The US Justice Department has probed the two major trading firms Jump Trading and Jane Street about plans for a potential bailout of the Terra network’s failed algorithmic stablecoin TerraUSD (UST). According to Bloomberg report from Monday, prosecutors are now looking into group chat conversations on Telegram with participants from Jane Street and Jump Trading.…
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Given Silicon Valley Bank’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins. The death spiral of the Terra ecosystem served as a catalyst to the 2022 bear market — causing losses in the billions, damaging investor sentiment and intensifying the regulatory spotlight over cryptocurrencies. However, the recent depegging of…
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Singaporean authorities have launched a probe into Do Kwon’s Terraform Labs, the entity that developed the now-collapsed TerraUSD stablecoin. According to a report by Bloomberg, Singaporean police sent an emailed statement announcing that “investigations have commenced in relation to Terraform Labs.” It added that the inquiries are “ongoing,” and Kwon is not currently in the city-state…. Read…
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The recent action from Binance comes in the wake of the NYDFS ordering BUSD issuer Paxos to stop minting new coins. Binance has turned to a new set of stablecoins in the wake of the United States Securities and Exchange Commission’s (SEC) regulatory action against its native stablecoin, Binance USD (BUSD). The SEC had sent…
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The realm of stablecoins is an ever-evolving landscape and the number of coins in circulation for the stablecoin BUSD has fallen below the 10 billion mark to approximately 9.68 billion on March 3, 2023. Over the last 30 days, BUSD’s token supply has dropped 40% lower. In contrast, the number of tethers in circulation has…
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2022 was a year of phenomenal cryptocurrency blowouts, as several projects collapsed and many more are on life support after the entire ecosystem was shattered. The fallout from these digital currency projects has not only removed billions of dollars in value from the crypto economy, but also eroded trust. The following is a look at…
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DeFi market saw another exploit this past week on the Platypus protocol, resulting in a loss of over $8 million. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The backlash from the Terra implosion still haunts the…
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Customizable rollup provider Eclipse announced that the startup is launching a scaling solution that is compatible with Solana and Polygon. Eclipse disclosed that the Layer 2 blockchain can run smart contracts on Solana, and decentralized applications (dapps) will be easily migratable to the Polygon Sealevel Virtual Machine (SVM). How Eclipse’s L2 Scaling Concept Hopes to…
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The US Securities and Exchange Commission (SEC)’s legal filing against Terraform Labs and its CEO Do Kwon “could help South Korean prosecutors’ case against Kwon,” a report has claimed…. Read More: SEC Filing ‘May Help South Korean’s Prosecutors’ Do Kwon Case’ – Report Read more »Sign up for e-EUR – the progressive stablecoin
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________… Read More: Today in Crypto: ‘Crypto Trading Activity Increased Markedly in the Wake of Terra & FTX Falls’, Huobi Moving from Singapore to Hong Kong, Swarm Launches Tradable Stocks and Bonds On-chain Read…
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