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cryptocurrency news today live: top 3 crypto news 05/06/22

Crypto Today: top 3 cryptocurrency news today 05/06/22

News on money laundering charges for Terraform Labs, while South Korea sets its sights on the metaverse. Kenya invites bitcoin miners and recognizes their important role

Yesterday's situation has not changed much, Bitcoin is trying again to stay above $30,000, being just above this level. Dominance is over 46.4 percent, confirming that all the spotlight is now on the main cryptocurrency. The main altcoins are struggling to keep up at a time of strong indecision and market weakness. First up is Ethereum (ETH), which relative to the exchange rate with Bitcoin is at one-year lows and looks to break an important level, which would pave the way for deeper declines for the second-largest virtual currency by capitalization.

Every small drop in Bitcoin's price turns into large losses on altcoins, while rises go mostly unnoticed. In fact, against today's 2 percent growth on the king of cryptocurrency, there are many altcoins with losses, such as Kava (KAVA) with -4.7 percent, Maker (MKR) at -4.5 percent, Kusama at -4 percent. Let's take a look at today's main news.

Terraform Labs and Do Kwon were accused of laundering $4.8 million

After the collapse of the Terra ecosystem, founder Do Kwon and his company Terraform Labs are back in the spotlight, this time for alleged money laundering. According to an independent investigation by Twitter user "FatMan," Terraform Labs allegedly laundered money through a South Korean front company.

Seoul-based blockchain consulting firm "K" allegedly participated in the laundering operations in a complex scheme, acting "under a name borrowed from Terra." FatMan demonstrated collages between "K" and Kernel Labs, another company registered by some people with direct involvement in Terraform Labs. Some developers also confirmed existing relationships between Terraform Labs and "K," moreover, in the building plans, "K's" offices were named "Terra."

FatMan has been interested in the Terra affair since the beginning of the first problems affecting the blockchain. The story it published was so full of details and hard evidence that it prompted the South Korean police to open an official investigation, which led to charges being formalized against Do Kwon and Terraform Labs for allegedly laundering 6 billion won, about $4.8 million.

South Korean government invests $177 million in the metaverse

While South Korea is taking a tougher stance on cryptocurrency, it is also betting big on the metaverse. The country's government has announced that it will invest more than 223 billion won, about $177 million, directly in metaverse projects.

The funding will take place within the "Digital New Deal" program established to invest in emerging technologies. The program is promoted by the Ministry of Science, Information, and Technology led by Lim Hyesook, who called the metaverse "an unexplored digital continent with undefined potential."

The first funded project involves the implementation of a metropolitan metaverse, which would allow citizens to virtually access various government services. Known to be a technologically progressive nation, South Korea is officially the first nation to directly invest in the metaverse and has set a precedent for other countries to follow.

Kenyan energy company lures Bitcoin miner with geothermal energy

KenGen, Kenya's leading electricity producer, has issued an official invitation for Bitcoin miners to tap its new geothermal energy facility near the capital Nairobi. Excess renewable energy, extracted primarily from pockets of geothermal heat in the Great Rift Valley, could be used both to reduce the environmental impact of Bitcoin mining and to generate economic benefits for the company operating the facilities, as well as additional tax revenue for the Kenyan government itself.

In this case, mining is not considered a waste of energy, but rather would be an important resource for the country. The director of geothermal development at KenGen, Peketsa Mwangi, said that "We would like them here because we have the space and the energy source is nearby, which helps with stability."

The East African nation currently hosts no known Bitcoin mining operations; however, Kenya could become a hub for the industry on the African continent. We are currently in a less profitable period for these activities due to the rising cost of energy, falling cryptocurrency prices, and the still high level of mining difficulty, but as has always been the case in the past the expansion phases of this industry will return.

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