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In-House Legal Team at TerraForm Labs Resigns Following TerraUSD (UST) and LUNA Collapse 

Lele Jima
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In-House Legal Team at TerraForm Labs Resigns Following TerraUSD (UST) and LUNA Collapse 

More unfortunate developments continue to unfold in the aftermath of the UST and LUNA crash

Following the collapse of TerraUSD (UST) and LUNA, the legal counsel team of TerraForm Labs has reportedly resigned their positions at the company.

A quick look at the LinkedIn profiles of the company’s in-house counsel, including Marc Goldich, the general counsel of Terra, chief litigation and regulatory counsel Noah Axler, as well as chief corporate counsel Lawrence Florio, show that the trio no longer work for the crypto-related company.

According to the information on their LinkedIn profiles, they stopped working at Terra this month.

Following their resignation from the company, their job responsibilities are currently being handled by counsel outside of Terra.

Other Terra Staff Still Confident in the Company’s Mission

Per the sources, a number of Terra staff have also resigned from their positions at the company following the collapse of the UST stablecoin.

However, a good number of staff are still with Terra with the belief that the company will rise from its challenges within a short time.

“Terra is more than UST, with an incredibly passionate community and a clear vision on how to rebuild. Our focus is now on executing our plan to revive the Terra ecosystem,” a spokesperson said.

Terra’s Resilience to Make Investors Whole

The incident comes less than a week after Terra’s ecosystem tokens suffered one of the biggest losses in the entire crypto market since inception, after UST lost its peg to the United States Dollar.

Since the unfortunate incident, all efforts to save cryptocurrencies from plummeting further have not yielded positive outcomes.

However, the Terra team is not giving up on investors as it continues to reiterate its commitment to make investors whole again.

Yesterday, Do Kwon, the CEO and co-founder of TerraForm Labs, noted that the firm would fork a new chain out of the existing chain in a bid to make investors whole.

So far, the idea has been supported by validators, who have indicated interest in continuing working on Terra.

University of Wyoming Launches “Ripple Blockchain Collaboratory” To Support Crypto Research And Education

Albert Brown
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University of Wyoming Launches “Ripple Blockchain Collaboratory” To Support Crypto Research And Education

 

The University Of Wyoming Adopts Ripple’s Blockchain To Boost crypto education and research.



It’s a fact that Ripple hasn’t been hitting the headline for good reasons of late. The blockchain company has been embroiled in a legal tussle with the US SEC for some time now. However, Ripple is now in the news for what looks like a really great development.

Apparently, the University of Wyoming has seen value in Ripple’s vast blockchain system and is planning to set up a “Ripple Blockchain Collaboratory” to help campus education and research projects.

 

The collaboration will be expansive enough to cover several departments within the campus. These include law, and the university’s already notable research project in energy tokenization. The research projects will also cover cyber security, cryptocurrencies, and fintech.

On its part, the Ripple Blockchain Collaboratory will come up with courses and provide learning resources to UW’s students who want to delve into blockchain and crypto technologies. The Collaboratory will be based within UW’s Center for Blockchain and Digital Innovation, which is under the College of Law and the College of Engineering and Applied Science. The program is open to both graduates and undergraduates at the university.

Klint Alexander, dean of the College of Law, said:

“As the global economy becomes more digital and fast-paced, innovations such as blockchain and cryptocurrencies are becoming more of the norm, rather than the exception. It is important that the law keeps up with these changes, and Wyoming has become a global epicenter for the development of rules and regulations in this increasingly important space.”

Plan To Produce Skilled Workforce

According to Ripple’s director of university partnerships, the collaboration with the University of Wyoming will advance blockchain technology to facilitate real-world use cases like NFTs, CBDCs, and carbon credit markets.

It’s worth noting that Ripple has been trying to support blockchain-related education in many regions across the world.

This funding is meant to realize a skilled workforce in both Wyoming and the blockchain industry.

According to Steven Lupien, who acts as the Center for Blockchain and Digital Innovation and the University director, Ripple’s role as an advisor to the blockchain board will help develop better education programs.

Laws Passed To Support Blockchain Technologies

To support the growing need for blockchain-based digital solutions, the legislature in Wyoming has already passed laws to open up the digital space and allow for the proliferation of the technology.

Creating a friendly business atmosphere for cryptocurrencies has boosted the local economy. The introduction of Ripple’s education program at UW will help prepare future lawyers in terms of crypto-related regulatory frameworks. For this reason, Wyoming has been one of the jurisdictions at the forefront in formulating crypto policies in the US.

Ripple’s collaboration with the university follows a move by launching the UW’s School of Computing, which is expected to be the main hub for computing and technology-based leadership at UW and within the state.

Input Output Global (IOG) Publishes Detailed Roadmap for Cardano Vasil Hard Fork

Mark Brennan
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Input Output Global (IOG) Publishes Detailed Roadmap for Cardano Vasil Hard Fork

The team is confident of a mainnet launch by June 29, 2022. 


The Cardano community has been eagerly anticipating the Vasil Hard Fork launch as the upgrade is expected to introduce significant features to the blockchain.

The enhancement of Cardano will contribute to the massive adoption of the network and also cause the price of ADA, the native cryptocurrency, to soar.

Vasil Hard Fork Roadmap

In a recent YouTube update shared by Input Output Global (IOG), the organization in charge of Cardano’s research and development, the team highlights a detailed roadmap for the upcoming Vasil Hard Fork event.

Image source: Twitter

In a six-minute video, the IOHK team noted that it is conducting the finishing touches to the upcoming upgrade, which will prepare it for a closed public testnet launch before the end of this month.

Mid May:

  • Closed public Testnet
  • Dapps Start Testing

May END:

  • DB Testing

The closed public testnet will also feature the testing of selected decentralized applications (dApps) in order to ensure that most dApps will not have hitches running on the new environment once the Hard Fork is implemented by next month.

As disclosed by the team, everything about the closed public testnet phase will end this month and it will pave room for Vasil’s migration to the Cardano testnet, which is scheduled to be implemented by early June 2022.

A series of development, including exchange integration, will be made once Vasil is migrated to Cardano’s testnet. By mid-June, the team noted that all off-chain components will be ready and the Hard Fork will be almost ready for a mainnet launch.

Once the team is certain that the upgrade has no issue, the Vasil Hard Fork will be executed on mainnet by June 29, 2022. The IOHK team is confident that the upgrade will not be scheduled for another date as it is 100% confident in its progress.

Early June:

  • Migration To CardanonTestnet
  • Vasil is live on Cardano testnet
  • Exchanges start integration

Mid-June

  • Off chain components ready

End Of June

  • Submit Mainnet hard fork proposal
  • Mainnet Vasil Era

Expected Features of Vasil Hard Fork

As reported, the Vasil Hard Fork is one of the biggest events of Cardano in 2022. The upgrade is expected to roll out significant enhancements to different aspects of the network, including Plutus, the smart contract platform that Charles Hoskinson, the CEO of IOG, believes will lure more developers into using the network.

He added that Cardano’s total value locked (TVL) will surge tremendously once the Vasil Hard Fork is live.

Auto Retailing Company ‘MotoRenn’ Now Accepts Shiba Inu Payments For Luxurious Cars

Albert Brown
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Auto Retailing Company ‘MotoRenn’ Now Accepts Shiba Inu Payments For Luxurious Cars

 

You Can Now Buy Superfluity Cars At MotoRenn With Shiba Inu Via BitPay.



Once again, cryptocurrencies are winning, and Shiba Inu (SHIB) is one of the most impacted. Of late, there has been a flurry of retail and even expansive companies accepting payments in cryptos like SHIB. The most recent development comes from the motor sector.

An auto retailing company called MotoRenn is now receiving Shiba Inu payments for lavish cars through Bitpay.

The company says users can pay with 13 different cryptos supported by Bitpay, including Shiba Inu.

Shiba Inu payments at Moterrenn
image source: https://www.motorenn.com/how-it-works

MotoRenn is a startup focused on growing its business through eCommerce. It’s involved in selling luxury, premium used, and exotic vehicles. To make it easier for customers to buy cars, Motorenn has now partnered with BitPay to accept crypto payments.

MotoRenn is based out of Los Angeles, California, and operates a digitally driven e-commerce enterprise. This means that customers don’t have to step into a motor showroom. However, customers are allowed to visit the Los Angeles outlet if they want to do a test drive before completing their purchase online.

“There’s A Lot Of Complexity About Cash Payments”

According to the company’s CEO, David Chou, Motorenn wants to make the vehicle buying process as flawless and as easy as possible for customers.

Chou admits that there are some complexities that come into play when customers use cash payments. In fact, before taking steps to accept crypto payments, Motorenn was known to prefer bank payments.

One of the issues with cash, according to the CEO, is the physical factor. Crypto payments solve this problem by making instantaneous and more secure settlements.

“In automotive — especially with the large amounts — there’s always concerns of making sure that you’re in line with federal and state regulations, There’s a lot of complexity about cash payments, so how does crypto play into that?

MotoRenn dealt with these concerns by partnering with BitPay and letting that firm manage the regulatory aspect. The retailer also chose an option that converts the crypto to dollars, so customers pay with crypto while Motorenn gets paid in dollars. The company buys vehicles, pays utilities, and pays employees in dollars, so they chose that option.” Chou said.

MotoRenn isn’t the only auto dealer to start taking crypto payments. Cardinale Automotive Group from California has gone this route too.

One thing is common about these developments: Shiba Inu is gaining ground as one of the most adopted cryptos being accepted for payments. BitPay supports payments in 13 cryptocurrencies and SHIB is one of them.

Cryptos Expand The Market Reach

The good thing with crypto payments is that customers can complete transactions much faster and order from far away. Typically, other traditional car dealers manage to operate within 30 miles of their primary location.

Auto dealers like Motorenn can serve customers from across counties and states with eCommerce. In fact, according to the company, around 90% of its sales are now online and paid in cryptos.

ChainLayer, BTCSecure, Sigma, TerraBay, and Nebula Protocol Show Commitment to Validate New Terra (LUNA) Network

Lele Jima
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0
ChainLayer, BTCSecure, Sigma, TerraBay, and Nebula Protocol Show Commitment to Validate New Terra (LUNA) Network

Five validators have already declared positive interest in continuing validating on the new Terra network. 


Things are moving smoothly for TerraForm Labs as five developers have indicated an interest in continuing as validators on Terra’s new chain.

Terra’s Call to Developers

Less than 24 hours after Do Kwon called on Terra developers to indicate their support and commitment to building on the forked Terra chain.

“Call to action: we encourage Terra developers to signal support & commit to building on the fork on public channels ASAP,” Kwon said.

So far Terra has received positive responses from developers, suggesting that everything is going as planned.

List of Validators

The developers that have so far indicated an interest in committing their resources to validate the new Terra chain include ChainLayer, BTC.Secure, TerraBay, Nebula Protocol, and Sigma Finance.

The aforementioned developers took to the popular microblogging platform Twitter to declare their interest in working on the Terra project.

ChainLayer, a validator on Celo, ChainLink, Cosmos, Kava, Solana, etc, stated on Twitter:

“Chainlayer commits to validating on the new Terra network!”

In a similar development, BTCSecure also tweeted a few hours after Do kwon made the announcement, saying:

“@BTCSecure supports the launch of the new @terra_money chain, where we will ensure the reliability of consensus as a highly secure and stable validator.”

Sigma says they continue to V2.

In a similar development, TerraBay also disclosed that they will continue to remain a validator on Terra.

Interestingly, popular decentralized finance (DeFi) developer Nebula Protocol also indicated an interest in continuing to build on Terra.

Terra’s Plan to Make Investors Whole

The Terra team is committed to making investors of TerraUSD (UST) and LUNA whole new again. In a bid to accomplish this feat, the team is proposing to fork the existing chain, which will lead to the creation of new tokens dubbed Terra (LUNA) while the existing tokens will be renamed Terra Classic (LUNC).

The newly created tokens will be airdropped to holders, validators, and stakers of the old Terra tokens. As reported, TerraForm Labs said it believes the newly airdropped tokens are part of efforts to make investors whole again.

Floki Inu (FLOKI) Featured on Nasdaq’s List of Best Cryptocurrencies to Buy In 2022 

Lele Jima
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0
Floki Inu (FLOKI) Featured on Nasdaq’s List of Best Cryptocurrencies to Buy In 2022 

The popular memecoin’s dominance in the market has not gone unnoticed, as it gets featured on Nasdaq. 


Floki Inu (FLOKI) has earned quite a reputation since it was launched on June 25, 2021. The cryptocurrency has been listed across various crypto trading platforms, including Huobi, CoinDCX, Gate.io, among others.

The cryptocurrency’s dominance has not gone unnoticed by major crypto-related media outlets as its achievements in the industry have been captured across different media platforms.

Floki Inu recently got featured on the Nasdaq list of the best metaverse cryptocurrencies to buy in 2022. Floki Inu was listed alongside other top digital currencies, including ApeCoin (APE), Decentraland (MANA), Sandbox (SAND), and Metahero (HERO), among others.

The development suggests that Floki Inu is being followed closely by the American Stock Exchange, based in New York City.

Floki Inu’s Achievements Since Inception

Despite initially being considered a meme coin when it made its debut in the early days, Floki Inu has demonstrated that it can become an asset of utility in the metaverse via its play-to-earn NFT game, a non-fungible token marketplace, and an education center.

In March, Floki Inu announced the launch of its P2E game dubbed Valhalla, a move that draws it closer to its metaverse goals.

The team behind the project is already preparing to launch its NFT marketplace dubbed the FlokiPlace, a trading platform tipped to rival popular NFT marketplace OpenSea in the near future.

Floki Inu is planning to educate the world about the benefits of digital currencies via its education center named Floki University.

As part of its education program, Floki Inu recently announced that it has completed a state-of-the-art school in Nigeria and the commissioning of the education institution is scheduled for May 18, 2022.

“Vikings! We’re excited to let you know that the state-of-the-art school we are building in Nigeria has been completed and will be starting operations soon! The school will be commissioned on: Wednesday, 18th of May 2022. What’s more exciting, is that YOU are welcome to attend!” Floki Inu said.

The Floki Inu team also noted that work has already started to build more schools in other countries, including Ghana.

FLOKI Soars Over 5% In 24 Hours

Meanwhile, Floki Inu is up 5% in the last 24 hours following a report that the cryptocurrency is featured on Nasdaq.

The coin, which traded around $0.00000771 yesterday, soared as high as $0.00000868 today.

South Korean Congress Calls Terra Founder Do Kwon To Explain LUNA And UST Fall

Mark Brennan
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South Korean Congress Calls Terra Founder Do Kwon To Explain LUNA And UST Fall

 

South Korean Congress Calls Terra (LUNA) Founder.



According to the South Korea Local newspaper, NEWSPIM, South Korean lawmakers requested that Terra founder Do Kwon and exchange personnel be brought to Congress for a hearing to explain the reasons for Luna and UST’s sudden plunge and communicate measures to protect investors.

While the Luna-Terra coin, which was known as a stable coin and had a market cap of $18 billion at one time, was reduced to a piece of tissue paper overnight.

At a plenary meeting of the National Assembly’s Political Affairs Committee on the 17th, Representative Yoon Chang-Hyeon, from the People’s Power, said,

“There is a part that raises questions about the behavior of exchanges during the crash.” “Coinone, Korbit, and Gopax stopped trading on May 10, Bithumb on May 11 stopped trading daily, but Upbit did not stop trading until May 13,” he pointed out.

He continued, “As the legislation is delayed, investors’ losses are increasing. The authorities continue to see the huge loss of investors and are helpless to protect investors”

Rep. Yoon urged, “We should bring related exchange officials, including Terra CEO Do Kwon to the National Assembly to hold a hearing on the cause of the situation and measures to protect investors.”

More than 200,000 South Korean investors mourned losses as a result of the LUNA and UST crashes. Such losses made Terra Founder Do Kwon seek Police protection following the recent home Invasion from an alleged LUNA investor

The country’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have asked crypto exchanges to provide data regarding the total number of holders of LUNA and UST, their trading volumes, and history of transactions.

The exchanges must provide their assessments of what happened, along with measures to protect users’ interests in the future.

Terra’s Revival Strategy

Today, in a Twitter thread, Kwon proposed that the Terra chain be forked, seeing the ecosystem has two chains – Terra Classic (LUNAC) and Terra (LUNA). The Terra Classic chain is the existing and current network, while the Terra will be the new chain.

While both chains will coexist, Kwon noted that the old tokens will be renamed LUNAC while the new ones will be called LUNA.

The launch of the new chain will require Terra developers to airdrop new LUNA tokens to holders of the old LUNA (LUNAC) and UST, as well as developers once the plan is implemented, Kwon said.

LFG Sinks 80K BTC

The Luna Foundation Guard (LFG) claims it sunk 80 thousand Bitcoins (BTC) in desperate efforts to save its TerraUSD (UST). Consequently, LFG’s BTC reserves have whittled down to 313 coins.

The foundation provided an explanation following an uproar from its customers on how it handled the debacle. In a series of tweets, LFG showed how it allocated funds from its reserve to shore up the sinking UST.

LFG began by revealing its assets in its reserve as of 7th May. It disclosed that it held 80,394 BTC, 39 914 BNB, and about 26.3M USDT. Additionally, it had nearly 23.6M USDC and 1.97M AVAX. Some 697K UST and roughly 1.7M LUNA were top-up in that reserve.

The foundation says it started converting its reserve assets to UST when crypto started dipping below a dollar. It says it traded some 50K BTC with a counterparty on May 8th. Again, they sold some additional 30K BTC in the last gasp effort to secure the peg.

Last week the $40B Terra Ecosystem crashed following UST dropping from a dollar to below 20 cents. Further, its LUNA token that’s designed to absorb shocks nosedive from $80 to under two cents.

Now Terra’s founder has to explain the situation in front of the South Korean congress members, providing details on how such a massacre happened.

Canada-based Payment Gateway FCFPAY To Burn Shiba Inu

Zabi
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0
Canada-based Payment Gateway FCFPAY To Burn Shiba Inu

 

Canada-based Payment Gateway FCFPay To Incorporate “SHIB Burning Mechanism” Into Their Payment Gateway.



Canada-based Payment Gateway, FCFPay plans to contribute towards Shiba Inu (SHIB) burn by incorporating a “SHIB Burn Mechanism” into their payment gateway.

The decision comes after one of the members of the Shib Army started a campaign with the Title: “Let’s Get FCF Pay to Add SHIB Burn Option.” While launching a campaign, he tagged all the official Growth breed members of the Shiba Inu Community along with FCFPay in his tweet.

The campaign got viral on Twitter among SHIB Community, and finally, FCFPay listened to the voice of the Shib Army in no more than 24 hours.

FCFPay announced looking forward to incorporating the “SHIB Burning Mechanism” into their payment gateway. As per the announcement, the Canadian-based payment gateway is looking for the Sihb development team to get in touch so that SHIB Burning Mechanism can soon become live on their platform.

FCFPAY actually does have an automated buyback and burn mechanism, but for FCF Revenue Sharing Token. In FCFPAY’s automated buyback and burn mechanism, 1/3 of every transaction fee is burned, while another 1/3 is distributed as BNB dividends.

FCFPAY says they could also add a Shiba Inu burn option if there is sufficient demand.

Formerly on April 13, FCFPay added support for Shiba Inu, allowing merchants from across the world to accept SHIB in exchange for their services.

FCF Pay empowers cryptocurrency holders by allowing them to purchase goods and services through the world’s first viable fully-encrypted cryptocurrency payment gateway.

FCFPay currently supports ten major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), and Litecoin (LTC), Dogecoin (DOGE), Tether (USDT), and Stellar (XLM).

French Connection Finance powers FCFPay (FCF), a Canadian-based company with an official incorporated business license that allows cryptocurrency holders to use crypto as a currency when buying goods and services. At the same time, it offers an all-in-one solution to merchants through which they become able to accept both cryptocurrency and fiat payments.

Shiba Inu Rises After Major Whale Buys 375B Shiba Inu, Shib Now Most Purchased Coin By Top 2k ETH Whales

Zabi
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0
Shiba Inu Rises After Major Whale Buys 375B Shiba Inu, Shib Now Most Purchased Coin By Top 2k ETH Whales

 

The prominent ETH Whale appetite for Shiba Inu (SHIB) accumulation cannot be suppressed at such discounted prices.



Major ETH Whale “BlueWhale0073” Keeps On Taking Advantage of Low Prices and Gobbled Up 375.97 Billion Shiba Inu (SHIB), Worth $4.56 Million in the Past 24 Hours.

Top Ethereum Whale gobbled up another big chunk of 375.97 Billion Shiba Inu (SHIB), worth $4.56 Million in the past 24 hours as Shiba Inu price stabilized a bit above its critical support level located at $0.0000095.

As of the recent WhaleStats report, the top ETH Whale named “BlueWhale0073” has just purchased 375,977,961,547 (375.97B) more of SHIB, worth $4,568,132 ($4.56M) in one significant transaction.

The widespread selloff in the global crypto market began on May 9. On the same date, Shiba Inu lost its previous critical support located at $0.00001717. Since then, the price of Shiba Inu dropped over 46% and tested its previous resistance level turning into support found at $0.0000095.

During this week’s selloff period, “BlueWhale0073” accumulated a total of 1.64 trillion SHIB, worth $21,105,284 ($21.10M) through six separate transactions while taking advantage of low prices.

This recent accumulation from the ETH whale makes SHIB one of the top purchased tokens among the 2000 most giant ETH whales in the last 24 hours.

The most popular dog-themed cryptocurrency is now down -25.97% over the week and is currently trading at $0.00001265. As of today, Shiba Inu is staging a modest recovery and is now up 4.80% over the last day, with a 24-hour trading volume of $501,912,415 ($501.91M).

New: Another Delay In Ripple v. SEC Lawsuit As Court Approves Time Extension Request Made By The Parties 

Mark Brennan
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0
New: Another Delay In Ripple v. SEC Lawsuit As Court Approves Time Extension Request Made By The Parties 

 

Another Delay In Ripple v. SEC Lawsuit.


The court has granted Ripple and the Securities and Exchange Commission (SEC) a two-week time extension request to discuss and agree on the appropriate attorney’s fee required to depose the supplemental rebuttal report from Dr. Albert Metz.

The approval, which came through text, saw “any motion for attorneys’ fees as described in the Court’s April 19, 2022 order . . due by May 27, 2022,” attorney James Filan said. 

SEC Punished for Improper Conduct

Recall that the Securities and Exchange Commission was slammed by Judge Sarah Netburn for how it conducted itself during the submission of experts’ testimony. 

The SEC’s move to submit supplemental expert testimony on the deadline for discovery earned the agency a knock from Judge Netburn. 

Based on the SEC’s improper conduct, the court ordered the agency to cover the expenses of Ripple’s attorney during the process of deposing Dr. Metz’s supplemental rebuttal report. 

“The SEC is ordered to pay Defendants’ reasonable expenses in filing their motion to strike and re-deposing Dr. Metz,” Judge Sarah noted in her April 19 ruling,” Judge Netburn ordered in the verdict. 

Joint Motion 

While many thought the parties would have concluded on an appropriate fee, both the SEC and Ripple disclosed that they were still negotiating a reasonable fee and would require the deadline for the attorney’s fee to be extended to May 27, 2022.  

“Pursuant to the court’s April 19, 2022 order, Plaintiff and Defendants are still meeting and conferring regarding a reasonable fee award. The parties, therefore, jointly request that the Court extend the deadline by which any motion for attorney’s fees must be filed to May 27, 2022,” the joint motion reads. 

It is worth noting that Dr. Metz is a witness for the SEC who would prove that Ripple’s actions had a direct impact on the price of XRP during the sale of the digital currencies in 2013, as part of a larger plan to prove that the Defendants breached the United States securities laws. 

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