Cryptocurrency Terra luna

2022 - 5 - 16

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Image courtesy of "Bloomberg"

Meet the Hedge-Fund Manager Who Warned of Terra's $60 Billion ... (Bloomberg)

Kevin Zhou of Galois Capital says he started warning about Terra as a 'public service to also let everybody else know' about its dangers.

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Image courtesy of "Business Today"

Crypto markets recover from Terra Luna crash; Bitcoin at $30000 (Business Today)

Global market cap is up by a 2.62% and is at $1.31 trillion; crypto exchanges that had previously delisted Terra Luna amid crash start re-list the token.

Ethereum rose by 2.57 per cent and is trading at $2,096. US SEC Commissioner Hester Peirce said that stablecoins are likely to be regulated in the near future in light of TerraUSD crash. Cryptocurrency markets are witnessing a steady uptrend in the last 24 hours. The USDT Tether showed 0.01 uptrend in the last 24 hours in its value and is trading at $0.999. Whereas the USDC stablecoins showed 0.04 per cent downtrend in its value and is trading at $1. Doge, the popular memecoin is at the spot of the tenth most valuable token and is up $2.43 per cent. Bitcoin is up by a significant 2.67 per cent, and is trading at $30,741.

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Image courtesy of "Coindesk"

The Collapse of UST and LUNA Was Devastating, but There Is Still ... (Coindesk)

When a prominent stablecoin and the token that backs it failed, the broader ecosystem certainly was dealt a blow, but ultimately it is surviving.

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Image courtesy of "The Indian Express"

Whereabouts of Terra's Bitcoin reserve a mystery after transfers (The Indian Express)

The $3.5 billion in Bitcoin purchased as a reserve by the foundation set up by the creators of the failed Terra blockchain became untraceable.

The remain Bitcoin reserves were moved on May 10 in a single transaction to an account on the Binance exchange, Elliptic said. About $1.7 billion was sent on May 9 from LFG wallets to a new address through two transactions after Terra co-founder Do Kwon said the funds would be used to support the peg. Over the next day, the crypto wallets used to hold the reserves were emptied, Elliptic said.

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Image courtesy of "Business Insider India"

The Terra LUNA crypto crash has sparked the debate on 'true ... (Business Insider India)

The prices of Terra's UST and its sister currency LUNA crashed last week, bringing the whole crypto market down with them. The cascading effect of the ...

Many are warning of the possible larger impact on financial markets with many bigwig companies now having Bitcoin and other crypto assets on their balance sheets. The nosedive of LUNA and UST has wiped out more than Massive withdrawals were made from Anchor, a decentralised finance (DeFi) protocol based on the Terra network. Advertisement The consolidation of enough market influence in the hands of a few caused the algorithm between the UST stablecoin and its sister token LUNA to come crashing down. Advertisement

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Image courtesy of "Fortune"

Ethereum co-founder says every 'average smallholder' impacted by ... (Fortune)

"The obvious precedent is FDIC insurance (up to $250000 per person)" Vitalik Buterin tweeted, adding that he “strongly supports” helping the “average UST ...

UST is trading at around 14 cents, down 85% in the last seven days. It was part of the New Deal series of government programs that restored faith in the financial system, yet came under criticism of too much government involvement in business. "Stronger regulation for low-earning employees, and a more figure-it-out-yourself approach for the wealthier. Though the overall market is now recovering, the demise of UST and Luna wiped out many cryptocurrency investors’ life savings. UST is an algorithmic stablecoin, which means it has no reserves. Buterin retweeted the user on Saturday, saying: “Strongly support this.

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Image courtesy of "Bloomberg"

Terra Hasn't Killed Crypto, But It Was a Narrow Escape (Bloomberg)

Algorithmic stablecoins were about to hit prime time. Now they're having an existential crisis.

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Image courtesy of "CNET"

Luna Crypto Crash: How UST Broke, Why It Matters and What's Next (CNET)

There are two intertwined stories here: That of the UST stablecoin and that of luna, both of which are part of the Terra blockchain. The UST coin is designed to ...

Over the course of a day, on May 9, around $1.6 billion worth of bitcoin was sent from LFG's wallet to Gemini, a crypto exchange. Secretary of the Treasury Janet Yellen said on Tuesday that UST's depegging "simply illustrates that this [stablecoins] is a rapidly growing product and there are rapidly growing risks." "If big whales found a playbook here that works to attack UST, we worry they may reuse that playbook in other areas of the market." In essence, it's an attempt to reset the blockchain to its state before the depegging. "The question in our minds becomes, does what happened to UST spread to other stablecoins?" It bounced between 30 and 50 cents in the week following the initial depeg, but has now fallen to a steady low of under 20 cents. Over $2 billion worth of UST was unstaked (taken out of the Anchor Protocol), and hundreds of millions of that was immediately sold. So if UST slips to 99 cents, traders could profit by buying a huge amount of UST and exchanging it for luna, profiting one cent per token. If UST dipped below $1, bitcoin reserves would be sold and UST bought with the proceeds. Such an implosion has been seen for small-cap memecoins in the past, but never for something the size of luna, which had a market cap of over $40 billion just last month. "A decentralized stablecoin is the Holy Grail of DeFi," explained Cyrus Younessi, former Head of Risk Management at MakerDAO, the group behind DAI stablecoin. Its value has collapsed in one of the most stunning crypto crashes ever recorded.

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