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Terra co-founder Do Kwon became an industry hero when he promised to buy $10 billion of Bitcoin back in March. Now, he’s become crypto public enemy number one. Two months after the announcement, his blockchain’s dollar-based stablecoin, TerraUSD (UST), has depegged to just $0.15. Meanwhile, Terra’s governance token LUNA has collapsed to absolute zero, destroying investors who HODL’d through its collapse. Kwon and the Luna Foundation Guard fought to defend the peg by selling their Bitcoin reserves to pump UST’s…

Kwon unveils another plan to revive ebbing Luna.   On Monday, the Terraform founder and CEO unveiled another plan to save Terra’s sinking ship from extinction. This plan, shared on Twitter, includes forking Terra’s governance coin Luna and making the chain community-owned. What Went Down, Literally In spite of the death blow dealt to both Terra coins recently, the cryptocurrencies continue to find ways to stay alive. Last week, Terra's LUNA dropped from $85 value to less than nothing. Its…

DEUS Finance's algorithmic stablecoin DEI appears to be going the same route as the ravaged Terra USD (UST). DEI is the third stablecoin to depeg from the $1 mark in the past 14 days.  DEI Drops to All-Time Low Price charts from CoinGecko show that the token failed to maintain its dollar peg starting late Sunday. Earlier today, DEI plummeted to an all-time low of 52 cents. The stablecoin has undergone a slight recovery and is hovering at $0.65 at…

Brazilian stock exchange B3 is gearing up to launch its first official product targeting the crypto market. A report unveiled this news today, citing B3’s Chief Financial Officer, Andre Milanez. He announced this bullish news during a conference call on Monday. Specifically, Milanez said B3 seeks to roll out Bitcoin (BTC) futures trading within six months. According to the report, Milanez did not share how the product offering would work. It remains unclear whether B3 will team up with another…

American multinational investment bank Goldman Sachs and British bank Barclays have invested in crypto trading platform Elwood Technologies. Elwood Technologies unveiled this news earlier today through a press release. The banks joined other renowned investors to raise $70 million in the company’s Series A funding round. According to the press release, Goldman Sachs co-led the funding round alongside Dawn Capital. The list of investors in the funding round featured both traditional financial institutions and digital asset companies. These include BlockFi…

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,277 trillion. Bitcoin is down by roughly 15% after a catastrophic week. Ethereum lost almost 21% of its value over the past seven days. XRP decreased by nearly 27% this past week. Almost all altcoins are trading in the red with almost no exceptions. The Terra ecosystem crashed after UST lost its peg and…

A trying week for the crypto community closed in even lesser glamorous style as phishing attacks followed the dour market.  While the surprising crash of stablecoins and the collapse of LUNA disturbed many, attackers seized the bad week to wreak more havoc.  Earlier today, CoinGecko raised a scam alert on Twitter. The Singapore-based data aggregation company warned its users to disregard any prompt to connect wallets to the CoinGecko site. In a quick responsive post, the data aggregator made it…

Report claims Terraform scammed over 1000 Singaporeans. A “concerned” Singaporean citizen has reported Do Kwon, creator of the ravaged LUNA coin to the police. According to a post made on Reddit, the reporter claims to have filed the complaint on behalf of all Singaporeans affected by the crash of Terra's Luna. The post made in the early hours of today, contained a picture of the said report. In it, the complainant claimed that they knew over 1000 of their countrymen…

Over the past few days, Terra’s stablecoin UST has depegged from the  $1 dollar mark, in a series of almost impossible events. The now failed UST coin had many backers, many believers. One of these was Kava Labs, developers of Kava network’s stablecoin USDX. On Wednesday, following UST’s collapse, the USDX followed suit, crashing to depths of $0.47. Nearly 24 hours later, the stablecoin had made some recovery to $0.89 before swinging low again to $0.56.  While Terra USD’s implosion…