Well, apparently there were not enough lessons learned from Iron Finance. Seems there needs to be more checks in place to prevent these co-ordinated attacks by whales. This weekend will be memorable in UST's history that's for sure. In the meantime, I watched Luna drop all the way to 22... still hanging under 30. I should be sleeping right now but too busy watching the drama.
Algo stable coins and the risk it runs. I hope it can get sorted but it's going to fuel the regulators looking to push CBDCs
more fud nothing to see here oh, and this is in the COIN filing bon apatite! Moreover, because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors.
What interesting, is the bad earnings report was leaked out ahead of time... Typical Wall Street shenanigans.
New word in the dictionary UNSTABLECOIN UNStablecoins are cryptocurrencies that attempt to peg their market value to some external reference. UNStablecoins are more useless than more volatile cryptocurrencies as a medium of exchange. UNStablecoins may be pegged to a currency like the U.S. dollar or to the price of a commodity such as gold. UNStablecoins pursue price instability by maintaining reserve assets as collateral or through algorithmic formulas that are supposed to control supply.