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Sadness and Sorrow: Gloomy News Elsewhere

09/16/2022
|
  • luna
  • terra
  • huobi
  • Elizabeth
News list

Neverending story of Do Kwon and his Luna; noose is tightening on crypto's neck; Queen Elizabeth is an influencer even after she is gone - check the LH-Crypto news digest for details.

Do Kwon Promises to Give Everything Back while Buterin Calls LUNA Crash a Bliss

For the past months, the LUNA crash has been stirring the crypto world. Do Kwon, the founder of the scandalous Terra project, is suspected of manipulations that led to the inevitable downfall. However, he denies all accusations despite not having offered any plausible proof of his non-involvement in the crypto crash. But Do Kwon doesn't give up and promises to keep developing the project and give all the debts back to the investors. Who don't seem so fond of his promises, so the new LUNA 2.0 is at the bottom of the crypto ocean too.

Meanwhile, Vitalik Buterin, the founder of Ethereum, one of the most successful blockchains, commented on the Terra clash. He claims that the LUNA downfall and the whole crypto market fall that followed were actually... good for the industry. Buterin says that this collapse showed the weakest spots of digital assets.

He is sure: "When the UST stablecoin was no longer tied to the dollar we saw that the algorithmic stablecoin model is not working anymore. It is especially noticeable in extreme situations like Terra's high leverage and such Ponzi schemes as the one at the Bitcoinnect exchange." Buterin is also certain that the price fall outlines unstable business models such as the Terra project. So, overall, the Ethereum founder believes that after going through a crisis the market will stabilise the current volatility and it will be comparable to the volatility in more traditional markets.

Do Kwon Promises to Give Everything Back while Buterin Calls LUNA Crash a Bliss

Huobi - First Exchange to Refuse Anonymous Currencies

The well-known exchange is going to stop supporting 7 cryptocurrencies, the most popular of which is Monero. Dash, Decred, Firo, Verge, ZCash, and Horizen are also on the blacklist. None of these tokens is available for trading in that exchange anymore, and the accounts denominated in them are not supported either.

The reason is that these currencies are anonymous which means that chains in blocks are hidden and therefore all participants' actions are fully confidential. The only thing people can do to the blacklisted currencies is to withdraw them from Huobi.

Looks like the crypto world is slowly coming out of the shadow. More and more countries are trying to control their digital assets and their turnover, and now exchanges refuse to work with confidential currencies too.

Huobi - First Exchange to Refuse Anonymous Currencies

Queen's Demise Affected the Market

Last week, to everyone's sorrow, passed away Elizabeth II, the oldest monarch and one of the most respected women in the world. Of course, everyone commented on how outstanding this person was. The crypto market reacted too.

For instance, a meme currency in her name - Queen Elizabeth Inu (QUEEN) - soared by over 10'000%, while the Elizabeth token has grown in value by almost a score. Of course, as the market laws have it, later the price went back down by 80-90%, but someone definitely managed to make their profit.

And of course, NFT producers have brightened and made a dozen or more non-fungible tokens to honour Elizabeth and her demise. And we must say, they're quite popular with the users, some show quite good growth.

Queen's Demise Affected the Market

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