Polygon co-founder Mihailo Bjelic called the cryptocurrency sell-off "necessary." Many Web3 executives believe that the sell-off period in the crypto industry was necessary as it will ward off bad actors in the ecosystem. More: - Billions of dollars have been wiped off the crypto industry since the beginning of May.
- Bjelic explained that the market sell-off is healthy for the industry, and a correction was needed. Others, like Bertrand Perez, CEO of the Web3 Foundation, also said: "We're in a bear market. And I think that's good. It's good because it's going to clear the people who were there for the bad reasons."
- Crypto enthusiasts believe that the sell-off period will get rid of bad projects, and only the legitimate projects will remain moving forward.
- Three key drivers that may have led to the crypto sell-off period: first, the investors started selling Bitcoin and Ether; second, the collapse of the TerraUSD stablecoin, which lost its peg to the dollar; and lastly, large institutional investors were also getting involved in the crypto market.
- Having institutional investors involved in the crypto space affected digital coins because there are larger funds pouring into this space.
- "If people are looking for assets to sell, crypto is going to be on the list," says Brett Harrison, President of FTX U.S.
CNBC 
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The Terra 2.0 blockchain is officially launching on May 28. The new project will not include algorithmic stablecoins in an effort to prove that Terra's ecosystem is more than a UST. More: - The team made the announcement on Twitter: "Yesterday, we said Terra 2.0 is coming. Tomorrow, it arrives. The community has been working around the clock to coordinate the new chain's launch. Subject to potential change, we expect Terra to go live on May 28th, 2022, at around 06:00 AM UTC."
- Holders of LUNC (Luna Classic), USTC (UST Classic), and aUST will be compensated by receiving a LUNA airdrop.
- The amount that holders will receive will be based on the types of tokens and the number of tokens held by taking pre-attack and post-attack snapshots.
Crypto Potato
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 A message from ADOBE COMMERCE Strong in digital commerce and a Leader in the Magic Quadrant. In the 2021 Gartner® Magic Quadrant™ for Digital Commerce, Adobe was named a Leader among 17 vendors. Gartner® evaluates digital commerce vendors on their “completeness of vision” and “ability to execute.” Find out why Adobe was named a Leader for Digital Commerce among 17 vendors in the Q3 2021 Gartner Magic Quadrant report. Strengths - Global reach: Adobe has the most diverse geographic presence of all the vendors evaluated in this Magic Quadrant. It also has the largest number of service partners spread across all major markets, making it easier for organizations to find partners in their local markets.
- Out-of-the-box functionality: Adobe has comprehensive OOTB functionality that can fulfill requirements from basic to medium levels of complexity. It supports multiple user roles, multistores, catalog management, marketplace integration, promotions and discounts, language, and currencies, all with good granular control. It has a native CMS (Page Builder) and a Progressive Web Apps (PWA) studio with reference storefront.
- Admin UI: Adobe has a modern and intuitive UI that can be configured based on user role. It supports multiple import mechanisms for product data, and can integrate with multiple sources and analytics tools, making it easy for admins to focus on outcomes.
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China's strict ban on cryptocurrency led to a block of the popular NFT-based "move to earn" game STEPN in the region. STEPN will block players in mainland China from the platform in order to comply with regulatory policies in the country. More: - STEPN, in response to the ban, said users based in China should make their own arrangements for their assets because service to mainland users will stop on July 15.
- The "move to earn" game allows players to buy and trade NFTs by encouraging movement and running in the real world.
- The game uses GPS and IP geolocation services to determine where users are.
- China's central bank issued a warning to cryptocurrency exchanges and service providers that all crypto activity is illegal in the country.
- The company issued the following statement: STEPN has never "operated any business" or offered any channels for downloads in mainland China.
- The game has 580,000 players worldwide and made $20M in profit in Q1 2022.
Crypto Briefing
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Rep. Madison Cawthorn's (R-N.C.) financial disclosure indicates that he violated the federal STOCK Act, a conflict-of-interest law. The disclosure form shows large purchases of Ethereum and the "Let's Go Brandon" crypto coin, and a later sale of some of his LGB coins, while waiting too long to report them. Cawthorn could also be subject to investigation by the Justice Department and the SEC after a Washington Examiner story said he may have engaged in insider trading with the LGB coin. More: - The LGB coin is named after Republicans' oft-repeated anti-President Biden chant.
- The congressman purchased between $100,001 and $250,000 worth of LGB coins on Dec. 21 and made two Ethereum purchases: between 1,000 and $15,000 on Dec. 27, and between $100,001 and $250,000 on Dec. 31, 2021, according to his financial statements.
- Also on Dec. 31, he sold more than $100,000 of his LGB coin stake, but not his entire investment.
- On Dec. 30, the LGB coin had a market circulation of $570M, and by the end of January, it dropped to $0.
- Under the 2012 Stop Trading on Congressional Knowledge Act or STOCK Act, transactions should be disclosed within 30 days after the purchase is made. The problem is that he waited six months to release this information.
- The House Committee on Ethics wrote in a 2018 memorandum to lawmakers that read: "All financial disclosure filings must disclose ownership interests of virtual currency" worth more than $1,000, as well as "purchases, sales or exchanges of cryptocurrencies."
- Under congressional rules, Cawthorn could face a fine of $200, though the Ethics Committee could grant him a waiver.
Business Insider
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Discussions in Russia are underway to allow using cryptocurrency for international payments. The nation's lawmakers are finding ways to regulate crypto markets in an effort to mitigate Western sanctions. More: - This week, the finance ministry of Russia is considering a new proposal that will implement international payments.
- Crypto payments as a means to settle international trade will help counter the impact of Western sanctions.
- Russian Industry and Trade Minister Denis Manturov released a statement saying, "Russia will sooner or later legalize cryptocurrencies as a means of payment. The question is, when this happens, how it will be regulated, now that the central bank and government are actively working on it."
- The minister hinted that it is a matter of time before cryptocurrencies will become a legal means of payment.
Bitcoin.com
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Ethereum dropped 3.4% in 24 hours and currently trading at $1,770. Ethereum continues on a downward spiral over a seven-day period and lost more than 16% of its value. More: - Ethereum is the second-largest cryptocurrency by market cap. It has shed value from $2,077 on Monday to $1,731 on Friday.
- The price shift led to a liquidation of $157.26M, with more than 75% of these liquidations from bullish crypto investors with long positions.
- Ethereum has also postponed its merge to August. The merge will transfer the proof-of-work version of ETH into a proof-of-stake counterpart.
Decrypt
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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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