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Binance CEO Changpeng Zhao Says Terra’s Revival Plan Won’t Work

Daily Market Wrap

  • Crypto market cap: 1.31 trillion, up 2.73%

  • BTC price stands at USD 30,474, up 2.17%

  • ETH price stands at USD 2,084, up 2.68%

  • Top gainer: Arweave (AR), up 21.27%

  • Top loser: TerraUSD (UST), down 22.78%

News of the Day

Why it matters:

  • A “Revival Plan” submitted Friday by Do Kwon, the Terraform Labs CEO, attempts to redistribute network ownership to the community

  • Zhao rarely cites on Twitter that the plan will not work because it will not provide any value, which is just a wishful thinking

  • Zhao also questioned where the Luna Foundation Guard’s Bitcoin reserves were going, which is supposed to buy back the Terra’s UST stablecoin during the depeg crisis

Crypto daily spotlight

Brief introduction: Terra is a decentralized stablecoin blockchain that uses fiat-pegged stablecoins to power price-stable global payments systems. Terra’s native token LUNA is used to stabilize the price of the protocol’s stablecoins. Starting on May 9, Terra (Luna) collapsed, losing more than 99 percent of its value due to its link to terraUSD (UST), a stablecoin which was pegged to the US dollar.

Why it matters:

  • Elliptic’s software shows that a total of 80,394 BTC (worth $3.5 billion at that time) was purchased by the Luna Foundation Guard for backing up the parity of the Terra’s UST stablecoin

  • On the morning of May 9, 22,189 BTC was sent from a Bitcoin address linked to LFG to a new address. Later, a further 30,000 BTC was sent from other LFG wallets to this same address

  • Within hours, this 52,189 BTC was then moved to a single account at U.S. crypto exchange Gemini. The remaining 28,205 BTC in Terra’s reserves was also transferred to an account at the cryptocurrency exchange Binance

Daily sector tracker

Daily News Roundup

  • TRON Founder Justin Sun Talks About USDD Stablecoin After the de-pegging of Terra’s failed UST

  • The United Kingdom Recognizes NFTs As ‘Private Property’

  • Unblocks Users And Reverses Glitched 30x LUNA Trades

  • Emirates Airline Accepts Bitcoin Payments and Launches NFT Collection

  • US Treasury Secretary Janet Yellen Says UST Collapse Could Have Been Avoided With Rules for Stablecoin Issuers

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