Helium Sees 70% Recover Rally And Angry Terra Investors Hire Law Firm

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Last Updated on 11 June 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Although Bitcoin is barely moving these past few days it seems (in the past week, Bitcoin has changed 1% at the time of writing), there is still plenty of action in the rest of the cryptosphere.

Several altcoins like Chainlink and Helium experienced so-called recovery rallies as the market steadies again and South Korean police launched a criminal probe into Terraform labs, the company behind the failed Terra Luna coins.

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Music without smartphones

Shawn Fanning, the more technological part of the dynamic duo Fanning-Parker who together founded Napster in the 1990s (think Spotify or Apple Music before smartphones), launched several technology companies in the 21st century already.

One of the better known was is Helium (HNT), a long-fi network that allows users to install their own network routers, called the Helium hotspot, hoping to connect the Internet of Things (IoT) devices to each other.

The connected Helium coin exploded some 50% in November last year when it announced impressive user growth, but has since fallen back as Bitcoin and tech stocks dropped in the first half of 2022.

Now, it is seeing a so-called recover rally of 70% in the past few weeks.

Charges of fraud

South Korean authorities have launched a full investigation against Terra’s developers after many investors watched in horror last month when Terra’s stablecoin lost its peg and dropped some 99% in the course of one week.

Several Korean investors who lost fortunes have now hired law firm LKB & Partners to file charges of fraud and financial regulations violations.

The Financial Times also reported yesterday that the Seoul Metropolitan Police Agency launched a probe:

Into allegations that an employee of Terraform Labs embezzled an undisclosed amount of the company’s bitcoin holdings.