism price reached its all-time high of $3.19 in early February this year and with a positive technical outlook in place, it’s likely that OP/USD could go on to hit a new ATH.

Conclusion

Overall, Coinbase’s announcement has been met with bullish sentiment across the crypto community as people speculate about further gains for both Optimism and Base Protocol tokens.

• The SEC has charged Do Kwon, the founder of Terraform Labs, with defrauding investors.
• Kwon reportedly cashed out a massive $100 million worth of Bitcoin through a bank in Switzerland.
• The transfers began in June 2022 and were reportedly part of more than 10,000 BTC stashed in a cold wallet and periodically withdrawn through the Swiss-based bank.

SEC Charges Do Kwon with Fraud

The United States Securities and Exchange Commission (SEC) yesterday announced charges against Do Kwon, the founder of Terraform Labs. The regulator’s complaint is that Kwon and his company orchestrated a scheme that saw him defraud investors.

Kwon Cashes Out Millions of BTC

As Bloomberg notes in a report published Thursday, 17 February, Kwon’s company had ostensibly moved and cashed out over $100 million worth of Bitcoin using an unnamed banking provider in Switzerland. The transfers began in June 2022 and were reportedly part of more than 10,000 BTC stashed in a cold wallet and periodically withdrawn through the Swiss-based bank.

SEC Alleges Fraudulent Transactions

The SEC allege the fraudulent transactions had continued up to the date of its official complaint against Do Kwon and its firm. Unlike Sam Bankman-Fried who was arrested swiftly following the collapse of his firms FTX and Alameda Research, Do Kwon continues to evade capture.

Kwon Defrauded Investors

SEC Chair Gary Gensler said: „We allege that Terraform and Do Kwon failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for LUNA and Terra USD.“ He added: „We also allege that they committed fraud by repeating false and misleading statements to build trust before causing devastating losses for investors.“

Do Kwon on the Run

Do Kown is still on the run after successfully cashing out millions worth of Bitcoin from an anonymous Swiss bank account he owns. Despite numerous attempts by law enforcement authorities to apprehend him, he remains at large – creating further anxiety among crypto investors who have been affected by his actions directly or indirectly.

• Sandbox is a cryptocurrency that has a mechanism known as tokenomics, which defines the distribution of initial tokens.
• The next cliff unlock for Sandbox will happen on Monday and will see over 372 million tokens valued at over $292 million being unlocked.
• Despite the expected dilution, Sandbox recently announced a major partnership with Saudi Arabia Digital Government Authority, which could offset the effects of dilution.

Introduction to Sandbox

Sandbox (SAND) is a cryptocurrency that has a mechanism known as tokenomics, which defines the distribution of initial tokens. It currently has a total market cap of over $1.17 billion and a diluted value of $2.34 billion.

Cliff Unlock Approaching

Data by Token Unlocks shows that just 56% of all SAND tokens are now in circulation, with the remaining 44% being locked. The next cliff unlock will happen on Monday and will see over 372 million tokens valued at over $292 million being unlocked. As a result, the total number of SAND tokens in circulation will rise to 2.1 billion tokens, resulting in dilution for existing holders.

Price Prediction

The SAND/USDT price retreated to a low of $0.7797, which was lower than this week’s high of $0.937. Turning to the daily chart, we see that the SAND crypto price pulled back slightly below the resistance point at $0.9800 (November 5 high). Still, the coin seems to be forming a cup and handle pattern, which is usually a bullish sign.

Major Partnership Announcement

Despite the expected dilution due to cliff unlock happening on Monday, Sandbox recently announced a major partnership with Saudi Arabia Digital Government Authority on Wednesday as potential news to counterbalance any negative effects from dilution news..

Conclusion

It remains unclear how exactly this new partnership between Sandbox and Saudi Arabia Digital Government Authority will affect future prices but it could potentially offset any negative effects from dilution news due to upcoming cliff unlock event happening on Monday .

Summary:

• The Indonesian government has announced plans to roll out a national crypto exchange by June 2023.
• The crypto bourse is currently undergoing review and five active, registered exchanges have been identified from the list of 25.
• The new timeline comes after delays in the licensing of new exchanges and other official delays.

National Crypto Exchange to Launch in Indonesia by June 2023

The crypto landscape in Indonesia could see a national crypto exchange before the end of June this year. Initially planned to launch before the end of 2022, the government says the cryptocurrency exchange will include five active and licensed platforms.

Delays Led to Push Back in Launch Timeline

The latest timeline comes after new developments (authorities suspended the licensing of new exchanges) and other official delays forced relevant government bodies working on the project to push back its launch from December 2022. In December, lawmakers in Indonesia’s House of Representatives passed an omnibus law that provides regulatory oversight for crypto exchanges.

Review Currently Ongoing for Crypto Exchanges

A review of digital asset exchanges earmarked to join the national crypto exchange is ongoing. The Indonesian Trade Minister Zulkifli Hasan has said that it is important for everything to be done properly before launching so as not to harm people who are still learning about crypto trading.

Growing Crypto Community in Indonesia

Indonesia is one of the countries with a rapidly growing community around cryptocurrencies. Local authorities are encouraging banks and businesses across different sectors to use digital currencies as payment methods and increase their adoption in everyday life.