Coming every saturday, hodler digest Will help you track every single important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, major coins, predictions and more – a week on Cointelegraph in one link.
Top news of the week
Court documents show Do Kwon disbanded Terraform Labs Korea a few days before the LUNA crash
The Terraform Labs co-founder disbanded the entity’s two locations in South Korea, as well as Terraform Labs Korea, just before the collapse of LUNA and UST, according to legal documents. Although the decision to dissolve the offices was made during a shareholder meeting on April 30, the timing raised eyebrows within the cryptocurrency community.
As one might expect, the market continued to resonate throughout the week following Terra’s explosion. government of south korea is looking at the situation and can be Do Kwon himself called for parliamentary hearing,
,huge test milestone, For Ethereum: Ropsten Testnet Merge Scheduled for June 8
In the first half of June, the Ropsten testnet merge of Ethereum is about to begin. Simply put, the event will simulate the Ethereum Proof-of-Work (PoW) mainnet and the Ethereum Proof-of-Stake (PoS) beacon chain merge.
“The Ropsten Testnet Merger is Coming on June 8th!” Prismatic Labs Ethereum core developer Preston van Loon said. “The Ropsten merger marks a huge test milestone towards Ethereum’s mainnet merge later this year.”
Indicates further reporting An August target for a real merger.
China Returns as Second Top Bitcoin Mining Hub Despite Crypto Ban
Although China banned crypto in 2021, the country still owns about 21% of bitcoins According to data from the Cambridge Bitcoin Electricity Consumption Index (CBECI), mining power as of January 2022.
Back in 2019, China held over 75% of the world’s bitcoin hash rate. Although 21% is a step down from its former glory, this number puts China in second place in terms of BTC’s global hash rate, with the United States leading the way. CBECI also incorporated data from other countries, showing that the states of Kentucky, Georgia, and Texas currently lead the way in BTC hash rate production in the US
Crypto Giants Co-Launched the Chainbuyz Platform to Reduce Rising Scams
Thanks to the joint efforts of Circle, Away, TRM Labs, Civic, Hedera, The Solana Foundation and Binance.US, the crypto community now has a free platform to raise awareness of scams and other nefarious activities.
The online platform, called Chainabuse, provides a place for both individuals and businesses to raise awareness of fraud in crypto and finance. Additionally, the platform includes a database of hacks and scams.
Goldman Sachs and Barclays Invest in UK Crypto Trading Platform Elwood
Elwood Technologies, an institutional crypto trading platform, has secured investments from two mainstream giants: Barclays and Goldman Sachs. The investment from Mega Banks came along with other players such as Galaxy Digital, part of a Series A funding round.
According to Matthew McDermott, global head of digital assets, Goldman fuels institutional crypto interest. “As institutional demand for cryptocurrencies grows, we are actively expanding our market presence and capabilities to meet customer demand,” he said.
winners and losers
At the end of the week, bitcoin (B T c) is on $29,037ether (ETH) Feather $1,943 And XRP Feather $0.40, is the total market cap $1.24 trillion, according For CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Kyber Network Crystal v2. Huh (KNC) KuCoin Token, at 46.16% (KCS) 19.99% and Kadena . Feather (KDA) at 17.37%.
TerraUSD is the top three altcoin losers of the week (UST) Convex Finance, at -62.18% (CVX) and helium at -23.47% (HNT) at -21.56%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
most memorable quotations
“When the market is hot, it’s hard to focus because there’s a lot of noise.”
Alexandra ArtamonovskajPartnership Lead at Joyon
“Focusing and investing in user experience is the path to mass adoption and the new world of Web3.”
Dominic ScheinerCo-Founder and President of Iota Foundation
“Ethereum’s tremendous mindshare helps explain why its users are willing to pay an average of over $15 million in fees per day just to use the blockchain.”
Andreessen Horowitz (a16z)
“If you build an algorithmic stablecoin and don’t expect speculative attacks, welcome to the real world.”
Mike McGloneBloomberg Senior Commodity Strategist
“ESG is a scam. It has been weaponized by fake social justice warriors.”
Elon MuskTesla CEO
“Crypto as a technology and asset class introduces value and innovation that are unique and irreplaceable, and we believe that one bad apple in the short term will not affect long-term demand for crypto assets and the industry as a whole.”
jun duco-founder of Huobi Global
week forecast
Bitcoin price predictions abound as traders focus on the next BTC halving cycle
Bitcoin remained depressed this week, reflecting uncertainty and weak demand in the digital asset space. Speculation about BTC’s next phase revolves around the timing of the asset’s four-year halving cycle, as well as the past price action of bitcoin. A possible outcome, based on the halving cycle, sees the price of BTC potentially downside in the last two months of 2022. However, some speculators expect an upcoming $100,000 blowout for BTC.
FUD of the week
Deuce Finance’s dollar-based stablecoin DEI falls below 60 cents
DEI, an algorithmic stablecoin of the Deus Finance project, fell to $0.52 earlier this week. The value of the asset was to be equal to $1. However, DEUS, the project’s governance token, rose significantly in price, reaching $327.28 at one point, up from $163.40. The DEI value has declined in recent months after the protocol experienced two flash loan attacks. Fears of a UST-style bank running the asset also forced Des Finance Developers to halt Dei redemptions.
South Korean watchdog fines Terraform Labs $78M for alleged tax evasion
According to news outlet Naver, Terraform Labs and Doo Kwon will reportedly have to pay $78 million due to tax evasion. Tax evasion charges come from the tax authority of South Korea.
This isn’t the first time Terraform Labs has raised red flags over tax evasion. The company first appeared on the radar of tax authorities in June 2021 on suspicion of corporate and income tax evasion.
Axie Infinity’s Discord bot compromised, hackers issued fake minting messages
The Discord channel for GameFi NFT project Axie Infinity compromised its MEE6 bot (a commonly used tool on Discord for channel management) this week. Among its erroneous actions, the captured bot made a false mining announcement. The MEE6 bot acquisition is reportedly nothing new. The situation was corrected, although users may have to restart Discord for the changes to take effect. The MEE6 Discord support channel did not acknowledge the suspicious activity.
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