U.S. SEC chair Reacts To Terra (LUNA) Crash! Rules & Disclosures Needed to Protect Investors

Bitcoin, the bellwether for the crypto market, took a beating this week by hitting a 52-week low, falling down to $25,402. This week's massive variations are directly linked to the troubles of TerraUSD(UST). Terra's UST stablecoin lost its peg with the U.S dollar, resulting in a crypto market crash, leaving an impact of billions of …

Timeline of Terra-luna

In a preliminary vote, the Terra community has opposed founder Do Kwon's proposed revival plan to fork the Terra chain into a new chain without the algorithmic stablecoin. Moreover, the Terra community believes burning will be the best option as suggested by Binance CEO Changpeng Zhao.

According to an online poll, 90% of the community disagrees with Terraform Labs CEO Do Kwon's path forward. The post Terra community seems dead set against Do Kwon's fork proposal appeared first on The Block.

Investors were flummoxed by the sharp fall in Bitcoin's value and that of other cryptocurrencies this past week, leading the total crypto market capitalization to plummet to as low as $1.23 trillion on May 12, its lowest level since July 2021. Terra Luna's UST stablecoin, which was backed by both LUNA tokens and billions in The post Here's why Luna UST crash is not crypto's ‘Lehman Brothers' moment appeared first on Invezz.

Despite being banned in China, cryptocurrency is gaining attraction in the country as the value of some of the world's most prevailing digital currencies and Non-fungible tokens (NFTs) has increased.

The Terra disaster has led the largest cryptocurrency exchanges to delist the LUNA and UST tokens. But DeFi exchange WOO network sought to go against the grain by relisting LUNA, which it did on Monday.

Terra suffered a spectacular collapse after its UST stablecoin lost its peg to the dollar last week. Crypto Briefing tells the full story of the troubled blockchain's rise and fall.

The Terraform Labs mastermind Do Kwon (real name Kwon Do-hyeong) could be facing trouble from financial and law enforcement authorities in South Korea and Singapore as a torrid month for the Terra (LUNA) platform just keeps getting worse.

SEC Chair Gary Gensler on Monday said the crypto market needs more regulation to protect investors from projects like Terra. Gensler blames crypto trading and crypto wallet platforms for not disclosing information making investors lose hard-earned money such as in the case of LUNA and UST.

Another Terra (LUNA) ecosystem revival plan by Terraform Labs (TFL) CEO and Co-founder Do Kwon seems to have the support of at least some Terra developers, while trust issues still pose serious challenges to this plan.

European officials have called for immediate regulation of crypto in light of the Terra-led market crash. The post Terra Meltdown Concerns European Officials; Calls for Legislation Renewed appeared first on BeInCrypto.