Top cryptocurrency news on November 01: Hodlnaut lost $190 million in Luna crash, Terra’s Do faces new… – Moneycontrol

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Last Updated : November 01, 2022 / 08:58 AM IST
Top cryptocurrency news on November 01: Hodlnaut lost $190 million in Luna crash, Terra’s Do faces new $57 million lawsuit, 140 million in Dogecoin liquidated since Musk’s Twitter takeover, and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day

Market Buzz
Crypto markets in the red

The cryptocurrency market traded flat with a negative bias on October 31, as the top digital currencies like Bitcoin and ether traded down 1 percent each. Bitcoin’s market capitalisation was down 1.14 percent and was trading around $20,450 levels. The second-largest cryptocurrency Ether (ETH), was down 1.16 percent and trading around $1,570 levels. Read today’s here

Big Story
Crypto lender Hodlnaut downplayed exposure to Terra/Luna, lost $190 million in crash

Beleaguered cryptocurrency lender Hodlnaut had downplayed its exposure to the Terra ecosystem and its sister token Luna created by fugitive Do Kwon in the run-up to and after its crash and suffered a nearly $190 million loss after its collapse, according to the findings of an interim judicial managers’ report.
According to the report, the directors of Hodlnaut “made an about-turn” on the implications and told the Singapore police department that digital assets had been converted to TerraUSD in a letter dated July 21. Also, a large portion of the TerraUSD was lent out on the Anchor Protocol, a decentralized financial platform created on the Terra blockchain. Details here

Legal Watch
Terra co-founder Do Kwon sued by foreign investors for $57 million

Do Kwon, the co-founder of troubled Terraform Labs, is the target of a lawsuit brought by more than 350 foreign investors who claim to have lost $57 million as a result of the failure of the Terra blockchain and the subsequent crash of its native token Luna. The lawsuit was filed in a Singapore court. The legal claim adds that Kwon was aware of the “structural weakness” of the algorithmic stablecoin but made “fraudulent misrepresentations” and persuaded investors to purchase the asset even though UST was supposed to be protected from the volatility of the cryptocurrency markets and acts as a store of value because it is pegged 1:1 to the US Dollar. Continue reading

Corporate Watch
Argo Blockchain warns cease of operations, shares tumble over 50%

Cryptocurrency miner Argo blockchain on October 31 warned its shareholders that it would soon have to cease operations if it did not secure additional funding amid a slump in the digital assets in the digital assets market, which sent its stock prices plummeting by almost 50 percent on the NASDAQ. The company, whose shares are listed on both, NASDAQ and the London stock exchange, wrote in a letter to its investors that it was hoping to raise around $27 million by subscribing for ordinary shares, but “the company no longer believes that this subscription will be realized under the previously disclosed circumstances.” More here

Analysis
Since Musk’s acquisition of Twitter, 140 million in Dogecoin liquidated

Even as the well-known meme coin continued its stellar performance on October 31, trading up over 10 percent, approximately $140 million worth of Dogecoin have been sold since Tesla CEO Elon Musk assumed control of social networking behemoth Twitter on October 27. After receiving numerous mentions from the “Dogefather,” as Musk is referred to in the crypto community, Doge has increased by over 110 percent in value over the last week, reaching a mind-boggling market valuation of 17.36 billion. Details here
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