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2022-08-16 09:07:02 Do Kwon Says Terra’s Collapse Probably Had an Insider

The fall of the fourth largest cryptocurrency began with an unannounced transfer of funds between trading pools on the night of May 7. It left the Curve pool with an imbalance on the side of Luna. This anomaly could have been set right as it’s not an entirely uncommon phenomenon.

But in this case, the situation turned from bad to worse, writing off one of the most infamous network collapses in crypto history. In an interview, Do Kwon admitted that he believes there was a mole inside this team and the crucial blow to the network came from an insider. Within 13 minutes of the liquidity imbalance, some unknown traders sold off $200 million of UST. The trend continued through the next morning, which left the trading pool with a lingering imbalance and UST value wobbling from $1 to 99 cents.

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2022-08-15 09:02:02 Proposed Ethereum PoW Fork Token Loses Half Its Market Value in Less Than 6 Days

In 32 days, Ethereum is expected to upgrade from a proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) system after the network used PoW for seven years. While the testnets have implemented the new rules, most people envision a relatively smooth mainnet transition. However, another chain is expected to fork away from the Ethereum branch and since August 8.

Ever since the bitcoin miner Chandler Guo started talking about a new proof-of-work (PoW) version of Ethereum, after the chain transitions to proof-of-stake (PoS), the idea has gained some traction. The crypto asset exchange Poloniex revealed the launch of ETHW markets and there’s a new website called ethereumpow.org. Statistics from coinmarketcap.com indicate that MEXC, Digifinex, Gate.io, and Poloniex list ETHW IOU markets.

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2022-08-14 07:28:03 Coinbase credit ratings lowered by S&P Global on ‘weak earnings,’ competitive risk

The rating agency said Aug. 11 that “weak earnings” and competitive pressure on the crypto exchange have weakened its coverage ratios and “that cyclical variations for Coinbase have increased beyond our previous expectations due to market share erosion and a higher risk of margin compression.”

S&P Global noted that Coinbase’s poor second quarter reports could be traced to increasing uncertainties in the crypto market and rising competition. As a result, Coinbase’s trading volume for the second quarter reportedly declined by 30% while overall trading volume for exchanges declined by only 3%. In addition, competitive risk has risen in the crypto exchange sector and Coinbase’s market share fell in 2022, S&P Global noted.

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2022-08-13 08:14:02 Uzbekistan Moves to Block Foreign Cryptocurrency Exchanges

Authorities in Uzbekistan are restricting access to online crypto trading platforms based outside the country and not registered under its laws. A presidential decree obliges citizens and local companies to only use digital asset exchanges licensed by the government of the Central Asian nation.

Uzbekistan’s National Agency of Perspective Projects (NAPP) has registered a spike in activities of online platforms providing crypto-related services to Uzbekistanis without the necessary license. The regulatory body says these facilitate trading of cryptocurrencies and request personal information without complying with a requirement to have their servers installed in the country. In a recent statement, the agency pointed out that such platforms “do not bear any legal responsibility for carrying out operations with crypto assets.

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2022-06-23 14:03:41 Crypto Publisher pinned a photo Open / Comment

2022-06-23 14:03:38 Celebrate Olympic Day with a new tournament on Fairspin
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2022-06-23 09:48:02 Ripple vs SEC: Major Court Decisions That May Spell Direction of Lawsuit Imminent

Fox reporter Eleanor Terrett shares expectations regarding upcoming court decisions in the Ripple SEC case. According to Terrett, two key decisions are presently being awaited. First, Judge Netburn's decision on whether the Hinman emails and docs fall under attorney-client privilege.

The Fox reporter then shares the scoop that both decisions are now imminent and might be made by the end of the week. As previously reported by U.Today, the SEC has made numerous efforts to conceal the emails that contained the draft of Hinman's speech. The agency is now attempting to persuade the judge that the documents requested by the defendants are covered by attorney-client privilege after its argument on deliberate process privilege (DPP) was rejected by the court.

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2022-06-22 07:35:02 15 Terraform Staffers Banned From Leaving South Korea Amid Investigation

Bloomberg has reported that as prosecutors are investigating the recent massive collapse of Terra's LUNA and UST, 15 of its former and present employees are not allowed to leave South Korea, where the criminal probe is taking place.

These 15 high-profile employees include former developers of lending protocol Anchor. They have all received restrictions to travel out of the country and may be invited for interrogation. Here Bloomberg cited Yonhap news agency from South Korea.However, the source of Yonhap refused to share where the investigation stands now or how many of those Terra employees have been questioned already. However, the source stated that "departure bans are normally imposed" in situations like this. No comments on that have been received by Terra as of now.

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2022-06-21 09:18:03 SBF: Big Players Like FTX Should Step in and Help Crypto Recover

The Founder and CEO of the crypto exchange FTX – Sam Bankman-Fried – thinks large companies like his should use their expertise and “stem contagion” in the digital asset market. As such, they could aid the ecosystem to thrive again, he added.

In addition, the American argued that the Federal Reserve and its controversial approach to tackling high inflation is the main reason financial markets (including crypto) have plummeted recently. One of the most influential people in the crypto space – Sam Bankman-Fried – opined that crises in the sector like the ongoing situation could be solved with the help of the leading companies. Bankman-Fried reminded that FTX has already provided help on similar occasions.

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2022-06-20 09:58:02 Traders Shifting From USDT to USDC

Glassnode, an on-chain data analytics platform, disclosed today that USDC, the world’s second largest stable coin, is gaining traction as crypto investors prefer it over USDT. This may be seen in the total number of supplies added to the coin in the last month alone.

USDC had a market cap of $4.1 billion in January 2021, but it has since increased by nearly 1000 percent to $55.27 billion. According to Glassnode, total stablecoin redemptions have totaled $9.92 billion since the beginning of May 2022. According to the data, USDT witnessed the greatest redemptions of -$13 billion from the beginning of May to today, followed by DAI with -$2 billion, owing to investors closing down leverage or liquidation. Meanwhile, the market capitalization of USDC has increased by $5 billion in less than two months.

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