“Experience is not what happens to you; it is what you do with what happens to you.” - Aldous Huxley
1) Do Kwon leaves Singapore: The founder of the collapsed TerraUSD and Luna tokens appears to be missing after the Singapore police reported he was no longer located in the city-state. Kwon, facing arrest in his native South Korea, checked in on Twitter, saying he was "not on the run," but stopped short of disclosing his whereabouts. He assured all that his embattled crypto operator Terraform Labs is in "full cooperation" with the authorities.
Titan's Takeaway: Do Kwon, who built a $60B digital-asset ecosystem that crumbled in three days, joins other fallen crypto entrepreneurs currently in hiding – the Three Arrows founders also disappeared after their fund blew up, vaporizing $10B in assets. A ray of hope, however, is that Korean authorities are seeking to revoke Kwon's passport, effectively forcing him to return within 14 days.
2) Celsius seeks to sell $23M in crypto: The insolvent digital asset lender asked a U.S. bankruptcy court for permission to sell all of its 11 types of stablecoins, collectively worth $23M. The motion could fund the Chapter 11 bankruptcy case and provide liquidity for Celsius to continue its day-to-day Bitcoin mining operations. According to its projections, the crypto firm is staring at a $137M negative net cash flow by October if no capital is raised.
Titan's Takeaway: Celsius owns approximately $3B less than it owes to clients whose accounts were frozen in July. With time ticking away, solving this one will be complicated, but we hope that the right financiers will show up and pour out ample liquidity so clients can see their funds again.
3) Amazon to develop a digital euro: The European Central Bank tapped tech highflyer Amazon and four other organizations to pitch a prototype for a digital euro – a central bank-issued alternative to cash. Amazon joins Spain's CaixaBank, France's Worldline, Italy's Nexi, and EPI - a consortium of 31 EU banks - tasked with developing a specific use case. Amazon will work on an e-commerce payment platform within the project.
Titan's Takeaway: While it makes sense for an e-commerce pioneer to throw its weight behind a payments solution in its domain, we can't help but wonder – cloud computing, groceries, pharmacies, TV series, and now a digital euro – is there anything Amazon won’t do?
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