• Aspen Digital

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

Binance CEO Changpeng Zhao says Terra’s revival plan won’t work.

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

Blockchain Analytics Firm Elliptic Unravels Where Did the $3.5 Billion Worth of Bitcoin Reserves Flow

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 https://bit.ly/3a2yTCe

  • The United Kingdom Recognizes NFTs As ‘Private Property’ https://bit.ly/3LlbicF

  • Crypto.com Unblocks Users And Reverses Glitched 30x LUNA Trades https://bit.ly/3wfIgXP

  • Emirates Airline Accepts Bitcoin Payments and Launches NFT Collection https://bit.ly/3LnkcXu

  • US Treasury Secretary Janet Yellen Says UST Collapse Could Have Been Avoided With Rules for Stablecoin Issuers https://bit.ly/3MjfevR

About Aspen Digital

Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.

For more information, please visit https://www.aspendigital.co/

Sign Up on Aspen Digital

We have launched the beta version of our platform. If you would like to know more, please sign up here.

1 view0 comments