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Crypto lending platform Hodlnaut suspends providers because of liquidity disaster

Crypto lending platform Hodlnaut suspends providers because of liquidity disaster

Blaming market situations and lack of liquidity, Singapore-based crypto lending platform Hodlnaut has turn into the most recent agency to droop withdrawals and deposits. The crypto lending agency made an official announcement on Monday, claiming…

On Tuesday, European cryptocurrency funding agency CoinShares posted its interim Q2 2022 outcomes. Compared to the prior 12 months’s quarter, the agency’s income declined from 19.6 million kilos ($23.89 million) to 14.2 million kilos ($17.31 million). At the identical time, its web revenue fell from 26.6 million kilos ($32.42 million) in Q1 2021 to 0.1 million kilos ($0.12 million). CoinShares defined that the losses had been largely tied to its publicity to the Terra (LUNA) — now known as Terra Classic (LUNC) — ecosystem, which collapsed in May of this 12 months:”While our Asset Management enterprise continued to generate stable revenue, the Capital Markets enterprise skilled a one-off lack of £17.7 million following the de-pegging of Terra Luna. The monetary impression of this episode, regardless of being comparatively small when in comparison with the losses incurred by different gamers in our trade, had a cloth impression on our quarter.”Coinshare Capital Markets usually doesn’t take directional positions and was circuitously uncovered to the Terra Luna collapse. However, on the time of the incident, the agency was carrying a guide linked to the TerraUSD stablecoin, leading to an distinctive loss.CoinShares CEO Jean-Marie Mognetti has nonetheless expressed optimism concerning the agency’s future operations, saying:”In mild of the market turmoil, we have now reviewed our danger profile and moved right into a extra defensive mode. CoinShares has ample sources to navigate the markets throughout this risky time because of an efficient technique, a sturdy steadiness sheet, and a seasoned, world-class workforce.”Related: What is Terra (LUNA)? A newbie’s informationFor its subsequent steps, CoinShares plans to uplist into the Nasdaq Stockholm Main Market after gaining an Alternative Investment Fund Manager license. During the second quarter, CoinShares launched 5 new bodily merchandise, together with CoinShares Physical FTX Token, CoinShares Physical Chainlink, CoinShares Physical Uniswap, CoinShares Physical Staked Polygon and CoinShares Physical Staked Cosmos. The agency possessed 220.8 million kilos ($269.15 million) in web property on the finish of Q2.The value of TerraUSD prior to now 12 months. Source: CoinGecko

On Tuesday, European cryptocurrency funding agency CoinShares posted its interim Q2 2022 outcomes. Compared to the prior 12 months’s quarter, the agency’s income declined from 19.6 million kilos ($23.89 million) to 14.2 million kilos ($17.31 million). At the identical time, its web revenue fell from 26.6 million kilos ($32.42 million) in Q1 2021 to 0.1 million kilos ($0.12 million). CoinShares defined that the losses had been largely tied to its publicity to the Terra (LUNA) — now known as Terra Classic (LUNC) — ecosystem, which collapsed in May of this 12 months:”While our Asset Management enterprise continued to generate stable revenue, the Capital Markets enterprise skilled a one-off lack of £17.7 million following the de-pegging of Terra Luna. The monetary impression of this episode, regardless of being comparatively small when in comparison with the losses incurred by different gamers in our trade, had a cloth impression on our quarter.”Coinshare Capital Markets usually doesn’t take directional positions and was circuitously uncovered to the Terra Luna collapse. However, on the time of the incident, the agency was carrying a guide linked to the TerraUSD stablecoin, leading to an distinctive loss.CoinShares CEO Jean-Marie Mognetti has nonetheless expressed optimism concerning the agency’s future operations, saying:”In mild of the market turmoil, we have now reviewed our danger profile and moved right into a extra defensive mode. CoinShares has ample sources to navigate the markets throughout this risky time because of an efficient technique, a sturdy steadiness sheet, and a seasoned, world-class workforce.”Related: What is Terra (LUNA)? A newbie’s informationFor its subsequent steps, CoinShares plans to uplist into the Nasdaq Stockholm Main Market after gaining an Alternative Investment Fund Manager license. During the second quarter, CoinShares launched 5 new bodily merchandise, together with CoinShares Physical FTX Token, CoinShares Physical Chainlink, CoinShares Physical Uniswap, CoinShares Physical Staked Polygon and CoinShares Physical Staked Cosmos. The agency possessed 220.8 million kilos ($269.15 million) in web property on the finish of Q2.The value of TerraUSD prior to now 12 months. Source: CoinGecko

On Tuesday, European cryptocurrency funding agency CoinShares posted its interim Q2 2022 outcomes. Compared to the prior 12 months’s quarter, the agency’s income declined from 19.6 million kilos ($23.89 million) to 14.2 million kilos ($17.31…

Singaporean monetary watchdog to seek the advice of public on stablecoin regulation

Singaporean monetary watchdog to seek the advice of public on stablecoin regulation

The Monetary Authority of Singapore (MAS), a city-state’s principal monetary regulator, assesses the deserves of a regulatory regime towards stablecoins. Current pointers concentrate on Know Your Customer (KYC) and Anti-Money Laundering (AML) points and don’t…

Tether, the issuer of Tether (USDT), says that hedge funds that tried to brief its stablecoin after Terra’s collapse in May are utilizing a thesis that’s “incredibly misinformed” and “flat out wrong.” In a weblog submit from July 28, Tether pointed to a June 28 Wall Street Journal podcast wherein host Luke Vargas and visitor Caitlin McCabe mentioned the bearish crypto market and issues over Tether’s backing belongings as the explanations for brief sellers’ urge for food for Tether.Tether stated that the hedge funds, which noticed Terra’s collapse as a motive to brief USDT, have “a fundamental misunderstanding of both the cryptocurrency market and Tether.”“The simple fact that hedge funds view Terra’s collapse as a constructive thesis to short USDT represents the asymmetric knowledge gap between cryptocurrency market participants and entities in the traditional finance space.”In early May, UST misplaced its peg in dramatic style and pulled down the worth of Terra ecosystem’s native token LUNA – now often called LUNC – to fractions of a cent from over $60. In that point, Tether skilled a 21% drop in market cap since May 11 from $85.3 billion, although it’s nonetheless the largest stablecoin within the crypto market at present with a $65.8 billion market cap in keeping with CoinGecko.In late June, Tether chief know-how officer Paolo Ardoino confirmed that USDT had change into the topic of a “coordinated assault” by hedge funds trying to short-sell the crypto asset. He alleged that hedge funds have been attempting to create strain “in the billions” to “harm Tether liquidity” with the purpose of ultimately shopping for again tokens at a a lot cheaper price.Tether in its most up-to-date weblog submit famous that a number of misconceptions about its holdings have been the idea of this short-selling motion — together with Tether holding important Chinese industrial paper or Evergrande debt, that USDT is created “from thin air,” or that Tether has issued unsecured loans.“In short, the underlying thesis of this trade is incredibly misinformed and flat-out wrong. It is further supported by a blind belief in what borders on outright conspiracy theories about Tether.”In a separate submit the day before today, Tether tried to reaffirm the energy of its monetary backing and talent to honor redemptions, reiterating that it holds no Chinese industrial paper and had minimize its complete holdings of business paper by 88% from $30 billion to $3.7 billion over the previous 12 months.It added that industrial paper holdings could be as little as $300 million by the tip of August, and it’ll maintain zero industrial paper by early November.Related: Tether fortifies its reserves: Will it silence critics, mollify buyers?The week that the UST fiasco began, USDT depegged briefly on the open market to a low of about $0.96 as buyers dumped tokens both for fiat by means of direct redemptions or for different tokens, comparable to competitor USD Coin (USDC). However, Tether continued to honor fiat redemptions of $1 per token by means of that interval.Its final monetary disclosure on March 31 revealed that 85.64% of Tether’s monetary backing is in money and money equivalents, together with industrial paper.

Tether, the issuer of Tether (USDT), says that hedge funds that tried to brief its stablecoin after Terra’s collapse in May are utilizing a thesis that’s “incredibly misinformed” and “flat out wrong.” In a weblog submit from July 28, Tether pointed to a June 28 Wall Street Journal podcast wherein host Luke Vargas and visitor Caitlin McCabe mentioned the bearish crypto market and issues over Tether’s backing belongings as the explanations for brief sellers’ urge for food for Tether.Tether stated that the hedge funds, which noticed Terra’s collapse as a motive to brief USDT, have “a fundamental misunderstanding of both the cryptocurrency market and Tether.”“The simple fact that hedge funds view Terra’s collapse as a constructive thesis to short USDT represents the asymmetric knowledge gap between cryptocurrency market participants and entities in the traditional finance space.”In early May, UST misplaced its peg in dramatic style and pulled down the worth of Terra ecosystem’s native token LUNA – now often called LUNC – to fractions of a cent from over $60. In that point, Tether skilled a 21% drop in market cap since May 11 from $85.3 billion, although it’s nonetheless the largest stablecoin within the crypto market at present with a $65.8 billion market cap in keeping with CoinGecko.In late June, Tether chief know-how officer Paolo Ardoino confirmed that USDT had change into the topic of a “coordinated assault” by hedge funds trying to short-sell the crypto asset. He alleged that hedge funds have been attempting to create strain “in the billions” to “harm Tether liquidity” with the purpose of ultimately shopping for again tokens at a a lot cheaper price.Tether in its most up-to-date weblog submit famous that a number of misconceptions about its holdings have been the idea of this short-selling motion — together with Tether holding important Chinese industrial paper or Evergrande debt, that USDT is created “from thin air,” or that Tether has issued unsecured loans.“In short, the underlying thesis of this trade is incredibly misinformed and flat-out wrong. It is further supported by a blind belief in what borders on outright conspiracy theories about Tether.”In a separate submit the day before today, Tether tried to reaffirm the energy of its monetary backing and talent to honor redemptions, reiterating that it holds no Chinese industrial paper and had minimize its complete holdings of business paper by 88% from $30 billion to $3.7 billion over the previous 12 months.It added that industrial paper holdings could be as little as $300 million by the tip of August, and it’ll maintain zero industrial paper by early November.Related: Tether fortifies its reserves: Will it silence critics, mollify buyers?The week that the UST fiasco began, USDT depegged briefly on the open market to a low of about $0.96 as buyers dumped tokens both for fiat by means of direct redemptions or for different tokens, comparable to competitor USD Coin (USDC). However, Tether continued to honor fiat redemptions of $1 per token by means of that interval.Its final monetary disclosure on March 31 revealed that 85.64% of Tether’s monetary backing is in money and money equivalents, together with industrial paper.

Tether, the issuer of Tether (USDT), says that hedge funds that tried to brief its stablecoin after Terra’s collapse in May are utilizing a thesis that’s “incredibly misinformed” and “flat out wrong.”  In a weblog…

How the inflow of Terra tasks resulted within the Osmosis exploit with founder Sunny Aggarwal

How the inflow of Terra tasks resulted within the Osmosis exploit with founder Sunny Aggarwal

CryptoSlate’s Akiba talks to Osmosis founder Sunny Aggarwal about the future of Osmosis, the fallout from Terra, bug bounties, and issues with building in a bull market. The post How the influx of Terra projects…

The lasting agony of 3AC: Law Decoded, July 18-25

The lasting agony of 3AC: Law Decoded, July 18-25

The late spring and summer time months of 2022 can be remembered not just for their excessive temperatures throughout the globe but additionally for a crushing streak of enormous crypto firms falling aside. Terra Lab…

Terra, Celsius hit with class motion lawsuits within the US

Terra, Celsius hit with class motion lawsuits within the US

A new class action lawsuit against TerraForm Labs and its CEO, Do Kwon, was filed by Bragar Eagel & Squire, P.C. The post Terra, Celsius hit with class action lawsuits in the US appeared first…

The founders of tainted crypto hedge fund Three Arrow Capital (3AC), which filed for chapter within the first week of July, have lastly resurfaced after 5 weeks of no recognized whereabouts.In an interview with Bloomberg, Su Zhu and Kyle Davies, the 2 founders of the crypto hedge fund, admitted that the overconfidence born out of a multiyear bull market, the place lenders noticed their values swell by advantage of financing corporations like theirs, led to the sequence of unhealthy choices that ought to have been averted.Zhu additionally revealed their closeness to Terra founder Do Kwon and claimed they believed the agency was going to do massive issues. He admitted that the agency’s closeness to Terra made them overlook sure purple flags in regards to the agency, which finally led to their $500 million value of funding going to zero. Zhu defined:“If we could have seen that, you know, that this was now like, potentially like attackable in some ways, and that it had grown too, you know, too big, too fast.”Related: AC liquidators search time, entry to headquarters as Genesis, Algorand ties are untangledThe two founders claimed that the LUNA (Now referred to as Luna Classic LUNAC) funding absolutely was a setback for the agency. Still, the true situation started when Bitcoin (BTC) fell beneath $20,000, and it turned not possible for the agency to entry further credit score. Zhu claimed that even after LUNA’s collapse, the enterprise was as typical and defined:“Throughout that period, we continued to do business as usual. But then yeah, after that day, when, you know, Bitcoin went from $30,000 to $20,000, you know, that, that was extremely painful for us. And that was in, that ended up being kind of the nail in the coffin.”When enquired about their whereabouts and why they’ve been within the hiding, the founders blamed a sequence of dying threats as the rationale for going underground. The duo didn’t reveal their present whereabouts however mentioned they had been transferring to Dubai.The founders denied any allegations of pulling out cash earlier than 3AC went bankrupt and likewise cleared the air across the $50 million yacht that was disclosed within the just lately filed courtroom case. Zhu mentioned that the boat “was bought over a year ago and commissioned to be built and to be used in Europe,” whereas including the yacht “has a full money trail.”

The founders of tainted crypto hedge fund Three Arrow Capital (3AC), which filed for chapter within the first week of July, have lastly resurfaced after 5 weeks of no recognized whereabouts.In an interview with Bloomberg, Su Zhu and Kyle Davies, the 2 founders of the crypto hedge fund, admitted that the overconfidence born out of a multiyear bull market, the place lenders noticed their values swell by advantage of financing corporations like theirs, led to the sequence of unhealthy choices that ought to have been averted.Zhu additionally revealed their closeness to Terra founder Do Kwon and claimed they believed the agency was going to do massive issues. He admitted that the agency’s closeness to Terra made them overlook sure purple flags in regards to the agency, which finally led to their $500 million value of funding going to zero. Zhu defined:“If we could have seen that, you know, that this was now like, potentially like attackable in some ways, and that it had grown too, you know, too big, too fast.”Related: AC liquidators search time, entry to headquarters as Genesis, Algorand ties are untangledThe two founders claimed that the LUNA (Now referred to as Luna Classic LUNAC) funding absolutely was a setback for the agency. Still, the true situation started when Bitcoin (BTC) fell beneath $20,000, and it turned not possible for the agency to entry further credit score. Zhu claimed that even after LUNA’s collapse, the enterprise was as typical and defined:“Throughout that period, we continued to do business as usual. But then yeah, after that day, when, you know, Bitcoin went from $30,000 to $20,000, you know, that, that was extremely painful for us. And that was in, that ended up being kind of the nail in the coffin.”When enquired about their whereabouts and why they’ve been within the hiding, the founders blamed a sequence of dying threats as the rationale for going underground. The duo didn’t reveal their present whereabouts however mentioned they had been transferring to Dubai.The founders denied any allegations of pulling out cash earlier than 3AC went bankrupt and likewise cleared the air across the $50 million yacht that was disclosed within the just lately filed courtroom case. Zhu mentioned that the boat “was bought over a year ago and commissioned to be built and to be used in Europe,” whereas including the yacht “has a full money trail.”

The founders of tainted crypto hedge fund Three Arrow Capital (3AC), which filed for chapter within the first week of July, have lastly resurfaced after 5 weeks of no recognized whereabouts. In an interview with…

South Korean crypto funding firm Uprise plans to compensate buyers for damages incurred throughout its futures guess on Luna Classic (LUNC) — a token that was constructed on the ruins of the failed Terra ecosystem. Uprise is making preparations to compensate 40% of the loss incurred by prospects tied to its disastrous quick guess on the token, in response to the Korean newspaper Soul Economic Daily. The quick place was positioned in May utilizing consumer funds that have been deposited in a $20.3 million (26.7 billion gained) discretionary funding car. As reported by Cointelegraph, Uprise misplaced 99% of its belongings on the commerce when it acquired liquidated. “After obtaining the consent of the existing shareholders, the compensation process will be implemented,” reads a translated model of the Soul Economic Daily report. Most of Uprise’s purchasers are high-net-worth people and firms. Uh Oh #Crypto Bro: #ItsHappening Again#Korean Startup #Uprise’s AI Robo Trader Lost $20M Shorting #LUNC, a #CryptoForeign money that Imploded from $60 to Fractions of a Cent#cryptocurrencies #cryptocrash $LUNC#Blockchain #Bitcoin #BTC #ETH #Ethereum #LUNAhttps://t.co/tjYiGRTGCW pic.twitter.com/l7NxAwg08C— PSYC Craig ‍☠️ (@psychedelicraig) July 7, 2022

The compensation plan entails issuing Uprise inventory to buyers primarily based on the corporate’s valuation following its Series C funding spherical final 12 months. That places Uprise at a valuation of roughly $213.2 million (280 billion gained). “The issuance of new shares is expected to be around 3% of the stake,” the report mentioned. Uprise will enhance the variety of shares by a inventory break up.Related: Crypto Biz: Luna’s meltdown will dwell on in infamyUprise mentioned it’s transferring forward with its compensation plan regardless of not being legally obligated to take action. “Although the company has no legal obligation to compensate, it is a measure to continue growing the business while restoring trust through amicable agreements with customers,” the report clarified. The worth of LUNC has been susceptible to excessive fluctuations for the reason that relaunch of Terra 2.0 in late May. The token is at present valued at 0.0000997, in response to CoinMarketCap.

South Korean crypto funding firm Uprise plans to compensate buyers for damages incurred throughout its futures guess on Luna Classic (LUNC) — a token that was constructed on the ruins of the failed Terra ecosystem. Uprise is making preparations to compensate 40% of the loss incurred by prospects tied to its disastrous quick guess on the token, in response to the Korean newspaper Soul Economic Daily. The quick place was positioned in May utilizing consumer funds that have been deposited in a $20.3 million (26.7 billion gained) discretionary funding car. As reported by Cointelegraph, Uprise misplaced 99% of its belongings on the commerce when it acquired liquidated. “After obtaining the consent of the existing shareholders, the compensation process will be implemented,” reads a translated model of the Soul Economic Daily report. Most of Uprise’s purchasers are high-net-worth people and firms. Uh Oh #Crypto Bro: #ItsHappening Again#Korean Startup #Uprise’s AI Robo Trader Lost $20M Shorting #LUNC, a #CryptoForeign money that Imploded from $60 to Fractions of a Cent#cryptocurrencies #cryptocrash $LUNC#Blockchain #Bitcoin #BTC #ETH #Ethereum #LUNAhttps://t.co/tjYiGRTGCW pic.twitter.com/l7NxAwg08C— PSYC Craig ‍☠️ (@psychedelicraig) July 7, 2022 The compensation plan entails issuing Uprise inventory to buyers primarily based on the corporate’s valuation following its Series C funding spherical final 12 months. That places Uprise at a valuation of roughly $213.2 million (280 billion gained). “The issuance of new shares is expected to be around 3% of the stake,” the report mentioned. Uprise will enhance the variety of shares by a inventory break up.Related: Crypto Biz: Luna’s meltdown will dwell on in infamyUprise mentioned it’s transferring forward with its compensation plan regardless of not being legally obligated to take action. “Although the company has no legal obligation to compensate, it is a measure to continue growing the business while restoring trust through amicable agreements with customers,” the report clarified. The worth of LUNC has been susceptible to excessive fluctuations for the reason that relaunch of Terra 2.0 in late May. The token is at present valued at 0.0000997, in response to CoinMarketCap.

South Korean crypto funding firm Uprise plans to compensate buyers for damages incurred throughout its futures guess on Luna Classic (LUNC) — a token that was constructed on the ruins of the failed Terra ecosystem. …

Prosecutors in South Korea behind the investigation of Terraform Labs have reportedly executed a search and seizure in 15 corporations, together with seven crypto exchanges.According to a Wednesday report from News1 Korea, the Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors Office raided the places of work of Upbit, Bithumb, Coinone, Korbit and Copax in addition to different companies linked to the collapse of Terra. Authorities reportedly obtained information associated to TerraUSD (previously UST) and Terra (LUNA) — now Luna Classic (LUNC) — transactions, through which roughly 200,000 Korean buyers suffered losses following the tokens’ extreme worth devaluation and subsequent collapse in May.Some of the victims of Terra’s collapse and UST’s depegging reportedly appointed native regulation agency L.Ok.B. & Partners to characterize them in a swimsuit in opposition to Terraform Labs and its co-founder Do Kwon, alleging that the corporate dedicated fraud. More than 100 individuals who filed complaints with the prosecutors’ workplace reportedly had losses totaling roughly $8 million.”The defendants didn’t correctly inform about design errors and defects within the algorithm whereas designing and issuing Luna and Terra cash in a collusion to draw buyers,” stated a spokesperson from L.Ok.B. & Partners.Following the collapse of UST and LUNA, South Korea’s nationwide tax company reportedly hit Terraform Labs and Kwon with a $78 million penalty associated to tax evasion. Lawmakers within the nation additionally referred to as Kwon to talk at a parliamentary listening to concerning the occasions round Terra’s collapse and UST’s depegging. Related: Korean exchanges agree on emergency system in case of Terra-style collapseThough headquartered in South Korea, Terraform Labs and the occasions surrounding its tokens’ collapse have had wide-ranging implications for the crypto house. In the United States, buyers affected by the UST and LUNA fallout hinted at authorized motion in opposition to yield era utility Stablegains over allegedly dropping $44 million value of deposited funds.

Prosecutors in South Korea behind the investigation of Terraform Labs have reportedly executed a search and seizure in 15 corporations, together with seven crypto exchanges.According to a Wednesday report from News1 Korea, the Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors Office raided the places of work of Upbit, Bithumb, Coinone, Korbit and Copax in addition to different companies linked to the collapse of Terra. Authorities reportedly obtained information associated to TerraUSD (previously UST) and Terra (LUNA) — now Luna Classic (LUNC) — transactions, through which roughly 200,000 Korean buyers suffered losses following the tokens’ extreme worth devaluation and subsequent collapse in May.Some of the victims of Terra’s collapse and UST’s depegging reportedly appointed native regulation agency L.Ok.B. & Partners to characterize them in a swimsuit in opposition to Terraform Labs and its co-founder Do Kwon, alleging that the corporate dedicated fraud. More than 100 individuals who filed complaints with the prosecutors’ workplace reportedly had losses totaling roughly $8 million.”The defendants didn’t correctly inform about design errors and defects within the algorithm whereas designing and issuing Luna and Terra cash in a collusion to draw buyers,” stated a spokesperson from L.Ok.B. & Partners.Following the collapse of UST and LUNA, South Korea’s nationwide tax company reportedly hit Terraform Labs and Kwon with a $78 million penalty associated to tax evasion. Lawmakers within the nation additionally referred to as Kwon to talk at a parliamentary listening to concerning the occasions round Terra’s collapse and UST’s depegging. Related: Korean exchanges agree on emergency system in case of Terra-style collapseThough headquartered in South Korea, Terraform Labs and the occasions surrounding its tokens’ collapse have had wide-ranging implications for the crypto house. In the United States, buyers affected by the UST and LUNA fallout hinted at authorized motion in opposition to yield era utility Stablegains over allegedly dropping $44 million value of deposited funds.

Prosecutors in South Korea behind the investigation of Terraform Labs have reportedly executed a search and seizure in 15 corporations, together with seven crypto exchanges. According to a Wednesday report from News1 Korea, the Joint…