Latest news with #LUNA
Yahoo
19-07-2025
- Business
- Yahoo
The Node: The Mad Journey from Terra to GENIUS
Remember Terra? Do Kwon's layer 1 was designed in such a way that its native token, LUNA, worked in tandem with the network's algorithmic stablecoin, UST. When you minted new UST, you destroyed LUNA tokens (thereby constricting supply), and when you redeemed UST, you created new LUNA (expanding supply). That system worked wonderfully as long as UST experienced great demand — which it did, for a while, thanks to a 20% yearly interest on the coin supplied by Anchor Protocol. But in May 2022, huge selloffs caused UST to lose its $1 peg; market participants rushed to redeem their UST, creating a massive new amount of LUNA and pushing the token's price down, which of course led to more UST redemptions, and so on. Over $40 billion in market value was obliterated in 72 hours. Terra's collapse shook the crypto industry, which back then was levered to the gills. Crypto hedge fund Three Arrows Capital blew up, while crypto lenders such as Voyager, BlockFi and Celsius went bust. If that wasn't enough, the U.S. imposed sanctions on Ethereum's Tornado Cash, sending developers all over the world in a bit of a panic. After CoinDesk's Ian Allison reported in November 2022 that Alameda was quite possibly broke, people started yanking their funds out of FTX, which led Bankman-Fried to freeze withdrawals. It turned out that SBF had been fraudulently using FTX customer funds to palliate losses incurred by Alameda Research over the course of the years. Bankman-Fried was arrested (and subsequently sentenced to 25 years in prison) shortly after FTX filed for bankruptcy. Shortly after FTX's demise, SEC Chair Gary Gensler began an aggressive campaign against the sector, suing a huge number of crypto firms (including Coinbase and Kraken) and ushering in an era of 'regulation by enforcement' that was decried by the industry and friendly members of Congress alike. That wasn't the end of crypto's tribulations. Crypto lender Genesis and bitcoin miner Core Scientific were soon added to the list of casualties. Worse, in March 2023 three crypto-friendly banks (Signature, Silvergate and Silicon Valley Bank) suffered from bank-runs and collapsed, making it significantly more difficult for crypto firms to access the banking system. Nic Carter, a prominent crypto VC, accused the Biden administration of trying to debank the crypto industry by employing an Obama-era strategy, a theory which has since gained traction within Congress and the Trump administration. But the winds of fortune finally turned in crypto's favor. When BlackRock filed for a spot bitcoin ETF in June 2023, it felt like Larry Fink himself was shooting a flare in the dark, signaling that Wall Street was ready to embrace crypto. Two months later, Grayscale defeated the SEC in court on the matter of converting its bitcoin trust into an ETF. The agency had little choice than to greenlight a dozen spot bitcoin ETFs in January 2024, which later became the most successful new ETFs of all time. At first showing signs of reluctance about launching spot ether ETFs, the SEC suddenly scrambled to approve the products at the last minute. Some observers linked the change of heart to Trump's new friendliness towards the crypto industry, which contrasted with Joe Biden's hostility. The fact that the crypto industry donated a tremendous amount of money to the former's campaign (and to other pro-crypto politicians) certainly helped as well; we saw yesterday that the Democratic Party, once in lockstep with Elizabeth Warren's anti-crypto crusade, strongly voted in favor of both the GENIUS and Clarity bills. Trump's overwhelming victory in November sent shockwaves through Washington and the crypto industry. The new administration kept its word, though not without hiccups in the form of Trump- and Melania-themed memecoins. Ross Ulbricht is now a free man, and an executive order has been signed to constitute a bitcoin reserve (multiple states, like Texas, Arizona and New Hampshire, have followed suit). Treasury's OFAC has taken Tornado Cash off of the sanctions list, while the SEC has dropped most of its lawsuits and is gearing up to greenlight a bunch of new crypto ETFs. Debanking is no longer a concern. Congress, meanwhile, just passed the GENIUS Act (which creates a framework for regulating stablecoins (unthinkable in the wake of Terra's collapse!!) and will probably pass the Clarity Act (a more complex piece of legislation that assigns clear jurisdiction to the SEC and CFTC when it comes to crypto) before the end of the year. Not to mention that Coinbase stock is trading at record highs, Tether is now seen as one of the most successful businesses in the world, Circle has gone public, Core Scientific (back from the dead) is on track to get acquired by AI firm CoreWeave, and Michael Saylor's bitcoin evangelization has given birth to a horde of companies looking to follow in his footsteps to purchase as much BTC (or ETH or SOL or even DOGE) as they possibly can. All of these events have been reflected in bitcoin's price. The orange coin, which you could briefly buy for $16,000 after FTX collapsed, is now priced at roughly $120,000, and the total market capitalization of the crypto sector is near $4 trillion (up from $830 million in December 2022). Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
24-06-2025
- Business
- The Star
Central bank body BIS delivers stark stablecoin warning
FILE PHOTO: The tower of the headquarters of the Bank for International Settlements (BIS) is seen in Basel, Switzerland March 18, 2021. REUTERS/Arnd Wiegmann/File Photo LONDON (Reuters) -The Bank for International Settlements issued its starkest warning yet on the risks posed by stablecoins and urged countries to move rapidly towards the tokenisation of their currencies. The BIS, often dubbed the central bankers' central bank, outlined its concerns, including stablecoins' potential to undermine monetary sovereignty, transparency issues and the risk of capital flight from emerging economies. It comes less than a week after the U.S. Senate passed a bill to create a regulatory framework for U.S.-dollar-pegged stablecoins, a move which, if rubberstamped by the House, is expected to fuel a further explosion in their popularity. Stablecoins are a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, backed by real-world assets such as U.S. Treasuries or gold. Dollar-pegged coins currently account for 99% of the market, which is estimated to have over $260 billion worth of coins in circulation. "Stablecoins as a form of sound money fall short, and without regulation pose a risk to financial stability and monetary sovereignty," BIS said in a early-released chapter of its annual report due to be published on Sunday. Hyun Song Shin, the BIS' Economic Adviser, explained that stablecoins lack the traditional settlement function provided by a central bank with fiat money. He likened them to private banknotes circulating in the 19th-century Free Banking era in the United States. It means they can often trade at varying exchange rates depending on the issuer, undermining the no-questions-asked principle of central bank-issued money. "Singleness is either you have it or you don't," Shin said, also warning of the risk of "fire sales" of the assets backing stablecoins if they collapse, as TerraUSD (UST) and the cryptocurrency LUNA did in 2022. There is also the concern around who controls stablecoins. Tether currently has more than half of the overall stablecoin market, but quit the EU following the introduction of new rules which require stablecoin operators to be licensed by the bloc. "The whole question of disclosure, this is where some of the stablecoins differ," BIS Deputy General Manager Andrea Maechler said. "You will always have the question about the quality of the asset backing. Is the money really there? Where is it?" BOLD ACTIONS The BIS wants central banks to go down the route of tokenised "unified ledger" incorporating central bank reserves, commercial bank deposits and government bonds. It would mean central bank money remains both the primary means of global payment and that currencies and bonds from around the world could effectively be integrated into the same "programmable platform". Tokenisation is aimed at creating a digitalised central bank system that settles payments and securities trades almost instantaneously and more cheaply by cutting the need for certain time consuming checks, as well opening up new functionality. It can also make the system more transparent, resilient and interoperable and may protect the system from some of the more unpredictable elements of cryptocurrencies. There would be a number of key issues to overcome, including who gets to set the rules governing the platform and that individual countries are likely to want to retain significant control of how and who uses their currencies. "Realising the full potential of the system requires bold action," the outgoing head of the BIS, Agustin Carstens, said. (Reporting by Marc Jones, Additional reporting by Elizabeth Howcroft, Editing by Louise Heavens)
Mint
24-06-2025
- Business
- Mint
Central bank body BIS delivers stark stablecoin warning
LONDON (Reuters) -The Bank for International Settlements issued its starkest warning yet on the risks posed by stablecoins and urged countries to move rapidly towards the tokenisation of their currencies. The BIS, often dubbed the central bankers' central bank, outlined its concerns, including stablecoins' potential to undermine monetary sovereignty, transparency issues and the risk of capital flight from emerging economies. It comes less than a week after the U.S. Senate passed a bill to create a regulatory framework for U.S.-dollar-pegged stablecoins, a move which, if rubberstamped by the House, is expected to fuel a further explosion in their popularity. Stablecoins are a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, backed by real-world assets such as U.S. Treasuries or gold. Dollar-pegged coins currently account for 99% of the market, which is estimated to have over $260 billion worth of coins in circulation. "Stablecoins as a form of sound money fall short, and without regulation pose a risk to financial stability and monetary sovereignty," BIS said in a early-released chapter of its annual report due to be published on Sunday. Hyun Song Shin, the BIS' Economic Adviser, explained that stablecoins lack the traditional settlement function provided by a central bank with fiat money. He likened them to private banknotes circulating in the 19th-century Free Banking era in the United States. It means they can often trade at varying exchange rates depending on the issuer, undermining the no-questions-asked principle of central bank-issued money. "Singleness is either you have it or you don't," Shin said, also warning of the risk of "fire sales" of the assets backing stablecoins if they collapse, as TerraUSD (UST) and the cryptocurrency LUNA did in 2022. There is also the concern around who controls stablecoins. Tether currently has more than half of the overall stablecoin market, but quit the EU following the introduction of new rules which require stablecoin operators to be licensed by the bloc. "The whole question of disclosure, this is where some of the stablecoins differ," BIS Deputy General Manager Andrea Maechler said. "You will always have the question about the quality of the asset backing. Is the money really there? Where is it?" The BIS wants central banks to go down the route of tokenised "unified ledger" incorporating central bank reserves, commercial bank deposits and government bonds. It would mean central bank money remains both the primary means of global payment and that currencies and bonds from around the world could effectively be integrated into the same "programmable platform". Tokenisation is aimed at creating a digitalised central bank system that settles payments and securities trades almost instantaneously and more cheaply by cutting the need for certain time consuming checks, as well opening up new functionality. It can also make the system more transparent, resilient and interoperable and may protect the system from some of the more unpredictable elements of cryptocurrencies. There would be a number of key issues to overcome, including who gets to set the rules governing the platform and that individual countries are likely to want to retain significant control of how and who uses their currencies. "Realising the full potential of the system requires bold action," the outgoing head of the BIS, Agustin Carstens, said. (Reporting by Marc Jones, Additional reporting by Elizabeth Howcroft, Editing by Louise Heavens)
Yahoo
05-06-2025
- Science
- Yahoo
Europe stages a moon landing to learn how to photograph the real thing (photos)
When you buy through links on our articles, Future and its syndication partners may earn a commission. Pictures from a simulated moon landing, not designed to fool anyone into believing a fake but rather to provide a reference to make sure that we can get the best video images possible when astronauts finally do return to the moon, have been released by the European Space Agency (ESA). When Neil Armstrong clambered down the Eagle's lander to take his "one giant leap" in 1969, it was captured by a black-and-white slow-scan television (SSTV) with a resolution of a mere 320 lines and 10 frames per second. The transmission, beamed back via NASA's Deep Space Network, was sketchy, plagued by ghosts and poor contrast. The available 900 to 1,000 kiloHertz bandwidth just wasn't sufficient to transmit in color. Things improved slightly with Apollo 12, which had a wider 2 to 3 megaHertz bandwidth that permitted color footage — at least until the video camera was accidentally pointed at the sun, the solar intensity damaging its vacuum tube. Soon, NASA's Artemis crewed moon missions will be flying with high-definition and ultra-high definition color cameras with frame rates of up to 60 per second. But even though the technology has dramatically improved since 1969, there remain many challenges for successfully documenting a lunar landing on video. Bandwidth continues to be one of these challenges, as does the 1.3-second signal delay from the moon, dealing with bright sunlight starkly reflecting off the lunar surface, and moon dust that seems to be able to find its way into every nook and cranny. Therefore, taking detailed images and video footage of activities on the lunar surface and transmitting them back to Earth, all within the constraints of these challenges, is an acquired skill. We can't yet just pop to the moon to practice, so the next best thing is to simulate the environment of the moon somewhere on Earth. Indeed, this is the purpose of the LUNA facility in Cologne, Germany, which is a joint project between ESA and the German Aerospace Center (known by its German acronym DLR). The idea is to create a lunar environment that is as realistic as possible for testing robotic landers, training astronauts and practicing with equipment — including, in this case, cameras. To that end, imaging experts from the Consultative Committee for Space Data Systems (CCSDS), which features representatives from 28 countries, have convened on LUNA to practice shooting astronauts playing make-believe in a simulated lunar environment. Spending time at LUNA gave imaging expert Melanie Cowan, who is ESA's representative on the CCSDS' Motion Imagery and Applications Working Group team, "a glimpse of what it may be like on the moon," she said in a statement. "One cannot get any closer to the real thing. It was a special and challenging experience to film and photograph in this surreal environment." Indeed, so realistic was this pretend moon that Cowan and fellow imaging experts had to wear protective clothing to prevent the simulated lunar dust from being breathed in, or getting in their hair or on their clothes. Dust could be a major problem for astronauts spending any appreciable time on the surface; it is so fine that it gets everywhere, sticking to surfaces and potentially clogging up equipment. So, donned in their protective clothing reminiscent of the head-to-toe suits used in clean rooms, the imaging experts captured footage of astronauts descending from a mock lunar lander, exploring the surface and even taking a selfie — something that Neil Armstrong may have wished he'd had the opportunity to do. (There are famously few images of Armstrong on the moon, since he carried the Hasselblad camera during most of his and Buzz Aldrin's historic moonwalk.) The point behind taking the selfie was to see how much detail could be captured in the reflection on the visor of the astronaut's helmet. The resulting images and video are intended to be used as reference files for the real thing, so that astronauts and imaging technicians can better understand what camera settings to use, and how large the resulting image or video files might be when transmitted. "These efforts should help agencies and companies create a ground truth for video applications and equipment," said Falk Schiffner, who is the DLR representative in the CCSDS Motion Imagery and Applications Working Group. "The activities to refine video quality are not geared only to moon imagery, but to all space transmissions." Capturing good footage on the moon is not as easy as on Earth. For one thing, because there is no appreciable atmosphere on the moon to scatter sunlight, the contrast between areas directly illuminated by the sun and areas in black shadow can lead to over-exposed daylight areas and totally black shadowed regions. And the slow rise and setting of the sun over a two-week period from any given location results in slowly changing conditions. To replicate all of this at the LUNA facility required a lot of trial and error with camera angles and lighting. "We tried different sun simulators and techniques to replicate the lighting of the sun on the moon," said Cowan. "We investigated the effects of the shadows from the rocks and inside craters. Early tests revealed that HDR video will provide more detail in shadowed areas on the lunar surface." Related stories: — European Space Agency: Facts & information — Apollo 11: First men on the moon — NASA's Artemis program: Everything you need to know HDR stands for "high dynamic range," which can drastically improve the contrast ratio of an image, or boost its colors. Camera manufacturer Nikon has already teamed up with NASA to develop modified Nikon Z9 cameras to be used by astronauts should they land on the moon as part of the eventual Artemis 3 mission. The Nikon Z9 possesses both HDR and UHD (ultra-high definition) capabilities that will be essential for use in the strange, stark lunar landscape. Taking an 8K UHD video camera to the moon is one thing, but transmitting all that data back to Earth in a livestream (or as live as it can be with the 1.3-second delay) has limitations in the available bandwidth. In particular, footage containing lots of motion is referred to as an "encoder killer," as it bumps the data rate way up. In practice, data transmission from the moon will be compressed, just as it already is from the International Space Station, for example, but even then methods will have to be found to squeeze it all into the available bandwidth without losing too much data. Help may soon be coming thanks to ESA's Moonlight initiative, which plans to launch a constellation of five satellites into orbit around the moon. Four of these spacecraft will assist future missions with navigation, and the other will provide high-data-rate communications between the lunar surface, spacecraft in lunar orbit or traveling to the moon, and ground stations on Earth. The intent is for Moonlight to be fully operational by 2030.
Forbes
21-04-2025
- Business
- Forbes
Crypto's Fresh $5 Billion Disaster
This is a published version of our weekly Forbes Crypto Confidential newsletter. Sign up here to get Crypto Confidential days earlier free in your inbox. THE OM COLLAPSE Just last week, Mantra's OM token looked great: up over 800% year‑on‑year, a fresh $108 million ecosystem fund and a $1 billion Dubai real‑estate deal (Mantra is a blockchain for tokenizing physical assets like buildings and art) in the pipeline. Then, over last Sunday, its price cratered more than 90% from around $6.3 to below $0.5, erasing over $5.4 billion in value and sending traders hunting for villains. The problem wasn't a clever exploit. Blockchain analysts flagged 17 wallets moving 43.6 million OM (about $227 million) to exchanges Binance and OKX in the days leading up to the crash. Rumors of OTC fire‑sales at half price fueled the panic. Once the selling started, liquidity vanished. Traditionally thin Sunday order books couldn't absorb the flood, triggering forced liquidations of leveraged positions. By the time the cascade stopped, veteran traders were comparing the mess to Terra's LUNA collapse. CEO John Patrick Mullin denied insider sales, blamed 'reckless forced closures' by centralized exchanges and promised a token buyback. Exchange OKX pointed to MANTRA's suspicious token economics changes and concentrated ownership. A high‑profile investor, Nomura-backed Laser Digital, also jumped on X to deny it was among the sellers after an analytics platform apparently mistagged its wallets. THE NEW ORDER OF CRYPTO LENDING The crater BlockFi, Celsius & Co. left in crypto credit hasn't stayed empty. In centralized crypto lending, the throne now belongs to Tether, Galaxy Digital and Ledn—a trio that controls nearly 90 % of what remains of centralized lending. The bigger shift, however, is on‑chain: DeFi protocols now originate just over half of all crypto loans ($19.1 billion of the market's $36.5 billion total), turning smart contracts into the sector's chief credit officers. Wall Street is circling too: Cantor Fitzgerald is preparing to wade into bitcoin financing. Read more. TEMPERATURE CHECK ON TRUMP'S CRYPTO GAMBIT On the campaign trail, Donald Trump vowed to make the U.S. the world's undisputed crypto super‑power. Four months into his second term, the sprint is on: SAB 121 is gone, freeing banks from punitive capital rules on digital‑asset custody; April's bill scrapped the nightmare cost‑basis paperwork for DeFi; and the DOJ has shuttered its crypto task force, vowing to chase scammers, not software. Beyond holding a variety of crypto tokens in a strategic reserve and putting an end to prosecutions of industry players, the administration is leaning into bipartisan efforts to craft rules for dollar‑pegged stablecoins. So far the bet is paying off: bitcoin is up almost 30% since election night, and broader crypto prices have held firm despite Wall Street chop. Read more. ELSEWHERE: Donald Trump's 29-Year-Old Crypto Guru Lays Out The President's Plans For Regulating Crypto And Rolling Back A Biden-Era Crackdown [Fortune] The Analyst Who Predicted Crypto's Latest $5 Billion Collapse [The Street] Kraken Expands Beyond Crypto With Commission-Free Trading Launch [Reuters]
