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Crypto Flipsider News – Terra Recovers 400%, Robinhood Lists LINK, BlockFi Gets Iowa License, CoinFlex Loan, Ronin Bridge Relaunched

Read in the Digest:

  • TerraClassic Pumps, USTC Recovers 400% to Reclaim Top 100 Position
  • Chainlink (LINK) Rallies After Robinhood Listing, Breaks 5-Year Record
  • BlockFi Gets Money Services License in Iowa
  • CoinFlex Accuses Roger Ver, “Bitcoin Jesus,” of Default on $47 Million Loan
  • Sky Mavis Relaunches Axie Infinity’s Ronin Bridge Three Months After Hack

TerraClassic Pumps, USTC Recovers 400% to Reclaim Top 100 Position

The original tokens of the Terra ecosystem TerraClassic (LUNC) and TerraClassic USD (USTC) are experiencing an unpredicted resurgence. In the last week, USTC has pumped by more than 400% to reclaim a place in the top 100 cryptos.

The 7D price chart of Terra Classic USD (USTC). Source: CoinMarketCap

Over the last 24 hours, LUNC is still up by 182%, while other altcoins are facing another wave of declines. USTC, which is supposed to be pegged 1:1 with the USD, now trades at $0.075 from an all-time low of $0.006218.

The 24-hour price chart of Terra Classic USD (USTC). Source: CoinMarketCap

According to data from CoinMarketCap, USTC’s total market cap added around $330 million in the last 24 hours. The price boost now means USTC has a market cap of $767 million, making it the 53rd biggest cryptocurrency. 

The original Terra token, LUNC, is also on the rise, gaining more than 140% over the last seven days, with 45% coming in the last 24 hours. LUNC is now ranked 210, gaining almost $500 million in the last week.

The 7D price chart of TerraClassic (LUNC). Source: CoinMarketCap

Flipsider:

  • The newly launched LUNA 2.0 has suffered a poor run, declining by 88% in less than a month.

Why You Should Care

Despite their phenomenal recovery, Terra has halted the distribution of both LUNC and USTC.

Chainlink (LINK) Rallies After Robinhood Listing, Breaks 5-Year Record

On Tuesday, June 28, the online brokerage platform Robinhood announced the listing of Chainlink (LINK). LINK rallied as much as 11% on June 28 after the news and hit a high of $7.11 before correcting.

The Chainlink (LINK) price chart on June 28. Source: CoinMarketCap

The Chainlink listing is the first time Robinhood has listed a new token since mid-April, when it listed Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Inu (SHIB).

The 48-hour price chart of Chainlink (LINK). Source: CoinMarketCap

Despite rallying up to $7.11, the price of LINK has fallen along with the crypto market and now trades at $6.44, losing 5% over the last 24 hours. In addition to a significant price pump, LINK also broke a five-year record. 

In the 24 hours after the Robinhood listing was announced, 80.8 million LINK tokens were transferred across all platforms, the largest amount since Chainlink’s launch in September 2017.

Flipsider:

  • Robinhood (HOOD) enjoyed a price boost after news broke that the crypto exchange FTX was looking into a possible deal to acquire it.

Why You Should Care

The LINK listing on Robinhood provided a much-needed boost for Chainlink, breaking out of a gripping sell-off.

BlockFi Gets Money Services License in Iowa

In a surprise turn of events, embattled cryptocurrency lending platform BlockFi has secured a Money Services License in the state of Iowa, just weeks after paying a $1 million fine in the state.

The license was obtained by BlockFi just two weeks after the crypto lender was fined $943,000 by Iowa’s regulators for offering and selling unregistered securities. BlockFi was also fined for failing to register as a broker-dealer or agent.

BlockFi announced that the license now permits the company to offer stablecoin trading to residents of Iowa. In addition, they can also use the BlockFi platform for instant ACH (Automated Clearing House) transfers.

BlockFi did not mention whether the license would cover its yield-generating product. BlockFi says its interest accounts have not been registered and are not offered or sold in the United States.

Flipsider:

  • The extreme market conditions have negatively affected BlockFi, causing the firm to sell its stake in 3AC and reduce its workforce by 20%.

Why You Should Care

To strengthen the balance sheet of BlockFi, its CEO announced that the firm had obtained a $250 million credit facility from the crypto exchange, FTX. 

CoinFlex Accuses Roger Ver, “Bitcoin Jesus,” of Default on $47 Million Loan 

Roger Ver, who earned the nickname “Bitcoin Jesus” for being an early Bitcoin investor and Bitcoin Cash (BCH) evangelist, has been accused by the physical futures crypto exchange CoinFlex of defaulting on a $47 million loan.

Reacting to an initial post by the exchange that a large unnamed counterparty was responsible for the exchange’s financial woes and the halting of withdrawals, Ver denied the rumors, instead alleging that it was the exchange who owed him money. 

Ver’s denial prompted CoinFlex CEO, Mark Lamb, to clarify to the public that the company has a “written contract with Ver obligating him to guarantee any negative equity on his CoinFlex account personally and regularly top up margin.”

In addition, Lamb announced that CoinFlex had served Roger Ver a default notice. Lamb claims that CoinFlex doesn’t owe Ver; instead, his accusation was a ploy to avoid his liabilities and responsibilities.

Flipsider:

  • The market crash has sent the price of FLEX, CoinFLEX’s native token, nosediving by more than 84% in the last 30 days.

Why You Should Care

CoinFlex initially intended to keep its counterparty’s identity private but was made public after Roger Ver’s rebuttal.

Sky Mavis Relaunches Axie Infinity’s Ronin Bridge Three Months After Hack

On Tuesday, June 28, Sky Mavis announced that the Ronin Bridge had been relaunched three months after suffering a $625 million exploit. The creators of the Axie Infinity game say the bridge was reopened after three rounds of audits.

Sky Mavis reported that it had conducted an internal audit alongside two external audits by Certik and Verichain. Sky Mavis now claims the funds on the Axie Infinity Ronin bridge are now fully backed on a 1:1 basis by the new bridge.

To protect the newly launched Ronin Bridge, which allows funds to flow between Ethereum and the Ronin blockchain, Sky Mavis has integrated new security features, including a circuit-breaker system to halt large suspicious withdrawals. 

The Ronin Bridge now features a three-tier limit threshold for increased security on transfer validation. In addition to a daily withdrawal limit of $50 million, tier 3 withdrawals will be subject to a seven-day review process. 

Flipsider:

  • In addition to relaunching the Ronin Bridge, Sky Mavis has announced that it is working to ensure that gamers affected by the hack are reimbursed. 

Why You Should Care

The tenacity of Sky Mavis has paid off as the network is now the Axie Infinity game, the most used dApp with 183,000 unique wallets, according to DappRadar.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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