Mike Novogratz's Galaxy Digital Sees Massive $300,000,000 Loss This Quarter, Hints Zero Exposure to TerraUSD

Crypto asset manager Galaxy Digital has taken a deep hit following the significant downturn in digital asset markets. According to a recent press release, the firm is reporting that is on track to lose $300 million for the second quarter of 2022. The firm is also hinting that it has no exposure at all to The post Mike Novogratz's Galaxy Digital Sees Massive $300,000,000 Loss This Quarter, Hints Zero Exposure to TerraUSD appeared first on The Daily Hodl.

Timeline of Terrausd

Ethereum founder Vitalik Buterin says he supports a suggestion on how to reimburse holders of TerraUSD (UST) following the massive collapse of the Terra ecosystem last week. Originally put forth by a Twitter account named PersianCapital, the suggestion involves prioritizing the smallest holders in order to make them 100% whole after losing their funds to The post Ethereum Founder Vitalik Buterin Supports TerraUSD (UST) Recovery Plan That Prioritizes Small Holders appeared first on The Daily Hodl.

LUNA and UST both are showing signs of recovery after recent collapses, with the same sending shockwaves across the industry. Several experts believe that Terra founder Do Kwon is responsible for the latest crash that wiped out more than $1 trillion from the market.

InsurAce, a DeFi insurance platform that offered cover against a UST de-peg event, has confirmed that they will be paying out $12 million in USDT to users who hold a valid policy. The post Insurance protocols are paying out millions to UST holders appeared first on CryptoSlate.

Crypto exchange giant Coinbase is announcing plans to suspend trading of TerraUSD (UST) and Wrapped Luna (WLUNA) on all levels of the platform. Coinbase Assets recently made the announcement on Twitter that, in light of extreme volatility within the Terra (LUNA) ecosystem, UST and WLUNA trading will be suspended in two weeks. In light of recent volatility The post Crypto Exchange Coinbase Announces TerraUSD (UST) and Wrapped Terra (WLUNA) Trading Suspensions After LUNA Crash appeared first on The Daily Hodl.

The well-known Crypto mom calls for enhanced stablecoin regulation after the recent UST fiasco, as she signaled that this could come faster than expected after the recent fallout of the Terra ecosystem so let's read more today in our latest cryptocurrency news. Hester Peirce, the Crypto Mom calls for enhanced stablecoin regulation and said that

The cryptocurrency market recently witnessed one of its most significant downturns when primary tokens lost around 20 percent of their value in one day. Added to this decline is TerraUSD, labeled as a stablecoin linked to the US dollar.

For months now, Kevin Zhou, the co-founder hedge fund Galois Capital and former head of trading at digital asset exchange Kraken, has been sounding the alarm on the LUNA and UST issuer, Terraform Labs.

A dollar pegged stablecoin, TerraUSD has lost its peg twice over the past few days and has not recovered yet. The algorithmic stablecoin broke its peg this Monday again, hence it is necessary for regulators to have a look at this particular model of stablecoin. The collapse of TerraUSD has come up with several risks …

U.S. Secretary of the Treasury Janet Yellen is calling for legislation that will regulate stablecoins to eradicate the risks she believes they pose to financial stability. While testifying before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Yellen said the government is already aware that stablecoins are currently operating in an inadequate regulatory The post Treasury Secretary Yellen Says Stablecoins Pose Financial Stability Risks, Cites Collapse of TerraUSD (UST) appeared first on The Daily Hodl.

A proposal on Anchor's governance system advocates drastically reducing the UST yield. The post Anchor contributors consider cutting UST yield to 4% from 19.5% appeared first on The Block.