| Do Kwon proposes to rebuild Terra and issue a new LUNA; Circle releases USDC transparency and trust report (May 16)
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And announced the plan to issue 1 billion new LUNA tokens
A new supply of 1 billion tokens, 400 million UST will be distributed to LUNA holders immediately before unanchoring, 400 million to UST holders, and 100 million to LUNA holders immediately before the original Terra chain stopped (they maintained Network stability), 100 million reserved for future ecological development. Except for the 100 million in the third tranche, the other three tranches will all be staked when the network restarts.
News Do Kwon released a plan to rebuild the Terra ecosystem on the Terra Forum, and proposed to issue 1 billion new LUNA tokens.
In addition, the annual inflation rate of new LUNA tokens will be set at 7% in the future, and this proposal is currently under discussion in the community.
According to Reddit netizens, a Singaporean resident has reported to the Singapore police. According to the content of the report, as far as he knows, at least 1,000 Singaporeans have bought UST and LUNA and suffered losses. He also accused Terra of being a scam and asked the police to investigate its founder Do Kwon. Do Kwon is said to be living in Singapore.
Circle Releases USDC Transparency and Trust Report: Reserves Total $50.6 Billion
Tether CTO: Has cut holdings of commercial paper backing stablecoins by 50%
cryptocurrency
cryptocurrency
The US SEC intends to seek further comments on the WisdomTree Bitcoin ETF application
The SEC has requested further comment on WisdomTree’s application for a spot bitcoin ETF.
It is reported that WisdomTree applied for a spot Bitcoin ETF in February 2022. In March, the US Securities and Exchange Commission issued a notice to postpone the deadline for deciding whether to approve the listing of the WisdomTree Spot Bitcoin ETF, and extended the approval period for the WisdomTree Bitcoin Trust to May 15. day. The SEC is now asking reviewers to answer a series of questions, such as whether WisdomTree's proposed product is vulnerable to manipulation, and whether the bitcoin market has evolved to a stage where there is no significant risk of manipulation, and the review will last 21 days to submit data and arguments , with an additional two weeks to submit rebuttals to these comments. While the SEC has approved a futures-based bitcoin ETF product, they insist that the spot market has not yet reached a sound agreement to reduce fraud. (The Block)
VanEck and 21Shares Suspend Trading of 2 Terra ETPs
The downward spiral of Terra (LUNA) and TerraUSD (UST) caused VanEck and 21Shares to suspend the trading of two Terra-based ETPs, 21Shares’ Terra ETP (stock symbol LUNA: SW) and VanEck’s Terra ETN (stock symbol VLNA: GR), both companies said they are monitoring the situation with LUNA and UST to determine next steps. (EWN)
LFG Still Unaccounted for Over $1.2 Billion in Bitcoin Reserves
Luna Foundation Guard (LFG) has accumulated a total of 70,736 bitcoins for UST as "foreign exchange reserves", worth more than $2 billion. Recently, UST has been severely de-anchored, and LFG has provided a $750 million bitcoin "loan" to over-the-counter trading companies and market makers to "help protect UST's peg to the U.S. dollar." This means that LFG should still have more than $1.2 billion worth of Bitcoin in its reserves. But so far, the group has not provided any details about those funds. LFG's public wallet address shows a zero bitcoin balance. (The Block)
Synthetic Asset Protocol Synthetix Launches New Clearing Mechanism
According to official news, the synthetic asset protocol Synthetix launched a new liquidation mechanism (SIP-148), which completely reformed the previous system, which will strengthen the protocol and ensure that cascading liquidation will not destroy the stability of the Synthetix protocol. When a user's C-Ratio falls below 150% under the new mechanism, they will have 12 hours to increase their C-Ratio.
Kava released a proposal to remove UST collateral and LUNA, UST liquidity pool
The Cosmos ecological smart contract public chain Juno Network released a proposal to provide incentives for projects migrating from Terra to Juno. The proposal proposes to provide 1 million JUNOs (700,000 from the community pool and 300,000 from the development fund) for project migration and continuous development, and this part of the funds will be managed by the multi-signature address.
Encrypted data sites such as Etherscan, CoinGecko, DexTools, and DeFi Pulse reported malicious pop-ups prompting users to connect to their MetaMask wallets. "If you are on the CoinGecko website and your Metamask prompts you to connect to it, this is a scam. Do not connect to it. We are investigating the root cause of this issue," CoinGecko said in a tweet. "We have received reports of phishing pop-ups via 3rd party integrations and are currently investigating," the tweet said. Just be careful not to confirm any deals that pop up on the site. Affected website DexTools blamed a crypto advertising platform called Coinzilla. (CoinDesk)
Encrypted data sites such as Etherscan, CoinGecko, DexTools, and DeFi Pulse reported malicious pop-ups prompting users to connect to their MetaMask wallets. "If you are on the CoinGecko website and your Metamask prompts you to connect to it, this is a scam. Do not connect to it. We are investigating the root cause of this issue," CoinGecko said in a tweet. "We have received reports of phishing pop-ups via 3rd party integrations and are currently investigating," the tweet said. Just be careful not to confirm any deals that pop up on the site. Affected website DexTools blamed a crypto advertising platform called Coinzilla. (CoinDesk)
QuickSwap tweeted that it has regained control of the URL and set up preventive measures: users need to confirm whether there is a "green dot" shown in the picture when using QuickSwap in the future. If there is no such green dot, users need to manually clear the browser cache Use it until the green dot appears. Funds such as liquidity pools were not affected in this attack.
GameFi and NFTs
Previously, QuickSwap said yesterday that the domain name hosted on GoDaddy had been hijacked.
GameFi and NFTs
The star Michael Owen and Oceidon jointly released the NFT series, which was criticized for setting the floor price "only rises but not falls" mechanism
Encrypted music application Inflow announced the completion of a $1.5 million seed round of financing, with participation from ConsenSys and Protocol Labs.
Investment and Financing
Elwood Technologies completes $70 million Series A financing, led by Goldman Sachs and Dawn Capital
Well-known hedge fund manager Alan Howard's encryption technology company Elwood Technologies announced the completion of US$70 million in Series A financing, led by Goldman Sachs and Dawn Capital, Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures participated cast. Funds raised will be used for product expansion and globalization. (The Block)
Minto, a Japanese emoji comics NFT company, completed a financing of 660 million yen (approximately US$5.1 million), led by Kakao Piccoma, and participated by Sumitomo Mitsui Insurance Capital, Mizuho Capital, and OLM Ventures (the investment arm of Imagica Group). Up to now, the total financing amount of Minto has reached 1.46 billion yen. (The Bridge)
Encrypted music application Inflow announced the completion of a $1.5 million seed round of financing, with participation from ConsenSys and Protocol Labs.
It is reported that Inflow mainly helps musicians launch their own cryptocurrency and make profits through tokens. Inflow also launched an artist fund to provide financial support for musicians to shoot music videos, launch video podcasts, and hold concerts. (AfroTech)
Encrypted music application Inflow announced the completion of a $1.5 million seed round of financing, with participation from ConsenSys and Protocol Labs.
It is reported that Inflow mainly helps musicians launch their own cryptocurrency and make profits through tokens. Inflow also launched an artist fund to provide financial support for musicians to shoot music videos, launch video podcasts, and hold concerts. (AfroTech)
global policy
global policy
Bank of Spain Governor Stresses Need for Rapid Regulation of DeFi and Crypto Markets
Pablo Hernández de Cos, governor of the Bank of Spain and chairman of the Basel Committee on Banking Supervision, said that the cryptocurrency market and decentralized finance (DeFi) need to be quickly regulated to avoid the risk of financial instability. Hernandez de Cos also mentioned how the fast-track approach should bring the crypto-financial system under regulation before it gets bigger. “Despite this astounding growth, crypto assets still only account for around 1% of total global financial assets, and banks have had relatively limited direct exposure to date,” he said. However, we know that these markets have the potential to expand rapidly and pose risks to individual banks and overall financial stability. Furthermore, he suggested an "aggressive and forward-looking regulatory approach" to the topic, declaring that a balance could be struck between welcoming these technologies and mitigating their risks. (Bitcoin.com)
Argentina's Senate Passes Bill Taxing Foreign Holdings Including Cryptocurrencies
Argentina's Senate has approved a bill that would allow the government to tax the country's citizens on undeclared assets held abroad, including stocks, real estate, bonds and cryptocurrencies. The policy states that raising funds will be managed directly by the Ministry of Economy. Depending on the time period and assets owned, Argentinian citizens will have to pay up to 50% on those assets if approved. The fund will be denominated in dollars until Argentina repays about $45 billion in debt to the International Monetary Fund (IMF). The bill must now be approved by the House of Representatives, which has less chance, according to local media reports. (Bitcoin.com)
Nigeria Issues New Crypto Regulations Classifying Digital Assets as Securities
Nigeria has released new rules for digital assets, providing clearer guidelines for cryptocurrency transactions. The Nigerian Securities and Exchange Commission (SE) has published on its website “Regulations Concerning the Issuance, Provision of Platforms and Custody of Digital Assets,” classifying digital assets as securities regulated by the SEC. The new regulations cover the issuance of digital assets as securities and the registration of digital asset custodians, exchanges and virtual asset service providers. (Bloomberg)
Central Africa's regional banking regulator on Friday reminded member states of its ban on cryptocurrencies. The Central African Banking Commission, which oversees the banking sector in the six Central African economies and monetary communities, said its ban was aimed at ensuring financial stability.
Character · Voice
It is reported that on April 27, the Central African Republic legally recognized the use of cryptocurrencies after the President of the Central African Republic approved a law passed by delegates last week, which also made Bitcoin a part of the African country and West Africa. The official currency of the CFA franc. (The Block)
Character · Voice
Changpeng Zhao said that the Terra fork will not bring any value to the new chain, and questioned the whereabouts of the reserved BTC
In addition, Changpeng Zhao questioned where are all the BTCs that should be used as reserves, and asked that those BTCs should not all be used to repurchase UST first?
Do Kwon: I did not sell any LUNA and UST for profit, I apologize to the victims
Do Kwon, the founder of Terra, made his voice on social media for the first time since May 11. He said that he did not sell any LUNA and UST during the crash. He also apologized to the victims of the incident and said that he is looking for a way to rebuild.
