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Anchor saw $1 billion of liquidations during UST and Luna’s death spiral

Terra-based lending protocol Anchor saw more than $1 billion in liquidations last week, the largest liquidation event for a single protocol. This happened as both the crypto market collapsed and the Terra project — including its tokens luna (LUNA) and TerraUSD (UST) — largely collapsed. According to The Block’s Data Dashboard, $1.048 billion worth of staked crypto collateral deposited by borrowers on Anchor was liquidated on the platform between May 7 and May 12. Luna (LUNA) accounted for over $750 …

New tech streamlines investigations into illicit crypto use

Law enforcement agencies in the US have been rapidly onboarding cryptocurrency investigative tools. A new offering on the market aims to condense chains of crypto transactions into easily viewable timelines — perfect for showing to a jury, for example. On May 18, at a conference in New York City, Jacob Illum, a chief scientist for blockchain sleuthing firm Chainalysis, announced a new investigative technology dubbed Storyline. Launched in 2014 and with a recent funding round valuing the firm at $8.6 …

Babel Finance and FQX target bond market with crypto ‘eNote’ debut

Babel Finance announced on Thursday that it successfully issued its first collateralized USDC note, in a move that demonstrates crypto’s potential to enter the $100 trillion global bond market.  The note is a smart contract-based global debt instrument, provided by blockchain startup FQX on Solana, the company said in a press release.   It was executed via eNote, a blockchain-based debt instrument which is recognized around the globe, and can be used for a broad variety of financing purposes. The move, …

Delphi Digital admits ‘we were wrong’ on Terra stablecoin risks

Crypto-focused research and investment group Delphi Digital has published a post-mortem on the losses inflicted by last week’s collapse of TerraUSD (UST) algorithmic stablecoin, concluding that it “always knew something like this was possible.” “We understood the risks of the algorithmic model upfront and sought to be transparent about them throughout; however, it’s clear we miscalculated the risks,” Delphi wrote in a blog post late Wednesday. “To the vocal critics of Terra’s algorithmic design — you were right and we …

Pantera Capital cashed out 80% of its Terra investment before UST crash

Pantera Capital, one of the high-profile backers of Terraform Labs, cashed out nearly 80% of its Terra (LUNA) investment well before TerraUSD (UST) collapsed last week. “The market has been fairly frothy over the last year and thus we’d exited the majority of our position before any of this happened,” Joey Krug, co-chief investment officer at Pantera Capital, told The Block. “Roughly 80% over the last year, fairly gradually over time.” Pantera Capital invested at least twice in Terraform Labs …

Wintermute’s CEO on why Terra’s blow up was inevitable, and what happens next

The demise of the Terra blockchain sent a ripple effect throughout the crypto ecosystem last week, as the market absorbed over 80,000 BTC deployed in a failed attempt to keep the UST “stablecoin” pegged 1:1 with the US dollar. “If you’re a market maker and you don’t make money in those kinds of days, then yeah — you’re doing something wrong,” said Evgeny Gaevoy, CEO of Wintermute — an algorithmic crypto market maker with nearly $2 trillion in cumulative volume, …

Coinbase, Figment back new institutional liquid staking protocol Alluvial

Coinbase and crypto staking firm Figment are supporting the development of a new liquid staking protocol aimed at institutional investors. Coinbase Cloud and Figment will serve as validators on the new Alluvial protocol, according to separate statements from Alluvial and Coinbase shared with The Block on Tuesday. Alluvial is being developed by a team led by three founders: Matt Leisinger, former head of liquid staking products at Figment; Nicolas Maurice, the former CTO of staking platform Kiln; and Mike Taormina, …

Nansen acquires DeFi investment tracker Ape Board for undisclosed eight-figure sum

Quick Take Ape Board will become the starting point for a new free-to-use portfolio tracker. Nansen will onboard Ape Board’s employees and CEO in the coming months. Blockchain analytics platform Nansen has acquired Ape Board, a tool that allows users to track their portfolio of non-fungible token (NFT) and decentralized finance (DeFi) investments.  Ape Board will become the starting point of a new free-to-use portfolio tracker that will integrate with the rest of Nansen’s features, according to an announcement on …

Robinhood launches DeFi wallet to rival Metamask

Robinhood is taking the plunge in the nascent world of web3, launching a new wallet application that allows customers to access non-fungible token markets, decentralized exchanges and swap tokens.  The new wallet will be a standalone application from Robinhood’s existing stock and crypto platform and function similarly to other non-custodial wallets like MetaMask, the US brokerage announced at crypto conference Permissionless on Tuesday. Still, Robinhood is hoping that the sleek and intuitive design of its new app will make engaging …