Crypto Hebdo: From the resounding return of Luna Classic to the launch of FIFA NFTs – BeinCrypto

Less than 15 days from the biggest crypto event of this year, the week has been rather delicate on the markets. Overall, the macro-economy continues to weigh on cryptocurrency prices. Terra Classic and the LUNC token return from the realm of the dead. FTX is not going to acquire Huobi. Crypto.com errs over $10 million. The Merge will indeed affect DeFi and stablecoins as FIFA launches its own NFT collection.

LUNC: A living dead in the vicinity

As his token was hit by the death spiral, the LUNC returns to the forefront posting a rise of more than 70% despite an ultra bearish week for the crypto industry. This cryptocurrency, considered by many to be a stalled token, marked one of the best performances of the week.

This rise, which could be described as sudden, was fueled by several pieces of information, as explained by the newspaper’s technical analysis expert, Valdrin Tahiri. First, there is the burn of the token by the validators of the ecosystem and which risks being adopted by the exchanges. Next, the TA expert discusses the exchanges that will carry out the new network update. By analyzing the price action, Tahiri points to the crossing of a key resistance in the day of August 23 marked the beginning of a bullish movement.

However, the expert expects LUNC to face strong resistance around the $0.00042 area.

To learn more, read the following article:

👉: What is causing the sudden rise of Terra’s fallen LUNC token?

FTX is not a taker in the Huobi case

On the lookout for almost every good move, it’s no wonder FTX was automatically linked to buy Huobi. Indeed, the rumored acquisition of Huobi by the exchange of Sam Bankman Fried arose after the founder of the Chinese crypto exchange, Leon Li announced his wish to sell his majority stake in the company.

Who else to buy Leon Li’s shares if not SBF, the best buyer at the moment? This conclusion turned out to be wrong because SBF himself denied this information on his Twitter account. He stated in particular:

“Just to be clear since many say the opposite: No, we do not plan to acquire Huobi”.

To learn more, read the following article:

👉: FTX will not acquire Huobi

This case has somewhat agitated the crypto world, questioning the good faith of exchanges in respecting the principle of the irreversibility of the blockchain. So what happened? When issuing a refund to one of its clients in May 2021, the crypto exchange inadvertently sent an amount greater than $10 million rather than the amount due ($100).

Crypto.com, who realized this only very late, took legal action to recover the funds. However, it turns out that the client in question, a certain Thevamanogari has already spent part of the amount (1.35 million) to acquire a mansion in Craigieburn, Australia. The rest of the loot was transferred to other accounts. The judge handling the case has already ordered that the purchased home be sold to serve as reimbursement to Crypto.com.

The real problem with this case: If the customer made a mistake by sending funds to the wrong address, would the exchange be so determined to get the user back?

To learn more, read the following article:

👉: Crypto.com makes a $10 million mistake

The Merge will impact DeFi and stablecoins

Experts are starting to worry about the risks Merge poses to DeFi and stablecoins. It is recalled that “The Merge” or “La Fusion” is the transition by Ethereum from the Proof of Work (PoW) consensus mechanism to the Proof of Stake (PoS) consensus mechanism. Ethereum is home to most stablecoins and decentralized finance applications in the crypto sphere.

The issue lies in whether stalbecoins and dApps and whether these will remain on the network after the merger when we know that PoS protocols are not as secure as those using PoW. Apparently, the Proof of Stake mechanism remains very vulnerable to ” 51% attack “. As for Ethereum, it turns out that the network is not as decentralized as it sounds according to this what said expert Maggie Love:

“Ethereum cannot be decentralized if staking is not decentralized… Where is the dialogue on this? 69% of the nodes are hosted on the Ethereum Mainnet, of which more than 50% come from Amazon Web Services (AWS), more than 15% from Hetzner and 4.1% from OVH”.

To learn more, read the following article:

👉: Ethereum: The Merge, the risks for DeFi and the impact of stablecoins

FIFA will have its NFT collection like the NBA

World football’s governing body has announced on its official website that it will launch an NFT collection dubbed FIFA Collect+. It is indeed a series of collectibles (art, videos and photos) which will recall the most beautiful moments in the history of football. With the approach of the World Cup, it would not be surprising if the collection had a lot of “caption” of this competition.

We also learn that FIFA Collect + will be developed under the Algorand blockchain and made available by the end of September on the FIFA + platform. Algorand’s CEO congratulated FIFA for the initiative and said:

“FIFA’s commitment to move to Web3 through Algorand demonstrates its spirit of innovation and its desire to engage directly and seamlessly with football fans around the world”.

To learn more, read the following article:

👉: FIFA to launch NFT collectibles under the Algorand blockchain

Other hallway news

  • According to a study, crypto gaming is invaded by bots, with an impressive proportion among registered accounts.
  • While the vasil hard fork is scheduled for September 22, the very famous American stock broker Robinhood has added Cardano (ADA) to its trading platform.
  • Crypto.com failed UEFA by canceling a five-year, $495 million contract
  • Axie’s NFT sale fails to top $10 million for the fourth month in a row. Sign that the bubble of non-fungible tokens has truly exploded.
  • Bitcoin evangelist Michaël Saylor, former CEO of MicroStrategy is being sued for tax evasion.

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Crypto Hebdo: From the resounding return of Luna Classic to the launch of FIFA NFTs – BeinCrypto


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