The crypto news of May 16, 2022: Terra, Salvador, ECB, Madonna, DeFi

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  • Thirty-two central bankers and twelve chief financial officers from 44 nations will meet in El Salvador during the day, according to the president of the country, Nayib Bukele, who claimed that on the menu of discussions is, among other things, Bitcoin (BTC). Read more.
  • The Luna Foundation Guard (LFG), the official custodian of Terra’s bitcoin reserves, today released a statement explaining how it shelled out millions of dollars in cryptocurrency in its failed attempt to keep its stablecoin terraUSD (UST) pegged. The LFG notes that its BTC reserves have been almost completely depleted – dropping from around 80,000 BTC to around 300. The remaining assets will apparently be used to compensate investors.
  • Big players in the crypto industry seem to disapprove of the latest proposal from Do Kwon on how to straighten out the Terra (LUNA) ecosystem. Last Friday, the co-founder of Terraform LabsDo Kwon, a present a “relaunch plan” suggesting that the network undergo a hard fork and reset the supply to 1 billion tokens. Vitalik Buterin and CZ, the CEO of Binance, reacted.
  • Grayscale is launching an ETF in Europe that will invest in Bitcoin and crypto companies. The fund manager will put its Future of Finance UCITS ETF (ticker GFOF) on the London Stock Exchange, Borsa Italiana and Deutsche Börse Xetra, in collaboration with the white label ETF platform HANetf.
  • pop culture icon Madonna and digital artist Beeple will collaborate on a three-video NFT project featuring a nude CGI Madonna giving birth. The film is titled “Mother of Creation”.
  • GameFi, the most promising sector of Web 3.0? According to Footprint Analyticstransactions related to the GameFi sector jumped 2,934% in 2021.
  • A football referee’s decision to toss a “Bitcoin coin” before the start of a football match has sparked controversy in Turkey. The country’s football authority is trying to establish why a cryptocurrency was used for the ritual when that role should have been reserved for the Turkish lira.
Turkish Referee Flips Bitcoin at Istanbul Derby Kick-Off, Soccer Authority Launches Probe
Source: https://news.bitcoin.com/
  • Cryptocurrencies could lead to “dollarization” of part of the economy, which could be against the country’s sovereign interest, senior officials from India’s central bank told a parliamentary finance committee, according to an article of Press Trust of India.
  • DeFi attacks are on the rise. Dozens of DeFi systems have been hacked in the past year, and the trend doesn’t seem to be abating. According to the latest statistics, approximately $1.6 billion in cryptocurrencies were stolen from DeFi platforms in the first quarter of 2022. Furthermore, more than 90% of all stolen cryptocurrencies come from hacked DeFi protocols.
  • A digital euro could be issued by the European Union (EU) within four years, said a senior official of the European Central Bank (ECB). Peer-to-peer payments could be among the first uses.
  • Is Terra’s failure a signal of the lack of viability of algorithmic stablecoins? Terra was arguably one of the most ambitious stablecoin protocols in the cryptosphere, arguably too ambitious, some would say in light of recent events. While the future of the blockchain remains unclear, after a waltz of interruptions and then resumptions of block production operations, most players in the cryptosphere say they are disappointed with the way this affair has been handled.

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The crypto news of May 16, 2022: Terra, Salvador, ECB, Madonna, DeFi


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