Crypto Scoop: Bitcoin soars to $28,000, and ETH rises to $1,800

This week, we see the prices of top cryptocurrencies attain month highs, CBDC growth and initiatives across countries and companies pursuing crypto initiatives. In this edition of the crypto scoop, we review the following:

• Price gains of top cryptocurrencies
• Terra’s founder, Do Kwon’s arrest
• Nigeria, UAE’s CBDC growth and initiatives
• Microsoft and Telegram’s crypto initiatives

Terra’s Founder Do Kwon’s Arrest in Montenegro

After the collapse of LUNA, Terra, LUNA’s parent company founder, Do Kwon, was charged with fraud, among other charges, for its collapse. Interpol then issued a red notice for his arrest. 

A Twitter post from Montenegro’s Minister of Interior, Filip Adzic, announced Do Kwon’s arrest. The tweet by Adzic reads, "Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs,"

According to a court document filed by United States Attorney Damian Williams, Do Kwon is charged with eight crimes, including commodities fraud, securities fraud, wire fraud, and conspiracy to commit fraud and market manipulation.

According to a report by the Yonhap news agency, the Korean National Police Agency stated that it had verified the suspect's appearance to be Kwon based on a check of the suspect's age, name, and nationality on his ID card.

Nigeria and UAE’s CBDC Growth and Initiatives

Since the central bank began replacing old naira notes with new ones late last year, Nigeria has been dealing with a crippling cash shortage. Godwin Emefiele, governor of the Central Bank of Nigeria, informed reporters at a press conference that the number of eNaira (CBDC) wallets has increased more than 12-fold to 13 million since October, and the value of transactions has increased 63% to 22 billion naira ($48 million) this year.

Bloomberg reports that Emefiele, in the interview, notes that the recent cash shortage has seen more Nigerians gaining trust for the CBDC. However, while CBDC adoption has increased, the country still suffers from a severe cash shortage that has a population of over 200 million struggling to pay for basic needs. 

The digital dirham, the central bank's digital currency (CBDC), is getting closer to being launched by the Central Bank of the United Arab Emirates (CBUAE) for domestic and international transactions.

The CBUAE signed a contract with Abu Dhabi's G42 Cloud and digital finance services company R3 to be the infrastructure and technology suppliers of the CBDC implementation, according to a March 23 release.

The central bank claims that in addition to tackling the difficulties associated with domestic and international payments, it will also support increased financial inclusion as the nation strives to create a "cashless society."

Microsoft and Telegram’s Crypto Initiatives

In the beta version of its Edge web browser, software giant Microsoft has added a cryptocurrency wallet based on Ethereum. Crypto Wallet, a new feature that software sleuth Albacore uncovered, is a Metamask clone that would enable users to store and trade Ethereum and Ethereum-based tokens in a non-custodial way. 

Tether, the largest stablecoin in the world, can now be sent between users of Telegram thanks to a new feature (USDT). The popular messaging app's wallet feature was updated on March 22nd to include USDT-TRON (TRC20), enhancing its payment options for purchasing and selling cryptocurrencies. Although several blockchains support USDT, Telegram has only introduced support for Tron as of now.