– Last week in crypto was one of the most turbulent ever, with events including the Terra USD (UST) de-pegging.
– This caused shockwaves throughout the cryptoverse, with Binance suspending withdrawals of LUNA and UST, and the Luna Foundation Guard (LFG) trying to raise over $1 billion to collateralize UST.
– Despite the chaos, the Terra community is working to reconstitute the chain.
– Central bank digital currencies (CBDCs) are becoming increasingly popular, with 26% of central banks already running pilots and 80% at the proof-of-concept stage.
– The United Kingdom is also moving towards becoming a crypto hub, with a new bill proposed to regulate the ecosystem.
– However, authorities are struggling to rein in crypto fraud, with a new phishing attempt targeting crypto data aggregator websites.
– Other stablecoins quaver after UST’s torrid week, with Tether (USDT) dipping to $0.95 before regaining its peg.