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Bitrue Starts LUNC Staking, Implements 1.2% Burn On Terra Classic On-chain Transactions

Mark Brennan
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Bitrue Starts LUNC Staking, Implements 1.2% Burn On Terra Classic On-chain Transactions

 

Exchanges have started implementing the Terra classic 1.2% tax burn update.



Leading cryptocurrency exchange Bitrue has announced that it has completed the 1.2% tax burn update for Terra Classic tokens Luna Classic (LUNC) and UST Classic (USTC).

The initiative’s implementation prompted the exchange to suspend deposits and withdrawals of LUNC and USTC for hours. However, LUNC deposits and withdrawals were resumed after completing the necessary update.

“Bitrue has completed the tax burn update of LUNC & USTC. Deposits and withdrawals for Terra Classic Network are back online now,” the exchange said in a statement today.

 

Following the implementation of the tax burn update for Terra Classic tokens, all LUNC and USTC deposits will incur a 1.2% tax, which will be deducted by the network before it arrives at the exchange.

For withdrawals, Bitrue said it would first deduct the 1.2% plus its fees from the LUNC and USTC withdrawal amount before the transaction is completed.

Bitrue LUNC Staking

Bitrue also announced LUNC staking with 4% APY.

Terra Community 1.2% Tax Burn Proposal

The development comes almost two weeks after Bitrue declared that it would support the Terra community proposal to levy a 1.2% tax for all LUNC and USTC on-chain transactions.

The Terra community 1.2% tax burn proposal is considered the perfect way by LUNC and USTC holders to revive the tokens from the dust.

As reported last week, the proposal was implemented on the network, with exchanges urged to make the necessary updates.

Binance Also Implements LUNC 1.2% Tax Burn

Ever since several exchanges have implemented the proposal on their platforms as a way of helping victims of the Terra ecosystem collapse get fully compensated.

Earlier today, Binance, the world’s largest exchange by 24-hours trading volume, said it has also executed the 1.2% tax burn for LUNC and USTC deposit and withdrawal.

Binance’s announcement comes after the exchange noted that it would burn LUNC fees on spot and margin trading pairs starting from September 26, 2022.

Recent Rumor’s Set Flare Distribution For XRP Holders Between Oct And Nov This Year

Albert Brown
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Recent Rumor’s Set Flare Distribution For XRP Holders Between Oct And Nov This Year

 

An unconfirmed report sets the distribution date for Flare tokens to XRP holders between October 24 and November 12.


For some time, holders of XRP – Ripple’s native token – have been in anticipation of the Spark Network token (FLR) distribution. Following the promise to distribute the tokens over a year ago, several proponents have waited for the due date. In a recent highlight of events, an unofficial report suggests it might happen soon.

A Twitter media handle dedicated to XRP and cryptocurrency news revealed the speculative date on Monday through the aves-themed social platform. 

“BREAKING! FLARE DISTRIBUTION TO TAKE PLACE BETWEEN OCT24TH 2022 AND NOV14TH 2022,” the mickle noted.

 

The disclosure has sparked mixed reactions from several XRP proponents as the majority bewail the extensive delay the distribution has taken. Some, however, expressed delight as they hope their wait will finally see an end. Notwithstanding, others are still skeptical, noting that the delay will persist.

Furthermore, the handle sought the opinion of the proponents on Ripple’s legal battle with the SEC in a separate tweet within the thread. 

“Will the Ripple Vs SEC case be over before the distribution?” the handle asked. As of press time, over 3.3k respondents have shared their opinion, with the majority of them – about 57% – saying NO. However, 43% believe it would have ended.

Recall that Ripple Labs and the SEC recently filed motions for Summary Judgment on the case, as previously reported.

FLR Distribution Phases 

Another Twitter handle, XRP_Cro, also focused on crypto and XRP data and recently shared an interesting infographic regarding the Flare Token. While the infographics do not state a tentative date for the distribution, it reminds the community of some important data regarding it.

 

According to the representation, the distribution of FLR will occur in two phases which would be determined by whether the Flare Improvement Proposal (FIP 01) will be voted for or against. 

The first phase of distribution will occur before the FIP 01 governance vote takes place. XRP holders will see a distribution of about 28.5B FLR at this stage. The distribution rate will occur at a rate of 0.1511 FLR for 1 XRP held by a wallet address as of the time of the snapshot.

Afterwards, if the FIP 01 is voted against, XRP holders will not see further airdrops. However, the team will distribute the remaining 24.2B FLR to initial holders of FLR who converted their FLR tokens to wrappedFLR (wFLR) or delegate the tokens to the Flare Time Series Oracle (FTSO) protocol. This distribution will occur equally in 36 months.

Notwithstanding, if the FIP 01 is voted for, XRP holders will receive 36 additional airdrops spread across 36 months. For 35 months, the ratio of the airdrop distribution will stand at 0.0239 FLR for every XRP held.

Nonetheless, for one month, the ratio will be 0.0206 FLR for every XRP. The airdrop will consider XRP wallet balances at the time of the snapshot in December 2020.

Meanwhile, the Flare team has made provisions for the public to ask relevant questions regarding the network. The official Flare Network Twitter handle invited all proponents to an open space on Wednesday at 3 PM (UTC), where the public will get to converse with the development team.

Celsius Network Boss Alex Mashinsky Resigns as CEO

Albert Brown
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Celsius Network Boss Alex Mashinsky Resigns as CEO

CEO Celsius Network, Alex Mashinsky, has submitted his resignation letter to the firm’s board of directors.


Celsius Network is one of the crypto entities that felt the cold hands of the Crypto Winter as the bear market and the Terra collapse precipitated a wave of insolvency in the crypto space. The firm has been battling to get back up following its bankruptcy filing. Nevertheless, it appears the embattled lender’s boss has decided to resign.

Business executive and CEO of Celsius Network Alex Mashinsky presented his resignation letter to the firm’s Special Committee of the Board of Directors on Tuesday.

Mashinsky seeks to forfeit his directorships in the firm and all other positions he holds at all of Celsius Network’s subsidiaries, in addition to resigning as the CEO. Notwithstanding, he notes that he wishes to retain his position as a director at Celsius Network Ltd.

Mashinsky mentioned that he believes his position as the CEO has continued to play a distracting role. He further stated that his resignation would not end his contribution to the firm’s growth, as he will be available to assist the team as recovery plans are set up.

Celsius Network’s bankruptcy filing revealed that the lender has over 100,000 creditors, including Sam Bankman-Fried’s Alameda Research. Mashinsky said he would continue working with the company to realize an outcome favorable to the creditors.

Below is a copy of Mashinsky’s resignation letter:

“Effective immediately, please accept my resignation as CEO of Celsius Network Ltd, as well as my directorships and other positions… I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing.”

Recall that Celsius Network paused account withdrawals on June 13, citing unfavorable market conditions. A month later, the crypto lender filed for Chapter 11 bankruptcy, with about $167M as cash.

The Crypto Basic previously reported investment bank Goldman Sachs’ interest in Celsius Network. In June, before the firm’s bankruptcy filing, Goldman Sachs noted that it would be raising $2B to purchase Celsius Network’s assets in the event of a bankruptcy filing.

Top Play-to-Earn (P2E) Game Launching on Terra Classic Blockchain to Boost LUNC Adoption

Mark Brennan
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Top Play-to-Earn (P2E) Game Launching on Terra Classic Blockchain to Boost LUNC Adoption

MetaRivals Play-to-Earn game will launch on the Luna Classic network.


In a new development, the Terra Classic network will gain massive traction in the coming weeks after a new Play-to-Earn game announced its launch on the network.

According to an announcement today, the team behind MetaRivals, a Play-to-Earn (P2E) PvP game, has announced that it will launch its flagship game on the Terra Luna Classic (LUNC) blockchain. 

 “BIG NEWS For LUNA CLASSIC Community From metarivals. MetaRivals GameFi project will also be getting launched on the LUNC blockchain,” the announcement reads. 

Following the development, the team said it would also add the LUNC 3D avatar to the game to enable its usage during gameplay.

The announcement comes shortly after the team behind MetaRivals announced that it would launch the game on the Ethereum network.

MetaRivals is the first P2E game that allows gamers to fight in the metaverse using their favorite cryptocurrency avatars. While MetaRivals did not disclose whether it plans to support the ongoing LUNC burns, it is expected that the game developers will support the burn initiative.

The game is backed by Maria platform, which is a web3 gaming solution powering millions of users.

Terra Classic Gains Momentum 

Meanwhile, it is not surprising that the game developers choose the Terra Classic network among the blockchains it intends to deploy its P2E. 

Launching on the LUNC blockchain will contribute to the growth and widespread adoption of the game, given the enthusiasm surrounding the Terra project at the moment.

In the past weeks, the Terra Classic network has gained traction, with enthusiasts looking for more ways to revive the project’s glory days. 

As reported by TheCryptoBasic, Binance said it would implement a burn mechanism that would burn LUNC fees on spot and margin trading pairs.

Despite the announcement, enthusiasts of the network are still anticipating new initiatives to bolster the widespread adoption of the classic network tokens, LUNC and USTC. Interestingly, MetaRivals’ upcoming launch is just one of many efforts to boost LUNC adoption.

Bitcoin Exchange FTX Wins Bid To Buy Voyager’s Assets For $1.4 Billion

Mark Brennan
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Bitcoin Exchange FTX Wins Bid To Buy Voyager’s Assets For $1.4 Billion

 

After being declared Bankrupt, crypto lender Voyager is now selling off its assets to FTX.


Things could be finally looking up for crypto lender Voyager after months of struggling to stay afloat in the crypto market amid a huge negative impact that followed the collapse of the Terra ecosystem. For one, Voyager had to file for bankruptcy after 3AC (Three Arrows Capital) defaulted on its $670 million debt to the lender.

After filing for chapter 11 bankruptcy in New York, Voyager’s assets were put up for auction. Various entities competed for the buy, but it appears that the crypto exchange, FTX, has emerged as the winner. FTX is now set to buy off Voyager’s assets at a total cost of $1.4 billion – $1.3 billion as the actual value of the assets, plus $111 million in anticipated value increment.

Voyager Could Transition Its Customers To FTX

In a recent statement, Voyager hinted at the possibility of transitioning its current customer base to the FTX platform. That could be because the lender will no longer be functional enough to fulfill its obligations to the customers.

A section of the statement read that FTX,

“… will enable customers to trade and store cryptocurrency after the conclusion of the Company’s chapter 11 cases.”

The auction deal will be tabled for approval by a US court on October 19th. The deal’s success also requires support from Voyager’s creditors and fulfillment of other relevant conditions as the lender closes down.

Will Affected Users Be Paid?

Following the deal with FTX, Voyager’s users who were affected by the bankruptcy can now breathe a sigh of relief at a possible settlement to get their funds back. However, it’s still not clear whether the quoted selling price will be enough to make them whole again. Either way, they may get something. On the upside, they’re far more favored than the failed Mt.Gox exchange users that went under in 2014 – they’re yet to be compensated.

Recall that Voyager suspended customers’ deposits and withdrawals on July 2nd. Mark Cuban was the well-known personality sued for promoting Voyager. On August 24, Voyager Requested to Stop the Lawsuit Against Its CEO and Mark Cuban.

 

Sam Bankman-Fried – The Crypto Savior?

FTX is a Bitcoin exchange that billionaire investor Sam Bankman-Fried founded. Sam appears to have been on a “shopping spree” since the crypto winter of 2022 kicked in. He has since funded several crypto-related entities that have experienced operational difficulties amid the crashing crypto prices.

Back in July, FTX gave another lender, BlockFi, a $250 million line of credit amid talks for a buy-out. Sam is still not done acquiring crypto companies. Apparently, FTX is planning to raise a further $1 billion for this purpose. Just recently, FTX inked a partnership deal with Reddit.

XRP Price Position Similar to That of 2017, 790% Rise Incoming?

Albert Brown
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XRP Price Position Similar to That of 2017, 790% Rise Incoming?

 

XRP appears to have revisited a pattern noticed in May of 2017, with a looming propitious move.


XRP recently staged a massive rally that not only surprised the entire crypto community but pumped the asset above multiple resistance points. With this rally came a renewed interest in the asset, bullish sentiments surged, and trading volumes peaked. 

XRP’s rally has sparked mixed reactions. Among the analysts rooting for the asset is pseudonymous pundit Egrag Crypto, who recently highlighted the similarity between XRP’s current price and its price in 2017.

Egrag pointed out the pattern through Twitter as he shared his analysis on an XRP monthly chart. According to him, his decision to use a monthly chart is influenced by the fact that technical analyses on monthly charts help to sieve out the noise and bring to attention the bigger picture.

Egrag’s analysis revealed that XRP is currently in a similar price position as it was in May of 2017. The current XRP price of $0.47 coincides with the value of the asset’s position in May of 2017. Egrag drew two trendlines – TL1 and TL2 – to drive home his ultimate point.

XRP managed to close above TL1 in May of 2017 before seeing a decline the next month. Its surge in May followed two bullish candlesticks from March and April, which propelled the asset’s rally. Notwithstanding, the rally met some resistance after May in 2017. 

XRP spent five months in a bearish pattern before staging another breakout in November 2017. The rally engine then pumped XRP to its ATH of $3.84 in January 2018. Egrag believes the asset could follow a similar pattern if it closes above the TL1 this September. 

“closing above the TL1 this Month is super #Bullish. Future Targets hitting Fib Channel 0.702 (moving Target)” he noted, implying a future resistance point of $0.702 for XRP as he sets a target at the spot.

790% Increase:

EGRAG shared another chart where he compared the XRP price to 2014, expecting a 790% pump.

 

Additionally, another analyst highlighted an appealing position for investors to place long positions on XRP comfortably. A close-up chart of the asset shows a downtrend from the asset’s peak at $0.54 on September 23.

Following the peak, XRP has so far seen a persistent decline, resulting in a downtrend despite a series of occasional gains. According to the analyst, investors can place long positions on XRP should the asset successfully break out of the recent downtrend. However, it is noteworthy that this is speculative and should not serve as financial advice.

XRP currently trades at $0.475 as of press time, up 1.14% in the past 24 hours. Despite the fall from the $0.54 peak of September 23, the asset has held up quite well over $0.46, solidifying its station above the support. XRP has gained by 24.82% in the past week, making it the highest-gaining asset on the Top 100 list.

Charles Hoskinson Shows Millions Of Cardano “Ghost” Transactions Using Zero Network Bandwidth

Mark Brennan
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Charles Hoskinson Shows Millions Of Cardano “Ghost” Transactions Using Zero Network Bandwidth

 

Cardano Founder Charles Hoskinson Compares Network Delegation Transactions To Ghost Transactions.


Hoskinson continues to champion differences between Cardano and Ethereum proof-of-stake (PoS).

Today, Cardano founder Charles Hoskinson compared Cardano delegation transactions to ghost transactions after a stake pool operator (SPO) highlighted that it consumed no network bandwidth.

“One could almost say that they are Ghost transactions…,” tweeted Hoskinson.

 

It bears mentioning that the tweet by Rick McCracken of DIGI stake pools highlights that the number of delegations on the network has reached over 1.2 million. According to McCracken, as a result, every five days, about 1.2 million transactions occur on the network using no bandwidth at an equivalent rate of 4 transactions per second. Concluding, the SPO doubtfully questions if this is something Ethereum will ever be able to replicate.

Notably, Hoskinson, in the days following the Ethereum Merge, has made it a point of duty to champion differences between Ethereum’s PoS implementation and Cardano’s. Most recently, the Cardano founder compared Ethereum to the “Hotel California of crypto,” as he raised concerns over the lack of clarity on when users will be able to access their Ethereum staked in the Ethereum staking contract.

Possibly in response to criticisms from the Ethereum faithful over his attack on Ethereum PoS, Hoskinson yesterday said it is “fair game” to contrast protocols. Additionally, the Cardano chief called out core Ethereum developers for refusing to speak objectively about Cardano and championing “bizarre” narratives about the chain.

It bears mentioning that the Cardano network recently launched the long-anticipated Vasil hard fork. In addition, some extra features for the network’s smart contract scripting language Plutus are expected to go live today, making the full Vasil upgrade capabilities available to developers.

Explore Trading with Minimal Taxes on Coinbird

Andrew MacGill
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Explore Trading with Minimal Taxes on Coinbird

Even though cryptocurrency is such a volatile asset, many investors choose to trade it. Trading cryptocurrency can provide better returns than traditional investments if you can time the market correctly and choose a suitable protocol.

Trading mechanisms and protocols may differ, but users can now choose one that is thought out especially for trading, emphasizing fairness. Coinbird is a new protocol whose official ERC20 token was deployed on Ethereum on September 13th,2022, to simplify trading.

What is Coinbird?

Coinbird is a freshly launched crypto project created by “Gustav the coinbird”. Coinbird’s protocol aims to create a fair and easy-to-trade cryptocurrency free of heavy taxation by stripping away any complex or unnecessary architectures.

Also, it has excellent potential through its new vision and the desire to expand the cryptocurrency environment. It deployed the BIRD token and minted NFTs on the Open Sea. Recently, a unique voting DAO smart contract was deployed for BIRD owners. Soon, they also plan to create games on-chain and list the Coinbird token on centralized exchanges.

How does the BIRD token work?

When we start to research a new token, we need to pay attention to what makes it unique and what are tokenomics. The principal detail that makes BIRD unique is the simplicity of trading it, which only limits each transaction to low fees. Moreover, BIRD puts an accent on decentralization and safety. Coinbird states that the token can be traded as decentralized and safe as possible.

If most tokens are launched with a presale, BIRD didn’t, and the owners burnt through all the liquidity they initially provided. No tokens were pre-allocated to anyone because the launch was entirely fair.

The tax on purchasing and selling BIRD is 1% and cannot be changed. If users are ready to try, they can also trade up to 40,000 tokens in a single transaction.

The deployed BIRD token code is 200 lines long and can be viewed publicly at: https://github.com/coinbirdtoken/Cryptocurrency The protocol is constantly evolving. Still, the principles that govern each aspect are straight: simplicity in the written code and complete transparency along the way.

Coinbird recommends going through all the documents needed and the Etherscan transactions made publicly before investing. All the required information can be found on the official website and Coinbird’s Twitter.

About the Coinbird NFTs

Coinbird also proposes a set of artwork NFTs, where each painting is limited to one piece. The message behind this NFT collection is to explore the unknown realms through the mystery of these creatures.

CoinBird NFTs
CoinBird NFTs

The collection of one-of-a-kind paintings was created especially for the Coinbird ecosystem by international artists in various styles. All images are inspired by creatures from nightmares and addictive dreams, friendliness in places of pure terror, unwelcoming environments, quirky coinbirds, and unknown existences. Amateurs and NFT fans are invited to explore the new NFT collection on Open Sea.

Stay tuned

Coinbird offers a new outlook on trading because new traders can easily approach it. The project aims to be easy to understand for all users, with advantages and perspectives for development.

New and fresh projects need a community to help them grow as beautifully as they started. Stay up to date with news on the project’s official website, Twitter and Telegram.

South Korean Prosecutors Discover 3,310 Bitcoin Transferred By Terra (LUNA) Founder Soon After Arrest Warrant Issued

Lele Jima
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South Korean Prosecutors Discover 3,310 Bitcoin Transferred By Terra (LUNA) Founder Soon After Arrest Warrant Issued

3,310 Bitcoin Transferred from Terra’s Luna Foundation Guard (LFG) to Two Exchanges Amid Search for Do Kwon.



Another suspicious transfer has been made from the Luna Foundation Guard.

Since South Korean prosecutors issued an arrest warrant for Do Kwon, the founder, and CEO of TerraForm Labs, a huge amount of Bitcoin (BTC) has been transferred from the Luna Foundation Guard (LFG) to two cryptocurrency exchanges. 

According to Coindesk Korea, shortly after the arrest warrant was issued, 3,310 Bitcoin worth around $67 million at the current exchange rate were transferred to KuCoin and OKX from Binance.

Per blockchain data, the 1,354 BTC were transferred to KuCoin from September 15, 2022, to September 18, 2022. Similarly, 1,959 BTC were transferred to OKX in up to five transactions.

Coindesk Korea Writes:

“The Luna Foundation Guard (LFG) virtual asset wallet that was suddenly created on September 15th on Binance, the world’s largest virtual asset exchange. About 3313 BTC was transferred to Kucoin and OKX wallets.”

Following requests from Koran authorities, KuCoin froze the 1,354 BTC transferred to the exchange from the LFG wallet. However, OKX ignored the Korean authorities’ request to freeze the funds. Notably, OKX may have turned down the authorities’ request because the 1,959 BTC were later moved to another exchange.

Currently, Korean prosecutors are tracking the fund because the sudden transfer could be for money laundering purposes or to aid Kwon’s escape. Do Kwon proclaimed that these Bitcoin were used to defend the UST peg, but the actual story seems different.

Meanwhile, this is not the first time a suspicious transfer has been made since Kwon’s arrest warrant was issued. TheCryptoBasic reported earlier this month that Kwon transferred a whopping $250,000 worth of USDC to a mysterious wallet.

Analyst Says “A Small Price Shock” Could Easily Trigger A Bitcoin Dump, Here’s Why

Mark Brennan
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Analyst Says “A Small Price Shock” Could Easily Trigger A Bitcoin Dump, Here’s Why

A CryptoQuant Analyst Believes A Bitcoin Dump Could Be Easily Triggered.


Bitcoin is vulnerable to a price dump as velocity declines.

In a CryptoQuant Quicktake released on Monday, CryptoQuant analyst MAC.D cautioned that a small price shock could trigger a market dump due to increased inactivity of institutions and whales.

“… because the Fund and the whales have less movement, it seems that even a small price shock may cause dumping,” wrote MAC.D.

 

It bears mentioning that MAC.D’s analysis focuses on the decline in Bitcoin’s velocity, which is the result of dividing the total number of coins moved in a year by the supply and indicates the speed of Bitcoin distribution in the market. Notably, according to MAC.D, Bitcoin’s volatility has been on the decline since June, indicating reduced transactions.

Meanwhile, the asset remains under significant selling pressure due to worrying macroeconomic factors that have led to multiple interest rate hikes by the Fed. As reported by The Crypto Basic last Friday, Bitcoin’s funding rates remain negative, and inflow to exchanges has spiked.

Santiment data showed that the week before, a whopping 1.65 million BTC had found their way to exchanges in only a few days. Additionally, as reported on Monday, Bitcoin whale addresses have plummeted to 29-month lows. However, small investors appear to accumulate as wallet addresses over 1 BTC have reached 900,000.

Bitcoin is trading at the $20,226.01 price point at press time. It is up 7.97% in the last 24 hours.

However, it bears mentioning that analysts still believe that the asset price can go lower. For example, seasoned price action trader Justin Bennett says the asset is in a descending triangle price pattern and may be about to fall to a price range between $5k and $12k, warning investors to expect lower prices later this year.

 

Galaxy Digital CEO Mike Novogratz expects Bitcoin to get a break from its lackluster price performances over the last 10 months when the Fed starts economic easing.

 

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