The challenges faced by Terra, Wonderland and a handful of other DeFi projects exposed the need for investors to do more research and avoid cult personalities. Satoshi Nakamoto left a large pair of shoes to fill after releasing the code for Bitcoin (BTC) to the world, helping to establish the network, then vanishing without so…
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Some of the world’s biggest banks are increasing their exposure to the digital asset market despite the recent market volatility. Is this a sign of things to come? Has there ever been a worse time to be in crypto? It depends on how you look at it. Amid Terra’s death spiral, Bitcoin (BTC) recording seven-consecutive…
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Binance comes to the rescue of Terra projects, Chainalysis introduces new tools to track stolen crypto funds, Do Kwon’s new proposal for a Terra hard fork and more in this week’s DeFi newsletter. The past week in the decentralized finance (DeFi) ecosystem was dominated by Terra’s collapse and its aftermath on various ecosystems it was…
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The team behind the Terra (LUNA) blockchain has added three revisions to the already published “revival plan” by co-founder Do Kwon – increasing genesis liquidity and decreasing distribution to certain terraUSD (UST) holders. Following the infamous UST stablecoin depeg and a wave of subsequent debate and controversy, Terra has published what they call “an…
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The quest continues for the perfect “stand in” for the U.S. dollar. But, UST’s crash suggests that algo stables may be “inherently fragile.” TerraUSD (UST) is an algorithmic stablecoin that is pegged at $1.00. But, on the evening of May 19, it was trading for $0.083. This isn’t supposed to happen, of course, but last…
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The finance ministers and central bankers of the Group of Seven (G7), which comprises the world’s most advanced economies, have once again called for the rapid introduction of comprehensive regulations of cryptoassets in the aftermath of the recent UST stablecoin crash…. Read More: G7 Keeps Pushing for Crypto Regulation, Here’s What’s Already Happening Read more…
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South Korean lawmakers and financial regulators are taking aim at Do Kwon (full name Kwon Do-hyeong) and his firm Terraform Labs. Following the news that three or more separate civil legal cases – each potentially involving hundred of South Korean terra (LUNA) investors – have already been formulated, further trouble appears to be in…
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Yield generation app Stablegains is facing a lawsuit after losing around $44 million worth of user funds in the Terra collapse when it previously said it allocated funds “across a number of stablecoins”. Fallout from the collapse of the Terra ecosystem continues to unfold with the United States-based yield generation app Stablegains facing potential legal…
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Official records show Do Kwon dissolved Terraform Labs Korea, closing down its headquarters and sole branch just days before the collapse of terra crypto (LUNA) and stablecoin terrausd (UST). Do Kwon Shut Down Terraform Labs Korea Before UST and LUNA Fallout Terraform Labs founder Do Kwon reportedly closed down his company in Korea days before…
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Sales of non-fungible tokens (NFTs) have plunged by more than 54% over the past week as the crypto market dropped sharply. Over the course of the past week, NFT sales volume reached USD 25m, a drop of 54.6% compared to the earlier week, according to data by NonFungible.com. Similarly, the number of NFT sales,…
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