Weekly news: Terra updates 

Ecosystem

Terra updates 

• Do Kwon puts his Terra revival plan to the vote

The plan is to fork the current Terra blockchain and allocate amounts of Luna to previous holders according to a set distribution. Many of the tokens would be subject to long vesting periods. Community members appear to be against his idea, but might not have the voting power to prevent it.

• Major Korean law firm to sue Do Kwon after UST collapse, local media report

LKB & Partners has reportedly decided to sue Do Kwon on behalf of investors who lost money in the UST collapse. The law firm has also decided to file an attachment order to seize Kwon’s properties.

• Do Kwon summoned to parliamentary hearing following UST and LUNA crash

Korean Parliament noted that Korean exchanges each reacted differently to the crash and he wanted to invite both Do Kwon and the exchanges involved to learn more details.

• 80,000 Bitcoin gone: What’s left in Luna’s reserve wallet?

In summary, 80,081 BTC, or 99.61% of the Bitcoin that LFG guarded, has exited the fund. The group confirmed the sale of “33,206 $BTC for an aggregate 1,164,018,521 $UST” in a tweet. The remaining 47,188 BTC is not accounted for, while 313 BTC remains in reserve.

Spotify reportedly tests NFT galleries on musician profiles

The platform is exploring the possibilities to “improve artists’ and fan experiences,” surveying its users. No direct purchases, but after reading about the NFT and seeing a preview, the user can tap to be redirected to the OpenSea page where they can purchase the item. Currently, only two artists, DJ and producer Steve Aoki and indie rock band The Wombats that entered the test.

New data confirm that many Bitcoin miners kept operating in China even after ban

New data on bitcoin mining global hash rate distribution suggests that bitcoin mining is still happening in China after the government cracked down on the activity last year. In fact, China still had the second-largest share of the network’s hash rate share with 21.11% following the USA with a share of 27.69%. Before the ban last summer, China was home to about half of the world’s bitcoin mining hash rate.

Banks and Institutions

German BaFin official calls for ‘innovative’ EU-wide DeFi regulation

Highlighting Germany’s crypto license as an example of attractive regulation, Birgit Rodolphe from BaFin writes that similar frameworks should be the same throughout the EU to “prevent a fragmented market.” Rodolphe warned of the risks to consumers of the unregulated DeFi space and called for standardized regulatory considerations across EU member countries.

Bitcoin investment giant Grayscale debuts ETF in Europe

Grayscale announced its first European ETF, listing on the London Stock Exchange, Borsa Italiana and Deutsche Börse Xetra. Launched in partnership with Bloomberg, GFOF UCITS ET tracks the performance of the Bloomberg Grayscale Future of Finance Index and includes companies directly involved in cryptocurrency mining, energy management and other activities in the digital asset ecosystem.

Germany: No Taxes for Selling BTC and ETH if Held for Over a Year

Germany’s Ministry of Finance published a letter focused on the income tax treatment of digital assets. The lawmakers decided to make the sale of BTC and ETH tax-free if those assets were held for over 12 months. The policy will apply even if the cryptocurrencies have been employed for staking/lending. Previously, digital assets used in such activities had to be held for ten years to be exempt from taxation.

Technology

EY unveils supply chain tracking service on Polygon Nightfall

EY has launched a new supply chain offering called OpsChain and hosted on Nightfall, a Layer 2 rollup blockchain that EY co-developed with Polygon. OpsChain allows organizations to create fungible or non-fungible tokens (NFTs) on Nightfall. Rather than acting as cryptocurrencies, these tokens represent assets and inventory within companies that can be traced on the Nightfall blockchain. According to EY, Nightfall-based OpsChain aims to serve as a tool to help companies track and manage their supply chains.

Figures

• Bored Ape Yacht Club floor price has fallen 50% in dollar terms this month.
• Bitcoin, Bukele and 44 central bankers meet in El Salvador.
• Fallout from Terra’s collapse continues as outflows from Tether hit an average of $1.1 billion a day over the past week.
• Bitcoin records first 7-week losing streak in history.
• Bitcoin mining difficulty records ATH of 31.25 TH/s.