Almost 12 months back, terrausd (UST), an algorithmic stablecoin, suffered a detachment from the U.S. dollar, causing the Terra ecosystem to crumble shortly thereafter. At present, supporters of the Terra Classic blockchain community are deliberating on a plan to revive the ecosystem by re-establishing the once-stable token’s peg with the U.S. dollar. In response to…
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While the exact reason for the investigation hasn’t been revealed, it has been reported that the New York regulator plans on upping its efforts to protect consumers this year. Paxos Trust Company — the New York-based stablecoin issuer behind Binance USD (BUSD) and Paxos Dollar (USDP) — is reportedly being investigated by the New York Department…
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It’s been six months since Terra’s algorithmic stablecoin UST (now USTC) depegged from the U.S. dollar and the price has remained depegged from the greenback since May 9, 2022. Currently, the former stablecoin is exchanging hands for $0.02 per unit, but a number of Terra Classic supporters believe there’s a chance USTC can regain its…
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The examiner revealed that Celsius’ digital assets in its customer’s Custody wallets account officially became underfunded on Jun. 11. The independent examiner in crypto lender Celsius’ bankruptcy case has alleged that the company failed to set up “sufficient” accounting and operational controls in its handling of customer funds. In an interim report released on Nov.…
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Major cryptocurrencies were trading in green early on October 29 as the global crypto market cap jumped over $1 trillion from $979.72 billion on the previous day. The overall volume in DeFi was $4.00 billion, accounting for 4% of the total 24-hour volume in the crypto market. The entire volume of stablecoins was $81 billion,…
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Major cryptocurrencies were trading in green early on October 29 as the global crypto market cap jumped over $1 trillion from $979.72 billion on the previous day. The overall volume in DeFi was $4.00 billion, accounting for 4% of the total 24-hour volume in the crypto market. The entire volume of stablecoins was $81 billion,…
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It is an update to the original 100 million ecosystem funding proposal, which Terra developers say did not fit the community’s needs. On Monday, developers of the Terra ecosystem — consisting of Luna Classic (LUNC), which was formerly known as LUNA, TerraUSD Classic (USTC) and Luna 2.0 (LUNA) — proposed a revised expansion program for allocating…
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It’s been five months since the Terra ecosystem collapsed as tens of billions of dollars in value disappeared from the crypto economy in a matter of days after May 7. Terra’s new Phoenix blockchain managed to restart the ecosystem to some degree and since the end of June, Terra’s total value locked (TVL) in decentralized…
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A spokesperson for the company behind Terra said it believes prosecutors heeled to public pressure and expanded the definition of a security after its associated cryptocurrencies collapsed. Terraform Labs, the company behind the development of the Terra blockchain said South Korea’s case against its co-founder Do Kwon has become political, alleging prosecutors expanded the definition of…
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While digital currencies jumped in value during the early morning trading sessions on Friday (ET), the new Terra token, LUNA 2.0, jumped more than 200% in value against the U.S. dollar. LUNA jumped from a low of $1.90 per unit to a high of $6.87, but the token’s value has slipped to the $5.41 per…
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