Also, Yellen says crypto poses no threat to U.S. financial system
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The cryptocurrency sell-off has decreased the combined market value of all crypto assets to $1.12T, down by two-thirds since their high in Nov. 2021, with 35% of the losses coming in this week. More: - Panic spread amongst investors this week as TerraUSD, "UST," slipped below its 1:1 peg to the dollar.
- Tether, usually seen as a "safe haven" from volatile coins, also lost its peg to the U.S. dollar and was trading at $0.98 on Thursday morning.
- Reserves often back stablecoins; however, TerraUSD is an algorithmic or decentralized protocol designed to maintain its peg to the dollar by swapping free-floating tokens.
- TerraUSD is not holding up to its promise to maintain a stable value, causing panic in the crypto industry that led to a massive sell-off period.
Financial post 
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Chainalysis raised $170M in a Series F round led by GIC and participation from Accel, Blackstone, Dragoneer, and FundersClub. The fresh funding will scale operations globally and enhance product innovation. More: - Chainalysis is a cryptocurrency compliance firm that offers risk management software focused on the DeFi space.
- Recently, the company launched the on-chain oracle screening software that identifies malicious crypto wallets and transactions.
- In the future, Chainalysis is launching an application programming interface (API) service to deter fraudulent activities in the crypto space.
Cointelegraph
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Binance, the world's largest cryptocurrency exchange, announced the delisting of Tether (USDT)-margined Terra (LUNA) following a 99% price drop. More: - The company is taking precautionary measures around USDT and LUNA, and if the price falls below 0.005 it will be delisted from the platform.
- LUNA's price has already declined by 99% in the past 24 hours, reaching $0.004.
- The crypto sell-off has affected the entire market; Bitcoin dropped to $27,000, and Ether is sitting at the $2,000 mark.
- Binance had temporarily suspended withdrawals of LUNA and UST after the coins lost their peg.
- Terraform Labs' Twitter handle confirmed that the company has halted network activity in an effort to prevent governance attacks.
Fxstreet
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PancakeSwap, a popular DeFi application, released a governance proposal for its future tokenomics roadmap. The project's native token, CAKE, currently has a circulating supply of 293.4 million, to be capped at 750 million in the near future. More: - PancakeSwap runs on the Binance Smart chain, and it is releasing the second version of its tokenomics roadmap.
- A governance vote within the community took place for a 24-hour period that generated 11,0008,360.64 CAKE votes in favor of the proposal.
- The project will also launch three utilities to drive value in the future: vCake, iCAKE, and bCAKE.
- vCake will focus on governance voting mechanisms, iCAKE will boost IFO benefits, and bCAKE will increase farming rewards.
Cointelegraph
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Treasury Secretary Janet Yellen said to members of Congress that crypto poses no "systemic risk"; the $2T market is not large enough to cause any significant threat. More: - During the Thursday meeting, members of Congress repeatedly addressed questions about stablecoins that peg to the dollar.
- When addressing the recent meltdown in the crypto space, Yellen reassured Congress by saying: "I can't say (stablecoins) have reached a scale where they're a financial stability concern."
- The $2T crypto market is not large enough to cause financial instability, but this could change in the future.
- She declined to say what level crypto needs to reach to cause risk to the financial system.
- There are 200 stablecoins operating; the issuance of a central bank stablecoin could eliminate the majority of them from the market.
- Yellen pointed out that regulators are examining the viability of a central bank digital coin; however, more studies are required to address privacy concerns.
Decrypt
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Chainsmokers, the pop music duo, is set to launch NFTs that offer a percentage of music royalties from their new album, "So Far so Good." More: - On May 17, the music production duo will give out a total of 5,000 NFTs for free. The non-fungible tokens will be minted on the Polygon blockchain.
- Other perks include early access to events, free merchandise, and being added to a list of frequent VIP concert ticket buyers.
- Holders of the NFT can gain 1% revenue of the new album royalties. The Chainsmokers are adding additional benefits to stand out from other tokens.
BNN Bloomberg
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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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