One of the largest money transfer services in the world – MoneyGram – plans to enable users to send stablecoins and convert them to fiat currency. The company will collaborate with Stellar Blockchain to execute the move. In addition, CEO Alex Holmes shared his optimistic view on the crypto industry, predicting it is “here to...Read More
Terra’s unraveling is undoubtedly one of the biggest busts in the crypto industry’s history. While Kwon has already initiated his grand revival plan to salvage the Terra ecosystem, the people who worked with him in the now worthless “LUNA Classic” reportedly are under investigation. According to a report, the Financial and Financial Securities Crime Joint...Read More
Terra Luna 2.0 went live on exchanges last night, and traders have mixed feelings regarding LUNC and LUNA. Some remain hopeful that LUNA 2.0 will reach prices as high as $50, while others are on Terra Classic’s side, encouraging users and exchanges to burn the token to reduce the enormous supply of the cryptocurrency. Let’s...Read More
The Terra fiasco has had terrible consequences for numerous investors around the globe. One of them was reportedly the Ukrainian citizen – Yuri Popovich – who invested approximately $10,000 (all his family savings) into the stablecoin UST and had lost almost everything. UST and a Ukrainian Family Cryptocurrencies and stablecoins could be employed as an...Read More
Terra Luna 2.0 has officially launched today. The new chain launch and Airdrop are complete, and the new LUNA token is now trading and is being tracked on several exchanges, including KuCoin, Bybit, Kraken, MEXC, OKX, and Bitrue. More exchanges are scheduled to join soon. Terra Luna 2.0 New Chain Launch Complete As of seven...Read More
The much-anticipated launch of Terra’s new blockchain took place today, as planned. The network has produced its first block, and additional services are expected to go live soon. Terra’s team took it to Twitter today to reveal that the new chain has officially gone live and is already producing blocks. Block 1 of the brand...Read More
Vitalik recently shared his thoughts on the future of algorithmic stablecoins in the wake of TerraUSD’s failure. While he believes that skepticism and scrutiny of existing protocols is “highly welcome,” he says that recent attempts at permanently dismissing all automated stablecoins are unwarranted. A Better Model for Automated Stables TerraUSD (UST) – an algorithmic stablecoin...Read More
Terra Luna is gearing up for its new chain launch, forking the old blockchain into a new chain without the UST stablecoin. Multiple exchanges already announced their support for the new chain, and CoinMarketCap updated Terra Luna to LUNC and added a new tracker for Terra 2.0. Final Post-attack Snapshot for Terra 2.0 Has Passed...Read More
The developments surrounding Terra’s ecosystem keep coming in. After voting for a revival plan that would see the fork of a new chain without the algorithmic coin, the community has now accepted another proposal. CryptoPotato reported yesterday that Terra’s community voted in favor of Do Kwon’s revival plan that intends to fork a new blockchain...Read More
PeckShield – blockchain security and data analytics company – has identified scammers sending so-called “Wrapped LUNA 2.0” tokens to high profile Ethereum addresses. The ploy is meant to imitate the actual LUNA re-launch airdrop taking place on Friday. According to an alert from PeckShield, popular recipients of these new tokens include Vitalik Buterin, Andreesen Horowitz,...Read More
After the UST depegging earlier this month, which caused LUNA to drop over 99% in price, the community behind the token passed a revival plan proposal that will fork the old chain, creating a new token and blockchain without the stablecoin. The new chain is scheduled to launch tomorrow, May 27th, and the old chain...Read More
Do Kwon’s proposal to revive the beleaguered Terra blockchain has been approved. The controversial Terra proposal 1,623 received a 65.5% approval rate with over 200 million votes in favor. While 20.98% abstained from voting, the “no with veto” votes comprised 13.20%. Terra’s Rebirth This will essentially lead to the creation of a new Terra chain...Read More
The collapse of the much-hyped cryptocurrencies of the Terra ecosystem devastated many investors, but not the investment firms that cashed out right before it all came crashing down. There are many lessons to learn from the failed project as retail traders grapple with devastating losses. Ethereum’s co-founder Gavin Wood said that people should pay more...Read More
The Terra Luna 2.0 Revival Plan has officially passed with over 65% voting in favor of the vote, 20.98% voting to abstain, 0.33% voting no, and 13.20% voting no with veto. This means a new Terra chain will be created, and Luna will be airdropped across LUNA Classic stakers, holders, residual UST holders, and essential...Read More
The unknown person visiting Terraform Labs’ founder, Do Kwon, has been identified and later arrested. According to a BBC News report, an AfreecaTV streamer who goes by “Chancers” was the desperate man who knocked on the controversial exec’s home earlier this month. The social media personality made quite a fortune after entering the digital asset...Read More
Crypto exchange Bybit collaborated with blockchain analytics platform Nansen to publish another monthly report on the state of the crypto industry. It focused on the broader market condition, DeFi activities, and NFT markets. The paper regarded Terra’s notorious collapse as fundamentally destructive to the nascent crypto community but beneficial to other Layer-one competitors since they...Read More
South Korean police are reportedly looking to freeze assets associated with the non-profit organization Luna Foundation Guard (LFG) following the eventful collapse of Terra (LUNA). According to South Korea’s national broadcaster Korean Broadcasting System (KBS), on Monday (May 23, 2022), the Seoul Metropolitan Police Agency asked several exchanges in the country to prevent LFG from...Read More
Earlier this month, the crypto industry suffered a huge setback after Terra’s algorithmic stablecoin UST depegged from the US dollar and caused LUNA to lose 99.9% of its value. Shortly after the crash, Terraform Labs’ CEO Do Kwon proposed a revival plan for the Terra ecosystem. It centered on forking the current chain, abandoning UST,...Read More
Terra LUNA’s price is up over 59% today, currently trading at $0.0001912, surpassing $1.2 billion in market capitalization. The recent price hike for LUNA is most likely due to Terra’s Founder, Do Kwon’s statements yesterday, responding to accusations and questions from the community, which put the market at ease. Let’s look at Terra LUNA and...Read More
The cataclysmic fall of the Terra ecosystem last week wiped nearly $40 billion off the cryptocurrency market, leaving UST and LUNA investors (both retail and investment firms) in severe losses. As those affected by the crash are seeking ways to either move on or take legal action against Terra’s Do Kwon, leading crypto research and...Read More
A lot has been said about Do Kwon, his cryptocurrency project, and the failure of the two native digital assets in the past two weeks. One of them included owning $78 million in taxes to South Korea, but Kwon refuted this, saying his firm had paid its dues. CryptoPotato summarized the events that transpired two...Read More
After two days of silence, Do Kwon, the founder of Terra Luna, took to Twitter to respond to various questions and accusations from the community, discussing multiple issues regarding his proposal to fork the Luna network and clarifying his whereabouts. Terra Luna Revival Plan 2 Luna’s second proposed revival plan looks to fork the chain...Read More
Currently, the market is experiencing one of the most painful weeks this year, and it was exacerbated by Terra’s crash. While Terra’s ecosystem boss, Do Kwon, has been putting forward revival plans, he also amended one. But more importantly – he did so while the proposal 1623 was being voted on. Titled ” Rebirth Terra...Read More
The collapse of Terra’s ecosystem – more specifically, the depeg of UST and the subsequent crash of LUNA – are undoubtedly crypto’s hottest story in 2022 and perhaps even beyond. Speaking on the matter was the founder of Avalanche – Emin Gun Sirer. He noted how Terra’s previous growth affected other blockchains and what its...Read More
South Korea’s National Tax Service has reportedly ordered Terraform Labs, its co-founder Do Kwon, and other executives to pay a 100 billion won ($78 million) fine for tax evasion penalties. The Genesis According to local reports, the tax agency first launched an investigation into Terraform Labs and its subsidiaries in June last year on suspicion...Read More
Reports suggest that the Singapore-based company’s legal functions are now being managed by outside counsel. Shortly after the collapse of its flagship stablecoin UST, the legal team behind handling the Terraform Labs abandoned what many consider a sinking ship. As per their LinkedIn profiles, Terraform’s Chief corporate counsel Lawrence Florio, general counsel Marc Goldich, and...Read More
Mike Novogratz – billionaire investor and CEO of Galaxy Digital – has issued a statement addressing the recent meltdown of the Terra ecosystem. He highlights lessons he’s learned from the situation but reinforces his faith in the crypto economy as a whole. The Idea That Failed In a letter to shareholders and the crypto community,...Read More
In the aftermath of Terra’s collapse, co-founder Do Kwon now faces legal pressure from affected Korean investors. They’ve filed both criminal and civil lawsuits, alongside an order to seize Kwon’s assets. Trouble With the Law According to the Korean news outlet Munhwa, investors in both UST and LUNA filed with the court to seize Kwon’s...Read More
After an uncertain last week and with LUNA’s price dropping below 1 cent, Do Kwon, the founder of Terra Luna, announced a new revival plan on Twitter. A new governance proposal #1623 suggests renaming the existing network to Terra Classic, renaming LUNA to LUNA Classic, and birthing a new blockchain. The full proposal can be...Read More
Tether, the company behind the largest stablecoin by market capitalization USDT, has seen a reduction in the asset’s circulating supply after investors withdrew over $7 billion from it. Investors Losing Confidence in Stablecoins Data from CoinGecko shows that USDT’s circulating supply is currently at $75.9 billion, which is a reduction from around $83 billion a...Read More
