Terraform Labs proposed to burn a total of $1.3 billion worth of UST to save LUNA to combat the current crisis. A three-step emergency plan was posted on the project’s Twitter account, which included proposal 1188 — to burn the Read More
There’s no denying that the Web3 industry is slowly becoming mainstream. Cryptocurrencies, blockchain, NFTs, DeFi, and the metaverse have become household terms, and millions of people are expected to enter the crypto market in the coming year. To read the Read More
A former Terra Labs employee has reportedly revealed that Terra co-founder Do Kwon was one of the creators of Basis Cash. This algorithmic stablecoin failed last year, a Coindesk report has revealed. Citing a former engineer at Terraform Labs, Hyungsuk Kang, Read More
A blog post from Shiba Inu gives an update on ecosystem developments per ‘Riyoshi’s Vision.’ Riyoshi is the project’s anonymous founder who claims to hold 0 $SHIB tokens, as doing so would affect his judgment and decision-making. “Don’t worry, the Read More
The investor who bought CryptoPunk #273 for more than $1 million less than seven months ago sold the NFT for $139,530 — at a massive almost 80% loss. Out of the last 10 CryptoPunks that have been sold, eight were Read More
A federal jury in Georgia has ordered now-defunct crypto exchange CampBX to refund the Bitcoin (BTC) it took from customers. The order comes more than four years after the exchange stopped operating, according to a WSBTV report. CampBX was the Read More
Rumors are circulating online that Citadel Capital may be behind the UST crash as Janet Yellen announces a report on stablecoins. The hedge fund, which is well known for its involvement in the shorting of GameStop in 2021, may now Read More
The central bank of Israel has yet to decide whether to create a digital version of its fiat currency shekel, despite the public supporting the notion, Reuters reported. Bank of Israel considering CBDC Discussions over creating digital shekels have been Read More
The Swiss-based crypto exchange, SwissBorg, has released a report on the risks surrounding Terra’s stablecoin, UST. The token is currently undergoing extreme volatility, trading at just $0.59 at writing. SwissBorg issued a risk warning to users on May 10 and Read More
Sweatcoin has announced an increase of 4 million new Sweat wallets in the last 27 days. The new, user-friendly, move-to-earn application recently announced a partnership with Near Foundation to create a SWEAT crypto token. The move to earn movement is Read More
The BBC published an article titled, ‘Bitcoin value drops by 50% since November peak,’ on May 10. It gave a balanced account of the current state of affairs. The key takeaway was a strong positive correlation with stocks, which also Read More
The founder of Ava Labs, Emin Gün Sirer, has offered his opinions on the crash of Terra’s algorithmic stablecoin, UST. According to Gün Sirer, there is a need for decentralized algorithmic stablecoins in the ecosystem due to the censorship vulnerability of Read More
El Salvador just added another 500 Bitcoin (BTC) — worth roughly $15.5 million — to its reserves after the world’s most popular cryptocurrency fell to almost $30,000 on May 9. President Nayib Bukele announced that the country had purchased the Read More
Long-term crypto critic Nouriel Roubini is working on a digital dollar through Atlas Capital Team L.P. that will serve as “a more resilient dollar,” Bloomberg News reported. Atlas Capital, co-founded by Roubini, will work with web3 developer Mysten Labs to Read More
Authorities in India are looking to introduce an additional 28% Goods and Services Tax on cryptocurrencies, CNBC reported. India’s new 28% tax for crypto According to the report, India’s Goods and Service Tax Council considers bracketing crypto investments in the Read More
Luna Foundation Guard (LFG) said on May 9 that it will lend out $1.5 billion worth of Bitcoin (BTC) and UST to defend the algorithmic stablecoin’s peg to the U.S. dollar. Terra’s UST suffered a coordinated attack on May 8, Read More
Looty, a Nigerian art-oriented firm, has come up with a way for Africans to view all the art the continent lost during the colonial era. Chidi, a 34-year-old Nigerian creative designer and the founder of Looty, said the company first Read More
Thieves in the U.K. are now mugging digital investors and stealing victims’ phones to access their crypto investments, the Guardian reported, citing London Police. The city of London police informed the newspaper of the rise in tech-savvy crimes to raise Read More
The number of Bitcoin (BTC) whales has been on a steady decline and is back to the levels earlier in 2022, according to blockchain intelligence firm Glassnode. Glassnode also found that the volume of exchange inflows had risen sharply. Specifically, Read More
A seemingly coordinated attack on the Terra ecosystem occurred this weekend, May 7th, as hundreds of millions of dollars worth of UST was dumped on Curve Finance. This happened in tandem with an increase in short interest in Terra Luna Read More
