Launch of Terra 2.0 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 during the week.


Terra will “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 plummeted to pennies or less in less than a week, and people who bought the digital currencies lost almost all of their investment.

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 will be called terra classic.

A new luna cryptocurrency will exist on the new blockchain. 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 still trade for next to nothing, with Luna Classic worth well under a penny. Terra is hosting an “airdrop” giveaway where luna and terraUSD holders could receive the new luna cryptocurrency to incentivize 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 were suspended.

Read CNET’s full story on 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 purchased the Bored Ape NFT shortly after it was phished. Green contacted the anonymous buyer publicly on Twitter want to make a deal to get it back.

Along with losing the NFT, Green may be facing an intellectual property headache. Green worked on an animated series that would feature 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 still 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 to start a group. But with the copyright laws around NFTs still being worked out, it’s unclear exactly how or if the stolen NFT creates copyright issues for Green’s show.

Read CNET’s full story on 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 on Thursday with a price pegged to the Mexican peso. The name of the stablecoin 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 offerings,” 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 fined millions of dollars by the United States twice last year for making misleading claims about its asset holdings.


Thanks for reading. We’ll be back with lots more next week. In the meantime, check out GameSpot series of stories on the making of the Metaverse.

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