Market Analysis Report (13 Aug 2025)
Main Idea
Do Kwon, founder of Terraform Labs, pleaded guilty to fraud charges related to the $40 billion collapse of his firm's cryptocurrency ecosystem, while Qubic raises concerns over a potential 51% attack on Monero, and Circle announces a secondary offering of 10 million shares.
Key Points
1. Do Kwon, founder of Terraform Labs, pleaded guilty to fraud charges in Manhattan federal court over the $40 billion collapse of Terraform's cryptocurrency ecosystem, with sentencing set for Dec. 11.
2. Qubic's claim of controlling a majority of Monero's hashrate has raised concerns about a potential 51% attack, which could allow reorganization of blockchain history and double-spending.
3. Circle announced a secondary offering of 10 million shares, causing its stock to drop in after-hours trading, following a $428 million second-quarter loss.
4. Terraform's TerraUSD stablecoin lost its $1 peg in May 2022, leading to significant financial losses, and Do Kwon will forfeit $19 million.
5. Qubic's share of Monero's hashrate surged from under 2% in May to over 25% by late July, sparking debates about the sustainability of its economic model.
Description
Terraform Labs Founder Do Kwon Pleads Guilty in $40B Crypto Fraud Case | Qubic’s Claim of Monero Majority Hashrate Sparks 51% Attack Concerns | Circle Shares Fall After 10M-Share Secondary Offering Announcement
