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Terra (LUNA) And LUNA Classic Dumps Wiping Off Yesterday’s Gains

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Terra (LUNA) And LUNA Classic Dumps Wiping Off Yesterday’s Gains

The Terra (LUNA) and LUNA Classic (LUNC) coins have been plummeting in the past 24 hours, wiping out most of the gains made from 14th to 16th November. As of this writing, Terra 2.0 and LUNC have been bearish for the past 24 hours, with both coins showing a +3% decline.

The last few days had seen Terra (LUNA) and LUNA Classic (LUNC) start making some impressive recovery from the last two weeks’ bear run. The recovery was a result of the market getting a breather that saw most of the coins register a surge. But due to the lack of utility, Terra (LUNA) and LUNA Classic were unable to retain the growth as the bears took over the market this morning.

That’s when their big rivals, like Bitgert (BRISE), and Centcex (CENX), have been doing pretty well in the market during this period. In fact, Bitgert has been one of the best-performing coins in the market this week, looking at the charts.

 

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Why Terra (LUNA) and LUNA Classic Dumped

A number of factors might have triggered the Terra (LUNA) and LUNA Classic coins to decline in the past 24 hours. The FTX fall had some effects on these coins’ performance. In fact, during the period that FTX was crashing, Terra and Do Kwon were trending too.

The coin plus plummeted, but the recent breather saw an increase in the coins’ value that did not last for long. The lack of utility is also affecting LUNA and LUNC prices over the last few days. As of this morning, both Terra (LUNA) and LUNA Classic (LUNC) market values had declined by +4%, and they might hit lower lows before EOD.

 

Bitgert (BRISE) and Centcex (CENX) Might Rally This Week

The Centcex and Bitgert are expected to rally in the next few days, and this is after looking at the performance of the coins over the last few days. Bitgert and Centcex are among the coins that have registered impressive growth over the last few days. Even in 2022, the growth posted by Bitgert (BRISE) and Centcex (CENX) has been impressive.

Bitgert (BRISE) and Centcex (CENX) are expected to rally this week because of the growing hype and the developments that the team is working on. The Bitgert roadmap V2 and the tens of partnerships are among the factors that will make BRISE one of the best performers this week.

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So, as the Terra (LUNA) and LUNA Classic (LUNC) prices tumble, Bitgert (BRISE) and Centcex (CENX) will be the coins that might do well this week.

The post Terra (LUNA) and LUNA Classic Dumps Wiping Off Yesterday’s Gains appeared first on Analytics Insight.

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South Korean prosecutors out to arrest Terraform Labs’ co-founder Daniel Shin

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South Korean prosecutors out to arrest Terraform Labs’ co-founder Daniel Shin

  • As per Yonhap’s report, Shin claimed that he had cooperated with the investigation.
  • He is also being charged with the violation of the Electronic Financial Transaction Act.

After months of back and forth with Terra poster boy Do Kwon, prosecutors in South Korea have now turned their attention to the other culprits responsible for the crypto contagion earlier this year. 

According to a report published by Yonhap, The Seoul Southern District Prosecutors Office has stated that it is seeking an arrest warrant for Daniel Shin Hyun-seung, one of Terraform Labs’ co-founders.

Shin allegedly took illegal profits from Terra

The prosecutors are accusing Daniel Shin of reaping illegal profits totaling 140 billion won from Terraform Labs by selling $105 million worth of LUNA at its market high, without notifying the company’s investors. According to the report, this transaction took place before Terra’s collapse in May this year.

As per Yonhap’s report, Shin claimed that he had cooperated with the investigation, and news of the arrest warrant came as a shock to him. “I left (Terraform Labs) two years before the collapse of Terra and Luna, and have nothing to do with the collapse,” Shin said in a written statement to the media firm. 

Shin is also being charged with the violation of the Electronic Financial Transaction Act, over the alleged promotion of Luna using customer information and funds from Chai Corp, another one of his ventures. 

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Prosecutors want to arrest Terra’s early investors  

The Seoul Southern District Prosecutor’s Office’s Financial and Securities Crimes Joint Investigation Team, along with the Financial Investigation Division 2, have been investigating a potential violation of the Capital Markets Act, as well as the Similar Receipt Act Regulation Act. 

In accordance with the investigation, the prosecutor’s office has issued arrest warrants for three of Terraform Labs’ early investors, along with four engineers who worked on TerraUSD and Luna. 

South Korean newswire YTN reported earlier this week that Daniel Shin was being investigated for fraud. According to the report, Shin actively promoted Terra USD and Luna as a means of payment, despite warnings from South Korea’s financial authorities that the “cryptocurrency payment business is impossible”. 

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Crypto Exchanges Record Massive Outflow Of Bitcoin, What Does This Indicate?

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Crypto Exchanges Record Massive Outflow Of Bitcoin, What Does This Indicate?

The growth of Bitcoin and crypto exchanges over the years reflects the industry’s evolution. Exchanges have been the most critical businesses supporting the blockchain and crypto protocols. In addition, the exchanges, led by the top figures in the industry, house most of the iconic brands in the crypto ecosystem.

Since the early days of Bitcoin till now, crypto exchanges have evolved and grown in many ways, gaining users’ trust. However, things have turned sour within the twinkle of an eye, and users have lost faith in crypto exchanges. The FTX collapse has spread its contagion across the crypto space, pulling most crypto exchanges down.

Bitcoin Records Highest Exchange Outflow Since 2018

This week recorded a massive outflow of Bitcoin from crypto exchanges after the collapse of FTX. Recent data from Glassnode reveals that Bitcoin flows out of exchanges quickly. According to the report, users and investors have withdrawn all Bitcoins that flowed into exchanges since 2018.

Bitcoin price struggles to surge l BTCUSDT on Tradingview.com

Since the FTX insolvency, primarily due to asset mismanagement, the demand for self-custody and spot-driven BTC markets has increased. This action has never been recorded in all previous bear markets that Bitcoin has survived.

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Bitcoin wasn’t the only asset that recorded massive withdrawals. Stablecoins such as BUSD and USDC also recorded massive outflow from exchanges in the last seven days. On-chain data shows that a large number of the outgoing stablecoins have been moving into self-custody wallets. Santiment’s data confirmed this report.

According to Santiment, there was a constant inflow of stablecoins such as USDC, BUSD, and USDT into the crypto market in early 2022. In addition, the data suggested that new investors were buying assets as the prices declined.

The stablecoins market cap rose to $134.07 billion, with the inflow of coins at the same time BTC peaked. However, things have changed since the fed’s interest rate hike in June.

Furthermore, the stablecoins market has been recording massive holdings reshuffle after Binance revealed its plans to convert USDC to BUSD.

Self-Custody Is The Way To Go: Santiment Report

Santiment highlighted that the recent crisis teaches everyone to embrace self-custody. The market has learned, reflected in the increased outflow of USDC and BUSD from exchanges.

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Several crypto firms and investors are facing the heat from the FTX downfall. For example, Crypto venture capital firm Multicoin Capital lost nearly $1 billion in assets held on FTX. The extent of damage in the crypto space and the massive outflow of assets and value declines has left questions on everyone’s minds. Many are wondering if crypto is still alive or dead.

There might still be hope since the crypto space has survived similar blows. The Mt.Gox collapse is one event that left a cascade effect on the crypto industry. The Terra collapse also had a similar impact on crypto.

Featured image from Pixabay, chart from TradingView.com

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NYDIG Analyzed The FTX Collapse And Its Implications. What Did We Learn?

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NYDIG Analyzed The FTX Collapse And Its Implications. What Did We Learn?

It’s time for NYDIG to chip in. The FTX fiasco is the theme of the month in the crypto world, and the show’s just beginning. The NYDIG research team avoids the temptation to summarize the whole saga and goes straight to the implications of the fall of Sam Bankman-Fried’s empire. “Some signs of contagion have appeared but a full accounting of the damage and regaining of investor confidence will likely take time,” they say understating the harsh reality. 

Taking a page from NYDIG’s book, let’s skip the intro and go straight to the conclusions.

Contagion Is Around The Corner

Speaking about “signs of contagion,” NYDIG mentions BlockFi and the Genesis/ Gemini combo. However, there might be much more to come.

“Several other service providers have piqued the curiosity of crypto sleuths as potential next dominoes, but we hesitate to speculate too much without hard evidence. Regardless, industry participants are on edge for even the slightest signs of stress and continue to pull balances off exchanges.”

In the contagion section of the paper, we find a rare mention of a conspiracy theory that’s making the rounds in crypto Twitter. Rarely do big players bring this up. 

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“There have been accusations that Alameda caused the initial de-peg of UST, and while that may have been the case, uneconomic rates paid by the Anchor Protocol and insecure economic design of LUNA/UST ensured its ultimate destruction, destroying $60B worth of crypto wealth in a few short days.”

Of course, NYDIG ends up doubling down on the thesis about Terra/Luna that they put out in a previous paper titled “On Impossible Things Before Breakfast.” In that paper, NYDIG wrote a great segway to the next section. “DeFi is not decentralized. The Terra ecosystem was not decentralized. Terra initially sourced funding from LUNA token issuance apportioned to Terraform Labs at inception.”

FTT price chart on Bitstamp | Source: FTT/USD on TradingView.com

NYDIG On DeFi Vs. CeFi

Even though they’re clearly not fans of DeFi, NYDIG gives them some credit. “Most DeFi protocols operated as advertised through the volatility this year, minus the ongoing hacks within the ecosystem.” True, but the ongoing hacks are not a minor factor. It’s a billion-dollar problem with no apparent solution available. However, according to NYDIG, this time the problem lies with centralized finance. Those companies “did the rest of the damage” by engaging in these behaviors:

“Poor risk controls, conflicts of interest, excessive leverage, unclear accounting, counterparty risks, and poor management were just some of the factors at play. Furthermore, the use of an equity-like token, FTX Token (FTT), as collateral exacerbated the issue.”

Is More Regulation The Answer?

According to NYDIG, the industry was expecting “improved regulatory clarity for US investors.” However, thanks to the FTX crash and Sam Bankman-Fried’s political lobbying, “the path in DC has grown more complicated. Regulators will now be on their toes and increasingly more likely to use their current authority to enforce existing regulations and possibly issue new ones.”

It is what it is, however one has to take into account that “FTX.com wasn’t even a US entity, which raises the question of how impactful improved US regulations would have been, at least with respect to preventing the specific recent events surrounding FTX.” That’s true, but FTX was in business with several US-based fully-regulated entities. If effective, shouldn’t Silvergate’s AML procedures have detected Sam Bankman-Fried’s shenanigans? 

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A related question would be, shouldn’t the due diligence of the highly regarded entities that invested in FTX have detected that something was off?

Featured Image by Kaleidico on Unsplash  | Charts by TradingView

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