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Binance CEO does not think LUNA recovery plan will work

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Binance CEO does not think LUNA recovery plan will work

Binance › Terra › Stablecoins

CZ says no value can be created from Do Kwon’s proposal to fork LUNA to a new version to save the ecosystem

1 min read

Updated: May 15, 2022 at 12:50 am

Cover art/illustration via CryptoSlate

Binance CEO, CZ, has revealed that he does not believe that Do Kwon’s plan to save LUNA will work. Do Kwon announced a proposal to fork LUNA to a new version in order to save the ecosystem on May 13. CZ announced,

“This won’t work. – forking does not give the new fork any value. That’s wishful thinking. – one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges).”

He goes on to ask where the LFG held BTC went after it was loaned to market makers. Do Kown has stated that a full report is incoming regarding this and LFG is documenting the use. He asks for “patience” as the team is “juggling multiple tasks at the same time.” CZ also compares the strategy to trying to fork Bitcoin at the ATH and expecting the value to be retained.

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Do they really think they can fork BTC at the snapshot on Nov 18, 2021, and the new fork will have the new BTC at $68,000 (the price on that day)?

— CZ 🔶 Binance (@cz_binance) May 14, 2022

CZ also notes that he has never held UST and doesn’t “know it too well,” claiming he is “usually busy with other things, but now dragged into this.” His disdain for Do Kwon and the Terra chain is evident in his recent tweets.

He even posted a link to a dead cat bounce explanation thread on Binance Academy in reference to LUNA jumping after Do Kwon released his proposal.

He also seems to take some credit for the Terra blockchain restarting saying “If we didn’t push the issue, the Terra blockchain may still be in “halted” mode, or worse with super minting…”

No proposal has been selected by validators as of yet but the community continues to debate via the Terra forums.

Crime

Zachxbt alleges Logan Paul is behind multiple crypto “pump and dump” schemes

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Zachxbt alleges Logan Paul is behind multiple crypto “pump and dump” schemes

People

Paul Logan allegedly hyped and dumped crypto projects like DinkDoink, EthereumMax and others.

2 min read

Updated: May 14, 2022 at 7:27 pm

Cover art/illustration via CryptoSlate

On-chain sleuth, Zachxbt, has struck again with a thread on Logan Paul and his alleged litany of shady dealings within the crypto space. 

In the thread, the pseudonymous detective revealed some of the possible scams Logan Paul has allegedly been involved in based on his transaction records.

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1/ A thread on @LoganPaul and his sketchy track record in the Web 3 space thus far. pic.twitter.com/wNmyw5TyFb

— ZachXBT (@zachxbt) May 13, 2022

He was able to do this using Paul’s public address, 0xff0, from which he mapped out how funds were moved in and out from several other addresses. For example, 0xb74 transferred several NFTs, including 3 CryptoPunks, to the main public address.

Source: Zachxbt

Zachxbt wrote that Logan Paul had promoted several pumps and dump schemes over the course of a year. The first is the ELON token which he hyped in a leak video from his page.

The video leaked on May 10, 2021, and by May 17, blockchain records show Logan had sold his allocation of the tokens. He made $112k off the sale.

In what appears to be an obsession with the Tesla CEO, the next project Logan promoted was $FUCKELON. It seemed he bought it right before tweeting that the coin is mooning. Then he dumped the tokens, making $116k from the sale.

6/ Case 2: On 5/17/21 Logan promotes another pump and dump. His buys happen right before the Tweet and dump 12 hrs later for a $116k profit in total.

The Twitter account for the coin hasn’t tweeted since 5/27. pic.twitter.com/b3gGqfuKmV

— ZachXBT (@zachxbt) May 13, 2022

Logan Paul also promoted the Ethereum Max token in his boxing match with Floyd Mayweather. He got free tokens from the project and cashed them out for $71.8k.

The same token got promotions from other celebrities like Mayweather and Kim Kardashian. Those who bought the tokens are currently suing the developers and promoters for the failed project.

Another pump and dump scheme he got involved in was the failed DinkDoink crypto project. Again, he hyped the coin with videos and tweets, but it turned out that the coin was his creation.

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Beyond the crypto pumps and dumps schemes, the influencer also milked his followers with non-fungible tokens (NFT) projects. One of them was the CryptoZoo project which was Adobe stock pictures with nose photoshop.

9/ Logan’s other crypto project CryptoZoo blacklisted holders when they migrated contracts.

In an interview with The Block, Logan claimed the initial team was problematic but it is all rectified.

People like Bagsy still haven’t received anything despite following instructions pic.twitter.com/57KeVEr68H

— ZachXBT (@zachxbt) May 13, 2022

While the generic nature of the art is less of a problem, the project had blacklisted holders after migrating contracts. Logan Paul, however, claimed that this was a technical problem that has been rectified, but many investors are yet to receive their NFTs.

If the allegations are true, it would mean Logan Paul represents the crop of crypto influencers who capitalize on the trust of their followers to shill worthless tokens and make money.

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adoption

This is why the IMF hates Bitcoin

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This is why the IMF hates Bitcoin

Edge › Bitcoin › Regulation

The IMF are widely considered ‘good guys,’ but in reality are responsible for concentrating power and control in the hands of the few.

3 min read

Updated: May 14, 2022 at 5:10 am

Cover art/illustration via CryptoSlate

Last week, the crypto community was taken aback as the Central Bank of Argentina moved to prohibit retail banks from providing Bitcoin and cryptocurrency services.

In the release, the CBoA said risks are associated with using digital assets, including volatility, the threat of cyber attacks, money laundering, and terrorist financing.

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People

Do Kwon fears for his safety following Terra (LUNA) implosion

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Do Kwon fears for his safety following Terra (LUNA) implosion

Korea› Terra › People

An unknown person knocked on Do Kwon’s front door asking for him, before fleeing the scene. Local police have opened an investigation.

2 min read

Updated: May 13, 2022 at 12:41 pm

Cover art/illustration via CryptoSlate

Korean news outlet Money Today has reported that TerraForm Labs CEO Do Kwon has requested police protection.

The appeal came following a break-in at his apartment in the Seongsu-dong district of Seoul. Local police confirmed they received a report of an unknown person attempting to gain entry to the property in question.

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May 7 saw Terra’s UST stablecoin de-peg in what some suspect was a coordinated attack. The price of UST has been in freefall ever since, sinking as low as $0.05 on May 13.

The knock-on effects have called into question the safety of algorithmic stablecoins. But most of all, considering LUNA’s 99.9% loss in value, investors are angry.

Trader @ashwsbreal summed up the sentiment by saying this fiasco is worse than any NFT scam or hack. He signed off by expressing sympathy for those who lost everything.

@ashwsbreal later tweeted that he lost $150,000.

People have lost billions in this terra luna collapse.

Its bigger than any NFT scam, Protocol hack or

exchange hack.

Feeling so bad for people who lost everything in this

— Ash WSB (@ashwsbreal) May 12, 2022

Further details of the break-in

During the evening of May 12, an unidentified individual arrived at the front entrance to Do Kwon’s apartment building. This individual caught the elevator to the appropriate floor, knocking on the victim’s door at around 18:00.

The assailant spoke to Do Kwon’s wife, asking if her husband was home before fleeing the scene. At this point, a call was made to the police for ’emergency personal protection.’

Police say they have opened an investigation in hopes of tracking down the unidentified individual. At this time, it’s unknown how Do Kwon’s address was exposed.

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The recovery plan for Terra (LUNA) is in tatters

Terra LUNA’s collapse happened in stages of decline. The broader crypto market was already bearish over the weekend, but when news of UST de-pegging broke, the LUNA price began freefalling.

Monday, May 9, LUNA crashed below $49 support, closing the day at $30.20. What followed was further selling, even despite Do Kwon tweeting his plan of action for recovery, and fighting words from UST, which sought to assure investors that they ‘are not going anywhere.’

Do Kwon’s plan involved re-pegging UST by absorbing the supply by increasing the basepool and minting capacity. Longer-term, he also mentioned adjusting UST’s pegging mechanism from algorithmic to collateralized assets.

However, based on the UST’s inability to regain its peg and LUNA’s drop below 1c, it appears the market has lost all confidence in the project.

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