South Korean authorities announced today that they indicted the co-founder of Terraform Labs, the company that develops and manages the blockchain payment platform Terra. According toBloomberg, Daniel Shin and nine others linked to Terra now face multiple charges, including violations of capital markets law, which regulates the nation’s securities and financial markets.

The authorities indicted eight people, including Shin, for illegal trading; two others face breach of trust charges. Prosecutors say all the defendants were directly involved with Terra, having handled marketing, systems development and management. In addition, prosecutors have frozen 246.8 billion won ($184.7 million) in assets from the defendants. Korean officials said they’re working with the US on the case, although they didn’t go into specifics.

Billed as a stablecoin, TerraUSD isn’t backed by real-world assets or fiat currency. Instead, it’s supported by Luna, the native cryptocurrency of the Terra blockchain, that supposedly had a mechanism to restore its value to $1 if its value ever failed. In addition, investors saw it as an alluring money-making opportunity because of its Anchor lending program, which promised annual yields of 20 percent for coin deposits.

However, prosecutors allege the Terra blockchain was a “fabrication” from the get-go, with the entire system essentially built on a house of cards. They claim the blockchain’s algorithm that kept TerraUSD at a stable price was “impossible to get right.” Its value collapsed in May 2022, when depositors lost confidence in the platform and simultaneously tried to sell off their investments. At the time of publication, Terra has a value of less than two cents.

Before the collapse, the defendants took 463 billion won (nearly $346 million) in profit. In addition, prosecutors claim they illegally exposed clients’ payment details and embezzled funds. Authorities say those charged caused “astronomical damage” to global investors as the crash also played a role in the collapse of crypto hedge fund Three Arrows Capital and the broader $2 trillion decline in the cryptocurrency market.

“Shin has nothing to do with the Terra, Luna collapse as he left the [company] two years before the fallout,” said Shin’s lawyer, Kim Ki-dong, in a statement. “He voluntarily returned to South Korea immediately after the collapse, and has been faithfully cooperating with the probe for over 10 months, hoping to contribute to fact finding.”

In September, Korean authorities issued an arrest warrant for Shin’s co-founder, Do Kwon, who was also placed on an Interpol "red notice" list at South Korea’s request. He was finally arrested last month in Montenegro on capital markets law and fraud charges. The US Securities and Exchange Commission also charged Do Kwon and Terraform Labs in February.

Spotify has released its earnings report for the first quarter of 2023 and the headline figure is the number of users the company has. As of March 31st, 515 million people were using the audio streaming service. That's the first time Spotify has had more than half a billion users. Q1 was also Spotify's second-biggest quarter for user growth to date — its audience increased by five percent from the previous quarter and 22 percent year over year. The user base grew by 26 million, which is 15 million more than Spotify had expected. The company said it saw growth in both developed and developing markets, as well as almost every age group.

Most of that growth is based on folks who use the free, ad-supported version of the Spotify service. Premium subscriptions didn't keep pace with the overall growth, as they rose by two percent from the previous quarter and 15 percent year over year from 205 million to 210 million. Still, premium subscribers grew by 3 million more than Spotify had indicated in its guidance to investors.

Overall, Spotify posted a net operating loss of €156 million ($172 million) for the quarter. That's far more than the €6 million ($6.6 million) loss it saw in the first quarter of 2022, though it's an improvement over the €270 million ($297 million) Spotify lost the previous quarter.

While overall revenue was up by 14 percent year over year from €2.66 billion ($2.93 billion) to €3.04 billion ($3.34 billion), it dipped by four percent from the previous quarter. Revenue from paid subscribers didn't change significantly from Q4 2022, but it dropped by 27 percent on the ad-supported side from €449 million ($494 million) to €329 million ($362 million) — though revenue from free users rose by 17 percent year over year. The quarter-to-quarter drop is perhaps a result of advertisers tightening their belts somewhat, leading to lower ad spend.

Advertisers aren't the only businesses trying to rein in costs. Spotify, like many other major tech companies in recent months, has laid off a sizable proportion of its staff. In January, the company laid off six percent of workers, which equates to around 600 people based on the 9,800 that Spotify employed as of the end of 2022.

Additionally, Spotify seems to be placing a bigger focus on the core parts of its business. It recently announced plans to shut down both its live audio app, Spotify Live, and Heardle, the Wordle-style song-guessing game it bought last summer.

The narrow list of EVs that qualify for federal tax credits has already grown again. Ars Technicanotes the US government has restored multiple electric rides to the list of vehicles that get at least some credit. The 2023 VW ID.4 (the first US-made model) receives the full $7,500 incentive, as do the upcoming Chevy Blazer EV, Equinox EV and Silverado EV. Rivian R1T and R1S buyers can also get a $3,750 credit provided their configuration slips under the $80,000 cap.

When the Internal Revenue Service outlined the original list, just six EVs could get the full tax credit. This included the Cadillac Lyriq, Chevy Bolt, Chevy Bolt EUV, Ford F-150 Lightning, Tesla Model 3 and Tesla Model Y. Other EVs and plug-in hybrids only received partial credits, such as the Chrysler Pacifica PHEV and Ford Mustang Mach-E.

The Treasury Department outlined stricter requirements for EV tax credits in March. To be eligible for $3,750, a car's battery components must be 50 percent made or assembled in North America. At least 40 percent of key minerals must come from the US or its free trade partners to earn another $3,750. Batteries must be completely made in North America by 2029 for vehicles to still qualify.

As VW is keen to point out, this makes the ID.4 a better deal. The entry-level Standard trim costs $31,495 after accounting for the tax credit. If you can live with the 209-mile range, it may seem like a bargain compared to even the price-cut Model 3. You'll more likely want to spring for the ID.4 Pro with 275 miles of range, but that's still more attainable with a $36,495 sticker after the incentive.

This may also help put Chevy's wave of upcoming EVs within reach. The Equinox in particular is expected to start around $30,000 — a full credit would price it below many conventional SUVs, let alone electrified versions. As with VW, the discount could spur sales and help the US meet the climate goals that helped prompt the Inflation Reduction Act.

The IRS released a list of electric vehicles that still qualify for the full $7,500 federal tax credit after strict new guidelines, announced back in March, officially go into effect on April 18th. The list is very short, as just six EVs now qualify under the new terms. The updated rules pertain to EV batteries and cut out China as an approved trading partner, so we knew the vehicle list would shrink, as most electric vehicles use batteries manufactured in China or by Chinese companies.

If you want to get that full tax credit, choose from the Cadillac Lyriq, Chevy Bolt, Chevy Bolt EUV, some Tesla Model 3 versions, some Tesla Model Y versions and Ford F-150 Lightning. Many EVs lose the full credit moving forward, like the Nissan Leaf and Volkswagen ID.4. So check the full list before zeroing in on your next car purchase. $7,500 is nothing to sneeze at.

EVs shunted out of the exclusive full tax-credit club may still qualify for a half credit of $3,750, so long as they meet certain requirements. Three PHEVs also qualify for the half credit and three more qualify for the full tax credit, including models manufactured by Ford, Lincoln, Chrysler and Jeep. These credits are not about excluding hybrid technology and are all about making sure components are sourced properly. 

Here's how that breaks down. Battery components that are 50 percent made or assembled in the USA qualify for the first half of $3,750 and if the company sources at least 40 percent of critical minerals from the US or free trade partners, the second $3,750 kicks in. If a company meets one or the other standard, the vehicle gets a half credit.

While the list winnowing down to just six vehicles makes for a good headline, it should beef up as automobile manufacturers make changes to meet the rules. New EVs that meet the component sourcing standards will get added to the list and other vehicles will get re-added as manufacturers open new factories in the US and other approved countries. New trade deals could also impact the list of approved vehicles as time marches forward. However, these rules grow stricter over time. Batteries must be completely made in North America by 2029 to continue to stay on the IRS’s good side and get that full $7,500 credit.

The Securities and Exchange Commission has charged Bittrex and former CEO William Shihara with operating an unregistered securities exchange. In a complaint filed on Monday, the SEC alleges the crypto exchange, once one of the largest in the US, earned at least $1.3 billion in revenue between 2017 and 2022 while offering the services of a broker, exchange and clearing agency. It did so without registering with the Commission, in violation of federal law, the SEC alleges.

Additionally, the SEC claims Bittrex “coordinated” with crypto issuers to delete “problematic statements” Shihara believed would prompt a regulator like the SEC to investigate the exchange. In one instance, the Commission states Shihara instructed a potential issuer to erase comments that referenced “price predictions” and “expectation of profit.”

“Today’s action, yet again, makes plain that the crypto markets suffer from a lack of regulatory compliance, not a lack of regulatory clarity,” said SEC Chair Gary Gensler. “As alleged in our complaint, Bittrex and issuers that it worked with knew the rules that applied to them but went to great lengths to evade them by directing issuer-applicants to ‘scrub’ offering materials of information indicating that certain crypto assets were securities.”

As Coindesk notes, Bittrex, citing “continued regulatory uncertainty,” announced last month it would exit the US market at the end of April. Over the weekend, the company told The Wall Street Journal it was recently notified by the SEC of potential enforcement action by the Commission. David Maria, the company’s general counsel, said Bittrex would challenge the lawsuit unless the Commission offered “a reasonable settlement offer.” Last year, the US Treasury fined Bittrex $29 million for previously failing to comply with US money laundering and sanction laws.

Apple is launching its high-yield savings account for Card owners in the US after a months-long wait. Sign up for the 4.15 percent annual percentage yield offering and you can either transfer money (from your Apple Cash balance or a linked bank account) or automatically deposit your Daily Cash from purchases. There are no fees, balance requirements or minimum deposit amounts, and you can withdraw money at any time.

Like with Apple Card itself, Goldman Sachs provides the savings account. The concept is somewhat similar to Goldman's "Marcus" account, which offers a 2.15 percent yield with comparable flexibility. Both Marcus and Apple's account are built for mobile users who aren't keen on setting foot inside a bank. The difference, of course, is that Apple's is tied to the iPhone's Wallet app.

The savings account requires at least iOS 16.4. There are also a few limitations. You can't have more than $250,000 in the account, and transfers to or from Apple Cash have to range between $1 and $10,000. You also can't transfer more than $20,000 per week.

The debut comes just weeks after the company introduced Apple Pay Later to help American users split online purchases into interest-free payments. As with that service, the Apple Card savings account is believed to be part of a larger strategy that brings more financial services in-house. These not only let Apple control more of its customer experience, but help it keep users in the ecosystem. You may stick to iPhones knowing you can easily build funds.

Twitter is teaming up with eToro, a social trading network, to expand financial information available on the site and make it easier for users to buy stocks and crypto. As CNBC reports, the existing $Cashtag format, which previously allowed finance-inclined users to click a financial hashtag of sorts to see more data on particular stocks, will be expanded to show more real-time data. That data will continue to be provided by TradingView, a market tracker and existing eToro partner.

The updated search also brings an eToro button under the live price charts, taking users away from Twitter to get more information and potentially invest. Anyone can look through the stats, but eToro will prompt visitors to create an account before being able to part with their money. 

Twitter is openly trying to diversify its offerings, with "additional market insights and greater access to investment capabilities," Chris Riedy, VP of Global Sales & Marketing at Twitter, said in a statement. According to Twitter, the first quarter of 2023 saw 498 million tweets revolving around finance or business.

Since Elon Musk took over as CEO, 80 percent of the company's workforce have been let go in a bid to cut costs. An updated subscription model was launched soon after, promising Blue ticks, fewer ads and increased tweet visibility for $8 per month, while developers were forced to begin paying for a basic API or lose access to the company's firehose. This came after over 500 advertisers reportedly paused spending on Twitter.

While eToro isn’t directly integrated into the social media platform, the tie-in could potentially benefit Twitter financially in the form of referral bonuses.

Virgin Orbit has filed for Chapter 11 bankruptcy protection a few days after officially shutting down its space launch operations. The private space company has been burning money for a while now and reported a loss of $49.2 million in its last fiscal quarter. It tried to raise money in late 2021 by going public through an SPAC merger that was expected to raise $483 million for the company. However, it ultimately got less than half of that amount in gross proceeds. 

While Virgin Orbit carried on throughout 2022, its financial issues came to a head after its "Start Me Up" mission didn't quite go as expected. It was supposed to be a historic event as the first orbital launch from UK soil, but it failed to reach orbit due to a dislodged fuel filter. The company went into operational pause and furloughed most employees after that, in mid-March, as it sought new investors. And by the end of last month, it extended its employee furlough, because it wasn't able to close any deals. 

Virgin Orbit's late-stage discussions with Texas-based investor Matthew Brown, who was going to put $200 million into the company, reportedly broke down. It was perhaps the perfect deal for the launch provider, since that amount would've been enough to give the investor a controlling stake. A previous report by CNBC's Investing in Space newsletter said Sir Richard Branson didn't want to own the company anymore, even through the bankruptcy process, and that the Virgin Group had been rushing to find new sources of funding and buyers before the news broke. 

On March 30th, the company officially shuttered its space launch operations due to lack of funding. It flew a total of six flights from 2020, though only four of which were able to put satellites in orbit. According to Financial Times, Virgin Orbit said it expected to report $33.1 million in revenue and a net loss of around $191 million for the 2022 fiscal year. The company's search for a buyer will now proceed while protected by Chapter 11, though the process could culminate in the business being wound down if it doesn't find a new owner.

The US Treasury Department issued updated guidance today about which electric vehicles qualify for the federal $7,500 EV tax credit under the Inflation Reduction Act (IRA) that President Biden signed last year. Although the new guidelines add more confusion than clarity, it’s evident that fewer EVs will be eligible.

The updated rules target mineral sourcing in EV batteries, stating that they must be sourced from the US and approved trading partners. That rules out China, which is labeled as a “foreign entity of concern.” Although it’s understandable for the US to limit its dependence on its most powerful adversary, most EVs today run on Chinese-made batteries, making the path forward for receiving the credit on purchases made after April 18th as clear as mud.

To receive tax credits, battery makers must source a significant portion of their materials and manufacturing from North America. Battery components must be 50 percent made or assembled in North America to qualify for a $3,750 credit; critical minerals must be 40 percent sourced from the US or free trade partners for another $3,750 credit. The requirements grow stricter over time, as batteries must be made 100 percent in North America by 2029.

Although some EVs may qualify for partial credits, it’s unclear which models will be eligible after the deadline. “Some EVs will certainly qualify for a partial credit,” said John Bozzella, president and CEO of the Alliance for Automotive Innovation, in a statement to Autoblog. “Given the constraints of the legislation, Treasury's done as well as it could to produce rules that meet the statute and reflect the current market.” However, US officials admit some models will either be reduced or eliminated from the program. The government will publish a revised list of qualifying models by April 18th.

The US and Japan signed a trade agreement on Tuesday that could help long-term by adding the Pacific power to the list of approved partners. In October, the Biden administration announced $2.8 billion in grants for 20 companies to spark domestic EV battery materials and production. The funding, part of the Bipartisan Infrastructure Law, will support the new “American Battery Materials Initiative,” which aims to secure critical EV minerals and boost battery supply to meet Biden’s goal of making EVs half of US vehicle sales by 2030.

When Faraday Future released its earnings report for 2022 earlier this month, it said it's on track to begin the production of its first vehicle. The company had a lot of false starts since it was founded in 2014 and had to push back the model's production and shipment dates again and again. This time, the company was finally able to stick to its timeline: Faraday Future has announced that it has started production for the FF 91 Futurist electric vehicle at its factory in Hanford, California. 

Faraday Future unveiled the FF 91 Futurist in February 2022, with the intention of kicking off the manufacturing process in the third quarter of the year. It obviously didn't happen, and the company told investors that it was because it needed more cash for its commercial launch. Indeed, the automaker grappled with a string of financial woes over the years and even almost ran out of cash in 2017 before Season Smart, later acquired by Chinese company Evergrande Health, agreed to fund it with $2 billion. 

Faraday burned through Season Smart's initial $800 million cash injection too quickly, however, and ended up feuding with the investor. The company furloughed (and ultimately let go) hundreds of employees while the dispute was ongoing. It also had to abandon its plans to build a $1 billion Las Vegas production facility and sell the site for $40 million.

The FF 91 Futurist promises 1,050 horsepower, a range of 381 miles as certified by the EPA and the ability to go from zero to 60 mph in 2.27 seconds. It will be sold both stateside and in China — in the US, customers in Los Angeles will get their units first, followed by those in San Francisco and then buyers in New York. According to Reuters, deliveries in the US are scheduled to begin in April 2023. The company itself didn't mention a specific date for when deliveries will start, but it did announce a final launch event for the FF 91 Futurist on April 26th.