UST Collapse, Metamask Phishing Attack, Crypto.com Reverse Transaction and more.
ENEDEX DeBrief — Week 2, May 2022
Welcome to the 2nd iteration of ENEDEX Debrief, where we recap 5 major news in the crypto and blockchain industry in bite size by the end of each week. Let’s get to it!
- UST De-Peg ripples across the crypto world
It’s been a rough week for anyone that involved in UST and LUNA. After UST which suppose to be a Decentralized stablecoin that mirrors the price of $1 USD depeg into cents and affecting LUNA’s price in a downward spiral, a combination of spooked investor, effort to stabilize UST and various factors. The collapse of UST ripples across the market as the confidence of traders are seriously damaged after plenty of UST holders no longer see their UST as a dollar.
2. Metamask Phising Attack
Popular crypto analytics platforms Etherscan and CoinGecko have parallelly issued an alert against an ongoing phishing attack on their platforms. The firms began investigating the attack after numerous users reported unusual MetaMask pop-ups prompting users to connect their crypto wallets to the website.
If you see this popup appear in your browser do not click it!
3. Emirates to accept BTC payments and launch NFT collectibles
Emirates, the largest airline in the United Arab Emirates (UAE), announced that it has plans to implement Bitcoin (BTC) payments and launch nonfungible tokens (NFTs) to be traded through the company’s websites. Not only that, the airline is also looking for ways on to utilize blockchain technology to for operational purpose.
Looking forward to be able to buy things in airmall with crypto!
4. Crypto.com reversed profitable LUNA transactions
Cryptocurrency exchange Crypto.com has halted the trading of Terra (LUNA) tokens after it determined that user transactions were quoted at an “incorrect price,” prompting severe backlash from the community.
In a Friday news release, Crypto.com said that LUNA trades have been halted due to a pricing error between 12:40 and 13:39 UTC on May 12. “[U]sers who traded LUNA were quoted an incorrect price,” the exchange said. “Our systems quickly detected the error and trading was halted. Trading remains halted until further notice.”
Whether this move is legal or not, remains to be seen. But one thing is for sure, DEX won’t be able to pull off things like this. Every transaction is the user’s own responsibility.
5. The FASB is set to review its accounting rules for digital assets
Bitcoin (BTC) proponent and MicroStrategy CEO Michael Saylor has welcomed the United States Financial Accounting Standards Board (FASB) vote to review accounting rules for digital assets and commodities. As it stands under current FASB guidelines — which is the source of authoritative Generally Accepted Accounting Principles (GAAP) — companies must report digital assets such as BTC as “intangible assets” on their balance sheets, if the review is fruitful, institution will have better confidence in holding digital assets in their balance sheets as it’s no longer marked as intangible assets.
Big if true!
Those are 5 notable news on the cryptoverse this week! Anything that we missed?
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