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The founder of Terraform Labs, Do Kwon, has been arrested by Montenegrin police at an airport with falsified documents. This news comes after Kwon’s location had been a mystery for months, and he had been on an Interpol wanted list in connection with last year’s TerraUSD collapse. Kwon is also facing an investigation in South […]
The Japanese Financial Services Agency (JFSA) will allow the domestic distribution of stablecoins minted overseas beginning in 2023, as reported by local media on December 26th. Japan was one of the first advanced countries to establish stablecoin legal regulations and investor protections. Japan passed a law in June requiring tokens to be backed by the yen or another fiat […]
The firm has announced plans to shut down the USN stablecoin to avoid greater risks. (Read More)
Binance has announced the successful completion of its first-ever token burn on LUNC, raising the prospects of the Terra-based cryptocurrency pulling a parabolic run.
A spokesperson for the company behind Terra said it believes prosecutors heeled to public pressure and expanded the definition of a security after its associated cryptocurrencies collapsed.
The House of Representatives Financial Services Committee has proposed a bill that would put a two-year ban on algorithmic stablecoins such as TerraUSD Classic (USTC), which collapsed dramatically — making the entire ordeal one of the single-biggest capital destructive events in the history of crypto. U.S. House Lawmakers Propose Stablecoin Regulation The House is debating […]
While several inquests have been carried out into de-pegging TerraUSD (UST) from the U.S dollar, the project’s founder believes that a mole might be responsible for triggering the chain reaction.
In the interview with the Wall Street Journal, Kwon asserted he has “great confidence in our ability to build back even stronger than we once were.”
Beleaguered CEO of Terraform labs Do Kwon took to Twitter to respond to Fatman’s claims alleging cashing out $2.7 billion from Terra [LUNA], UST in a span of a few months prior to the stablecoin fallout. On June 9, multiple reports emerged of Terraform Labs employees confirming to the US Securities and Exchange Commission [SEC] […]
In a move to protect investors, Japan’s parliament has passed a bill classifying stablecoins as digital money that must be connected to the nation’s currency, yen, or another legal tender. (Read More)
Some stablecoins have failed to deliver the dollar's stability to crypto traders long before TerraUSD's collapse.
Legal troubles are mounting for the co-creator of the fallen Terra ecosystem, Do Kwon, as Binance launches inquiries into the allegations made by a Terra insider.
UK government has outlined amending current rules to mitigate “systemic” risk posed by stablecoins firms and wants to ensure that the dramatic fallout of the Terra project does not seep into the wider financial system. TerraUSD, a so-called “algorithmic” stablecoin, crashed earlier in May, taking its sister token Luna with it. Since then the entire crypto market is engulfed […]
The proposals presented by the British finance ministry are aimed to mitigate risks related to stablecoins amid the recent TerraUSD de-pegging fiasco. (Read More)
China has used its Economic Daily media outlet to signal that further regulatory action may be taken toward stablecoins in the wake of the collapse of Terra’s algorithmic stablecoin.
Other competing blockchains with interesting offers for Terra’s devs are waiting to pick the diamonds from the rubble.
As Terra sold off 80,081 BTC, wallets with a bitcoin balance of less than 100 took the opportunity to stack up.
“Zero plans to buy luna 2.0, but I will dump any airdrop if I get something on Binance,” said Lark Davis.
Stablecoins are having the roughest patch in their entire existence with investors viewing the asset class with skepticism. Amid the uproar, Vitalik Buterin has proffered two thought experiments to help investors gauge the risks associated with algorithmic stablecoins.
Terra has stated that the new chain will support all assets, chains, bridges, and Centralized exchanges (CEXs), enabling those who receive their tokens to...
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