Morning Tidings

Tag: Terra

  • Cryptocurrency Crash: 3.5 Billion Worth Bitcoin Reportedly Wiped Out To Defend & Support Terra

    New Delhi: The global crypto mayhem last week wiped out Bitcoin worth $3.5 billion — created to defend and support the TerraUSD (UST) stablecoin which saw a total crash — and no one has any idea how such a large sum of funds disappeared. Nearly 80,394 Bitcoin worth $3.5 billion were purchased by the Luna Foundation Guard, the non-profit organisation set up to promote the growth of the Terra ecosystem this year, according to Blockchain analytics firm Elliptic. Cryptocurrency prices in India today (16 May 2022).

    CoinDesk reported that while untold billions in value and wealth were lost when those reserves proved inadequate to prevent a “depegging” last week, what no one knows is what happened to those reserves and where they are now. Terra Labs CEO Do Kwon tweeted that they were “currently working on documenting the use of the LFG BTC reserves during the depegging event.

    “I’ve spent the last few days on the phone calling Terra community members – builders, community members, employees, friends and family, who have been devastated by UST depegging,” Kwon said in a tweet thread.

    The UST coin is designed to retain a value of one US dollar at all times but was depegged last week, and fell to just 17 cents. Luna’s value collapsed in one of the most stunning crypto crashes ever recorded. In total, over $15 billion in cryptocurrency value was wiped after the TerraUSD stablecoin collapsed.

    In the case of Luna Foundation Guard, Elliptic followed the money to major exchanges Gemini and Binance. According to the Blockchain analytics firm, 52,189 BTC was moved to a single account at US crypto exchange Gemini, via several Bitcoin transactions. The remaining 28,205 Bitcoin in Terra’s reserves were “moved in their entirety, in a single transaction, to an account at the cryptocurrency exchange Binance”.

    “It is not possible to identify whether these assets were sold or subsequently moved to other wallets,” Tom Robinson, co-founder and chief scientist at Elliptic, was quoted as saying. “All we can see is it going into these exchanges,” Robinson told CoinDesk.

    ” Neither I nor any institutions that I am affiliated with profited in any way from this incident. I sold no Luna nor UST during the crisis,” according to Kwon, Terra Labs CEO.

    The whereabouts of $3.5 billion still remain a mystery.

    (The above story first appeared on Morning Tidings on May 16, 2022 04:00 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Terra LUNA Suspended by Binance, CoinSwitch Kuber And CoinDCX After Complete Free Fall Amid Cryptocurrency Crash

    Indian crypto exchanges are following their global counterparts, and delisting the stablecoin Luna. At the moment Binance, CoinSwitch Kuber and CoinDCX, top exchanges in the country in terms of trading volumes, have delisted the beleaguered tokens from their platforms, after prices of the stablecoin fell to nearly zero over the past seven days.

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  • Cryptocurrency Crash Updates: From Bitcoin Falling to $27,000 to Terra Luna Investors Losing Life Savings; All You Need To Know

    Mumbai, May 13: Amid the ongoing war between Russia and Ukraine and the increase in COVID-19 cases across the globe, the value of Cryptocurrencies seems to have taken a hit. The trend started on Thursday after cryptocurrency Bitcoin was down by 12 percent and stood at $27,300.

    In the latest addition to the ‘Cryptocurrency Crash’, crypto exchange Coinbase suffered a major outage amid crypto mayhem especially with the cryptocurrency Terra Luna. The sudden fall of cryptocurrency has created panic among investors. Cryptocurrency Crash: Global Crypto Market Sheds $275 Billion, Bitcoin Down at 2020 Level of USD 27,000.

    Here are all the latest updates from the crypto market.

    Coinbase suffers outage amid cryptocurrency fall

    On Friday, crypto exchange Coinbase suffered a major outage amid crypto mayhem especially with the cryptocurrency Terra Luna, thus leading to fear among the investors. The company said that it was actively working on the issue. On the other hand, Terraform Labs increased the circulating supply of Luna tokens to over 6.5 trillion, up from 386 million three days ago. Later, Terraform Labs said that it has halted the Terra blockchain and is working to “come up with a plan to reconstitute it”.

    Free fall of the Global crypto market

    On Thursday, over $275 billion were wiped off the global crypto market within 24 hours. The global cryptocurrency market cap reached the $1.25 trillion mark, thus going down by 13 percent in the last 24 hours. According to a report in IANS, the global crypto mayhem was triggered by the total collapse of Terra Luna cryptocurrency that was linked to the US dollar. Cryptocurrency Crash: Coinbase Suffers Major Outage, Binance Halts Terra Luna Trading.

    Bitcoin investors to lose $545 million this year

    According to a report, bitcoin investors are likely to lose up to $545 million this year, owing to various reasons like forgetting passwords to their wallets or making a mistake in recording their “seed phrases”. As per a research conducted by CryptoAssetRecovery.com, between $272 million to $545 million of Bitcoin will be lost this year. After bitcoin stood at $27,300 on Thursday, it further dropped to nearly $27,000 on Friday, a level it saw in December 2020. Interestingly, Bitcoin accounts for about a third of the cryptocurrency market.

    Ethereum loses 20% of its value in 24 hours

    After Bitcoin, Ethereum joined the cryptocurrency crash when its value fell by 20 percent on Thursday. It must be noted that Ethereum is the world’s second-largest cryptocurrency. While Bitcoin has shed a third of its value since January, Ethereum has lost more than half of its value this year.

    Investors of Terra Luna cryptocurrency lose life savings

    Terra Luna cryptocurrency, which is ranked among the top 10 most valuable cryptocurrencies collapsed by 98 percent, thereby wreaking havoc in the lives of its investors. Terra Luna’s market cap dropped from above $40 billion to just $500 million on Thursday. It must be noted that Terra was once ranked among the top 10 most valuable cryptocurrencies. “I lost all my life savings. Had bought Luna at $85, not sure what to do,” wrote a Terra investor on the Reddit community forum.

    (The above story first appeared on Morning Tidings on May 13, 2022 12:24 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Cryptocurrency Crash: Coinbase Suffers Major Outage, Binance Halts Terra Luna Trading

    New Delhi: Leading crypto exchange Coinbase suffered a major outage amid crypto mayhem especially with the cryptocurrency Terra Luna, heightening fears among the investors. The company said it was actively working on the issue. Cryptocurrency prices in India today (13 May 2022).

    “We are aware that some customers are having issues trading and accessing accounts on Coinbase and Coinbase Pro. Your funds are safe, and we are actively working on the issue. We’ll provide an update here soon,” said Coinbase. “We’re seeing recovery after implementing a fix, but our teams are continuing to monitor the situation,” it added.

    The company on Friday said the situation was being resolved. The investors reported rolling delays in withdrawals on community discussion forum Reddit.

    “Has the bear market crashed their servers?. Pretty frightening if someone wants to make a fast trade,” posted on Reddit.

    Meanwhile, Terraform Labs increased the circulating supply of Luna tokens to over 6.5 trillion, up from 386 million three days ago. Later, Terraform Labs said it has halted the Terra blockchain and is working to “come up with a plan to reconstitute it”. Cryptocurrency Crash: Bitcoin Drops Below $28,000, Terra Luna Down 95%; Ethereum in Major Downtrend.

    The Coinbase outage came as Binance, the world’s largest cryptocurrency exchange, suspended trading of Terraform Labs’ Terra (Luna) and TerraUSD (UST) tokens, which crashed 98 per cent, wiping out the life savings of its investors.

    On Thursday, over $275 billion were wiped off from global crypto market cap within 24 hours and Bitcoin dropped to nearly $27,000, a level it saw in December 2020. The world’s second largest cryptocurrency Ethereum has joined the cryptocurrency crash, plummeting in value by 20 per cent, as the digital currency downturn hammers investors who bought during the Covid years.

    (The above story first appeared on Morning Tidings on May 13, 2022 10:22 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Cryptocurrency Crash: Bitcoin Drops Below $28,000, Terra Luna Down 95%; Ethereum in Major Downtrend

    The Cryptocurrency market has crashed in the past 24 hours. At the time of writing this article, Bitcoin is trading at $27,401. BTC is down by 5.13 percent after breaking a major key level of $29,016 earlier today. Cryptocurrency prices in India today (12 May 2022).

    Terra Luna has crashed over 95 percent and currently trading at $0.13. According to Terra employees, $UST founder Do Kwon was responsible for the failed stable coin project ‘Basis Cash’.

    Moreover, Ethereum is also showing a major downtrend in the last 24 hours. BNB token dropped by 14.07 percent, Solana by 25.91 percent, XRP Ripple by 20 percent and Dogecoin crashed by 20 percent. The ADA token also showed a drop of 17 percent. According to CoinMarketCap, the global market cap has crashed by 9.37 percent in the last 24 hours and is at $1.27 trillion.

    (The above story first appeared on Morning Tidings on May 12, 2022 11:48 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).