Search results: Terra

Mirror Protocol’s price match error nearly led to another crisis for Terra. Meanwhile, Ethereum rises back up after nearly a week below US$2,000.

Whether the fixing of a pricing error by Mirror Protocol, the decentralized finance (DeFi) application built on Terra Classic, will help prevent a drainage of the pool similar to last year will only be known by the end of U.S. trading hours on Tuesday. See related article: Winning back the trust of the Terra community […]

Advocates for central bank digital currencies argue their inherent stability supersedes any benefits so-called stablecoins, algorithmic or otherwise, could offer.     

The new LUNA was trading under US$6 on Monday morning Asia time, after peaking at US$18.87 shortly following the launch of the Terra 2.0 blockchain on Saturday, according to data from CoinGecko. See related article: Winning back the trust of the Terra community a tall order for Do Kwon: Experts Fast facts LUNA Classic (LUNC) […]

StepN limits their services in China. Meanwhile, Terra 2.0 poses questions relating to investor trust.

Do Kwon’s proposal to create a new Terra network chain is set to go live this weekend — what does Terra 2.0 entail and will it successfully win back its following?

The Terra governance system has given a 99.39% approval on Friday Asia time to burn about 1.38 billion TerraClassicUSD (USTC), or approximately 11% of the total supply of the stablecoin’s supply. See related article: Terra, LUNA vote ends in favor of Do Kwon’s new chain proposal Fast facts There is a total of about 11.2 […]

A hydropower plant in China has been fined for illegally powering crypto mines. Meanwhile, South Korean auditors plan on auditing Terra and other crypto exchanges.

Terra’s governance vote closed on Wednesday evening Asia time with 65.50% of governance voters in favor of Terraform Labs CEO Do Kwon’s proposal to create a new blockchain. See related article: Terra raises aUST initial token float to 30% in revival plan amendment Fast facts Kwon’s “Terra Ecosystem Revival Plan 2” ditches the algorithmic stablecoin […]

The crypto community is still dealing with the fallout from the multibillion-dollar collapse of Terra-LUNA. At a Davos event organized by Forkast, we asked what caused the crash and if it was foreseeable.

The Financial Supervisory Service (FSS) of South Korea will perform an on-site inspection of Terraform Labs and financial services linked to TerraUSD (UST) or LUNA. See related article: Are we heading for a post-Terra crypto winter? Fast facts The FSS said at an emergency National Assembly meeting on Tuesday that the audit aims to prevent […]

A Terra employee has been accused of embezzlement. Meanwhile, a crypto mining farm has been found in Russia’s oldest prison.

Terra’s LUNA and UST implosion is dragging down an already ailing market. What do other developments suggest about crypto’s long-term future?

Seoul Metropolitan Police Agency’s Cyber Crimes Investigations Unit revealed on Monday that it has received a report alleging a Terraform Labs employee was involved in embezzling corporate funds, according to local media reports. See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon Fast facts The police are currently investigating the validity of the […]

Terra co-founder responds to office closure allegations. Meanwhile, China re-emerges as a crypto mining hub despite 2021 ban.

Terraform Labs CEO and cofounder Do Kwon claimed on Saturday that the closure of two offices in South Korea was “purely coincidental,” and not a response to the national tax authorities’ investigation. See related article: LKB, 5 clients file lawsuit against Terra, Do Kwon to ‘Grim Reaper’ Fast facts Terraform Labs closed its two offices […]

Terra has increased its initial token float — tokens that are tradable upon issuance — from 15% to 30% for pre-attack Anchor Protocol UST stakers (aUST) and post-attack LUNA and UST holders, in the latest update to the plan to revive its reeling ecosystem. See related article: No hard fork, governance vote in Kwon’s updated […]

Five South Korean Terra (LUNA) investors with an accumulated loss of around 1.4 billion Korean won (US$1.1 million) represented by local law firm LKB & Partners have filed a complaint against Terraform Labs CEO Do Kwon and co-founder Shin Hyun-seung for two charges including fraud, according to local media reports. See related article: Knock, knock […]

Finance ministers from the Group of Seven (G-7) urged the Financial Stability Board (FSB) to accelerate crypto regulations following the downfall of the Terra blockchain and its terraUSD (UST) algorithmic stablecoin, Reuters reported. See related article: LUNA pumps and dumps repeatedly in weekend’s roller coaster run Fast facts The inter-governmental political forum — consisting of […]

Indian crypto traders may soon be able to pay the crypto tax using foreign exchanges. Meanwhile, the Terra revival plan vote finally goes live.

Terraform Labs backer Pantera Capital gradually withdrew nearly 80% of its Terra LUNA holdings over the past year, saving itself from significant damages from the de-pegging of TerraUSD (UST) and the network’s collapse last week, The Block reported. See related article: LUNA, UST investors in S.Korea want to seize Do Kwon’s properties: report Fast facts […]

Jeremy Allaire, CEO of Circle, which issues the second-largest stablecoin USDC, claims to have foreseen Terra and algorithmic stablecoin UST’s collapse six months ago because it was “a house of cards.” See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts “There were two things that […]

A vote pertaining to Terraform Labs CEO Do Kwon’s “updated and final” Terra revival plan was posted at 7:17 p.m. Wednesday Hong Kong time, with the majority favoring the proposal, while a preliminary vote was rejected in a landslide. See related article: No hard fork, governance vote in Kwon’s updated Terra revival proposal Fast facts […]

China’s nationwide ban on crypto mining has not affected it’s high mining hashrate. Meanwhile, Terra’s community become frustrated as they struggle to find answers.

Top blockchain and crypto news: Terra puts down the fork. Bitcoin loses its shine in Singapore. China’s miners dig in.

Terraform Labs CEO Do Kwon posted an update to his proposal to revive Terra and LUNA at 4:55 p.m. Hong Kong time, which omitted the notice of putting the plan up for a governance vote. See related article: Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’ Fast facts Kwon’s updated “Terra Ecosystem […]

As Terra continues to crash, Do Kwon proposes a hard fork solution, Meanwhile, Singapore’s Temasek gets ready for tokenized assets.

Terra’s LUNA and UST stablecoin implosions are roiling the crypto world and beyond. Picking up the pieces won’t be easy — nor finding a good path forward.

Terraform Labs co-founder and CEO Do Kwon proposed a hard fork of the Terra blockchain in the “Terra Ecosystem Revival Plan 2,” which will abandon the algorithmic stablecoin UST. See related article: UST loses dollar peg as Terra market cap slumps Fast facts Under the proposal, the network will be forked with the original chain […]

Authorities in Asia use the LUNA debacle as rationale for oversight. Meanwhile, the LUNA community offers damage control solutions.

Terra shuts down its networks indefinitely. Meanwhile, TerraLabs founder Do Kwon’s whereabouts are in question as his wife requests police protection.

The world’s largest cryptocurrency exchange will delist a number of trading pairs linked to TerraUSD (UST), an algorithmic stablecoin that has been in a freefall since earlier this week. See related article: Tether stabilizes after burning 3 billion tokens amid redemptions Fast facts Binance Friday said it will remove and cease the trading of several […]

Terra officially halted block production at 09:58 am HKT on Friday, block height 7607789, after restarting the network from an overnight shutdown to prevent possible governance attacks. Terra said validators are working on a plan to restart the network but did not release any further details. See related article: Terra plunges back to earth as […]

Terra’s sacrifice of LUNA pushes the UST up to US$0.84. Meanwhile, South Korea plans the institutionalization of crypto.

TerraUSD (UST) climbed to a high of US$0.84 on Thursday after Terra proposed a network upgrade to increase the blockchain’s native token LUNA, in hopes to save its algorithmic stablecoin’s peg to the greenback.   See related article: Run on UST cuts the ground from under Terra’s feet Fast facts The UST is minted by locking […]

Top blockchain and crypto news: UST knocked out of Luna orbit. Making NFTs Instagrammable. China’s black market ‘digital collectibles’ trade.

U.S. Treasury Secretary Janet Yellen reiterated her stance on stablecoin regulations and said it’s “highly appropriate” to have a framework ready by the end of this year, as TerraUSD (UST) loses its dollar peg. See related article: Run on UST cuts the ground from under Terra’s feet Fast facts Yellen said at a Tuesday hearing […]

Coinhako becomes third Singaporean exchange to receive full license. Meanwhile, the blockchain industry reacts to Philippine election results.

A probable run on terraUSD (UST) has weighed on the ability of the company and the non-profit behind the pioneering stablecoin project to defend its dollar peg.

Terra’s dollar-pegged stablecoin, terraUSD (UST), “depegged” for the second time this week, dropping to as low as US$0.6841 in Tuesday morning trading in Asia, according to CoinMarketCap. It has since recovered slightly. See related article: What are stablecoins, and why are some governments so afraid of them? Fast facts Terra’s price also dropped by over […]

The total value locked (TVL) in decentralized finance (DeFi) protocols has dropped from US$217.82 billion to US$179.5 billion in the past 30 days, reaching its lowest point since October 2021, according to DefiLlama data. See related article: DeFi wizard Cronje’s departure sends TVL sinking Fast facts Terra’s Anchor Protocol played a significant role by dropping […]

Fireblocks, a digital asset custody platform, says its institutional clients can now access decentralized applications supported by Terra’s decentralized finance (DeFi) ecosystem, the No. 2 protocol behind Ethereum. See related article: Late digitization is Asia’s edge in crypto, says Fireblocks CEO Fast facts Institutional users can now access decentralized applications built on Terra such as […]

TRON founder Justin Sun announced on Thursday a new decentralized dollar-pegged algorithmic stablecoin on the Tron blockchain called USDD. See related article: What are stablecoins, and why are some governments so afraid of them? Fast facts The TRON Decentralized Autonomous Organization (DAO) intends to raise US$10 billion within the next year to fund a crypto […]

The cryptocurrency market returned strong from the Easter holidays with Terra LUNA leading major coins with an 18.5% rebound to trade at US$91.43, on Tuesday morning Asia time. See related article: Is Terra — whose LUNA coin is now at another all-time high — really where the smart money is? Fast facts Terra reached its […]

Terraform Labs (TFL) and the Luna Foundation Guard (LFG), the non-profit behind the Terra ecosystem, have acquired US$200 million worth of Avalanche’s AVAX tokens, diversifying its TerraUSD (UST) reserves beyond Bitcoin.  See related article: Terra’s US$10 billion Bitcoin Bet Sends LUNA to Record High Fast facts LFG purchased US$100 million worth of AVAX using UST […]

Terra’s LUNA, the eighth largest cryptocurrency by market capitalization, reached a new all-time high of US$106.14 on Tuesday early afternoon Asia time, following a US$135 million purchase of Bitcoin.

Terraform Labs CEO and founder Do Kwon has accepted bets worth millions of dollars on Terra’s cryptocurrency LUNA trading higher than US$88 in a year’s time, which was the price of the token at the time of the bet. See related article: Is Terra — whose LUNA coin is now at another all-time high — […]

The crypto market slightly dipped on Friday but the decentralized finance (DeFi) ecosystem in Terra continues to grow with Anchor Protocol leading the way.  See related article: Terra bullish trend continues; rest of crypto top 10 in red Fast facts Bitcoin and Ethereum have fallen by 4.7% and 6.2% respectively in the past 24 hours, […]

Terra LUNA is continuing its bullish trend from where it left off on Wednesday, up almost 7% to trade at $59.39 on Thursday morning, Asia time. Fast facts See related article: Is Terra — whose LUNA coin is now at another all-time high — really where the smart money is? The currency has been as […]

Solana joined Bitcoin’s free fall along with other cryptocurrencies on Tuesday, after being among the few cryptos standing in the green during a red day in the crypto market on Monday.  See related article: What Solana prices will be at the end of 2021 and beyond Fast facts Solana — currently at US$83.50 – is […]

Hong Kong-based venture capital (VC) firm Chiron Partners announced Wednesday the launch of a US$50 million fund to support the Terra blockchain ecosystem. Fast facts Chiron Partners will use the fund, namely the Chiron Terra Fund I (CTI), to invest in innovative projects built on the Terra ecosystem, such as decentralized finance (DeFi) applications and […]

LUNA is now the 12th largest crypto, and Terra’s platform has been called ‘Alipay on the blockchain.’ What are Terra’s investment risks? Forkast.News explains.

The creator of the Mirror protocol and its CEO Do Kwon have little recourse but to comply with the SEC subpoena to produce documents and testify.

Virtual assets will receive the same regulatory clarity in Hong Kong as their real-world counterparts, says former Hong Kong SFC regulator Angelina Kwan.

As U.S. regulators file lawsuits against cryptocurrency platforms, prompting some digital asset companies to seek more favorable jurisdictions, a fleet of cities in Asia are putting out the welcome mat, seeking to attract the jobs and investment that Web3 technologies promise. Right now, Hong Kong seems to be grabbing the limelight, but it has competition.

A South Korean ruling party lawmaker proposed all public officials and candidates disclose their crypto holdings in a new bill unveiled last Friday.

Web3’s terrible user experience, scams and lack of diversity could be solved if its leaders take a cue from environmentalists and ‘act locally,’ writes Tim Williamson of NieuxCo.

South Korean prosecutors have raided Upbit, Bithumb and the crypto wallet unit of Kakao, as part of their investigation into lawmaker Kim Nam-kuk.

Bank of Korea, the central bank, seems uncomfortable with the Financial Services Commission, the country’s regulator, having the mandate over the cryptocurrency industry. The bank is pushing for more say, arguing crypto can influence the stability of the overall financial market and that involves the central bank.

Bitcoin lost 0.43% while Ether dipped 0.60% in 24 hours. Polygon’s Matic token was the biggest loser and dropped 2.16%.

In the second installment of a three-part interview series, Geoff Kendrick, head of crypto research and EM FX West at Standard Chartered Bank, talks altcoins, stablecoins and the legitimization of crypto risk through central bank digital assets.

CryptoSlam introduces new wash trade metrics to help traders and professionals uncover the truth behind NFT sales volumes across major blockchains.

Nearly 60% of April NFT sales on Ethereum have been flagged as wash trades, with Blur marketplace’s token farming incentivizing the activity, CryptoSlam data shows.

CFTC and SEC disagree over whether cryptocurrencies are securities, and two big lawsuits clouding the industry’s future invoke laws that long predate the digital era.

Bitcoin rose in Wednesday morning trading in Asia to reclaim the US$28,000 mark, with Ether and all other top 10 non-stablecoin cryptocurrencies moving higher.

A clear and balanced legal framework will encourage more crypto investment, while the industry can promote best practices, writes Mahin Gupta of Liminal.

Do Kwon has been charged by Montenegrin authorities for attempting to travel with forged documents as the US and South Korea race to extradite him.

Leading auction house Sotheby’s said it will sell NFT artworks owned by the bankrupt crypto hedge fund Three Arrows Capital.

Nothing in life is free. Be wary of crypto exchanges that offer ‘free trading,’ and ask hard questions about how they make money, writes Ben Caselin of MaskEX.

The Bank of England may set limits on use of stablecoins, citing concern rapid introduction of such digital currencies could lead to financial instability, Deputy Governor Jon Cunliffe said in a speech on Monday.

In this era of disinformation and deep fakes, what can blockchain technology do to safeguard the truth about humanity’s shared past?

The U.S. House Financial Services Committee is set to hold a hearing on April 19 to discuss a draft bill released over the weekend on regulating stablecoins, a class of digital currency designed to offer price stability by being pegged to another asset’s value.