Last Week in Crypto
Drum roll, pleaseeee…
Welcome to the maiden edition of our chat about all that’s happening in the crypto-verse! After all, there is a whole lot to be said. My name is Bolu, and ooohh, I’m excited to get into this!
Is LUNC on fire?
Binance, the most prominent cryptocurrency in the world, announced that Terra Lunc is switching its ecosystem to version 1.2. This means the LUNC coin is getting a significant upgrade on all platforms.
This new update will introduce the LUNC 1.2% tax burn, which means it will burn all fees of up to 1.2% on all trade on the network in the exchange. The lingering question is, Will LUNC get to $100 in 2023?
We will be here to give you all the tea. ☕️
Since the Terra/Luna collapse in May this year, some other stablecoins have been losing their peg. Despite the enormous loss the stablecoin has experienced, more algorithmic stablecoins have been launched in the market. This means that as the campaign against stablecoin losses keeps increasing, issuers of this type of coin have kept rolling out new coins, which is gameplay on the ‘bloodthirsty’ need for it in the crypto universe.
Stablecoins have two primary uses in the crypto industry: a store of value distributed in the Defi crypto lending platform and lubricating cryptocurrency trading. Now, while this shows how vital stablecoins are, it has its own headache too. An analyst once argued that the issue with stablecoin is that it imports stability but cannot manufacture it. This only means that the strength in stablecoins can be guaranteed by less stringent laws and a lot of backing from investors.
However, stablecoins are about to have a ground-breaking moment by going into real-world usage and growing from 12% usage in January to 25% in August. There is also an upgrade being discussed by the US congress to allow the use of stablecoin as a legal tender. Will investors keep backing the Stablecoins or its movement to the moon?
Meta now enables users to connect their digital wallets and post NFTs across Facebook and Instagram. This will bring NFTs closer to its massive 3 billion users worldwide. It follows the successful roll-out of the same system by twitter months ago in an icon called Monetization.
Now you can send crypto coins from one user to another. At the same time, this may surprise many; it has long been overdue for social media users. But the big question is whether you want to link your wallets to the 'Zuckerberg' network.
The long-anticipated Ethereum proof-of-stake transition state is here. The comprehensive system upgrades known as The Merge has been announced to resume by September 6, 2022. The first step is the Bellatrix upgrade going off on September 6, striking the activation of other major Merge processes, with a completion date set for Sept. 10 or 12.
If you're not a crypto enthusiast, this may look arcane or not a big shot for you. Still, The Merge refers to the switchover of Ethereum from the proof-of-work to a proof-of-stake (two different transaction methods on the blockchain). This is a big deal because critics complain of the colossal energy that cryptocurrencies consume without additional utility. This upgrade tends to change that.
So, it's kind of a big deal. To read more on this, click here.
One of the largest cryptocurrency companies in the world, crypto.com, accidentally sent $10.5m instead of $100 when a woman asked for a refund in Melbourne, Australia. The company said they mistakenly typed in an account number, not the transaction amount. An error that took crypto.com 7 months to notice. It happened in May last year but was realised in the yearly audit just before Christmas.
Here's the fun part, crypto.com asked for a refund of the money, but the woman and her sister had used the money to buy a multi-million dollar property. Now, the company has taken court proceedings against the woman. The court has ordered that the property be sold, and the woman source the remaining money. What a funny story!! What?
The “Crypto-Queen” is on the World’s Most Wanted List!
42-year-old Ruja Ignatova, once referred to as ‘crypto queen’, and the co-founder of Onecoin has been profiled by the Federal Bureau of Investigation and added to the ten most wanted fugitives in the world. A quick reminder that Onecoin has also been profiled as one of the biggest scam cryptocurrencies in the world. On October 12, 2017, Ignatova was charged in connection with the Onecoin fraud scheme, and a federal warrant was issued for her arrest. She was added to this list in late June, and in recent development, the FBI are offering rewards of up to $100,000 for anyone with information on her whereabouts.
Here is what's interesting, the FBI is not the only organisation looking for her. Europol is also offering a reward of 5,000 pounds for her, and Interpol is on the lookout for her.
The FBI has mentioned that any information on her should be reported to the nearest American Embassy, and anonymous tips could also be sent online.
Are you thinking what I’m thinking? *Sneezes in $100,000*
Georgia Loves Crypto
Much like the European Union, Georgia is taking steps to update its regulation on crypto. The Georgian government believes this move will help their country in its intersection in Europe and Asia and become a ‘hub’ for the global industry. Per iXBT and News Georgia, the nation’s Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili, stated that the draft bill has been sent to parliament and is confident that this bill will be approved.
The minister believes this bill will be supported in the following autumn parliamentary section and would be okay for the implementation stage.
Crypto Meme of the Week
In other news, our crypto siblings always seem to have the best memes and jokes, so here’s our meme of the week. What number can’t you see? 😏
Until next week guys!