Do Kwon Pleads Guilty and More Crypto News Update

The Daily is your source for the latest in crypto news, published on weekday afternoons. Happy Tuesday! Bitcoin and Ethereum prices rose following the cooling consumer prices reported in July's U.S. inflation data, which increases the likelihood of a September interest rate cut to over 93%. In this edition, Terraform Labs co-founder Do Kwon has pled guilty to fraud charges stemming from the $40 billion collapse of the Terra ecosystem. Additionally, Circle has unveiled plans to launch Arc, a stablecoin-focused Layer 1 blockchain compatible with EVM, utilizing USDC as its native gas token. In other developments, Ethereum ETFs have surpassed $1 billion in daily inflows for the first time since their launch in July 2024. Ethereum has also outperformed Bitcoin in year-to-date price gains due to rising institutional demand. Let's dive into the details. **Do Kwon's Guilty Plea** Terraform Labs co-founder Do Kwon admitted guilt to charges of wire fraud and conspiracy to defraud, tied to the collapse of the Terra ecosystem that affected investors to the tune of over $40 billion. **Circle Introduces Arc** Circle has revealed its intent to develop Arc, a new Layer 1 blockchain focused on stablecoins, where USDC will serve as the native gas token and ensure EVM compatibility. **Ethereum ETFs Achieve Milestone** U.S. spot Ethereum ETFs experienced over $1 billion in net daily inflows for the first time on Monday, a significant achievement since their inception in July 2024. **ETHZilla Sees Major Gains** 180 Life Sciences, now rebranding to ETHZilla, saw a staggering 90% rise in its share price after Peter Thiel's entities disclosed a 7.5% stake in the company. **Concerns for Monero Amid 51% Hashrate Control** Qubic, a Monero mining pool, has claimed control of over 51% of the network's hashrate, raising fears about a potential 51% attack that could disrupt transactions and reverse payments. Stay tuned for more updates on the influential happenings in the digital asset ecosystem. **Disclaimer**: This article uses OpenAI’s ChatGPT for assistance in drafting and has been reviewed by our editorial team. The Block is an independent media source delivering news and data for the crypto industry. As of November 2023, Foresight Ventures is a major investor in The Block, but it operates independently to ensure unbiased reporting. Note that this content serves informational purposes and does not constitute legal or financial advice.