Memecoins make millionaires, Terraform and Do Kwon liable for fraud, and more: Hodler’s Digest, March 31 – April 6

Memecoin frenzy makes traders millionaires, Terraform Labs and Do Kwon found liable for fraud, and Argentina’s tighter crypto rules.

A jury found Terraform Labs and co-founder Do Kwon liable for defrauding investors in its civil case with the United States Securities and Exchange Commission. The SEC trial started on March 25 without the attendance of Kwon, who remains in Montenegro while courts decide whether to grant his extradition. According to the verdict, jurors found Kwon and Terraform liable for six charges. They also determined that the platform acted recklessly in making false or misleading statements regarding the offer or sale of TerraUSD, Luna or wLUNA.

A crypto trader turned $13,000 into over $2 million, a gain of 15,700%, on April 3 by investing in the novel memecoin Donotfomoew (MOEW) minted on the Base blockchain. The cat-themed MOEW meme token was created earlier in the day by Bitget Wallet. Shortly after its debut on DEXs, however, MOEW surged in value and currently commands a market cap of $31 million. More than 8,000 addresses have received MOEW tokens during the ongoing airdrop, which is eligible for users holding enough BWB points.

A sudden 5% drawdown in the price of Bitcoin (BTC) on April 2 has seen traders with leveraged exposure to Bitcoin and other cryptocurrencies rack up over $165 million in losses in less than two hours. Bitcoin plunged 5% from $69,450 to as low as $65,970 in less than 30 minutes, per TradingView data. According to data from Coinglass, Bitcoins sharp wick down saw more than $165 million in leveraged positions wiped out, with just over $50 million in Bitcoin longs and more than $40 million in Ether (ETH) longs accounting for the bulk of that figure. Roughly $6 million in long positions on Dogecoin and $4 million in Solanas SOL were liquidated, trailing BTC and ETH.

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