DeSpace Newsletter Digest
Do Kwon’s $57 Million Lawsuit, Hodlnaut Lost $189.7 Million, and More
DeSpace Weekly Newsletter #15 – October 31, 2022
Dear Despace community,
We have another amazing newsletter for you to read. Just like before, this week’s newsletter covers all the most important news from the crypto space from last week as well as recent important updates from DeSpace Protocol.
What Happened in the Crypto Market Last Week:
Hodlnaut Lost $189.7 Million in Terra Luna Crash
Singapore-based cryptocurrency lending and borrowing platform Hodlnaut previously downplayed its exposure to Terra Luna crash in the middle of this year. However, it looks like Hodlnaut actually lost much more than what previously expected after Bloomberg News reported the findings of an interim judicial managers’ report. It is now believed that Hodlnaut lost $189.7 million due to its exposure to TerraUSD prior to the infamous Terra Luna crash.
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Do Kwon Faces a $57 Million Lawsuit in Singapore
Still related to Terra Luna, its co-founder Do Kwon faces a $57 million lawsuit in Singapore. The lawsuit was recently launched by a group of Terra investors who claimed that Do Kwon intentionally misled Terra investors. The lawsuit mentioned how Do Kwon was well aware of the fragility of Terra’s stablecoin, TerraUSD, but he intentionally misled investors for his personal gains. This recent lawsuit adds more problems to Do Kwon, who is already wanted by Interpol.
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El Salvador and the City of Lugano Team Up for Bitcoin Adoption

Lugano, a city in Switzerland, has agreed to sign a MoU with El Salvador, a country in Central America, regarding initiatives to drive Bitcoin adoption across their respective regions. The same MoU also stated that both Lugano and El Salvador governments have agreed to do student exchange programs between the two. On top of that, El Salvador also agreed to open a Bitcoin office in Lugano to promote Bitcoin and crypto adoption in Europe.
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What happened at DeSpace Last Week:
Meet Despace’s New Partner - Zone of Avoidance
We’re excited to announce our partnership with Play-to-Earn (P2E) space-exploration auto-battler, Zone of Avoidance (ZoA). ZoA takes players on a journey through outer space: from the Milky Way across five galaxies and over 50 planets, all the way to the treacherous Zone of Avoidance, battling numerous aliens and players along the way.

To kick off this partnership, we’ll be hosting a series of cross-promotional activities involving both of our communities. This will include things like AMAs, Twitter Spaces, Gleam campaigns, and other giveaways. Beyond these efforts, we’ll be integrating ZoA NFTs directly into DeSpace’s cross-chain NFT marketplace and looking at migrating all $ZOA token liquidity from PancakeSwap directly to our revolutionary DeSwap DEX.
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Despace Team Was Distributing Aid to Flood-Affected Communities in Nigeria
Nigeria is currently experiencing its worst flood disaster in more than a decade. More than 600 people have sadly lost their lives, while around 1.4 million people have been displaced. Our Nigerian team has seen this firsthand and was on the ground in Delta State on Tuesday to help distribute aid to flood-affected communities. 

The economic and human costs of these floods are devastating, and those affected need the support of others now more than ever.  DeSpace will continue to support those in need directly.
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This is our 15th newsletter, where we bring the latest and most interesting updates from both the crypto world as well as DeSpace directly to your inbox. Make sure you’re following our social channels so that you don’t miss any news the moment it goes live.
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