Weekly Report (09-15 May 2022) | What Happened This Week In Crypto

This Report will provide you with some important and quick news about cryptocurrencies that happened around the world.

1) Terra Fork Will Not Work, According To The CEO Of Binance

Terra’s aim to split the blockchain, according to Binance CEO Changpeng Zhao, would not succeed since it will bring no value. Zhao remarked in a tweet on Saturday that “this won’t work.” “Forking does not add any value to the new fork. That’s only a fantasy”…[Continue reading]

2) Nigeria Issues Rules Regarding Crypto Assets, A Move That Could Boost Adoption

A new set of regulations has been issued by Nigeria’s Securities and Trading Commission regarding the issuance, exchange, and custody of digital assets in the nation. The Commission’s decision comes 20 months after it first started its position on digital assets and how they should be classified and treated…[continue reading]

3) A Major Outage At Coinbase Is Being Reported In The Middle Of The Ongoing Crypto Bloodbath

When asked about the problem, Coinbase claimed they were looking into it and assured customers that their money was secure. Also tweeted, “We’ve implemented a patch and are seeing recovery, but our staff are still monitoring the issue.” Reddit and other social media sites were swamped with inquiries about the Coinbase outage…[continue reading]

4) Celsius Network Takes Out Almost $500 Million From Terra’s Anchor Protocol

Terra continues to lose members, with Celsius Network announcing it would no longer use Anchor Protocol. The Terra network’s Anchor Protocol, a lending and borrowing protocol, has lost $535 million as a result of the borrowing platform. The removal occurred on the same day that the Terra losses started…[continue reading]

5) Solidus Labs, A Risk-Monitoring Startup, Has Raised $45 Million In Series B Investment

Funding has been secured for Solidus Labs, a New York-based crypto asset risk monitoring organisation, by 45 million dollars in order to expand its network of financial partners as well as spend more on research and development…[continue reading]

6) The USDT-Dollar Peg Fluctuates As Markets Continue To Struggle

Following the de-pegging of Terra (LUNA) ecosystem’s stablecoin UST, cryptocurrency markets have continued to suffer large losses, generating differences between stablecoin pegs and the value of Bitcoin (BTC)…[continue reading]

7) SBI’s Japanese E-Commerce Site Will Accept BTC And XRP Crypto Payments

SBI Motor Japan said it will only accept Bitcoin and XRP for the time being. They said they’d expand their list of accepted currencies in the future “in anticipation of increased demand for transfers utilising crypto assets.”…[continue reading]