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155 Terra (LUNA) Victims To Get $12 Million In Compensation

Albert Brown
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155 Terra (LUNA) Victims To Get $12 Million In Compensation

155 Terra Victims To Get $12 Million In Compensation From InsurAnce.


According to DeFi insurance firm InsurAnce blog post, it is spending $12 million to compensate 155 investors who lost money during the Terra crash.

There’s light at the of the tunnel for some of the investors who lost their investments when Terra ecosystem crashed. The crash was triggered when Terra’s UST stablecoin de-pegged from the USD and plunged way below the 1:1 ratio. As a result, Terra Luna, now Luna Classic, took a hit, sending it down from the highs of over $100 to near zero.

An insurance firm operating in the DeFi space, named InsurAnce, took up the mantle to make whole UST investors who had taken up insurance policies with it. InsurAnce debuted in the crypto market in April 2021 to provide risk protection services to the DeFi industry. This way, DeFi users can insure their investments against unforeseen risks like stablecoin de-pegs and bankruptcy.

InsurAnce Was Heavily Hit By The Claims

Granted, only a few entities relating to Luna and UST came out unscathed after the terrible crash of May 2022. Due to the mounting insurance claims, InsurAnce incurred around $11.7M in costs. The firm had only collected around $94,000 in insurance premiums from UST investors. The firm has an in-house token named INSUR that is used by investors and stakers (underwriters) to vote on various issues pertaining to the insurance entity. These voters verified claims, where 155 claims were found eligible for compensation, while 18 were rejected.

The firm’s CMO, Dan Thomson, said,

“The decentralized voting was conducted by InsurAce’s community of Claims Assessors who hold and stake INSUR Tokens. And at the conclusion of the Voting process, they approved a total of 155 UST de-peg Cover claims and 18 rejected as not ineligible in line with the Stablecoin de-peg Cover terms and conditions.”

Stakers And Investors To Be Compensated

Since the funds used to settle insurance claims belonged to stakers and investors in the InsurAnce ecosystem, the firm has set up a plan to compensate them.

The CMO said,

“In addition to improving our risk management strategies, we have put some plans in place to mitigate the losses incurred by stakers. Over the next 12 months, A fixed sum will be paid into an on-chain pool from which stakers can withdraw their compensation. The staggered approach will help us ensure that we can help stakers to earn back some of their losses, whilst maintaining healthy liquidity in the InsurAce protocol.”

Terra Founder Do Kwon Angrily Replies A Twitter Troll “You Didn’t Buy UST From Me”

Lele Jima
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Do Kwon has chosen not to play cool with trolls. 



Victims of Terra’s ecosystem collapse have continued to torment Do Kwon, the CEO and founder of TerraForm Labs (TFL). What started as a joke earlier today turned out to be another shade at the TFL boss. 

However, Kwon gave a cheeky response to the troll.

After the report that Daphne Kwon had joined Flipside Crypto as General Manager of DAO Initiatives, one Twitter user changed the image of Daphne Kwon with Do Kwon and showed Do Kwon as the female joining Flipside Crypto.

The Terra Top executive took to Twitter and commented that the dupe was “nice.”

 

Another Twitter user with the username g3nghis.eth quizzed the TFL boss, saying: 

“/10 would smash?”, Kwon answered in the affirmative: “Yes.”

 

The Kwon jokingly requested another user, the Editor at The Block ‘Chaparro,’ to buy him dinner as a treat for his new role in Flipside Crypto as GM.

“Buy Me Dinner First.”

The conversation was hijacked by a cryptocurrency influencer named Ash WSB, who requested that Kwon should first compensate UST investors. 

“Sure, After u refund the UST holders.”

Angered by the tweet, Kwon said: 

“Bro, you didn’t buy any UST from me + I’ll pass on the dinner, thanks.” 

Terra Victims Continue Trolling Kwon

It has become normal to see cryptocurrency enthusiasts throw shades at Kwon on various social media platforms. Investors are yet to get over the losses they sustained in the massive plunge of Terra tokens, LUNA and UST. 

Despite all measures launched to compensate Terra investors, TFL still seems far from making investors whole. 

29% of All Cardano Blocks Now Produced By Vasil-friendly Nodes As Hard Fork Approaches Near

Albert Brown
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29% of All Cardano Blocks Now Produced By Vasil-friendly Nodes As Hard Fork Approaches Near

 

Cardano Nodes Continue Updating In Support Of The Upcoming Vasil Upgrade.



Nodes on the Cardano network are installing updates ahead of the planned Vasil upgrade later this year.

For some time now, Cardano has been preparing to deploy its latest network upgrade, dubbed the Vasil upgrade. The Vasil upgrade is expected to bring DeFi, NFT, and more dApp support to the Cardano network. Plans to get the upgrade deployed before the end of 2022 are still in play despite some delays experienced as a result of a critical bug discovered in the testnet. Developers have since fixed the bug and issued a call for nodes to update their systems to connect to the new testnet.

The bug was exposed by one of Cardano’s developers, Adam Dean. Cardano CEO Charles Hoskinson has since clarified that there’s no conflict of interest among the developer team in regard to Vasil deployment.

30% Of Nodes Have Already been Updated

According to data from the Cardano explorer, very close to 30% of the nodes on the network have already updated their software to reflect the changes in the fixed testnet. Almost 30% of the blocks produced in the network over the last two days have been handled by the newly updated nodes. From the look of it, it appears that the updated nodes have the upper hand over those not updated yet.

In the last two days, 29% of all new blocks on the Cardano network have been produced by Vasil-friendly nodes. The hard fork can be triggered when 75% is reached.

Vasil-friendly nodes
Vasil-friendly nodes

Vasil Upgrade Is Near

While developer Adam Dean is responsible for exposing the critical bug found in the previous Cardano testnet, he’s now the voice of trust in the community, saying that the deployment of the Vasil upgrade is very near after the said bug was fixed.

Cardano has been working hard to expand its reach across the world. The entity has also scored some major wins, especially where the listing of ADA on major exchanges is involved.

UK Tax Authority Issues Policy Update Referring to Ethereum Network Upgrade

Mark Brennan
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UK Tax Authority Issues Policy Update Referring to Ethereum Network Upgrade

 

UK Taxman Issues Policy Update Ahead Of Ethereum Network Upgrade.


Ethereum 2.0 network upgrade has triggered the UK tax authorities to update guidance for crypto regulations.

Ethereum developers have announced that the planned network merge to introduce PoS (Proof-of-Stake) functionality will occur in September this year. As this happens, Ethereum has overtaken Cardano to become the top network in terms of development activity for the month.

Now, the UK tax authority seems interested in the upcoming Ethereum 2.0 network merge. The authority has since moved to issue updated tax guidelines to cover the ETH 2.0 network upgrade.

Rules Of Token Transfer Between Different Distributed Ledgers

According to the general guidelines, digital assets (in this case, cryptos) cannot be moved from one distributed ledger to a different distributed ledger belonging to a different crypto token. For example, BTC tokens cannot be moved to the Ethereum blockchain because the two chains accommodate totally different crypto setups.

However, a “swap” can be done between the two crypto assets by first running the initial token through a smart contract in a public address. The holder has no access to the said public address. Crypto assets of the other desired token are then transferred to the address or wallet controlled by the user/holder.

Tokens Can Only Be Transferred One Way

The blockchain industry is built on the premise of token security and the users’ comfortability in knowing that their transactions are safe. As such, developers have made it hard for any tokens sent to be reversed to their originating address. This concept is now being re-captured in the updated tax policy issued by the UK’s HMRC (Her Majesty’s Revenue and Customs) authority.

“Some transfers can only go in one direction, meaning that once the transfer has been made it cannot be undone or transferred back at a future date. An example of this can be seen with the Ethereum blockchain. Currently ether are on the Ethereum ‘mainnet’ (short for main network, the main public Ethereum blockchain). Holders of ether can choose to transfer their tokens from the mainnet to a different blockchain called the ‘Beacon Chain’. The Beacon Chain blockchain is where Ethereum’s ‘Proof of Stake’ will be implemented (for more information on Proof of Stake see CRYPTO10300. It will be impossible to transfer ether from the Beacon Chain to the mainnet, making transfers a one-way process only.

HMRC’s view is that TCGA92/S43 applies to this type of transaction. The allowable costs in respect of the first cryptoasset are attributed in full to the second cryptoasset. A gain or loss will accrue as normal on a subsequent disposal of the second cryptoasset.”

Capital Gains

According to UK Capital Gains Manual:

“Where assets have been merged or divided or have changed their nature or rights or interest over assets have been created or extinguished, and therefore the value of an asset [A] is in any way derived from another asset [B] which the taxpayer owns or has owned, TCGA92/S43, see CG15200, provides that an appropriate proportion of the sums allowable on the disposal of asset B under TCGA92/S38 (1)(a) and (b) shall be attributed to asset A.

If expenditure incurred on asset B, but attributed to asset A, falls within TCGA92/S38(1)(a), for indexation purposes it is treated as incurred when asset A was acquired. See example in CG17484.

Where a LEASEHOLDER OF LAND acquires a superior interest in the same land he may be able to claim the benefit of the concessional treatment described in CG71400+, so that indexation in respect of expenditure actually on asset B, but attributed to asset A, runs from the date of expenditure. This does not apply to other assets.”

The Ethereum merge is expected to upgrade the network and make it more accommodative in terms of speed, scalability, and energy efficiency. Many experts have argued that PoS uses much less energy than PoW (Proof-of-Work) system.

Zilliqa (ZIL) Unveils Its Blockchain-based First Person Shooter (FPS) Game

Albert Brown
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Zilliqa (ZIL) Unveils Its Blockchain-based First Person Shooter (FPS) Game

The leading crypto project Zilliqa (ZIL) unveiled its blockchain-based first-person shooter (FPS) game. 


According to an official announcement today, the Zilliqa FPS game is dubbed WEB3WAR. The game is tipped to stand out from other blockchain-based games in terms of intuitive design and gameplay. 

Notably, WEB3WAR will be designed with beginners in mind, making it possible for anyone to play and enjoy the game. 

WEB3WAR Features

Unlike most recent blockchain-based games, Zilliqa game developers opted for a skill-to-earn approach instead of the conventional play-to-earn (P2E) gaming model.  

“This serves as the foundation for a more sustainable business model that allows players to win rewards in the form of customized items and tokens secured by the Zilliqa blockchain, depending on their level of skill. The better they play, the more valuable the reward,” an excerpt from the announcement reads. 

Per the announcement, WEB3WAR will feature five gaming maps, multiplayer support, cross-play support, and the ability to purchase in-game assets like customizable skins, helmets, and armor. 

More so, the game will be available for download on PC and smartphone devices. 

Zilliqa noted that the game would be available at zero cost free when it officially launches. However, users must make payments to access some seasonal components. 

Commenting on the development, Matt Dyer, Head of Growth at Zilliqa, said: 

“Web3War is a game designed to meet modern gamers’ preferences and offer them a fresh experience — by introducing the opportunity to earn rewards as they have fun. Our focus is on creating a game that has utility and the player’s enjoyment at its heart.” 

Interestingly, Zilliqa will be attending the upcoming Gamescom event, the world’s largest trade fair for video games, where it intends to showcase WEB3WAR. 

Famous Economist Who Predicted 2008 Stock Market Crash Now Has Negative Predictions For Bitcoin

Lele Jima
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Famous Economist Who Predicted 2008 Stock Market Crash Now Has Negative Predictions For Bitcoin

 

Schiff is at it again, as he expects the price of BTC to crash below $10,000.  


The cryptocurrency market has shredded a huge percentage of its value since the beginning of the year due to political and economic events. 

According to data from Coingecko, the global crypto market, which peaked above $3 trillion in November 2021, crashed below $1 trillion over the weekend. 

Schiff: BTC to Plunge Below $10K

Although the total crypto valuation has surged above $1 trillion again, Peter Schiff, a renowned economist who successfully predicted the 2008 stock market crash, has more negative news for the emerging market. 

In a recent tweet made by the lead strategist at Euro Pacific Capital, he advised his followers to liquidate their crypto positions as he expects more price declines in the coming weeks. 

Schiff tweeted a Bitcoin (BTC) chart, suggesting that the asset class will crash further. He added the caption that reads, “The pattern remains very bearish,” adding that “there is still time to sell.” 

The value of Bitcoin has plummeted massively since it peaked at an all-time high of $69,047. Bitcoin started the year at around $47,000. Unfortunately, the asset class is down 53.9% on Year-to-Date (YTD).

At press time, BTC is currently changing hands at $23,361, down 69.1% from its all-time high value. 

Despite the already massive plunge, Schiff still predicts more negative prices for the world’s largest cryptocurrency as Bitcoin could drop below $10,000.

“At minimum support [BTC] will be tested below $10K.”

Schiff Continuously Trolls BTC

Schiff, a gold proponent, has always dished out negative price predictions for Bitcoin and other altcoins. The economist has always maintained that BTC’s rally in the previous years came from massive hype rather than actual value. 

Schiff does not believe Bitcoin will ever rally to its previous highs, as he expects the asset class to plunge as low as $10,000 or even below. 

While Schiff is known for accurately predicting the stock market crash in 2008, not all speculation he has made about Bitcoin has successfully come to pass. 

As expected, cryptocurrency investors have always taken to social media platforms to slam him whenever his negative BTC predictions fail. 

Dogecoin Founder Mocks SEC’s “Super Clear Guidelines” For Crypto In Last 10 Years

Mark Brennan
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Dogecoin Founder Mocks SEC’s “Super Clear Guidelines” For Crypto In Last 10 Years

The dogecoin co-founder joins other industry experts to slam the SEC’s chair for his recent comments about crypto regulations. 


Billy Marcus, the co-founder of Dogecoin (DOGE), is the latest cryptocurrency expert to react to SEC chair Gary Gensler’s comment about the crypto market. 

Recall that Gensler recently noted that the cryptocurrency market should not be treated differently from the capital markets simply because it uses a different technology. 

Gensler also stated in his controversial Wall Street Journal (WSJ) article that crypto stakeholders should reach out to the SEC to better understand U.S. securities laws. 

Several industry players, including Mark Cuban, CEO of Dallas Mavericks, slammed Gensler for his recent statement. 

The outspoken Dogecoin founder also joined the list of industry players against the SEC’s hypocritical stance. Interestingly, Marcus chose to be sarcastic in his response to Gensler’s comment, saying: 

“I am glad there are so many super clear guidelines for all this stuff after ten years of it existing.” 

As reported by TheCryptoBasic, attorney John Deaton, the founder of Crypto Law U.S., also slammed Gensler’s WSJ Op-Ed article. 

The U.S. Trails Other Countries in Crypto Regulations

It is common knowledge that the U.S. crypto market still lacks clear regulations since its inception. 

While other countries have taken key steps to regulate crypto in their jurisdictions, the United States has been lagging in terms of providing regulatory clarity for the emerging industry. 

Instead of providing regulatory clarity, the SEC has adopted regulation by enforcement tactics in regulating the country’s crypto market. 

Several cryptocurrency projects, including Ripple, have been victimized by the SEC’s regulation by enforcement approach. Despite efforts made by industry stakeholders to get regulated, the SEC is still unwilling to change its tactics.

Gate_io Purchase Of Bone ShibaSwap (BONE) Worth $492K Sparks Listing Rumors

Zabi
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Gate_io Purchase Of Bone ShibaSwap (BONE) Worth $492K Sparks Listing Rumors

 

Gate_io purchase of 512,659 Bone ShibaSwap (BONE) Sparks Listing Rumors.


The official Gate.io “Depositing Vote for Listing #2” came to an end. Who is the Winner? Gate.io has yet to confirm. But Shiba Inu Community gets excited about BONE listing on one of the world’s leading cryptocurrency exchanges as Gate.io purchased 512,659 BONE, the governance token of the Shiba Inu Ecosystem in two separate transactions.

This massive accumulation of BONE comes after the exchange voting ends, which sparked rumors among the Shiba Inu Community that Gate.io might be gearing up to list BONE on its platform.

Gate.io posted a tweet saying:

“Gate.io “Depositing Vote for Listing #2″ has ended. The winning project will be announced in the follow-up announcement.”

Following the tweet, Etherscan.io data reported that Gate.io, one of the world’s leading cryptocurrency exchanges, has accumulated a whopping total of 512,659 Bone ShibaSwap (BONE), worth $492,234 through two separate transactions in the past 24 hours. In the first transaction, Gate.io bought 82,559 BONE and 430,100 in the second transaction.

BONE Gate.io
BONE Gate.io

However, Gate.io still has to reveal its final decision about the winner of Gate.io’s “Depositing Vote for Listing #2”. This could be BONE or any other participant token, i.e., DogeKing (DOGEKING), Revolt (RVLT), Vita Inu (VINU), or Volt Inu V2 (VOLT).

Founded in 2013, Gate.io is recognized as one of the world’s top 10 cryptocurrency exchanges based on daily trading volume. It is committed to providing the most comprehensive and safest trading experience to its 10 million registered users from around the world. The exchange is famous to list crypto assets that are great in quality and have a high rate of return. At the moment, Gate.io users can enjoy trading over 1400 digital currencies.

Ethereum Overtakes Cardano To Clinch The Top Spot In Terms Of Monthly Development Activity

Albert Brown
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Ethereum Overtakes Cardano To Clinch The Top Spot In Terms Of Monthly Development Activity

Cardano’s two-month streak at the top regarding monthly development activity ends.



In a tweet on Monday, Santiment reveals that Ethereum, on average, in the last 30 days, has seen the most notable development activities among other blockchain networks.

“Ethereum now has the highest 30-day rolling average of notable development activity, according to our algorithm for tracking notable daily github submissions,” Santiment wrote.

It is worth noting that Cardano previously held the position for two months in May and in June. Notably, the network has seen a flurry of development activity as it edges closer to the long-awaited Vasil upgrade. Moreover, about 1000 dApps are in development in anticipation of the hard fork.

However, Ethereum has surpassed this as the network is on the cusp of The Merge. On Monday, The Crypto Basic reported that Ethereum’s client for institutional staking, Teku, had received an upgrade in anticipation of The Merge.

For the uninitiated, The Merge is the expected migration of the Ethereum network from the Proof-of-Work (PoW) consensus model to Proof-of-Stake (PoS). The Merge will occur when the Ethereum execution layer is fused with its PoS chain called the Beacon chain.

The Merge is now expected to occur on September 15. Notably, developers completed The Merge launch on the final testnet, Goerli, nearly two weeks ago.

Deposits in the Ethereum staking contract have recently surged as investors get excited. This month alone, about 153,000 ETH has been added to the contract. As clarified by the developers, holders will not be able to withdraw staked ETH immediately after The Merge but will receive liquid ETH rewards on their staked assets.

Notably, pundits like Lark Davis and BitMex’s Arthur Hayes have expressed price optimism for the asset post-Merge, analyzing why the asset becomes deflationary. However, CoinShares CSO Meltem Demirors has expressed a contrary view, noting a lack of fresh institutional capital coming into Ethereum despite these new dynamics.

105 Million Shiba Inu Burnt in 24 Hours, 40 Million in One Transaction: Details

Zabi
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105 Million Shiba Inu Burnt in 24 Hours, 40 Million in One Transaction: Details

 

Millions of Shiba Inu are burning daily.


The Shiba Inu Community has burned over 105.08 Million Shiba Inu (SHIB) in the past 24 hours. One of the prominent Community-led Burning initiatives, “1Cent Token”, destroyed 40 Million Shiba Inu and 130 Bone ShibaSwap (BONE) in two separate transactions.

The SHIB Burn tracker reports that the Shiba Inu Community has sent 105,084,459 (105.08M) SHIB to dead wallets through 23 separate transactions in the past 24 hours.

1CENT Weekly BURN EVENT:

1Cent incinerated the most Shiba Inu tokens in the past 24 hours.

On August 22, 1Cent organized its Weekly Burn Event, sending a whopping total of 40,000,000 (40M) SHIB in one significant transaction to “inferno” addresses. At the same time, the project carried out another transaction and burned a total of 130 Bone ShibaSwap (BONE), the governance token of the Shiba Inu ecosystem.

At press time, Shiba Inu is trading at the price of $0.00001289, down -3.05% over the last day with a 24-hour trading volume of $463,831,073 ($463.83M).

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