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LUNA Charts a Bullish Course as Crypto Markets Opens Monday With Gains

Over the past few weeks, the crypto market has been filled with one form of turmoil or the other, pushing a far bigger onslaught in the cryptocurrency ecosystem. The plunge in price across the board has dragged off the combined crypto market cap gains, which slumped below $1.15 trillion in the trailing 7-day period. At the time …

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Market Wrap: Cryptos Decline Amid Choppy Trading, DeFi Tokens Underperform

Aversion to risk remains as volatility returns to stocks and cryptos. Bitcoin (BTC) traded in a choppy range over the past week as volatility ticked higher. That could reflect uncertainty among crypto traders. BTC was down by 3% over the past 24 hours and is roughly flat over the past week. Meanwhile, several alternative cryptos …

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LUNA and UST Crash Could Have Been Averted if Bitcoin Reserves were Used Earlier, Binance CEO Says

The collapse of LUNA and UST, the native tokens of the Terra network, could have been avoided if the Luna Foundation Guard (LFG) had used its Bitcoin reserves earlier, according to Binance CEO Changpeng Zhao (CZ). Sharing his insights on the Binance website, CZ noted: “The Terra team was slow in using their reserves to …

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Ethereum Merge Might Happen in August as Testing Enters Final Round

Speaking at the Permissionless 2022 Conference in Florida, the U.S., Ethereum Researcher Justin Drake disclosed that the merge of Ethereum (ETH) might happen in August. Market insight provider Bankless pointed out. He noted: “Strong desire to make this happen before difficulty bomb in August. Stars are aligned.” Meanwhile, Ethereum core developer Preston Van Loon shared similar …

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Terra Co-Founders to Face Fraud Charges in South Korea

The challenges ahead for Terra’s co-founders are notably more than just reviving the protocol after UST and LUNA coins collapsed last week. As reported by a local media site, Munhwa, an organized group of LUNA and UST investors is planning to file a legal complaint against CEOs Do Kwon and Daniel Shin for alleged fraud. Besides the planned official complaints filed with …

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3 Members of Terraform Labs’ In-House Legal Team Abruptly Leave Amid LUNA, and UST Fallout

Three members of Terraform Labs’ legal team have left the company, according to their Linkedin profiles that show their departure from the firm this month. The resignation of the company’s in-house litigation, regulatory, general, and corporate counsel members follow the project’s fallout last week as the blockchain’s native crypto assets dropped significantly in value. Linkedin …

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Onchain Analysis Report Says Terra’s Bitcoin Reserves Were Sent to Binance and Gemini

After the collapse of Terra’s once-stable coin terrausd (UST), a number of people wondered where the Luna Foundation Guard’s (LFG) bitcoin went, as the funds were supposed to be used to defend UST’s $1 parity. On Friday, the blockchain intelligence and analytics firm, Elliptic, published a blog post that summarizes where the bitcoin was sent, …

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Terra’s Big Backers, Shanghai Court Declares Bitcoin Property, BTC Obituaries, and Triple Top Hopes — Bitcoin.com News Week in Review

With the nightmare nosedive of Terra’s LUNA and UST, the Shanghai High People’s Court declaring that bitcoin is virtual property protected by Chinese law, a surge in Bitcoin Obituaries, and some hoping for a rare triple top to appear for BCT, the past week has been full of shock, questions, speculation, and broader market resilience …

Terra’s Big Backers, Shanghai Court Declares Bitcoin Property, BTC Obituaries, and Triple Top Hopes — Bitcoin.com News Week in Review Read More »

What Happened to the $3.5B Terra Reserve?

Blockchain analytics firm Elliptic follows the money to major exchanges Gemini and Binance. Where’d that $3.5 billion go? Unless you’ve been off the grid for the last couple weeks, you likely already know that the $3.5 billion of bitcoin that was created, in part, to defend and support the TerraUSD (UST) stablecoin, which proved to be …

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WHAT TERRA’S COLLAPSE TEACHES ABOUT ‘CRYPTO’ AND BITCOIN

As yet another altcoin nears zero, the event reminds the community why Bitcoin is the only authentic cryptocurrency. Terra is crumbling. The blockchain project home to the popular algorithmic stablecoin TerraUSD (UST), which had recently become the fourth-largest stablecoin by market value but now sits at fifth, is near collapse as UST repeatedly fails to sustain …

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