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While most people associate diamonds with luxury, Jack Du Rose saw it as the beginning of a much deeper transformation. He was once known as a designer of intricately detailed luxury jewelry and unique collections—including “Danger,” a series of jewelry inspired by the world’s deadliest animals. But who would have thought that the man who once collaborated with Damien Hirst on a diamond-encrusted skull project would now be a major figure in the global crypto industry. Jack didn’t jump into blockchain because it was a trend. Instead, his move came from his boredom with managing a global supply chain in the jewelry business that he found complicated, inefficient, and overly reliant on old hierarchies. It was at this point that his desire to create a more equitable and open system of collaboration began to grow. Around 2017, Jack began to immerse himself in the world of Ethereum and the concept of DAOs—decentralized autonomous organizations. To the uninitiated, DAOs may sound like a confusing technical term. But for Jack, it was a way out of the rigid organizational structures that had been holding back many potential projects. He then founded Colony, a DAO platform designed to help teams, communities, and even altcoin startups work together without having to abide by traditional management structures. With a contribution-based reputation system, Colony allows people from all over the world to get involved in projects they care about and be rewarded based on real results, not titles or positions. Furthermore, Colony also opens up funding opportunities that were previously difficult for small projects to access. Startups can immediately prove their ideas are viable through community contributions and get funding without having to go through the VC door that is sometimes only open to those who “have connections.” Talking to Jack Du Rose is like a light philosophical discussion about the “future of work.” He believes that hierarchy is not the only way to organize people in large projects. On the other hand, he also doesn’t believe in a completely free system. He believes that the key is in balance—where real contributions are rewarded. In his various writings on the Colony blog and interviews, Jack often discusses how the world of work could change drastically if we stopped thinking vertically. He even mentioned that DAOs , if implemented correctly, could be the “office of the future” that would allow global teams to work without being tied to a traditional location or working hours. Just imagine: you live in New York, join a project that is being worked on by developers in Berlin and designers in Lagos, and everyone gets rewarded for their contributions. That’s the world Jack wants to build with Colony. Although Colony was originally built on Ethereum, Jack and his team didn’t stop there. They saw the problem of transaction fees and began to move to networks like Arbitrum that were cheaper and faster. This move was not just a technical one but also a strategy to get more people on their platform without being hampered by gas fees that are a headache. However, this change was not made in a hurry. Jack maintained Colony’s original values: open collaboration, transparency, and individual empowerment. He believes that in the future, crypto projects will be judged not only by the technology they use but also by how they give everyone the space to contribute. Now, while no longer literally covered in diamonds, Jack seems to have found something far more valuable—the trust and contributions of a global community that chooses to work independently. And if you think about it, isn’t that a lot more glittering than mere jewelry?

Terraform Labs, the company behind the failed TerraUSD (UST) stablecoin and Luna (LUNA) token, has announced the launch of a Crypto Loss Claims Portal to help creditors recover losses from the 2022 Terra ecosystem collapse. The portal, managed by Kroll Restructuring Administration, is set to go live on March 31 and will remain open until April 30, 2025, at 11:59 p.m. Eastern Time. Affected creditors must act within the specified timeframe to ensure their claims are considered in the bankruptcy proceedings. Failure to submit claims before the deadline may result in forfeiture of potential recoveries. To support their claims, applicants must provide proof of their holdings and losses. The verification process includes on-chain verification for assets on supported networks through a free transaction check, while assets on unsupported networks require manual submission of transaction logs, account statements, or a read-only API key. Once a claim is submitted, an initial determination or review notice will be issued within 90 days, and approved creditors will receive pro-rata payouts. However, some assets, such as Luna 2.0 in Terra 2.0 and cryptocurrencies with an on-chain volume under $100, will not be considered eligible. The Terra ecosystem collapsed in May 2022 when UST lost its peg to the US dollar, initially dropping to $0.98 before plummeting further, triggering a $40 billion market wipeout. In an effort to restore stability, Terraform Labs minted large amounts of LUNA, but this failed to stop the downward spiral. Reports later revealed that Terraform Labs and its founder, Do Kwon, secretly coordinated with a third party to purchase large amounts of UST in an attempt to prop up its price. As previously reported by Crypto News Flash , the U.S. Securities and Exchange Commission (SEC) later accused Terraform Labs of misrepresenting UST’s stability in federal court. Additionally, Terraform co-founder Do Kwon was ordered to pay $110 million as part of a settlement agreement, along with an additional $14.3 million in prejudgment interest. By January 2024, Terraform Labs filed for Chapter 11 bankruptcy in the U.S., reporting assets and liabilities between $100 million and $500 million. By September 2024, the company secured court approval to wind down its operations following a $4.47 billion settlement with the SEC. As part of the settlement, the SEC agreed to collect its settlement amount only after Terraform compensates crypto loss claims, ensuring that affected investors receive priority in recovering their funds before regulatory penalties are enforced. At press time, LUNC is trading at $0.00006265, reflecting a 5.77% decline in the last 24 hours but a 2.93% gain over the past week. Additionally, its trading volume has dropped by 25.29%, currently standing at $11.9 million.

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Haliey Welch, better known as the “Hawk Tuah girl,” has claimed the U.S. Securities and Exchange Commission (SEC) has closed its investigation on her and the HAWK meme coin without pursuing any enforcement actions. However, the SEC themselves have not commented or confirmed this claim. The assertion follows the HAWK token’s meteoric rise to a reported $500 million market cap before crashing below $60 million, causing significant losses for many investors and attracting regulatory attention. Welch announced the alleged probe closure via comments made to TMZ. Welch told TMZ , “For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete.” Welch’s assertion that she faces no legal consequences related to the HAWK token’s dramatic boom and bust has drawn controversy within the crypto community. Many have now questioned how Welch can walk away without legal consequences despite the financial losses faced by investors. Critics argue that the situation shows a gap in regulatory oversight, especially when it comes to high-risk projects like meme coins. Welch’s lawyer James Sallah added, “The SEC closed the investigation without making any findings against, or seeking any monetary sanctions from, Haliey. Because they did not bring any action against her, there are no restrictions on what she can do in regards to crypto or securities in the future.” Related: Black Friday for Longs? $253 Million Wiped Out in 24 Hours over Binance News Legal analyst James Murphy (known online as “MetaLawMan”), suggested that if the SEC probe was closed without action, it wouldn’t necessarily be surprising. Meme coins are generally not classified as securities, which means the SEC doesn’t have jurisdiction over them. He said that the agency is focusing on its core responsibilities, and if fraud was involved, it could be investigated by criminal prosecutors or state consumer protection agencies. For background, the SEC itself recently clarified that most meme coins don’t meet the criteria for investment contracts it regulates, based on established Supreme Court precedent. Related: Gemini, Binance Breach Claims Surface: Is Your Crypto Account Data at Risk? While Welch and her lawyer claim the SEC matter is concluded favorably for her, the absence of official agency confirmation leaves the final status unclear. For now, Welch remains free of legal trouble, leaving the HAWK saga as yet another controversial chapter. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.