Tag: luna

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South Korea Prosecutors Raid Crypto Exchanges in Terra Probe – Top Crypto Updates

South Korea prosecutors raid crypto exchanges in Terra probe

South Korean prosecutors are stepping up their investigation into Terraform Labs, whose stablecoin TerraUSD collapsed in May. A team of investigators from the Seoul Southern District Prosecutors Office seized transaction records and other material from seven local exchanges.

TerraUSD crashed from its dollar peg in early May when the complex algorithm-based system involving the Luna token that was meant to safeguard the peg failed to work as planned. 

Crypto prices today: Bitcoin, ETH up 0.6%

Bitcoin is currently trading at $23,004.2, an increase of 0.59% over the previous day. Ethereum rose 0.57% over the last 24 hours to $1,493.52. Solana rose 1% to $41.25, while Cardano is trading higher by 0.85% at $0.490. Polygon (MATIC) surged 4.4% to $0.872. The global crypto market cap stands at $1.03 trillion, a 3.72% decline over the previous day.

Tesla sold its Bitcoin due to COVID lockdowns in China: Elon Musk

During Tesla’s earnings call, CEO Elon Musk explained why the company sold 75% of its Bitcoin holdings worth ~$936 million. “The reason we sold a bunch of our Bitcoin holdings was that we were uncertain when the COVID lockdowns in China would alleviate,” he said. Telsa converted most of its BTC holdings to fiat for realized gain, netting a $106 million cost to the profit and loss (P&L).

Microsoft’s Minecraft to ban NFTs on game servers

Minecraft will block the use of non-fungible tokens (NFTs) and blockchain technology on its servers. It will also ban the creation of NFT projects based on its assets. Mojang (the game’s developer) currently allows Minecraft server operators to charge money to access their custom online experiences, but it sees NFTs as running counter to the “spirit of Minecraft.”

Vauld owes retail investors $363 million: Report

As per a report by The Block, Singapore-based Vauld owes creditors $402 million, with 90% of the debt owed to individual investors. The troubled crypto lender owes a total of $125 million to its 20 largest unsecured creditors. On July 8, Vauld filed for protection against creditors and lawsuits in a Singapore court. They have requested “a breathing space” to prepare for restructuring.

Crypto trading volumes in India recover

Trading volumes at Indian crypto exchanges are recovering on the back of a rally in digital asset prices. Volumes had dropped after the government imposed steep taxes. Trading volumes at WazirX rose about 35% to $7.18 million on July 20, compared to $5.30 million on July 1. CoinDCX saw a roughly 63% increase in volumes during the same period.

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LUNA 2.0 Crashes 70% Within Hours of Launch – Top Crypto News

LUNA 2.0 crashes ~70% within hours of launch

The recovery plan after the collapse of Terraform Labs’ stablecoin TerraUSD (UST) and its native token Terra (LUNA) started on a rocky path. The LUNA 2.0 crypto token suffered a huge price correction hours after its launch. According to CoinMarketCap, the token plunged nearly 70% to $5.45 from its launch price of $17.8.

The crash comes after Terra Labs distributed the LUNA 2.0 tokens to investors who held LUNA Classic (LUNC) and TerraUSD (UST). The token was airdropped on May 28, with a maximum circulating supply capped at 1 billion. 

Crypto prices today: Bitcoin rises 5.6%, ETH up 6.7%

Bitcoin is currently trading at $30,613.67, a 5.6% increase over the previous day. Ethereum rose 6.87% over the last 24 hours to $1,902.3. Solana jumped 9.75% to $46.63, while Cardano is trading higher by 12% at $0.52. Avalanche (AVAX) jumped 12% to $27.6. The global crypto market cap stands at $1.27 trillion, a 5.86% increase over the previous day.

Nike’s RTFKT buys ‘DotSwoosh’ Ethereum domain name for $35K

Nike’s Web3 arm, RTFKT, has acquired Ethereum Name Service (ENS) domains following the purchase of dotswoosh.eth for 19.72 ETH (~$35,000). As per reports, Nike may have plans to use the domain for issuing ENS subdomains in the future. The company could allow holders of specific NFTs or other assets the ability to register an ENS subdomain under dotswoosh.eth.

SpaceX will join Tesla in accepting dogecoin ‘soon,’: Elon Musk

Popular crypto meme token Dogecoin will soon be accepted by SpaceX, announced Elon Musk via a Tweet. Products on the SpaceX website, including “Occupy Mars” t-shirts and spacesuit onesies, were still listed in dollars as of Saturday. SpaceX is a spacecraft engineering company based in California.

Crypto asset management platform Kassio launches operations in India

Global crypto asset management platform Kassio launched its operations in India on Monday. The platform offers proprietary crypto architecture powered by best-in-class wallet security, anti-money laundering mechanisms, and exchange partners. It provides a unified solution wherein users can earn, borrow, shop, or trade crypto.

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Coinbase Allows Users to Access Ethereum-Based Dapps – Top Crypto News

Coinbase allows users to access Ethereum-based dapps

Coinbase Global will allow a small set of its users to access Ethereum-based decentralized apps (dapps) directly from the Coinbase app. This move will help users purchase NFTs on various marketplaces, including OpenSea. It will also allow users to trade on decentralized exchanges such as Uniswap and Sushiswap. They will also enable borrowing and lending through DeFi platforms like Curve and Compound.

Crypto prices today: Bitcoin, ETH up 3%

Bitcoin is currently trading at $30,429.42, a 2.9% increase over the previous day. Ethereum rose 3% over the last 24 hours to $2,073.4. Solana rose 4.36% to $56.36, while Cardano is trading higher by 2.8% at $0.577. Avalanche (AVAX) rose 1.6% to $33.83. The global crypto market cap stands at $1.30 trillion, a 2.96% increase over the previous day.

TerraUSD falls to 11 cents; creator announces rescue plan

The price of the stablecoin TerraUSD was down sharply by 36% to 11 cents as its creator, Do Kwon, announced a plan to rescue the project. He said the crux of the plan involved what is called a “fork” in software terms—basically taking the existing code and starting over with an updated version. The new version will distribute 1 billion tokens of a new version of Luna to existing Luna and TerraUSD holders and developers.

Brazilian stock exchange B3 to launch Bitcoin Futures

Brazil’s only stock exchange, B3, plans to launch Bitcoin (BTC) futures in the next 3-6 months. The exchange is currently building the infrastructure to offer crypto market access to end-users. Currently, B3 offers exposure to crypto exchange-traded funds (ETF) listed in the Brazilian regulated market.

SEBI seeks to ban celebrity endorsements of crypto

The Securities & Exchange Board of India (SEBI) has reportedly suggested that prominent public figures such as celebrities and sportspeople should not endorse crypto products. The regulator added that public personalities could be held accountable if the crypto ads are found to be violating regulations. The Advertising Standards Council of India (ASCI) has been examining additional and fresh guidelines around crypto ads to protect the interests of consumers.

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Terra Temporarily Halts Blockchain to Prevent Attacks – Top Crypto News

Terra temporarily halts blockchain to prevent attacks

After Terra’s UST stablecoin lost its US dollar peg earlier this week, the firm’s crypto token LUNA crashed. After losing nearly 100% of its value over the past week, Terra validators announced that they would halt the blockchain. Given how dramatically the price of the  LUNA has fallen, the blockchain network rapidly became prone to attacks. The blockchain resumed block production nearly one and a half hours after the halt.

Crypto prices today: Bitcoin jumps 9%, ETH rises 10%

Bitcoin is currently trading at $30,319.92, an 9.3% increase over the previous day. Ethereum jumped 10,7% over the last 24 hours to $2,074.65. Solana surged 32.5% to $51.6, while Cardano is trading higher by 24.5% at $0.569. Avalanche (AVAX) rose 45.65% to $34.6. The global crypto market cap stands at $1.30 trillion, a 16.25% increase over the previous day.

Global crypto regulation body likely in next year, says top official

Global market regulators are likely to launch a joint body within the next year t0 coordinate crypto rules. Ashley Alder, Chair of the International Organization of Securities Commissions (IOSCO), said the boom in digital currencies was one of the three main areas authorities are now focused on, along with COVID-19 and climate change.

Nomura offers its first Bitcoin derivatives

Japenese investment bank Nomura has begun offering Bitcoin over-the-counter derivatives to clients. This is the latest move by a traditional financial institution into the crypto industry. Nomura’s s clients can start trading Bitcoin futures and options in the market.

Ethereum gas prices surge 

Ethereum gas prices more than doubled from Tuesday to Wednesday and were on track to double again on Thursday, as per data from blockchain explorer Etherscan. The increase in gas price is mainly due to transfers involving the addresses of centralized stablecoins, Tether, and USDC. Tether stablecoin transactions have accumulated the most in fees over the last 24 hours.

[Gas fees are the transaction fees that users pay to miners on a blockchain protocol to have their transaction included in the block.]