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Lawyers for Daniel Shin, co-founder of Terraform Labs, told a South Korean court that he did not contribute to Terra’s collapse in any way after being charged with fraud and embezzlement. Following a preliminary hearing in July 2023, Shin’s attorneys said fellow founder Do Kwon was responsible for Terra’s crash and the implosion of its two tokens, Luna Classic and algorithmic stablecoin UST. The former Terra executive appeared before a Seoul Southern District Court today. According to a Munhwa Broadcasting Corporation report translated by Google, Shin’s defense accused Kwon of launching external attacks on his own company and pointed to the Anchor protocol as another chief reason for Terra’s tumble. The defense said Anchor was unreasonably managed and onboarded users with an unsustainable business model. Anchor was a yield-generating platform built atop Terra’s blockchain that allowed UST depositors to earn 20 percent interest on their stablecoins without worrying about volatility...

Only 11,440 NFT traders were active on March 11 which was the lowest figure recorded since November 2021. Nonfungible token (NFT) trading volumes took a massive beating following the collapse of Silicon Valley Bank (SVB) last week as traders fled the markets fearing the repercussions of a major United States bank going under. According to a March 16 report from data aggregation platform DappRadar, NFT trading volumes were hovering between $68 million to $74 million in the lead-up to SVB’s collapse on March 10, then fell to $36 million on March 12. The dip was accompanied by a 27.9% drop in daily NFT sales count between March 9 to March 11. NFT trading volume and sales count on all networks between March 1-13. Source: DappRadar 11,440 NFT traders were “active” on March 11 also, the lowest figure recorded since November 2021 according to DappRadar. The report explained the depeg of USD Coin (USDC) which hit as low as $0.88 moved trader attention away from the NFT market: As a result “NF...