Also, Warren Buffet's granddaughter makes a living off NFTS
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Terraform Labs CEO Do Kwon may face fraud charges and has allegedly been fined $70M by South Korea's National Tax Services for possibly running a Ponzi Scheme. Terra's new blockchain called "Phoenix-1" officially launched over the weekend and the price of Terra (LUNA) tanked 70% since the launch. More: - On May 16 the Terraform labs team proposed forking Terra into a new blockchain, as CEO Do Kwon said “the Terra ecosystem and its community are worth preserving.”
- The new blockchain was launched to restore confidence in the Terra community in the wake of the recent collapse and to prove that Terra is more than just a UST.
- The price of LUNA opened at $18.87 on Saturday and dropped nearly 70%.
- Investors seem to have lost confidence in the project. One user took to Twitter and wrote: "Sold my available LUNA 2.0 airdrop → ETH @ $1,790. I don’t see any fundamentals here & I see whatever I get as a bonus since I already wrote everything off as a loss & $0. If not that the others are vesting, I’ll sell ‘em all".
- The airdrop of the LUNA token went live over the weekend, and 70% of the new token allocation was airdropped to previous investors of LUNA, UST, and aUST.
- Do Kwon is also facing possible fraud charges as South Korean authorities are investigating the CEO for running a Ponzi scheme. Kwon argued that he has no tax liabilities in South Korea.
- Binance will begin distributing LUNA to eligible users starting May 31. A Twitter user wrote in response to this announcement that “Zero plans to buy $luna 2.0, but I will dump any airdrop if I get something on Binance.”
Crypto Briefing 
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SpaceX will soon allow customers to purchase merchandise using Dogecoin. The announcement caused the price of DOGE to jump 8% to $0.084927. Elon Musk also hinted at the possibility that SpaceX might start accepting Dogecoin as payment for Starlink subscriptions someday. More: - Tesla is accepting Dogecoin (DOGE) for merchandise purchases. SpaceX will soon follow in enabling customers to purchase merchandise with crypto.
- SpaceX products include "occupy Mars" T-shirts and spacesuit onesies, which are still listed in fiat currency. The price of the meme coin spiked 25% when Elon Musk announced that Tesla would accept DOGE as payment and that SpaceX's Starlink subscriptions may “one day” be paid with dogecoin.
- Dogecoin lost over 55% in value from May 9 to May 13 and was left trading at $0.08077.
Cointelegraph
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Bitcoin is still heading into a downward spiral as it enters its ninth week of losing value. Fears surrounding central bank tightening have caused markets to enter a bearish trend. Some stocks started to recover last week, but the crypto industry remains mostly unchanged. More: - Bitcoin's collapse from all-time highs has lasted over 200 days, making it the fourth-longest downtrend in its history. The last longest-ever downtrend, which occurred in 2014-2015, lasted twice as long.
- Historical data shows that Bitcoin's sideways trend could continue until it reaches a macro bottom.
- Trading firm QCP Capital released a statement saying: "Most concerning has been the divergence between Equities and Crypto. S&P and NASDAQ have traded about 10% higher since 20 May lows while both BTC and ETH have traded lower in the same period".
CoinTelegraph
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Warren Buffet may not be bullish on crypto and NFTs but his granddaughter, Nicole Buffet, makes and sells NFTs in her work. Nicole believes that NFTs are not just a piece of art, but that "it's a currency and it's also technology". More: - Nicole Buffet was listed on Fortune's NFTy 50 list and is well known in the crypto space.
- She told Fortune “For me, it's a means to making my work and sharing my work in a new context”. “I'm not a technologist. I'm not a financial expert. But I love that basically, art is becoming its own currency” with NFTs.
- The middle-aged NFT artist says that her grandfather Warren Buffet is happy that she is doing well and that he would be happy if NFTs and crypto support artists.
- Nicole said that her grandfather does not support crypto himself: “he has issues with crypto, but I don't think he has any issues with artists being contributors. He's an art appreciator, and my family are all art appreciators".
Fortune
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UEFA Champions League Liverpool FC launched a series of NFTs in March called "LFC Heroes Club" and 90% went unsold. The Soccer League's fans are not bullish on the prospect of NFTs as seen by the lack of support for trading NFTs in this space. More: - NFTs have been a tough sell to soccer fans. According to Kieran Maguire, NFTs are being introduced to soccer fans in an effort to legitimize and market them as an investible asset.
- Soccer fans have condemned the move. With 90% of the UEFA Champions League NFTs yet to be sold, other soccer clubs may be deterred from launching their own NFTs.
- When Former Chelsea captain John Terry launched an NFT collection called "Ape Kids Football Club", 90% of the collection crashed over a month.
- Major brands that have launched their own NFTs include Liverpool, Adidas, Nike, and Playboy.
Markets Insider
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Paul Pierce, a former member of the Boston Celtics, is facing legal action for his endorsement of a cryptocurrency called "EthereumMax". Other celebrities that disclose crypto payments are finding themselves in legal problems for promoting a potential 'pump and dump' scheme. More: - Pierce is not the only celebrity that has endorsed EthereumMax. Kim Kardashian endorsed the same crypto on Instagram last summer. Celebrity promotion led to a surge in the price of the crypto token, which later dropped in value.
- Investors are accusing Pierce and other celebrities of their involvement in the 'pump and dump' crypto scheme.
- Nine traders that bought EthereumMax have filed a lawsuit against Ms. Kardashian, Mr. Mayweather, former basketball player Paul Pierce, and the founders of the project for 'misleading advertisements'.
- The lawsuit claimed that Mr. Pierce was involved in an elaborate pump and dump operation.
USA Today
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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 | Gregory Bridgman is a writer and researcher with an academic background in politics and the philosophy of science and technology. He holds a bachelor's degree in Political Science from the University of Cape Town and is currently completing a PhD at the University of Cambridge. He is interested in climate issues, technological changes, and the implications of the fourth industrial revolution. | |
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