Tag: terrausd (ust)

May 21 2022

Brazilian Crypto Exchange of Nox Bitcoin Set to Refund All UST Holders’ Losses with USDT

Summary: The Brazilian Crypto Exchange of Nox Bitcoin has announced that it will refund all UST Holders' losses with USDT. Nox Bitcoin has set aside BRL 620,000 or approximately $127k for the refunds. Additionally, during the UST depegging, OKX was the only crypto-exchange to notify its users of the potential risks of the stablecoin collapse. OKX risk protection system kicked in on May...

Can Terra ($LUNA) Be Salvaged?

Terra ($LUNA) and its algorithmic stablecoin TerraUSD (UST) tanked about two weeks ago. The token experienced a 99.9% drop in price, with its UST stablecoin de-pegging from the US dollar. UST still has not recovered and it's at 5.6 cents instead of $1 where it is supposed to be. In a bid to salvage the situation the Terra ($LUNA) ecosystem has put forward...

Circle Commits to Weekly USDC Reserve Reports as Stablecoin Jitters Rock the Crypto Markets

Summary: Circle's team has stated it is committed to providing weekly reserve reports for USDCoin (USDC). Tether also issued its latest assurance report on USDT's reserves earlier this week. Both Circle and Tether's commitment to transparency comes in the wake of increased anxiety and scrutiny of stablecoins as a result of UST's massive crash of over 90% The Co-founder and CEO of Circle,...

May 20 2022

Avalanche Team: The Luna Foundation Guard and Terraform Labs are Yet to Sell AVAX Reserves Bought at $200m in April

Summary: The team from Avalanche has issued a transparency report on the fate of the AVAX reserves that the Luna Foundation Guard and Terraform Labs hold. According to Avalanche, Terraform Labs Purchased 1.09 million AVAX, and the Luna Foundation Guard Purchased 1.97 million AVAX back in April. The Luna Foundation Guard has disclosed it has no plans to use or sell the AVAX...

Binance CEO: The Entire LUNA/UST Incident May Have Been Avoided if the LFG Used Their Reserves when the De-peg was at 5%

Quick take: CZ believes that UST's depegging and massive LUNA inflation could have been avoided had the LFG deployed its reserves when the de-peg was at 5%. According to CZ, the Terra team was very slow and infrequent in communicating with the community during the crisis. He also stated he has mixed feelings about the ongoing revival plans to fork the Terra chain....

Do Kwon Introduces 3 Amendments to Terra Proposal 1623 as Voting Proceeds

Summary: Terra's Do Kwon has introduced three amendments to proposal 1623 to fork the chain. The amendments were introduced as the Terra community was still voting on the original proposal. Do Kwon states that the amendments were added to accommodate community feedback. The introduction of amendments during an ongoing vote has triggered some Terra community members to question the process. Terra's Do Kwon...

May 19 2022

Galaxy Digital’s Mike Novogratz Says His Terra (LUNA) Tattoo Will Be a Constant Reminder that Venture Investing Requires Humility

Quick takeaways: Mike Novogratz has confirmed he will be keeping his Terra (LUNA) tattoo. He explained that the tattoo will be a constant reminder that venture investing requires humility. Mr. Novogratz made the confirmation in a Galaxy Digital letter to shareholders, friends, partners, and the crypto community. According to his analysis, the flash crash of LUNA and UST reinforces the core tenets of...

Curve Finance Community Initiates Proposal to Stop Incentivizing UST Pools With CRV

Summary: The Curve Finance community has released a proposal to remove UST pool gauges. The proposal argues that CRV should not incentivize UST pools as it will create a negative loop for CRV. There are six days left to vote for the proposal, and 100% of the Curve Finance community is for it. The value of UST is now trading around the $0.088...

May 18 2022

Terra Proposal 1623 to Fork The Chain Gathers 90% Support From the Community with 7 Days Left to Vote

Summary: Terra's proposal 1623 to fork the chain has thus far gathered the support of 90% of the community. Voting for the Terra proposal is underway and will continue for the next seven days. 95.4 million votes have been cast, roughly 25% of the potential total voters on Terra. The proposal needs a 50% threshold in terms of votes to pass. The Terra...

May 17 2022

Over $7.5B in Tether (USDT) Redeemed in the Last Week as Stablecoin Anxiety Hits the Crypto Markets

Summary: Over $7.485 billion worth of Tether (USDT) has been redeemed for US dollars in the last week. The total supply of Tether (USDT) has reduced from the recent all-time high of $81.237 billion to $75.75 billion. The redemption of Tether and the decline of its circulating supply come on the backdrop of both UST and USDT depeging. Tether's CTO has confirmed that...

May 16 2022

Do Kwon Proposes Forking Terra into a New Chain Without Stablecoins, Both New and Old Chains to Coexist

Quick summary: Terra's Do Kwon has emerged with a new proposal to fix the Terra blockchain and make UST investors whole Do Kwon suggests forking the current Terra blockchain The new chain will operate without stablecoins and will be named 'Terra', and the old chain will be called 'Terra Classic' Both chains will co-exist New LUNA digital assets will be airdropped to Luna...

VeChain (VET) Offers Terra Developers Grants of Up to $30k to Migrate to its Blockchain

Quick takeaways: The team at VeChain (VET) has invited Terra developers to start building on its blockchain VeChain (VET) has offered them grants of up to $30k for the switch The VeChain grants program covers a wide range of areas such as application development, tools and infrastructure, and blockchain- related research The Terra blockchain and its digital assets of LUNA and UST have been...

May 15 2022

LUNA and UST Communities Become Targets of Scams Promising Refunds On Their Terra Investments

Summary: LUNA and UST investors are being targetted by scammers claiming to issue refunds on their investments One scammer has already amassed 2.13 Ethereum (ETH) from unsuspecting LUNA and UST community members The team at Terra has announced that official announcements and updates will only be made through their Twitter handle, @terra_money Scammers have found new targets in LUNA and UST community members...

Why Have Users Chosen BUSD as a Replacement For UST and USDT?

The entire crypto ecosystem is in the red zone right now. The Terra (LUNA) ecosystem and its stablecoin UST appear to be the most hit. Analysts are of the opinion that Terra’s minting and burning mechanism contributed majorly to its downfall. Therefore, amidst the current bearish trends of the entire cryptocurrency space, investors are looking towards BUSD as a replacement for both TerraUSD...

May 14 2022

Binance CEO Does Not Think Forking Terra is the Solution to LUNA and UST’s Woes

Summary: CZ has expressed concerns over a proposal to fork the Terra chain to create new LUNA and UST digital assets Binance CEO states that the new fork will not have value, and one cannot void all transactions after an old snapshot, particularly on crypto exchanges He also questioned where all the Bitcoin reserves owned by the Luna Foundation Guard went Do Kwon...

Singaporean LUNA and UST Investor Reportedly Files a Police Report Against Terra’s Do Kwon

Summary: A user on Reddit claims that he has filed a police report on behalf of 1,000 Singaporeans against Terra's Do Kwon and the LUNA project The police report states that the concerned citizen lost money in 'the Luna Cryptocurrency scam' Earlier today, Do Kwon had clarified via Twitter that he did not sell any LUNA or UST during the crisis He also...

LUNA, UST Meltdown Forces VanEck and 21Shares to Suspend Trading of 2 Terra ETPs

Summary: The downward spiral by Terra (LUNA) and TerraUSD (UST) has resulted in VanEck and 21Shares suspending the trading of two Terra-based exchange- traded products The two affected products are 21Shares' Terra ETP (ticker LUNA: SW) and VanEck's Terra ETN (ticker VLNA: GR) Both companies have stated that they are monitoring the situation with LUNA and UST to determine the next course of action...

Terra’s Do Kwon: I Sold No Luna Nor UST During the Crisis

Summary: Terra's Do Kwon has stated that he did not sell any LUNA nor UST during the depegging crisis and subsequent inflation of LUNA Do Kwon also explained that he was heartbroken 'about the pain [his] invention has brought' He also explained that the team at Terra is working on documenting the Luna Foundation Guard Bitcoin reserves during the events of the last...

Circle’s USDC Stablecoin Reserves are 77.1% in US Treasuries and 22.9% in Cash

Summary: USDC's reserves are 77.1% ($39 billion) in US Treasuries and 22.9% in Cash ($11.6 billion) The reserves are worth $50.6 billion and match the amount of USDC in circulation Circle, the parent company of USDC, is committed to transparency and trust concerning the stablecoin The update on USDC's reserves comes at a time when other stablecoins have depegged from the $1 mark,...

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