CoinShares reports $21.7M loss tied to Terra implosion
The firm's book-making took a huge hit after being exposed to the TerraUSD collapse. On Tuesday, European cryptocurrency investment firm CoinShares posted its interim Q2 2022 results. Compared to the prior year's quarter, the firm's revenue declined from 19.6 million pounds ($23.89 million) to 14.2 million pounds ($17.31 million). At the same time, its net income fell from 26.6 million pounds ($32.42 million) in Q1 2021 to 0.1 million pounds ($0.12 million). CoinShares explained that the losses were largely tied to its exposure to the Terra (LUNA) — now called Terra Classic (LUNC) —....
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Following the aftermath of Terra’s UST implosion, the blockchain project’s founder Do Kwon has been actively discussing the Terra ecosystem revival plans and one specific proposal will be voted on May 18. The plan is to fork the blockchain into a new chain that does not include an algorithmic stablecoin, and the newly minted tokens from the network will be airdropped to Terra ecosystem participants and holders.
Terra Community Members Plan to Vote on a Fork Proposal to Revive the Broken Project
Last week the Terra blockchain ecosystem was obliterated and the....
Do Kwon who has an Interpol notice and an arrest warrant against his name has not been cooperative with the investigation agencies. South Korea's Ministry of Foreign Affairs on Wednesday issued an order for Terraform Labs CEO Do Kwon to surrender his passport. The fugitive co-founder must hand over his Korean passport to authorities within 14 days of the said order. A failure to comply with the order will result in the cancellation of his passport altogether. The official order also warned that failure to comply will lead to the rejection of requests for re-issuance in the future.Another....
Digital currency markets have continued to slide downward in value as the crypto economy has dropped by 14% during the past 24 hours. Amid the market rout, the native Terra blockchain token LUNA has dropped to fresh new lows, slipping to $0.0156 per unit. Terra’s founder Do Kwon revealed a plan on Wednesday, but after some brief healing, Terra’s native tokens LUNA and UST continued to plummet. Now people are beginning to wonder who backed this popular crypto project, and which crypto firms had a lot of exposure to the failing assets. LUNA Token Value Drops to a US Penny, Do....
The Singapore-based crypto lender has lost close to $190 million, as per reports, due to its exposure to Terra’s algorithmic stablecoin UST. The crypto lender platform had downplayed its exposure to Terra’s stablecoin UST despite the fact that it had suffered a huge loss from the recent wipe-out. This report has been found by interim […]
The ongoing rigmarole with Terraform Labs, the blockchain developer behind Terra (LUNA), took a turn after a purported modification in job status for some members of the company’s legal staff. The internal legal team at Terraform Labs resigned shortly after the implosion of Terra’s algorithmic stablecoin caused a significant blow to the broader crypto markets. Suggested […]