Oh look a new logo! I hope you like it, its part of our NFT project that we are making. Anyways more on that later, let’s get into the news.

Here is what you can read on about today🔥

• 🌏 Sam Altman’s Worldcoin secures $115M in funding

• 🎊 Do Kwon denied bail by high court

• ⚖️ US Sanctions on Tornado Cash don’t fit the law?

Sam Altman's Worldcoin Secures $115M in Funding, Led by Blockchain Capital

In a recent Series C funding round, Worldcoin, the crypto project spearheaded by Sam Altman, has raised an impressive $115 million.

The funding round was led by Blockchain Capital, with participation from prominent investors such as a16z, Bain Capital Crypto, and Distributed Global.

Worldcoin is an open-source decentralised protocol centred around World ID and the Worldcoin token.

This substantial funding infusion will accelerate the research, development, and expansion efforts of the Worldcoin project and the World App, which serves as the inaugural crypto wallet for the Worldcoin ecosystem.

One of Worldcoin's key objectives is to prioritise individual privacy while simultaneously verifying human identity.

To accomplish this, the project utilises a biometric imaging device known as the Orb. This technology enables Worldcoin to authenticate human users while preserving their privacy.

Worldcoin's project has garnered both controversy and interest, with some viewing it as a potential dystopian nightmare.

However, the team at Blockchain Capital recognises the project's potential in differentiating between human users and bots. This capability not only enhances user experience but also restores trust within digital communities.

Sam Altman, known for his involvement with OpenAI as a co-founder and CEO, brings his expertise and vision to Worldcoin.

The substantial funding secured in this round will enable Worldcoin to further advance its mission of creating a decentralised and privacy-centric cryptocurrency ecosystem.

Do Kwon in Montenegro Extended as High Court Revokes Bail

The detention of Do Kwon, co-founder of Terra, in Montenegro has been extended following a high court decision to revoke his bail.

The high court determined that the lower court had assessed the value of Kwon's property based on "statements" rather than concrete evidence, leading to the annulment of the initial bail approval.

Initially, Kwon had paid 400,000 euros ($428,000) as agreed for his bail. However, the high court's decision to revoke the bail has resulted in the extension of his detention.

The high court emphasised that the lower court should have evaluated the value of Kwon's property based on concrete evidence instead of relying solely on statements.

Kwon, along with former Terra executive Han Chang-joon, is scheduled to appear in court for their next hearing on June 16.

Both the United States and South Korea have requested the extradition of Kwon from Montenegro to face criminal charges related to the collapse of Terraform Labs.

Looks like things are yet to get interesting from here on out.

Coinbase's Legal Officer Argues Government Sanctions

Coinbase's Chief Legal Officer is challenging the government's rationale behind sanctioning Tornado Cash, stating that it does not align with the law. The ongoing legal action against the U.S.

Department of Treasury aims to reverse the decision to impose sanctions on Tornado Cash.

Plaintiffs in the case argue that the Treasury is attempting to prohibit open-source software using a property sanctions statute, which goes against the intended purpose of the law.

Tornado Cash is a privacy-focused service operating on the Ethereum blockchain, enabling anonymous transactions by mixing users' transactions.

Coinbase is supporting the lawsuit against the Treasury, with several employees serving as plaintiffs.

The plaintiffs contest the Treasury's definition of Tornado Cash and its failure to provide a clear explanation of how the open-source smart contracts listed in the designation qualify as sanctionable "property."

Furthermore, the plaintiffs argue that the sanctions imposed on Tornado Cash violate the protection of free speech guaranteed by the First Amendment.

In a related development, the creator of Tornado Cash has been granted permission by the Dutch court to question blockchain analytics company Chainalysis as part of an ongoing money laundering trial.

Man things are really getting heated on the law. Glad that the creator starts to get a more fair trial.

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.