Crypto

Cryptocurrency luna crashes to $0 as UST falls further from dollar peg; bitcoin rebounds 8%

Published

2 years ago

May 13, 2022

Cryptocurrency luna crashes to $0 as UST falls further from dollar peg; bitcoin rebounds 8%

Bitcoin staged a rebound on Friday, leaping above $30,000 regardless of the continuing woes of stablecoin TerraUSD which has brought on panic within the crypto market.

The world’s largest cryptocurrency bitcoin was buying and selling at round $30,262.85 at 4 a.m. ET on Friday, in line with CoinGecko knowledge, up 8% within the final 24 hours after it dropped to ranges not seen since late 2020 earlier this week.

Nonetheless, the digital foreign money continues to be down 16% within the final seven days.

The current crypto meltdown, which has seen billions of {dollars} wiped off the market, has largely been sparked by the crash of a controversial stablecoin often known as TerraUSD or UST, which is meant to be pegged one-to-one with the U.S. greenback.

UST has nonetheless misplaced its peg and on Friday was buying and selling at round 14 cents, in line with knowledge from CoinGecko.

Luna, a token carefully related to UST, is now price $0 consequently.

UST and luna are linked. UST is dubbed an algorithmic stablecoin that means its $1 peg is meant to be ruled by underlying code. That’s essentially completely different to different stablecoins like tether and USDC that are backed by real-world belongings reminiscent of bonds. UST has no real-world reserves.

The UST algorithm works by way of a posh system of minting and burning tokens to take care of worth stability. A UST token is created by destroying a few of the associated cryptocurrency luna to take care of the greenback peg.

However the excessive market volatility has put UST to the check and it has been unable to take care of the peg.

Including additional problems is the truth that the Terra blockchain which underpins UST and luna stopped processing transactions twice within the lower than 24 hours.

On high of the UST saga, crypto markets have been hit by a lot of different headwinds together with increased inflation and rate of interest hikes which have brought on a sell-off in international inventory markets which has filtered by way of. The value actions of cryptocurrencies have been correlated to inventory markets.

“The Luna/UST scenario has hit market confidence fairly badly. Total most cryptocurrencies are down [more than] 50%. Combining this with international inflation and progress fears, doesn’t bode effectively typically for crypto,” mentioned Vijay Ayyar, vice chairman of company improvement and worldwide at crypto change Luno.

Even the massive bitcoin rebound will not be sustainable.

“In such markets, its regular to see bounces amounting to 10-30%. These are usually bear market bounces, testing earlier assist ranges as resistance,” Ayyar mentioned.

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Crypto

Brothers charged with stealing $25 million in Ethereum in 12 seconds — Cryptocurrency heist exploited transaction validation process

Published

2 hours ago

May 17, 2024

Press Room

Brothers charged with stealing $25 million in Ethereum in 12 seconds — Cryptocurrency heist exploited transaction validation process

In what U.S. prosecutors are calling the first case of its kind, a pair of brothers have been charged with stealing $25 million worth of cryptocurrency in just 12 seconds. They’re now charged with wire fraud and money laundering for the April 2023 heist.

Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, were reportedly educated at the Massachusetts Institute of Technology (MIT) in mathematics and computer science. Using the skills they learned at MIT, prosecutors say the duo found a way to exploit the Ethereum transaction validation process.

The brothers allegedly used that exploit to gain fraudulent access to pending transactions on the Ethereum blockchain, a public ledger that records and validates cryptocurrency payments.

The pair was arrested on May 14 on the indictment handed down from the United States District Court of the Southern District of New York. The indictment against the brothers was unsealed (PDF) on Wednesday, May 15, 2024.

Investigators say the brothers altered enough transactions in 12 seconds to redirect $25 million in cryptocurrency to themselves instead of the intended recipients.

In a press release, U.S. Deputy Attorney General Lisa Monaco stated that the brothers used “a technologically sophisticated, cutting-edge scheme they plotted for months and executed in seconds.” She also explained that agents from the Internal Revenue Service (IRS) played a crucial role in solving the riddle of where the cryptocurrency went.

A representative for Ethereum confronted the Peraire-Bueno brothers, but they refused to return the funds. Instead, they worked to launder and hide their ill-gotten gains, prosecutors allege.

U.S. Attorney Damian Williams stated the exploit “calls the very integrity of the blockchain into question.” Even though this theft was the first of its kind, prosecutors are prepared to uncover any other new forms of cybercrime. “As cryptocurrency markets continue to evolve, the Department will continue to root out fraud, support victims, and restore confidence to these markets,” Monaco pledged.

The Peraire-Bueno brothers face one count each of conspiracy to commit wire fraud and conspiracy to commit money laundering. If convicted, they each face more than 20 years in prison.

Crypto

Voice of Web3 by Coingape : Showcasing India’s Cryptocurrency Potential

Published

10 hours ago

May 17, 2024

Press Room

Voice of Web3 by Coingape : Showcasing India’s Cryptocurrency Potential

Coingape’s “Voice of Web3” is an inaugural event that is set to attract over 1000 crypto leaders and enthusiasts in late June. The conference intends to have conversations with participants so that they understand how blockchain and cryptocurrency can democratize India’s policy, financial services, and business sectors. It further seeks to encourage mass adoption by bringing together the tech, startup, and developer communities. The event has multiple tracks for everyone, such as a session on future innovations, the evolution of money, business transformation, or even “Crypto 101.”.

Mark your calendar for the last week of June as Coingape brings to you Voice of Web3. This will be a one-stop stage for all things cryptoeconomic, and by this, it means that there is no going back. With the rapid expansion in the realm of cryptocurrencies in the dynamic landscape of digital finance, this event stands out as an icon for enlightenment and inventive ideas.

Why Should You Attend Voice of Web3?

With Crypto leading the pack at the beginning of the ‘financial internet’, Voice of Web3 plans to bring together more than 1,000 crypto leaders, thinkers, and investors under one virtual podium. This gathering will give room for discussing India’s crypto economy, from first principles to difficult policy conversations.

Whoever you are and whatever your work entails, Voice of Web3 summons you towards a better understanding and design of future finance trends. The tailor-made event suits experienced professional traders, regulators swimming amid policy frameworks, venture capitalists looking for breakthroughs, and corporate leaders looking forward to growth opportunities elsewhere.

What’s on Offer at Voice of Web3

The Voice of Web3 event is designed to be an immersive experience with four distinct tracks that are built for various interests and expertise levels found within the crypto and blockchain industry. Here’s a look at each of the tracks that await attendees.

Future: This track looks at crypto and blockchain innovations and trends that may disrupt businesses and economies, talking about future money in a DeFi world or the rise of creator economies as well as DAOs.
Money: Decoding the DeFi landscape, what it means for the future of money as well as central bank digital currencies (CBDC), implications of tokenization physical assets.
Business: For your business transformation involving cryptocurrency, discuss navigating regulations, financing crypto projects, NFTs for gaming, and the creator economy.
Crypto 101: This track is meant for beginners who know nothing about cryptocurrencies, providing a primer on the basics such as tokens, protocols, or important concepts, i.e., DeFi lending and threatening strategies.

Coingape’s Voice of Web3 is expected to become a significant turning point that will close the gap between the theory and practice of the cryptocurrency economy. This is an opportunity you can’t afford to miss out on; be part of the conversation that shapes the future of finance in India and beyond. Ensure your place at the forefront of the crypto revolution by registering today.

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