Lost Financial News

South Korean crypto investment startup platform Uprise reportedly lost around 99% of its assets worth about $20 million when it got liquidated shorting the LUNA token.

Crypto contagion claims another casualty. In a statement, Singapore-based crypto exchange Vauld has made the “difficult decision to suspend all withdrawals, trading and deposits on the Vauld platform with immediate effect.”

Ukraine's President Volodymyr Zelenskyy acknowledged on Sunday that Kyiv's forces had withdrawn from the strategic city in the eastern Donbas region after a grinding Russian assault. But he vowed to regain control over the area with the help of long-range Western weapons.

Joe Grand, a computer engineer and hardware hacker known by many for recovering crypto from hard-to-reach places, spent hours breaking into a phone only to find a fraction of a Bitcoin.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Australians lost over AUD 113 million ($81.5m) to cryptocurrency scams between January 1 and May 1 this year, the Australian Competition and Consumer Commission (ACCC) has announced.

Terra investors around the world lost billions of dollars when the algorithmic-stablecoin project crashed but they recovered a small part of their bets when a new token was distributed as compensation. Investors in India aren’t as fortunate. Because the country’s tax system is punitive to crypto investing, TerraUSD and Luna token holders who got the new coin — known as Luna 2.0 — in a so-called airdrop face a double whammy. They could be taxed as much as 30% of the value of tokens received and they won’t be able to offset any gains in the new token against losses from the previous one, tax experts said. Under the new crypto tax regime, effective April 1, any income from the “transfer” of a “virtual digital asset” will be taxed at a flat rate of 30%. It does not explicitly mention how airdrops should be taxed, but Jay Sayta, a technology and gaming lawyer, and Manhar Garegrat, executive director of policy at crypto exchange CoinDCX, said the distributions can be seen as income and are subject to the tax.

The chief executive of embattled buy-now-pay-later company Klarna drew criticism for publishing a list of the hundreds of employees he has let go.

The largest stablecoin with a market cap of $73 billion, Tether, ether has launched its native USDT on Polygon. The move is expected to help Tether gain ground as the leading stablecoin despite the recent de-pegging. While stablecoins have had a difficult month, this is a step in the right direction.

LOST’s entry into the metaverse with LOST Island will provide users with game-changing escape game experiences as the company has initiated various upcoming initiatives, the company told Blockchain.News.

The top 50 richest people in the world have lost more than half a trillion dollars on paper this year, a stunning loss of wealth that exceeds the gross domestic product of Sweden and is greater than the market caps of all but six companies in the S&P 500.

NFTs are tokens linked to digital images, «collectable» items, avatars in games or property and objects in the burgeoning virtual world of the metaverse. The likes of Paris Hilton, Gwyneth Paltrow and Serena Williams have boasted about owning NFTs and many under-30s have been enticed to gamble for the chance of making a quick profit.

The past thirty days have been an extremely bearish time for cryptocurrencies. The sector's aggregate market capitalization plunged 33% to $1.31 trillion and Solana's (SOL) downfall has been even more brutal. Currently, SOL has seen a 50% correction and trades at $51.

Terra’s total value locked suffered a major fall, losing as much as $14 billion, amid the de-pegging fiasco resulting in reduced DeFi investor interest and a bearish market. The protocol lost around 78% in TVL since the first quarter of 2022. De-pegging ofUST, the protocol’s stablecoins made the situation worse.

The past week in the decentralized finance (DeFi) ecosystem saw many new developments from an adoption perspective and protocol developments. The European Commission added a new chapter on DeFi, showing the growing impact of the nascent ecosystem, while a county in the United States State of Virginia wants to put its pension fund in a DeFi yield.

Former United States Federal Reserve vice-chair for supervision Randal Quarles discussed central bank digital currencies (CBDC) and the chances of the U.S. adopting such technology in an interview on the "Banking With Interest" podcast Tuesday. Quarles, who is known for his opposition to a CBDC, expressed his skepticism about the so-called digital dollar and predicted the U.S. will not introduce it.

It’s hard to overstate the importance of an exchange token. Despite what traders might feel, exchange tokens make it possible for investors to access crypto marketplaces every second of the day. Thus, they can hold their own against even the biggest players in the industry.

With so much going on concerning Ethereum, the “phase 0 layer” or the Beacon chain began the affair. It reformed the consensus model from Proof of Work to Proof of Stake. Launched in December 202o, it marked the beginning of a new era for the market’s second-biggest asset.

Bitcoin started 2022 nearly twice as valuable as it was in January 2021, capping a year that saw cryptocurrency explode in mainstream interest and curiosity. But before the first month of 2022 had ended, Bitcoin had nearly lost all of the previous year’s gains, dropping into the $33,000 range in January.

Popular software crypto wallet MetaMask has issued a warning about possible phishing attacks through Apple’s cloud service iCloud. The warning comes after scammers managed to steal USD 650,000 worth of crypto using this attack vector.

The research arm of cyber security software firm Check Point said it identified a vulnerability in the Rarible NFT marketplace that could have seen many of its roughly two million active monthly users lose their NFTs in a single transaction.