The latest news from the crypto world centers on the downfall of several companies and personalities, with one of the most controversial being Terraform Labs' former CEO, Do Kwon, who was sentenced to serve time in Montenegro. However, this is not the only one as Pillow, a Singapore-based newbie in the industry already announced its end of service by the end of July.
Despite the bad news, there is still a positive thing for the crypto industry from last week, particularly as blockchain technology is envisioned as the one that would help revolutionize the gaming industry in the world.
Do Kwon to Serve Time in Jail After Montenegro Sentencing
After much news about Do Kwon's scrutinies after Terraform Labs, best known as LUNA, collapsed, he was arrested and held in lockup in Montenegro while also facing a charge in the region. The country already reached the end of its trial for the disgraced executive who was recently found guilty of falsifying government documents with the fake passports and identification cards he possessed during his arrest.
Kwon was sentenced to serve time in the country's jail, including his time in holding, for four months, as set by the Montenegrin court.
However, further problems await after finishing his sentence as the United States and South Korea are both asking to extradite the former executive for him to face multiple charges against his name after Terra's collapse.
Pillow, a Crypto Startup, is Ending its Services Soon
Users of the newly-established crypto investment platform, Pillow, are now advised to withdraw their funds now or until July 7, before the company revokes this feature. This is because the company announced that its crypto app is already shutting down by July 31, ceasing all kinds of operations by the end of next month.
Despite massive growth in the past months, Pillow is already exiting the game.
Still, it managed to raise as much as $18 million in capital from Series A funding, with investors bidding high for the company.
According to Tech Crunch, its massive growth also led to its demise, with the company incapable of serving its customers further and facing hurdles in its continued operations.
Blockchain Technology for Gaming
Traditional gaming may have met its match, especially as new studies forecast blockchain gaming to be the future of the industry, seeing massive growth and potential to what it may bring in the future. There was already a significant shift from traditional developments to blockchain-based ones in recent times, and this is also considered to be a significant driving factor to it taking its place in the world.
As per a recent study, the latest development is set to record a compound annual growth rate (CAGR) of 70.3% over the next five years.
Its key driving factor is that the blockchain is centralized, meaning that gamers may use their earnings or in-game currencies across other projects or titles as it falls under the blockchain. Traditional games are centralized and cannot do so.
