Terra Ecosystem collapses, Sam Bankman-Fried buys Robinwood stock, and Crypto trader sentenced to death by Ponzi scheme

It always comes on Saturday, Hodder’s Digest It will help you keep track of all the important news that happened this week. The best (and worst) quotes, adoption and control highlights, Coin Leader, Predictions and much more – one week on Cointelegraph in one link.

Top News This Week

Terra blockchain has officially stopped following the collapse of LUNA

This week’s TerraUSD (UST) stable currency has hit the headlines after TerraUSD (UST) lost its stake in the US dollar – and its deterioration continues.

According to CoinMarketCap, UST fell to $ 0.13 per week. The meltdown affected LUNA. Symbiotic relationship with his sister’s property. After reaching a high of $ 120 in early April, LUNA prices fell to zero this week.

Terraform Labs CEO Dr. Quinn He looked to implement certain measures According to the Cointelegraph on Thursday, the ship was sinking to the right. According to the following report, the Terra blockchain has temporarily ceased operations after LUNA’s high inflation significantly reduced the cost of administrative attacks on the network.

South Korea to set up Crypto framework in 2024

South Korea plans to administer crypto assets under new rules by 2024 Although it is proven to be accurate, the leaked document is not a complete plan.

The new crypto rules, administered by President Yon Suk-Yale, cover a number of categories, including NFTs.

Meta will be checking out digital collections on Instagram starting this week

Earlier this week, he said he plans to experiment with NTTs on Instagram, allowing Meta digital collections to be used as profile pictures. The decision came directly from CEO Mark Zuckerberg.

Adding NFTs to Instagram is a prerequisite for bringing digital collections to Facebook and other metrics, Zuckerberg said. Other social media platforms, such as Twitter, have moved to present NFTs as profile pictures.

Robinwood shares increased 30% after Sam Bankman-Fried bought a $ 650 million stake.

Since March of this year, FTX CEO Sam Bankman-Fried has completed the acquisition of Robinwood shares of the popular trading app last week. Overall, Banman-Fried raised $ 648 million in Robinwood shares, equivalent to 7.6% of the company’s shares. The FTX CEO price was $ 11.52 per share.

The US regulatory record recently showed the purchase. Robinwood shares rose more than 30% after the news broke.

ECB issues ‘anonymous’ digital euro because people are against ‘slavecoins’

The topic of Central Bank Digital Currencies (CBDCs) is becoming more and more common. A recent letter from the European Central Bank (ECB) provides the latest information from the Treasury Department. According to the central bank, anonymous CBC can streamline payments and prevent merchants from disclosing information about their payments.

Meanwhile, Europeans are out on the CBDCs. Slavecoin is a term used by some online analysts to describe CBDCs. Following the launch of the Digital Euro Consultations on April 5, there has been a steady flow of protests, in part due to public opinion polls.

Winners and losers

Over the weekend, Bitcoin (BTC) Is on. $ 29,994Ether (ETH) as if $ 2,067 And XRP as if $ 0.42. The whole market is on the verge of collapse. $ 1.28 Trillion, Basis To CoinMarketCap.

Of the top 100 cryptocurrencies, only two altcoin payers of the week were the maker (MKR) At 1.22% and Fei USD (FAI) By 0.27%

The top three altcoin losers of the week are Terra. (Luna) -100%, TerraUSD (UST) -81.61%, and Fantom (FTM) -50.89%

Be sure to read Cointelegraph Market Analysis for more information on cryptocurrencies.

Most memorable quotes

“When it comes to mass adoption, it is important to compare what blockchain technology can bring to consumers with existing solutions.”

Ming DuwanChief Operating Officer and Founder of Umi

“In the free world and in most areas of democracy, crypto will eventually be controlled and legalized. […] The way to move the discussion forward is by taking action.

Brian ArmstrongCoinbase CEO

“If you want to make a stable coin, for example, 300% must be supported by strong assets, strong crypto assets – 105%, or 110%, or even less. […] This does not make sense.

Paolo ArdoinoChief Technology Officer at Bitfinex and Tether

“Everyone under the age of 18 may be shocked, but for those of us who have been here since 2016, 2017, it is part of the game. Bitcoin will not be lost, Ethereum will not be lost due to LUNA or UST. Everything is business as usual.

Marcel Pechmancrypto analyst and Cointelegraph contributor

“Similar rules for investments in the physical world continue to apply to investments in the virtual world.”

Five U.S. regulatory bodies

Platforms – decentralized or centralized financial space – are subject to security laws if they provide security-based changes and must operate within our warranty system.

Gary GenslerChairman of the US Securities and Exchange Commission (SEC)

Weekly forecast

The Bitcoin macro bottom warns ‘analysts’ that it has not yet entered, as the BTC is worth $ 30,000

Bitcoin is coming in a very volatile week, dropping just under $ 27,000 in a short period of time. Cointelegraph’s BTC price index. Although the property has raised more than $ 30,000, BTC may not yet be out of the woods in terms of large macro bottom.

“IMO, the bottom of the macro has not yet entered,” Twitter user pointers said.

In a May 12 blog post, “Crypto Capital Markets should be allowed time to heal once the bleeding is over,” including other market reviews by former BitMEX CEO Arthur Hays. He went on to make other comments, citing certain price levels for BTC and ETH.

FUD of the week

Galaxy Digital reported a $ 112 million loss, citing crypto currency volatility

Crypto investment company Galaxy Digital Holdings recently released its results for Q1 2022. The company reported a net loss of $ 112 million in the first quarter. Market sentiment for crypto assets has changed over the last 12 months.

‘Mortified’ crypto trader earns 42 months by falsely claiming he was a total gun

A New York court has ruled that Jeremy Spence, known by his nickname “Coin Signals,” should be sentenced to 42 months in prison for plotting to assassinate him. The plan involves making false claims about crypto-trading profits, taking money from investors and then paying older investors new ones. The court’s decision also included other punitive terms.

Termination of Binance blocked LUNA and UST trading on Terra blockchain

Amid the turmoil around LUNA and UST, Binance decided to discontinue UST / BUSD and LUNA / BUSD trading pairs. UST and LUNA were out. It is temporarily stopped by Binance At the beginning of the week. Binance has Futures. Also some corrected Business features associated with LUNA.

Best Cointelegraph Features

Bitcoin 2022 – Will Real Real Professionals Please Stop?

“The attack is cryptocurrency. That’s the attack.”

Can Solana be a major POS chain despite constant interruptions?

The Solana Network seems to be struggling to keep up with the industry’s blockchain trio.

what happend? Terra debacle exposes cryptocurrencies that are damaging the industry

Terra’s failure calls into question the long-term viability of real-world utilities and algorithmic stable coins.

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