Here is the outline for the newsletter today🔥

• DoKwon get’s jail time⛓

• Elon loses key litigation for Dogecoin case 🤯

• Bitcoin claims back 50% dominance📈

DoKwon get’s jail time⛓

Terra's Do Kwon Found Guilty of Document Forgery in Montenegro, Sentenced to 4 Months in Jail.

Terraform Labs founder Do Kwon has been convicted of document forgery by a Montenegro court and has been sentenced to four months in jail.

The court ruling also includes the confiscation of two Costa Rican passports, two Belgian passports, and two identity cards belonging to Kwon and Terra executive Han Chang-Joon.

Kwon, a South Korean national, was arrested in March in Montenegro on charges of possessing falsified documents. Despite local courts granting bail on the second attempt, Kwon and Han have remained in custody since their arrest.

This verdict comes as both South Korean and U.S. authorities have requested Kwon's extradition to face criminal charges related to the collapse of Terra, a multi-billion dollar crypto enterprise, in May 2022.

Kwon will remain in "extradition custody" for six months while South Korea's extradition request is being considered.

Elon loses key litigation for Dogecoin case 🤯

In the ongoing legal battle surrounding alleged Dogecoin market manipulation, several noteworthy developments have emerged.

One significant update involves Adam Gabor Mehes, a prominent in-house litigator at Tesla, who has withdrawn counsel in Elon Musk's $258 billion lawsuit. Mehes's departure from Musk's legal team has raised questions about the strategy and composition of the defense.

However, the legal team has recently added Allison Huebert, a litigation associate from the renowned Quinn Emanuel law firm. This addition brings new expertise and resources to Musk's defense, indicating a strong commitment to fighting the allegations.

Elon Musk himself has vehemently denied the accusations of owning Dogecoin wallets linked to insider trading and market manipulation.

Despite the controversy surrounding his social media activities and their potential impact on Dogecoin's price, Musk maintains his innocence and refutes any involvement in improper actions.

To bolster his defense, Musk's legal team has been actively recruiting additional attorneys and building what has been referred to as a "hardcore litigation department." This move suggests a proactive approach to challenging the allegations and mounting a robust defense strategy.

Bitcoin claims back 50% dominance📈

Bitcoin's market dominance has reached a significant milestone, surpassing 50% for the first time since May 2021.

As the SEC continues its crackdown on alternative cryptocurrencies, Bitcoin has emerged as a relatively safer option for investors. Altcoins like Ethereum, Cardano, Solana, and Polygon have experienced relative declines due to regulatory scrutiny and ongoing lawsuits.

Furthermore, the stablecoin market has faced setbacks due to regulatory pressure, leading to Paxos winding down its BUSD stablecoin.

This regulatory environment has shifted investor focus towards Bitcoin, which is perceived as more resilient in the face of increasing regulatory challenges.

Notable figures within the crypto industry are also anticipating a further rise in Bitcoin's dominance. MicroStrategy's executive chairman has predicted that Bitcoin's dominance could surge above 80% as regulators tighten their grip on other digital assets. This projection suggests that Bitcoin may continue to outperform other cryptocurrencies in the coming months.

In addition, the recent filing by BlackRock for a Bitcoin Spot ETF has had a positive impact on Bitcoin's price and has generated optimism among investors. BlackRock's reputation as the world's largest asset manager, coupled with its interest in a Bitcoin ETF, has further solidified Bitcoin's position as a prominent and regulated digital asset.

✨Bonus News✨

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.