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Kraken CEO Defends Terra 2.0 (LUNA) Listing Says Clients Demand Prompted the Listing

Mark Brennan
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Kraken CEO Defends Terra 2.0 (LUNA) Listing Says Clients Demand Prompted the Listing

Jesse Powell said the exchange listed LUNA due to rising clients’ demand.


Following the launch of new Terra (LUNA) tokens and Terra 2.0, exchanges have indicated an interest in supporting the rebirth of the Terra network, as part of efforts to make investors whole.

Cryptocurrency exchanges such as Binance, KuCoin, Gate.io, as well as Kraken had declared they will support the rebirth of the Terra network and also make the new $LUNA tokens available for trading on their platforms.

Critics Slam Kraken’s Support for $LUNA 2.0

However, the development did not go down well with critics who feel Kraken should not continue supporting Terra ecosystem tokens that caused investors losses to the tune of over $50 billion.

Like other cryptocurrency exchanges that declared support for Terra 2.0, Kraken also took to Twitter to announce that the trading platform has also launched support for the digital currency.

The announcement triggered many who slammed the move and also questioned what prompted the exchange’s decision to still support $LUNA 2.0 despite the unfortunate incident that befell investors early last month.

“Ok guys can you stop aiding and abetting ponzi scams,” a Twitter user with the username @BTCGandalf said.

Kraken CEO Defends the Exchange

Interestingly, the comment of Nic Carter, the co-founder, and chairman of Coin Metrics, prompted Jesse Powell, the CEO and founder of Kraken exchange to disclose the reason behind the listing of the new $LUNA tokens.

With Carter asking why Kraken has decided to list $LUNA again, Powell said the move was prompted based on its clients’ demand, adding:

“There’s a weird dynamic with exchanges. Switching costs are low and people tend to want to do everything in one place for capital efficiency/synergies/convenience. Not supporting 1 coin people demand could cost you the entire account. Listing isn’t an endorsement.”

Powell added in a separate tweet that the exchange is trying to be “asset-agnostic.” He noted that Kraken is trying to run its operations as best as it should, facilitating the discovery of market prices, and does not concern itself with which crypto should be considered a winner or loser.

“Fiat and most stocks are garbage but where’s the outrage? Revenue from these other coins pays for all the security, pro-BTC lobbying, and marketing,” Powell added.

Do Kwon’s First Taste Of Money Was Neither Terra Nor Basis Cash, So What Was it??

Mark Brennan
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Do Kwon’s First Taste Of Money Was Neither Terra Nor Basis Cash, So What Was it??

Do Kwon’s First Startup – And His First Taste Of Both Money And Nepotism.



Terra’s Do Kwon has found himself perpetually in trouble ever since Terra LUNA and UST crashed. His attempts to save the ecosystem by creating Terra 2.0 doesn’t seem to have stopped the spill-over that came with the people’s anger after over $40 billion was lost in the crash.

Going by a Twitter handle FatMan, one guy has been on Kwon’s neck for the major part of the last few weeks. FatMan seems to have dedicated his time to unearthing and telling the world exactly who Do Kwon is.

After several damning expose`s, FatMan has unearthed yet another side of Kwon. He told the world about it in a recent Twitter thread.

 

First Project Funded Through Nepotism

Apparently, Do Kwon’s appetite for big money didn’t start with Terra or UST, or even his previous collapsed stablecoin, Basis Cash.

It started with a startup company called Anify. He started it back in 2014 with a friend from Stanford, Jang Ki-seok. Anify was a P2P-based communications system.

Apparently, they got incubation funding through the friend’s father who had connections with a big bank, the Infobank. They got the money despite the fact they hadn’t fielded any product. Nepotism right there.

Shielded By Big Power

After Anify, Do Kwon developed another plan – the Terra crypto ecosystem. He developed this idea with another friend, Daniel Shin, who’s well-linked with deep pockets and Korean intelligence service (Call it Korean CIA).

The two have had a dark history at that point already, but they were untouchable. In 2022, Kwon made an OTC deal whereby he exchanged 1 billion UST tokens for $1 billion worth of Bitcoin.

Fatman report:

“In 2016, Do Kwon and his friend from Stanford, Jang Ki-seok, created Anify, a scalable P2P communications solution. As many in the tech world know, it’s not easy to get accelerators to incubate you and throw hundreds of thousands at any old buzzword-filled idea

So when Anify was sent out as a prospective investment to various companies through the Korean government TIPS incubation program, how did Do Kwon manage to get a $550,000 grant from Infobank, a big communications corporation in Korea, despite never putting out a product?

As it happened, Do Kwon had a trick up his sleeve. Infobank’s CEO turned out to be Jang Jun-ho, the father of Jang Ki-seok. Thanks to the wonders of nepotism, Ki-seok had his father recommend the project to the TIPS board, and received a large investment into Anify’s bank.

It turns out that Ki-seok was an Infobank shareholder, and Infobank is refusing to comment on this. The TIPS board has stated that they will work harder on rooting out instances of nepotism. This is all thanks to amazing research work done by SBS.

I opine that after this little venture, Do Kwon started becoming greedy for more. More money, more investor funding, more fame, more connections – more power. He started dreaming bigger. “A million dollars isn’t cool. You know what’s cool? A billion dollars.””

The Ultimate Rug-Pull

Do Kwon mostly likely knew the Terra ecosystem would collapse, but his goal was just to get out with a bag of money. In recent, expose`s, FatMan explained how Kwon and his VIP Terra validators planned to play the markets and raked in huge profits at a time when the Terra community was losing money on a daily basis.

Proposal To Kick Do Kwon Out Of Terra 2.0

FatMan opines that it will be hard even for Terra 2.0 to thrive as long as bad actors are allowed to operate freely and have powers in the ecosystem. He claims to have forwarded, multiple times, proposals to have Do Kwon kicked out of Terra 2.0.

Shiba Inu Now Second Top Holding Of ETH Whales As Big Investor Buys 129B Shib

Zabi
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Shiba Inu Now Second Top Holding Of ETH Whales As Big Investor Buys 129B Shib

Shiba Inu whale buying continues.



Shiba Inu (SHIB) becomes Second Biggest Holdings Among Top 500 ETH Whales as BlueWhale0073 Added Another 129.25 Billion SHIB, Worth $1.41 Million, To Her Portfolio in the Past 24 Hours.

Shiba Inu became the second-largest holding by the top 500 ETH whales, as deep-pocketed Ethereum investors scooped another 129.25 billion SHIB.

The SHIB holdings for the top 500 ETH whales rise to $629.67 million as the 419th biggest ETH Whale gobbles up $1.41 million worth of dog-themed cryptocurrency in her recent transaction.

As per WhaleStats’ recent report, the 419th biggest ETH Whale named “BlueWhale0073” has just added a whopping total of 129,525,133,807 (129.52B) SHIB, worth $1,413,119 ($1.41M) to her wallet in one significant transaction.

As per WhaleStats, Shiba Inu is now her 5th biggest holding position by dollar value. She currently holds 129,662,502,309 (129.66B) SHIB, worth $1,413,321 ($1.41M).

With this massive accumulation, the total SHIB holdings for the top 500 ETH whales reach $629,675,496 ($629.67M), making Shiba Inu the second-biggest holding position by dollar value, following FTX Token (FTX), WhaleStats report.

Impact on SHIB Price:

Shiba Inu remains on the backfoot despite the recent massive accumulation of ETH Whale. At the time of writing, Shiba Inu is trading at the price of $0.00001086, down -1.98% over the last day, with a 24-hour trading volume of $262,893,124 ($262.89M).

Dogecoin Founder Says the Mentality of Scamming People Just Because You Got Scammed Is Like Cancer

Lele Jima
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Dogecoin Founder Says the Mentality of Scamming People Just Because You Got Scammed Is Like Cancer

Dogecoin Co-founder Says the Crypto Market Is Doing a Terrible Job at Protecting Itself Against Scammers as Billy Marcus slams scammers again.


It is no longer news that there has been an increase in cryptocurrency scam activity in recent times. Various cryptocurrency players have widely condemned these illicit activities, including government officials globally.

Marcus Blasts Crypto Scammers

One popular cryptocurrency expert who has not failed to call out scammers is Billy Marcus, the co-creator of Dogecoin (DOGE).

Marcus has been vocal in slamming cryptocurrency scam actors and projects. One of his famous swipes at these fraudulent acts was when he said last month “95% of cryptocurrency projects are scam and garbage.”

Apparently, Marcus’ statement did not go down well with many crypto investors who felt such comments would only expose the nascent market to stringent regulation.

The Dogecoin Co-Founder Won’t Stop

Meanwhile, the Dogecoin co-founder is not done with lambasting cryptocurrency scammers as he took to Twitter to say that the nascent industry is filled with “scams and thrash,” while stating the reason why scam-related activities have persisted in the industry.

According to Marcus, crypto players are doing a terrible job at protecting unsuspecting victims from getting scammed, adding:

“Instead of getting mad at scams, the space (crypto) enables scammers and defends the scammers, no matter how obvious it is, through chronic bad behavior. It gets what it deserves.”

A Twitter user commented on Marcus’ post saying that the rate of crypto scams has increased because many people still think cryptocurrency investment is similar to multi-level marketing (MLM).

MLM is a controversial marketing strategy, where people lure their friends and family into investing in a business as part of an effort to rescue their investment.

“Because it is MLM. İdiots getting lured into scams by other idiots who then try to recruit more idiots to rescue their own investment. Worst are those who are constantly involved in BS and then act like they are a victim,” the Twitter user said.

Responding to this comment, Marcus noted that the mentality of trying to scam others or getting other people scammed just because the person was once a victim is cancerous.

“I got scammed so I should scam others, This mentality is cancer.”

He was amazed when he discovered how scam bots have taken advantage of scam victims’ situations to still cause more damage to them.

“My goodness there are scam bots trying to scam when saying the words, ‘I got scammed,’ they need to find whoever makes these and throw them into a bottomless pit,” Marcus said.

Meanwhile, Elon Musk, the CEO of Tesla, has slammed the high rate of spam bots on Twitter, which he intends to get rid of when he finally acquires the microblogging platform.

Users Can Now Transfer LUNA From Terra 2.0 To Ethereum As Terra Mainnet Launches Terra Bridge V2

Albert Brown
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Users Can Now Transfer LUNA From Terra 2.0 To Ethereum As Terra Mainnet Launches Terra Bridge V2

 

Terra Mainnet Launches Terra Bridge V2.



Terra has launched a new system, dubbed Terra Bridge V2, on the Terra Mainnet. The bridge uses Cosmos and Axelar to enhance functionality. Cosmos facilitates interoperability among a group of blockchains, while Axela facilitates universal connectivity for Web3.

Terra’s latest step in its quest to revive the troubled Terra ecosystem. With this, it appears that Do Kwon and his team are working hard to win back the community’s trust that was severely impacted after Terra Luna and UST collapsed last month. Terra announced the launch of the new system on Twitter.

 

About Terra Bridge V2

The Terra Bridge V2 is designed to enable users to transfer their digital assets between various blockchain networks, including Ethereum, Secret, Cosmos, Osmosis, and Juno.

The assets in question are LUNA and LUNC. LUNA is the new coin minted on Terra 2.0, while LUNC is the renamed version of the original Terra token (Renamed into Luna Classic). The old Terra chain is also now called Terra Classic.

While the new development is welcome to the larger Terra community, there are still those who feel that Do Kwon and his Terra team should make efforts to burn LUNC.

LUNC Support To Be Halted

The Terra Bridge V2 could be a step forward for the Terra ecosystem. Still, it seems that the developer team is primarily focused on the new LUNA as opposed to trying to maintain extended support for LUNC on various fronts.

The Terra Bridge V2 employs a different access point for LUNA and LUNC. Users can head to this point for LUNA and use this wormhole to transfer their tokens. There’s no caveat for using this one except for the users to ensure they don’t use exchange addresses when transferring assets across different chains.

However, for LUNC, besides the caveat mentioned above, it appears that support for LUNC on the Terra Bridge V2 won’t last for long. According to the website, support for UST and Terra Classic (LUNC) is indicated to be halted on 5/31/2022. It’s unclear what this means since the dates given are passed today’s date while Terra has just announced the launch.

Data Shows 160 Whales Purchased Cardano (ADA) Worth Above $100,000 Each In 6 Hours, Will It Affect Price?

Mark Brennan
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Data Shows 160 Whales Purchased Cardano (ADA) Worth Above $100,000 Each In 6 Hours, Will It Affect Price?

Cardano Whales pushed ADA to become the sixth-largest crypto again after being overtaken by Ripple.


For most of yesterday, Cardano (ADA) traded below $0.55 as the global cryptocurrency market winter continues. The low price of ADA also resulted in a plunge in its market capitalization from above $20 billion to around $18.3 billion yesterday.

Following the massive decline in ADA’s market valuation, the cryptocurrency was quickly overthrown by Ripple (XRP) to become the sixth-largest cryptocurrency by market cap, while Cardano slumped to the seventh position.

Although there was not much difference in value between the two cryptocurrencies, it was not clear how ADA intended to reclaim the position of the sixth-largest digital currency.

Cardano Whales Came to the Rescue 

Interestingly, when it seemed ADA would have to go back to the seventh position it has seated for the past few weeks, Cardano whales came to the rescue as they embarked on a massive accumulation of the cryptocurrency.

According to data shared by Santiment, an on-chain cryptocurrency data provider, nearly 160 whale purchases worth over $100,000 each were recorded in the second half of yesterday. The transactions occurred in just six hours on Friday.

Santiment writes: “ADA Spiked to about 160 $100K plus transactions over the span of 6 hours on Friday.”

Following the massive whale accumulation of the Cardano, the price of the cryptocurrency surged to above $0.57, while its market capitalization also increased to above $19 billion. The event also helped Cardano overthrow Ripple again to become the sixth-largest cryptocurrency by market cap.

Will ADA Soar Amid Whale Accumulation?

Meanwhile, Santiment noted that the last time whales embarked on a widespread ADA accumulation when the coin’s price was falling, ADA surged more than 28% within 18 hours.

“Cardano got a small bounce in the second half of Friday trading after large whale transaction counts began to appear on the $ADA network. An extreme example of the last time whales accumulated on a downswing, prices jumped +28% in the span of 18 hours,” Santiment reports.

ada 160 transaction above $100K

Image source: Santiment

However, it does not seem like it would be the case this time, as ADA has retraced a bit from $0.57 to $0.56. ADA is down 4.2% in the last 24 hours like other cryptocurrencies.

Charles Hoskinson Thanks “Ghost Generator” for Cardano’s Surging Transaction Volume This Year 

Lele Jima
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Charles Hoskinson Thanks “Ghost Generator” for Cardano’s Surging Transaction Volume This Year 

Cardano’s outstanding success continues despite criticism.

Cardano has been experiencing tremendous growth across various parts of the network in recent times. Users’ activities have skyrocketed over the years as the blockchain continues to record widespread adoption. 

According to a “Survival Mode” report published recently by Kraken cryptocurrency exchange, the volume of transactions completed on Cardano has skyrocketed by 369% this year, suggesting a growing demand among market participants. 

Cardano Surpasses Top Blockchains in Transaction Volume

While transactions recorded on Cardano have skyrocketed year-to-date (YTD), the same cannot be said for other crypto networks, which have seen major decreases. 

Per the data shared by Kraken in the report, transactions on the Bitcoin network on YTD dipped 15%, Ethereum saw a 45% decrease. 

Similarly, Polkadot, Dogecoin, and Algorand blockchains also recorded plunges in their transaction volume of 59%, 79%, and 89%, respectively. 

“Network transaction volume presents a more mixed sentiment in 2022. This year, on-chain volume only rose for Cardano (+369%) […] On the other hand, Bitcoin (-15%), Ethereum (-49%), Polkadot (-59%), Dogecoin (-79%), and Algorand (-82%) saw on-chain volume fall,” an excerpt from the report reads. 

Hoskinson Applauds “Ghost Generator” for the Feat

Commenting on the development, Charles Hoskinson, the CEO of Input Output Global (IOG), the firm responsible for the research and development of Cardano, applauded the milestone in a sarcastic way by using the words critics have used to describe the popular blockchain. 

“This is thanks to our new ghost generator that has dramatically increased ghost transactions. We call it SpookyAlpha,” Hoskinson said. 

Cardano Proves Critic Wrong

Cardano has come under heavy scrutiny over the years for its slow progress. The popular blockchain network has been slammed by top cryptocurrency players, including Do Kwon Terra CEO and founder Mike Novogratz, Galaxy Digital CEO, as well as Solana’s co-founder. 

Aside from the popular players, other cryptocurrency enthusiasts have used several derogatory names to describe Cardano, with many people calling the network a “Ghost Chain” due to its lack of utility. 

However, the blockchain has proven time and time again that it is widely used by millions of users in contrast to what critics think. 

Numerous data have confirmed Cardano’s widespread adoption. Earlier this month, the Cardano team published an infographic showing its outstanding performance in the month of May despite the ongoing cryptocurrency winter. 

Top Bank CEO Warns Worse Is Yet To Come For Bitcoin, Ethereum, Cardano, and Ripple

Albert Brown
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Top Bank CEO Warns Worse Is Yet To Come For Bitcoin, Ethereum, Cardano, and Ripple

JPMorgan’s CEO believes cryptocurrency investors will experience more price crashes.


Despite the underperformance of the global cryptocurrency market in the past month that crashed the prices of the top 10 digital currencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), JPMorgan CEO still believes the worst is yet to come.

JPMorgan CEO: Crypto Prices Will Dip

Jamie Dimon, the CEO of JPMorgan, has warned cryptocurrency investors of upcoming market volatility that will be ushered in by an economic hurricane expected to be introduced by the Federal Reserve.

Speaking at a financial services conference organized by Autonomous Research this week, Dimon noted that investors of the top 10 cryptocurrencies need to prepare themselves for the massive volatility that will hit the nascent market when the Feds begin its so-called quantitative tightening,

According to the JPMorgan exec, while it is imperative for crypto investors to prepare themselves for the upcoming market volatility, the U.S.-based financial institution has also braced itself in preparation for what is to come.

“You better brace yourself. JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet. “ Dimon was quoted as saying in a report published by Forbes.

Feds Trying to Mitigate Rising Inflation

It is no longer news that the Federal Reserve is making significant moves to reduce its whopping $9 trillion balance sheet that skyrocketed during the coronavirus (COVID-19) pandemic era.

Part of its quantitative tightening plan also includes increasing interest rates in a bid to mitigate rising inflation rates in the U.S. economy.

While the cryptocurrency market has been remarkable in withstanding the storm of the Federal Reserve’s move to mitigate rising inflation, Dimon believes future measures by the Feds may take a huge toll on global financial markets, including the crypto market.

With the upcoming Fed’s measures expected to be disastrous on financial markets, many would expect the government to not proceed with its quantitative tightening efforts.

However, Dimon disclosed that the Federal Reserve is left with no choice but to implement the stringent measure.

“I said they’re storm clouds, they’re big storm clouds here, It’s a hurricane [and] that hurricane is right out there down the road coming our way. We just don’t know if it’s a minor one or Superstorm Sandy,” Dimon added.

Crypto Market Crises 

The crypto market has plunged drastically from the levels last seen in November 2021. Bitcoin, Ethereum, Binance Coin, XRP, and Cardano, among other cryptocurrencies, have slumped more than 50% since November 2021, with investors not knowing when the storm will be over.

In the last 24 hours, the entire cryptocurrency market is down 2.1% to around $1.2 trillion, which is far from what was recorded in November last year.

US Top Exchange Kraken Launches Futures Trading For Ethereum Layer 2 Token Optimism (OP)

Mark Brennan
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US Top Exchange Kraken Launches Futures Trading For Ethereum Layer 2 Token Optimism (OP)

 

Just In: Optimism (OP) Has Just Been Listed On Kraken Futures.



Kraken crypto exchange has listed yet another upcoming cryptocurrency on its platform. The crypto, known as Optimism (OP) will be available for trading and futures contracts on Kraken.

While announcing the new development on Twitter, Kraken intimated that the futures contracts facility featuring OP is already live on the popular trading platform. Futures contracts allow the trader/investor to deal with an asset without having direct ownership of it.

 

The exchange also took time to explain to users how to start their journey to trading OP futures contracts on Kraken. To open OP futures contracts on Kraken, users have to start by transferring their USDT, USDC, or USD to their futures wallet on the exchange. These funds act as collateral.

What Is Optimism?

According to the information on its website, Optimism (OP) is a crypto network running on Ethereum’s Layer-2 (L2) blockchain. It prides itself as equal to the Ethereum Virtual Machine (EVM), meaning that any apps that are compatible with EVM are also compatible with Optimism.

Apparently, this equivalence to EVM was achieved after an upgrade back in November 2021. Optimism mentioned this in a recent tweet as it announced a new milestone of reaching 10 million transactions since its inception.

OP Market Standings

A quick look at OP’s market standings on CMC reveals that the coin has had a relatively balanced day. The price currently stands at $1.36 with a 1% decrease on the daily.

OP is now at position 2,807 in the charts, with a 24-hour volume increase of 18% to reach $628 million. However, no undiluted market cap or circulating supply is shown in its stats. The diluted market cap stands at around $5.98 billion.

Normally, crypto tends to increase in price once listed on an exchange. However, it’s fair to note that the crypto market is currently undergoing a period of uncertainty. Still, it’s yet to be seen whether Optimism will follow the said trend.

On Chain Data Shows Cardano Record Growth Across Various Aspects in May 2022 Despite Crypto Price Crash

Lele Jima
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On Chain Data Shows Cardano Record Growth Across Various Aspects in May 2022 Despite Crypto Price Crash

Cardano recorded huge success last month despite the crash of the cryptocurrency market. 


For most cryptocurrency investors, May 2022 is a month that cannot be forgotten in a hurry. Last month marked the beginning of this cycle’s bear market following the plunge of Terra ecosystem tokens, UST and LUNA.

While many cryptocurrencies suffer heavily as a result of the ongoing crypto winter, an infographic shared by the Cardano Foundation, a non-profit organization focused on the growth and development of the network, suggests that Cardano experienced slight growth across various aspects.

Cardano’s Growth In May

Infographics show the performance of Cardano across various aspects, including wallets holding the project’s native cryptocurrency ADA, percentage of ADA staked across various protocols, number of proposals funded, and total transactions, among others.

Despite last month’s cryptocurrency winter, the number of wallets holding ADA surged to 3.36 million, which represents a 1.84% increase.

This comes amid the massive conversion of various cryptocurrencies to stablecoins, as investors offload their crypto holdings to avoid incurring more losses as the prices of all digital currencies tumble.

Similarly, Cardano’s on-chain transactions also recorded a significant increase, rising 7.74% to hit 42.5 million at the end of May 2022. It is worth noting that Cardano’s on-chain transactions include both ADA send, receive, stake, etc..

Furthermore, the number of native assets on the Cardano network recorded an 8.64% increase to 5.03 million. The number of native assets deployed on Cardano has recorded a significant increase due to the efficient performance of the blockchain, which has functioned uninterrupted since it went live.

Another interesting stat in the infographics is the number of proposals that were funded throughout the month of May. According to the data, a total of 947 proposals were funded through the Cardano project catalyst funds.

Other Aspects of Cardano Slumped

Some aspects of the network did not experience gains like others. For instance, the percentage of ADA staked across various protocols decreased slightly by 1.35%, while Cardano staked pools also plummeted by 0.75%.

Meanwhile, the value of ADA was badly affected in the crypto winter. The cryptocurrency dipped more than 27% throughout the month of May 2022. At the time of writing, ADA is trading at $0.55, down 2.4% in the last 24 hours.

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