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…
Chinese crypto mining rig maker Canaan booked robust revenue growth in Q1 2022 despite logistical issues and supply chains disruptions from the pandemic, the company said on Thursday. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts Canaan recorded 1.36 billion yuan (US$214 million) in revenue in the…
The man at the center of one of crypto’s biggest flops is trying to resurrect the Terra-LUNA project as his tribe of followers and out-of-pocket investors want to know what went wrong.
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…
Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital, broke his weeklong silence on the TerraUSD turmoil, claiming “the global macro backdrop has been brutal for all risk assets this year” and that the UST is “a big idea that failed.” See related article: Blood moon: Terra’s LUNA rescue plan panned by industry,…
The Indian government may impose a reverse charge goods and services tax (GST) on cryptocurrency investors using foreign exchanges, according to a local media report. See related article: India GST Council weighs 28% tax on crypto transactions Fast facts The reverse charge would levy a goods and services tax on the investor instead of the…
Binance is looking to win a cryptocurrency license in Germany after becoming a regulated digital asset service provider in fellow G7 nation France, CEO Changpeng Zhao said. See related story: Binance wants to play ball with regulators Fast facts Zhao said at an event in Germany on Wednesday that the cryptocurrency exchange is expanding its…
Bitcoin’s increasing correlation with risk assets meant it got caught up in the overnight market selloff in the U.S. Investors dumped shares of Target and Walmart after the American retailers cautioned about possibly taking a margin hit from not being able to pass on price increases to customers. See related article: Has Bitcoin become a…