LUNA's $3.5B bitcoin reserves are missing / Crypto.com glitch allowed users to walk away with massive gains / Emirates airline to allow bitcoin as payment

Also, Elwood Technologies raised $70M

Inside.com Part of   Network May 16, 2022

Luna Foundation Guard's $3.5B Bitcoin reserve is missing. Reports indicate that the Bitcoin was transferred to different wallets, which are now untraceable.  More:  Between January and March, Luna Foundation bought $3.5B of Bitcoin: In an effort to maintain the 1:1 dollar peg of TerraUSD, "UST," the Luna Foundation said that it would use Bitcoin from its reserve to buy UST.  Following May 9, when UST lost significant value, the crypto wallets used to hold the bitcoin reserves were emptied, according to Elliptic.  The Luna Foundation team transferred the entire reserve of bitcoin to a single account on the Gemini crypto exchange involving a series of transactions that were untraceable.  Elliptic was unable to track some of the transactions and could not identify whether the assets were sold or moved to a different wallet. The remaining assets were moved on May 10 on the Binance platform.  The whereabouts of the $3.5B in Bitcoin will become an important question if investors seek to recoup losses from UST's crash. Bloomberg

A technical glitch on crypto.com allowed users to walk away with massive gains on LUNA. Crypto.com kept trading activities active on the platform during the price crash of LUNA and TerraUSD — a technical glitch that quoted incorrect prices for LUNA allowed traders to profit 30-40x on LUNA. More:  Friday morning, crypto.com barred users from trading the stablecoin on the platform once the company realized the error.  CEO Kris Marszalek tweeted, "For 59 minutes we were quoting prices 30-40x ABOVE market prices for Luna due to technical glitch that affected the retail app and NOT the exchange." Users who traded during the time of the glitch are eligible for a buyback option at the market price for LUNA, which has offered $10 worth of its in-house token Cronos as a goodwill gesture to those affected.  Cointelegraph

Emirates will soon add Bitcoin as a payment option as it continues to explore the metaverse and NFTs. The Dubai-based airline is hiring new staff to lead the metaverse and NFT trading platforms.   More:  The aim of entering the digital space is to enhance the company's customer service, training, and sales and study metaverse-related applications.  Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive at Emirates Airline and Group, said in a statement: “We are excited about the opportunities in the digital space of the future and are committing a significant investment in financial and resourcing terms to develop products and services using advanced technologies that will deliver on revenue, brand experience, and business efficiencies.” The announcement comes one month after the airline said it plans to launch NFTs and experiences in the metaverse for customers and employees. Crypto Potato

Neal Stephenson, the author who first introduced the metaverse in his 1992 novel "Snow Crash," just bought his first NFT. Stephenson entering the NFT space could pose as a vote of confidence during the sell-off period in the crypto industry.  More:  Sterling Crispin is the artist behind Stephenson's first NFT artwork, "Neophyte MMXXII#94."  Stephenson donated the first 25% of the sales to Native Animal Rescue. He purchased the NFT for .888 ETH ($1,864) and then bought Terraforms collection for .27 ETH.  Stephenson is a supporter of artists in the NFT space and said: "As an artist, I like it when artists get paid. So I bought some of his art!" Vice

Metaplex is collaborating with Solana to resolve some technical challenges to tackle scams relating to botting programs.   More:  On April 30, botting programs crashed Solana's entire network site. The bots sent out an automated barrage of transactions that removed legitimate users during the minting process. Solana's low fees attract a large volume of users, but this also makes the network more vulnerable to botting attacks.  Solana's minting tool, called the Candy Machine, was overwhelmed, making the network unusable. It took several hours to restore the service.  Metaplex and Solana Labs began addressing the situation, and one solution that they have implemented is a bot tax that would charge malicious programs a fee (tax) for creating invalid transactions.  There will be a 0.01 SOL ($0.50) tax attributed to each transaction with an unidentified user.  Decrypt

Elwood Technologies raised $70M in Series A co-led by Goldman Sachs, Barclays, and CommerzVentures, valuing the company at $500M. The company is founded by Alan Howard, a British hedge fund billionaire, and it is a crypto trading platform bridging the gap between crypto and traditional institutions.  More:  Elwood is a crypto-focused market access and trading platform serving fintech firms, asset managers, and other institutional investors. It offers a range of services, including connectivity with various trading venues through an API, execution, and reporting and analytics. The investment was part of Elwood’s first outside fundraising and also featured numerous other entities. This will see the two companies put their weight behind the mainstream adoption of digital currencies. James Stickland, CEO of Elwood Technologies, said in a statement that the company had been “established to meet the needs of institutions seeking to secure exposure to digital assets. The Block Crypto

Quick Hits: Trying to deliver on big expectations with a small team or budget? Use this worksheet to learn how you can do more with less.* The crash of LUNA and what it means for the crypto industry.  Terra's crash to below $1 may be due to a concerted attack. Portugal changed its crypto tax rules. Lebanon is holding its first parliamentary election since the country's financial collapse and the 2020 Beirut port explosion. *This is a sponsored post.

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Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel.  Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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