Anchor dev claims he warned Do Kwon over unsustainable 20% interest rate

Mr. B alleges that the platform was designed to only offer an interest rate of 3.6%, but that changed at the last minute. Anchor protocol was originally designed to offer an interest rate of 3.6% but this was dialed up to 20% just a week before release to attract more investors, a core developer alleged in an interview with Korean media outlet JTBC. “I did not know that this would go out with such a high-interest rate.

Did Celsius’ Withdrawal Trigger The Terra/ LUNA Collapse? Claim & Response

Did Celsius set off the domino effect? Almost a month ago, The Block Crypto reported that Celsius pulled at least $500M from the Anchor protocol before the collapse.

Analyzing after-effects of Anchor protocol freezing Earn & Borrow post $800k exploit

Anchor, along with Terra, LUNA, and UST, fell victim to the blockchain crash and being the most significant protocol on the chain, it fell the hardest. Not only did investors pull their deposits ouThe post Analyzing after-effects of Anchor protocol freezing Earn & Borrow post $800k exploit appeared first on AMBCrypto.

Snoop Dogg to Open Bored Ape NFT-Themed Dessert Restaurant

Dr Bombay’s Sweet Exploration will use the rapper’s Bored Ape Yacht Club avatar to anchor a Los Angeles eatery.

Jump Crypto Shares Details on the UST-LUNA Fiasco

The company believes that events across Curve, Anchor protocol, and the broader financial markets combined to trigger the collapse of UST and LUNA.

Investors dumping on Terra as LUNA 2 tanks 70% in two days

“Zero plans to buy luna 2.0, but I will dump any airdrop if I get something on Binance,” said Lark Davis. The price of LUNA has tanked around 70% since the re-launch of the Terra ecosystem via Terra 2.0 on May 28.Under the revival plan of Terraform Labs founder Do Kwon, new LUNA tokens (also referred to as LUNA 2) are being airdropped to investors that previously held Luna Classic (LUNC), TerraUSD Classic (USTC), and Anchor Protocol UST (aUST).The only reason to buy $LUNA 2.0 is to qualify for the next airdrop of $LUNA 3.0 after it goes to zero like $LUNA 1.0— Luke Martin (@VentureCoinist) May 29, 2022 According to data from CoinGecko, LUNA has dropped roughly 69% since its opening of $18.87 on Saturday to sit at around $5.71 at the time of writing.LUNA/USD chart: CoinGeckoAt this stage, the sharp plummet seems to suggest a relative lack of faith in Do Kwon’s revamp moving forward, with many investors indicating on Twitter that they are instead looking to recover a small portion of their previously lost capital and wipe their hands clean of the project.

InsurAce says it will pay millions to claimants after Terra's collapse

DeFi insurance protocol InsurAce took heat from the community for suddenly shortening its claims period for Terra-related insurance claims, but is already set to pay out $11 million to claimants. DeFi insurance protocol InsurAce says it was well within its rights to reduce the claims period for people affected by the Terra USD (UST) depeg event from 15 days to seven — but added it has already processed nearly all 173 submitted claims and will pay out $11 million.InsurAce (INSUR) is the third largest insurance provider for decentralized finance (DeFi) protocols, with a market cap of $15 million.On May 13, InsurAce caused a stir when it announced it had shortened the claims window for those with cover related to Anchor (ANC), Mirror (MIR), and stablecoin Terra USD (UST) following the collapse of the Terra (LUNA) layer-1 blockchain.But CMO Dan Thomson told Cointelegraph on Thursday that its move to shorten the claims window for the 234 covers of Terra portfolios was necessary to prevent further losses as UST had dropped to $0.08 by May 13, according to CoinGecko.