Cathie Wood’s Ark Investment Management bought 78,982 shares in cryptocurrency exchange Coinbase (COIN), its first investment in the crypto exchange in a month. At Friday’s closing price of $40.24 , the purchase would have cost about $3 million. The stock has been in a funk in recent months, and is down almost 60% from $98 in early August. The purchase takes the ARK Innovation ETF’s (ARKK) holding to 5.7 million COIN shares.
(Unsplash)
Crypto media site The Block (a competitor to CoinDesk) was secretly funded over the last two years by Sam Bankman-Fried’s Alameda Research. The Block’s CEO, Michael McCaffrey, immediately resigned after the loans came to light, and will also step down from The Block’s board. McCaffrey received three loans for a total of $43 million. The first loan was for $12 million in 2021 the second was for $15 million in January and the third was for $16 million.
Do Kwon, who is wanted internationally in connection with the collapse of the Terra ecosystem, has moved to Serbia through Dubai, CoinDesk Korea reported on Monday. Kwon was the co-founder and CEO of Terraform Labs, which was behind the stablecoin terraUSD (UST) that was deppeged from the U.S. dollar in May. The Terra/Luna domino was the first to fall in a crypto winter that most recently saw the collapse of crypto exchange FTX.
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Market Insight: Tron’s USDD Stablecoin Falls
(CoinGeko)
USDD, the Tron network’s algorithmic stablecoin, has seen its U.S. dollar peg slip further, even as the broader crypto market holds steady in the face of widening FTX contagion.
The stablecoin championed by Tron’s founder Justin Sun and managed by Tron’s decentralized autonomous organization (DAO) fell to $0.9695 early Monday, the lowest since June 22, according to data source Coingecko. The decline violated the DAO’s 3% price fluctuation threshold for price fluctuations to be considered de-pegs.
In an attempt to calm market nerves, Sun early Monday said on Twitter that he is deploying more capital to defend USDD, while stressing that the algorithmic stablecoin has a collateral ratio of 200%.
USDD deviated from a supposed 1:1 exchange rate with the U.S. dollar last month as the collapse of cryptocurrency exchange FTX, formerly the world’s third largest, dented investor confidence in digital assets. Other leading stablecoins like tether (USDT) wobbled following the FTX debacle, but quickly regained their peg.
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Chart of the Day
Source: CoinGeko
The chart shows the Neutrino dollar, or USDN, an algorithmic stablecoin of the Waves ecosystem, has crashed to $0.784, the lowest on record.
Last week, South Korea’s Digital Asset Exchange Association, comprising five major crypto exchanges – Upbit, Bithumb, Coinone, Korbit and Gopax – labeled WAVES, an asset backing USDN, as an “Investment Warning” asset.
The group said WAVES could become volatile due to USDN depeg.
The stablecoin has lost its peg at least five times this year.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
