Cryptocurrency
Failed exit? Traders complain Crypto.com reversed profitable LUNA transactions
Failed exit? Traders complain Crypto.com reversed profitable LUNA transactions
Cryptocurrency exchange Crypto.com has halted the trading of Terra (LUNA) tokens after it determined that user transactions were quoted at an “incorrect price,” prompting severe backlash from the community.
In a Friday news release, Crypto.com said that LUNA trades have been halted due to a pricing error between 12:40 and 13:39 UTC on May 12. “[U]sers who traded LUNA were quoted an incorrect price,” the exchange said. “Our systems quickly detected the error and trading was halted. Trading remains halted until further notice.”
Top 3 cryptocurrencies that are faring the best in the 2022 bear market
The crypto market has been in decline over the past six months with its valuation dropping from over $3 trillion in November 2021 to $1.23 trillion in May 2022.
Fears over persistently higher inflation, the Federal Reserve’s hawkish response to it, and the ongoing conflict between Ukraine and Russia prompted investors to limit their exposure to riskier assets. Also, their increasing appetite for the safe-havens, such as the U.S. dollar, weighed down demand for some of the top cryptocurrencies and U.S. equities.
Understanding Tether’s Peg and Reserves and How They Work
- How to maintain Tether’s stability.
- Tether’s reputation and transparency.
- Financial reserves of Tether are solid, cautious, and liquid.
Given that Terra’s peg has fallen, it’s reasonable to wonder what prevents Tether (USDT) from following the same path.
USDT and Terra utilize distinct designs, mechanisms, and collateral. Terra was a computable stablecoin that wasn’t fully collateralized. It includes a variety of stability-inducing mechanisms, but they all failed in the end.
USDT is fully collateralized, with no credit risk. Each USDT can be exchanged for dollars through Tether, ensuring that when the price falls below $1, investors can acquire USDT at a discount and redeem them with Tether to make a profit.
During periods of high market volatility, the price of USDT might drop below or exceed $1. This does not imply that the peg has been broken. It indicates an increased level of liquidity than what is available on the order books of that exc …
LTC Social Engagement Jumps 21% After MimbleWimble Activation
- The Litecoin community has recently approved the activation of the MimbleWimble protocol on the LTC mainnet.
- This upgrade has led to a massive jump in overall Litecoin social engagement.
- So far, Litecoin’s social engagement has increased by 21%, and even hit its highest point in the last three months.
The Litecoin community has recently approved the activation of the MimbleWimble protocol on the LTC mainnet.
MimbleWimble is a privacy-focused decentralized protocol that enables users to conceal transaction data with its confidentiality feature while providing a foundation for other blockchains to improve the usability of their token.
The Mimblewimble Extension Block (MWEB) hides three critical pieces of information: sender address, receiver address, and the amount of crypto sent.
With the Mimblewimble Extension Block, users can opt-in to confidential transactions. The goal of this is to enhance the visibility of Litecoin as a fungible currency that can be used for real-world transactions by lowering fees and adding privacy, throughput and scalability.
This upgrade has led to a massive jump in overall Litecoin social e …
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