Terra 2.0 launch planned after Luna Meltdown. This week’s top Bitcoin and crypto news

Terra is launching a new blockchain with a new luna token. Seth Green’s animated show featuring his stolen NFT is up in the air. The world’s largest stablecoin issuer has launched a token for the Mexican peso. Here’s what happened in crypto this week.


Terra “fork” into a new blockchain with a new luna token

Earlier this month, two related cryptocurrencies called terraUSD and luna imploded† Prices for both tokens dropped to cents or less in less than a week, and people who bought the digital currency lost almost all of their investments.

This week, a community of luna and terra holders voted to create a new blockchain. The vote passed and the @terra_money Twitter account said on Friday that: Block 1 of the new blockchain had been produced† The new blockchain is called terra, while the original is called terra classic.

On the new blockchain, a new luna cryptocurrency will exist. The original luna token, renamed luna classic, will remain on the old terra classic blockchain, along with the algorithmic stablecoin terraUSD.

Luna Classic and terraUSD are still trading for next to nothing, with Luna Classic worth well under a penny. Terra is hosting an “airdrop” giveaway where luna and terraUSD holders can receive the new luna cryptocurrency to boost the new blockchain.

A few crypto exchanges including: Binance and Crypto.com, publicly support the new Terra blockchain. Coinbase has not confirmed whether it will support the new luna cryptocurrency — on Friday, the US-based exchange said all transactions involving terraUSD had been suspended.

Read CNET’s full story about the new terra blockchain here


Seth Green wanted his Bored Ape NFT to star in an animated show. Then someone stole it

Actor and writer Seth Green was the victim of a phishing scam last week and lost an expensive NFT from the popular Bored Ape Yacht Club collection. After Green’s NFT was stolen, it was relisted. Someone using the alias DarkWing84 bought the Bored Ape NFT shortly after it was phishing. Green contacted the anonymous buyer public on Twitter wants to make a deal to get it back.

In addition to losing the NFT, Green may face an intellectual property headache. Green was working on an animated series with Bored Ape NFT called White Horse Tavern. In the show, the Bored Ape NFT character is a titular tavern bartender. Green debuted the trailer at a convention this month. But now that someone else owns the NFT, the question is, can the show go on?

Bored Ape Yacht Club allows people who own a Bored Ape NFT to use it for commercial purposes. People have used their Bored Ape NFTs to promote a coffee business and even start a group. But with the copyright laws surrounding NFTs still being worked out, it’s unclear how and if the stolen NFT is causing copyright problems for Green’s show.

Read CNET’s full story about Green’s stolen NFT and what it could mean for the show here.


Tether launches a stablecoin pegged to the Mexican peso

Tether, the world’s largest stablecoin issuer, launched a new stablecoin Thursday with a price pegged to the Mexican peso. The stablecoin’s name is MXNT and each token is worth one Mexican peso. “We have seen an increase in the use of cryptocurrencies in Latin America over the past year, which has shown that we need to expand our offering,” said Paolo Ardoino, CTO of Tether, in the announcement.

Americans will probably be most familiar with USDT, the stablecoin pegged to the US dollar. Tether also issues stablecoins pegged to the price of the euro and the Chinese yuan.

Tether stablecoins are backed by assets that the company holds to keep the price of its tokens stable. The company was twice fined millions of dollars by the United States last year for making misleading claims about its assets.


Thank you for reading. We’ll be back next week with many more. In the meantime, check out GameSpot series of stories about creating the Metaverse.

Leave a Comment