Breaking: S.Korea Govt Plans To Summon Do Kwon Over Terra Crash
The South Korean Government is reportedly planning to summon Terra founder Do Kwon for a parliamentary hearing over the Terra crash.The move comes after Terra’s value imploded from over $40 billion to barely $1 billion in the span of a week.
The Terra disaster has led the largest cryptocurrency exchanges to delist the LUNA and UST tokens.But DeFi exchange WOO network sought to go against the grain by relisting LUNA, which it did on Monday.
Elon Musk said on Tuesday that his Twitter takeover cannot proceed until the social media platform is able to prove that less than 5% of its users are bots.Musk claimed that 20%, or even more of Twitter’s accounts are likely to be bots- far higher than the 5% posited by Twitter in a recent filing.
In a preliminary vote, the Terra community has opposed founder Do Kwon’s proposed revival plan to fork the Terra chain into a new chain without the algorithmic stablecoin.Moreover, the Terra community believes burning will be the best option as suggested by Binance CEO Changpeng Zhao.
Coinbase has announced their decision to cut down hiring after losing $420 million in the first quarter. This is according to information on a blog post from Coinbase.Coinbase is an online-based American company founded by Brian Armstrong and Fred Erhsam in 2012.
Ever since Tether temporarily lost the dollar peg last week, rampant liquidation appears to have happened. Apparently, the crypto crash induced by the depegging of another stablecoin, Terra’s UST has had significant effect on investor sentiment.
BTC price kick-starts the session on a higher note with mild gains. The pioneer cryptocurrency manages to hold above the psychological $30,000 mark amid renewed buying pressure. The downside is capped near $29,000 for the past three sessions, thus right now BTC is caught in a very tight trading range.