The fallout from FTX’s insolvency has already shaken the crypto industry to its core. After several days of speculation about the state of FTX’s balance sheet, the exchange yielded and admitted defeat, announcing that it was in process of being acquired by Binance. The tension that arose from speculation strained the market, which took a…
👋 Want to work with us? CryptoSlate is hiring for a handful of positions! A group of investors has filed a class-action lawsuit against Binance.US and its CEO for allegedly failing to comply with federal and state securities laws. According to the filing, Binance.US falsely advertised UST, the algorithmic stablecoin tied to Terra’s LUNA, as…
👋 Want to work with us? CryptoSlate is hiring for a handful of positions! A mysterious non-fungible token project, Goblintown WTF, is trading at record highs after its recent launch, leaving many to speculate on who is behind the ironic NFT project. The NFT collection launched on May 22 without much fanfare, but its floor…
👋 Want to work with us? CryptoSlate is hiring for a handful of positions! Blockchain analysis and security firm PeckShield issued an alert to warn the crypto community about scammers sending Wrapped LUNA to the public addresses of crypto influencers and CEOs. The scammers created a Wrapped LUNA 2.0 token and sent it to Terra…
After the abrupt crash of Terra’s UST last week, a popular South Korea-based law firm, LKB & Partners, is set to sue Do Kwon on behalf of South Koreans who invested in the asset, according to local media reports. The law firm is applying to the Seoul Metropolitan Police Agency to seize all Do Kwon’s…
The world’s largest exchange by trading volume, Binance, has delisted its trading pairs for Terra’s LUNA. The exchange announced that it had canceled all pending orders, ceased trading, closed user positions, and conducted an automatic settlement of all LUNA trading pairs. Binance decided to delist LUNA when its value fell by 100% after the UST…
The founder of Ava Labs, Emin Gün Sirer, has offered his opinions on the crash of Terra’s algorithmic stablecoin, UST. According to Gün Sirer, there is a need for decentralized algorithmic stablecoins in the ecosystem due to the censorship vulnerability of fiat-backed stablecoins. Even fully-collateralized fiat stablecoins have depegged. Even some of the weak algo stablecoins…
Luna Foundation Guard (LFG) said on May 9 that it will lend out $1.5 billion worth of Bitcoin (BTC) and UST to defend the algorithmic stablecoin’s peg to the U.S. dollar. Terra’s UST suffered a coordinated attack on May 8, which led to de-pegging from its $1 mark to below $0.992. While the de-pegging lasted…
Terra’s UST is now the third-largest stablecoin by market cap behind that of Tether’s USDT and Circle’s USDC despite the fact that its trading volume pales significantly against that of Binance USD (BUSD), according to data from CoinGecko. Per the data, UST’s market cap is now at $17.58 billion, which is slightly above that of…
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