Avalanche-based liquidity protocol Blizz Finance reported that as the price of LUNA was stuck at $0.10, attackers were able to deposit millions of LUNA to “borrow all the collateral.” As a result, Blizz Finance mentioned that its protocol was drained before its team could pause. The team apologized to those who were affected. Continue Reading on Coin Telegraph More
LONDON (Reuters) – It’s Friday the 13th and more than $10 trillion has now been sliced off the value of global stock markets this year while ‘Misery Indexes’ that blend inflation and jobless rates are spiking. Is it already time for central banks to blink?Markets have started to panic about likely multiple central bank interest rate rises to rein in inflation from 40-year highs. Investors are desperate for any sign of that tightening calculus shifting from price pressures to demand-sapping cost of living squeezes and recession risks.Conditioned for years to expect easier monetary policy to soften economic or political shocks, savers and speculators have had to adjust this year to the idea that high inflation itself is perhaps the biggest shock and there’s no instant ‘policy put’ afoot.Far from riding to the rescue of anxious equity and bond markets, central banks have appeared determined to keep tightening. As Societe Generale (OTC:SCGLY) points out, long-term bond yields and tightening financial conditions indices are rising in tandem – unusually, after at least two decades in which yields plunged in response to financial swoons. But there’s always a policy tipping point if a looming recession itself nixes inflation expectations. Easing the cost of living squeeze is clearly the political priority. But energy and food prices driven higher by supply constraints may not respond to higher rates, while higher borrowing costs make credit more expensive for poorer households and zap the often over-inflated asset holdings of richer folk.The year’s two biggest political shocks – Russia’s invasion of Ukraine and China’s zero-Covid lockdowns – exaggerate both inflationary and recessionary forces. But how quickly the demand hit dominates thinking is what markets now have to watch.The Washington-based Institute for International Finance on Thursday cut its global growth forecasts to show a ‘de facto flatlining’ of the world economy this year, with a contraction in China this quarter.BANK BLINKS The Bank of England last week looked like the first of the previously hawkish G7 central banks to hesitate at the near impossible task ahead. Flagging both 10% inflation and a contracting economy by year-end, it nudged up interest rates again but revealed internal splits on the need for more.Suggesting the BoE’s hesitation is more than warranted, data on Thursday showed the UK economy already unexpectedly contracted in March – even before energy price caps were lifted and tax raised.While money markets still expect UK policy rates to more than double from here to above 2% next year, 2-year gilt yields are sliding again, dropping more than half a percentage point since the BoE’s meeting to as low as 1.2%. The pound has nosedived more than 3% over the same period and is now down almost 10% this year against the dollar. Britain may have peculiar domestic problems – including Brexit, a sharp jump in the energy price cap and rising taxes – but many may see it as a poster child for the policy balancing act ahead.Even as European Central Bank officials talk openly of interest rate rises, markets this week scaled back their expectations of tightening by year-end by 15 basis points to less than 80 bps. Two-year German benchmark yields plunged back to as low as zero from 35 bps.U.S. Federal Reserve officials appeared to double down on their hawkish rhetoric of multiple 50 bps rate hikes as April inflation of 8.3% again exceeded forecasts while labour markets remain tight.In contrast to Europe, two-year U.S. Treasury yields held above 2.5% – helping push an already lofty dollar to 20-year highs and tightening global conditions further.Yet the brewing storm did see U.S. money market estimates of the peak Fed rate next year fall back to as low as 3% from as high as 3.40% earlier this month.Are cracks appearing as ‘misery’ sets in?So-called ‘Misery Indexes’ were devised in the late 1960s and are crude aggregators of inflation and unemployment rates designed to capture the extent of household stress. Some add official interest rates to illustrate the ebb and flow of credit costs.Higher inflation has these seismographs of public disquiet on the move again. Indexes that capture interest rates will jump further in the months ahead if central banks press on. And if inflation doesn’t subside before unemployment rises, then the mix could become explosive.Of the G7, the UK already looks like the outlier with Britain’s ‘Misery Index’ already at its highest in more than 20 years.”The BoE is probably the first central bank that has conceded the battle against inflation in favour of saving the economy and the UK consumer from the consequences of a deep recession,” Jefferies strategists told clients. “Nevertheless, the misery index will start to climb and this is certainly not good for the pound or UK gilts.”Related columns: Sterling tailspin as BoE maps 10% inflation and recession’Mom & pop’ investors left high and dry in tech, crypto meltdownFed fingers crossed for 1994 re-run as hiking path shortens The author is editor-at-large for finance and markets at Reuters News. Any views expressed here are his own (by Mike Dolan, Twitter (NYSE:TWTR): @reutersMikeD; Editing by Kirsten Donovan) More
Terra tried to restart the network to avoid possible governance attacks. A governance attack is becoming more likely when the network is vulnerable. Having in mind that Terra’s native token LUNA dropped from an ATH of $119.18 all the way to $0.00003365 in just a month, for hackers it’s a perfect opportunity to perform a hostile takeover. If a single hacker manages to break into the ecosystem and gets at least 50% of the networks governance tokens, the hackers are able to have majority of the votes in the ecosystem.UST’s Temporary Comeback and Future ProspectsOn the other hand there’s UST, the most unstable stablecoin in the world, which is trading at the price of $0.1777 at the time of this writing. TerraUSD (UST) has a hard time regaining its peg, but managed to get back around 205% from the all time low of $0.044 just 7 hours ago, according to CoinGecko. This comes a day after Terra proposed a rescue plan for UST, as it is pegged to the dollar by LUNA’s maintenance and regulation. The company attempted to increase LUNA’s production in order to stabilize UST.Terra’s most recent attempt to save face managed to push UST back to $0.84 yesterday, but the success was shortlived. In addition, Terra’s leader Do Kwon presented a recovery plan for UST, but is yet to comment on today’s situation.Continue reading on DailyCoin More
The Terra LUNA (LUNA) price fall impacted many in the cryptocurrency industry, including the YouTube star, KSI.KSI went to Twitter to share his LUNA investment experience, shedding light on how much he lost in the recent LUNA crash. The star tweeted “I just put $2.8 million in that LUNA buy and it’s worth less than 50k. But that’s ok because I’m not dead. I’ve got my family, my friends and my vigorous work ethic haha.”Shortly after he posted that tweet, the YouTube star posted another tweet to his huge subscriber base. The screenshot was the latest update of how much his LUNA holdings were worth at the time of the post. According to KSI’s post, his $2.8 million investment is now worth around $1,017.94.The social media star tried to make fun of the situation and posted “Yeah I’m packing this in”.These are just two of a series of tweets made by the YouTuber. KSI’s first tweet regarding the downfall of LUNA was made on the 10th of May. He then tweeted, “wtf happened to $luna.” Since then, he has posted a series of tweets relating to LUNA, including the status of his purchase.This is not the first time that KSI has lost money trading crypto. His first crypto trading experience also did not end well and resulted in him losing approximately $5.1 million. The YouTuber seems to have learned his lesson and shared that he has both made a lot of money and lost a lot of money.The current situation of LUNA may seem to be a perfect buy opportunity for crypto investors. However, it is important to note that the supply of LUNA is uncapped, and is currently under hyperinflation. Continue reading on CoinQuora More
The Reserve Bank of India (RBI) has not targeted crypto exchanges, says unnamed sources. This is in response to the statements made by Coinbase (NASDAQ:COIN) CEO Brian Armstrong. Earlier this week, Armstrong said that the exchange’s abrupt halt in India was due to “informal pressure” from the RBI.Armstrong has been strongly condemning the RBI over the past few weeks. Earlier, he even posted on Twitter (NYSE:TWTR) asking if their “shadow ban” violated the supreme court ruling.“The RBI has not done anything or issued any instruction which goes against the Supreme Court order,” a subject-matter expert informed the Economic Times. The source also added that statements coming from the CEO were “incorrect and misleading.”Notably, Coinbase started crypto trading in India on April 7, 2022. At the time of the launch, Armstrong had announced that Indian users would be able to conduct transactions on its platform using UPI. UPI is a payments interface created by the National Payments Corporation of India (NPCI).However, the NPCI later denied this, stating that it was not aware of any crypto exchanges using UPI. Eventually, Coinbase was forced to disable UPI as a payment method.All these negative developments coupled with India’s aggressive taxation are expected to severely mar the adoption of crypto in India.Continue reading on CoinQuora More
Nornickel stands out as the largest refined nickel and palladium producer in the world. The company, together with others from Russia, has been looking for government approval so they can maintain depositary receipts for foreign bourses trading.Approval is now needed because President Vladimir Putin signed a bill in April that requires all Russian companies to end their depositary receipts in other countries. This was done in order to reduce the control of foreigners over such companies.According to Nornickel, the government commission responsible for the approval gave the company the go-ahead after it requested to maintain the ADRs (American Depositary Receipts) they have in other countries. This was requested until the date of April 28, 2023. It was also added that this permission offers the producer the necessary time to assess all the available opportunities and then take the steps necessary to support Nornickel’s long-term attractiveness for investments.BCS analysts weighed in on the news and declared that this is important because it creates a precedent. As a result, there will most likely be other Russian companies that are going to be allowed to maintain their DR (depositary receipts) trading in other countries. And they are going to be approved for the practice.BCS also added that the process of maintaining the foreign listing means Nornickel is going to respect standard disclosure and governance practices. It will have a more positive interaction with investors from Western countries in the long run.Several other Russian companies applied for exactly this permission. This includes MMK, NLMK, Sistema, EN+, Magnit, and Novatek. It is not known if their applications were approved or not at the publish date of this article.Continue reading on BTC Peers More
The showcase weigh-in concert will be the first-ever NFT PPV event in the history of the sports industry. It will occur at Burj Al Arab Jumeirah’s Helipad, 9:30 PM Dubia time, on the 14th of May, in Dubai. The event will display a series of fights between boxing legends like Mayweather, Machado, Anderson, etc., proudly sponsored by Slavi Kutchoukov.Subsequent fight fixtures to be featured are Anderson Silva vs. Bruno Machado and Badou Jack vs. Hany Atiyo, while the opponent of the boxing champion Delfine Persoon will be announced before his fight date comes up.Interestingly, Dubai is the only country to host this spectacular event; this series of fights with a mix of martial arts displays will be held at exclusive venues across four different continents. However, viewers necessarily don’t need to be present in Dubai; every event between these champions and a unique collectible NFT tickets will be streamed globally, enabling our millions of fans to watch their favorite sports event from their convenience.Slavi Kutchoukov, founder and CEO of Slavi Ecosystem, a blockchain technology project, is one of the sponsors of the Showcase Weigh-in Concert which is set to take place on May 13th, 2022 as part of the Fight-Series-Dubai. Slavi”s participation is acknowledged to be one of the major spices of Dubai’s showcase event.The Dubai concert is the first NFT pay-to-view initiative in the sports industry. It will feature a mix of boxing fights and martial arts skills between sports legends. Click on the link for more info on the Dubai show.Continue reading on BTC Peers More
Data released on May 13 confirms that overnight, the embattled cryptocurrency’s supply expanded to an eye-watering 6.9 trillion LUNA.Continue Reading on Coin Telegraph More
