Investors in funds backed by bitcoin (BTC) appear to be taking advantage of the lower prices, adding close to USD 299m to such funds last week, or the most this year, while ethereum (ETH) outflows more than doubled. … Read More: Record Inflows into Bitcoin as ‘Safety’-Seeking Investors Buy the Dip; Ethereum Outflows Double Read…
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The Luna Foundation Guard (LFG), the entity whose task was to maintain the stability of the terraUSD (UST) peg, said it spent nearly all of its bitcoin (BTC) held in reserves to defend UST’s dollar peg as it collapsed. But from what is left, users of the failed stablecoin will be compensated, LFG said….…
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The Luna Foundation Guard updates the world concerning its crypto-asset reserves and shares a promise to compensate the remaining users of failed stablecoin UST. The Luna saga continues. In a Twitter thread, the team behind the failed algorithmic stablecoin UST and the token LUNA shared precisely how much Bitcoin and crypto assets they had disposed of.…
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New reports fuelled speculations that Do Kwon (real name Kwon Do-hyeong) may have been aware of a storm brewing for the terra (LUNA) platform – and that the Terraform Labs mastermind may have taken action to dissolve domestic parts of his company as early as last month in anticipation…. Read More: Terra’s Do Kwon…
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Big players in the crypto industry do not seem supportive of the latest Do Kwon’s proposal of how to help the collapsed Terra (LUNA) ecosystem. Last Friday, Terraform Labs co-founder Do Kwon put forward a ‘revival plan’ suggesting that the network hard fork and reset ownership to 1 billion tokens. A the time of…
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Vitalik Buterin has called for relief for the average UST smallholder who got lured in by promises of high stablecoin yields by crypto influencers. Ethereum co-founder Vitalik Buterin thinks that the beleaguered Terra (LUNA) project should prioritize small hodlers as part of any proposed reimbursement plan. As widely reported, the Terra eco-system suffered a death…
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The British Treasury Department has affirmed its commitment to regulate stablecoins after the collapse of terrausd (UST) and terra (LUNA). “This will create the conditions for issuers and service providers to operate and grow in the U.K., whilst ensuring financial stability and high regulatory standards,” said an HM Treasury spokesperson. Regulation of Stablecoins in the…
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After the collapse of Terra’s once-stable coin terrausd (UST), a number of people wondered where the Luna Foundation Guard’s (LFG) bitcoin went, as the funds were supposed to be used to defend UST’s $1 parity. On Friday, the blockchain intelligence and analytics firm, Elliptic, published a blog post that summarizes where the bitcoin was sent,…
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The effect of Terra’s demise continues to shine a light on the fragility surrounding the decentralized finance (defi) ecosystem. Things have changed a great deal following Terra’s aftermath, as the total value locked (TVL) in defi has plummeted from $231 billion to today’s $112.29 billion, losing 51.38% in 42 days. Defi TVL Plunges More Than…
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With the nightmare nosedive of Terra’s LUNA and UST, the Shanghai High People’s Court declaring that bitcoin is virtual property protected by Chinese law, a surge in Bitcoin Obituaries, and some hoping for a rare triple top to appear for BCT, the past week has been full of shock, questions, speculation, and broader market resilience…
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