Crypto daily news logo
  • Home
  • Cryptocurrency
    • Analytics
    • Bitcoin
    • Ethereum
    • Alt coins
  • Others
    • Regulation
    • Blockchain
    • Guide
    • Mining
  • Security
No Result
View All Result
  • Home
  • Cryptocurrency
    • Analytics
    • Bitcoin
    • Ethereum
    • Alt coins
  • Others
    • Regulation
    • Blockchain
    • Guide
    • Mining
  • Security
No Result
View All Result
Crypto News
No Result
View All Result
Home Guide

What happened to Luna | The arrest of the head of the crypto-pyramid

Admin by Admin
17.05.2022
in Guide
17 1
0

Reading time: ~2m


Last week, the crypto market experienced one of the biggest shocks in recent years. The cryptocurrency Luna almost completely devalued. The market lost $200 billion in just 24 hours. This was largely due to the collapse of the staple currency, Terra UST, which is pegged to the dollar. It has a paired currency, Luna, which was used to create new tOkens and support Stablecoin at $1. High volatility “overloaded” Stablecoin, causing it to lose its peg to the dollar. The cryptocurrency Luna collapsed following and is actually worth $0. The collapse was also helped by the fact that Terra’s blockchain stopped processing transactions twice – in less than 24 hours. The situation hit market confidence hard. Overall, most cryptocurrencies fell by more than 50% in the moment.

+++

U.S. law enforcement officials have arrested the head of a cryptocurrency brokerage company, Emini FH. The FBI charged Eddie Alexander, 50, with fraud to the tune of $59 million. The head of the organization faces up to 30 years in prison.

According to the Manhattan court – from September 21 to May 22 – Eddie Alexander’s project misled several hundred people. The brokerage company’s concept of operations, experts said, was just another pyramid scheme. The deputy head of the FBI stated that: the criminal group “guaranteed” weekly profits of 5% of passively invested amounts – ranging from $99,000 to $250,000.

+++

The Middle East is also struggling with crypto-frauders. Iran has closed almost seven thousand illegal mining farms. Mining of digital assets was legalized in the country back in 2019 – the Ministry of Industry began issuing licenses for mining virtual currencies. Registered businesses must pay high export tariffs for electricity, so many firms prefer to operate underground. Since 2020, Iranian authorities have discovered and shut down more than six thousand illegal farms. Iran is currently fined for shadow mining of digital assets, but the government plans to toughen liability as soon as this year – violators could face criminal penalties.


#happened #Luna #arrest #cryptopyramid

Related articles

No Content Available
Tags: arrestcryptopyramidhappenedLuna
Share24Tweet15
  • Trending
  • Comments
  • Latest
Grayscale purchased ADA ahead of the Vasil hard fork

Grayscale purchased ADA ahead of the Vasil hard fork

09.06.2022
Decentralized Pictures announced the launch of a blockchain app for film financing

Decentralized Pictures announced the launch of a blockchain app for film financing

17.05.2022
First court ruling in the U.S. on the use of cryptocurrencies to circumvent sanctions

First court ruling in the U.S. on the use of cryptocurrencies to circumvent sanctions

17.05.2022
Mining firm Greenidge Generation increased quarterly revenue by 240%

Mining firm Greenidge Generation increased quarterly revenue by 240%

17.05.2022
The DeFi market suffered because of the collapse of Terra

The DeFi market suffered because of the collapse of Terra

Fed meeting is a negative factor for Bitcoin growth

Fed meeting is a negative factor for Bitcoin growth

Bitcoin strengthens as global stock market improves

Bitcoin strengthens as global stock market improves

Game company Square Enix will make blockchain and Play-to-Earn its business model

Game company Square Enix will make blockchain and Play-to-Earn its business model

Albania in 2023 will introduce an income tax on cryptocurrencies

Albania in 2023 will introduce an income tax on cryptocurrencies

26.06.2022
Ether Investors Take Profits, But Whales Remain Calm

Ether Investors Take Profits, But Whales Remain Calm

26.06.2022
51% of Latin Americans have made transactions with cryptocurrency

51% of Latin Americans have made transactions with cryptocurrency

26.06.2022
SkyBridge Director’s Predictions

SkyBridge Director’s Predictions

26.06.2022

Метки

altcoins Analyst assets Bank billion Binance Bitcoin bitcoins blockchain BTC called collapse crypto cryptocurrencies Cryptocurrency DeFi Digital ETH Ethereum fall fell growth increased investors June launch Luna market million miners Mining network NFT platform price rate regulation support Terra token tokens Top UST week XRP

Newsletter

No Result
View All Result
  • Home
  • Cryptocurrency
    • Analytics
    • Bitcoin
    • Ethereum
    • Alt coins
  • Others
    • Regulation
    • Blockchain
    • Guide
    • Mining
  • Security

© 2022 Crypto News Daily

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Privacy Overview
Crypto News

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!

Cookie Policy

More information about our Cookie Policy

Powered by crypto-daily.news  GDPR Cookie Compliance