Terra is back with a brand-new update, Fake Elon Musk videos run wild, and Bitcoin rises again.
Here is this week’s crypto news update that you don’t want to miss out on.
Terra is set to launch a brand-new update.
The Terra blockchain has been making a lot of headlines recently. The sudden crash of the publicly traded cryptocurrency Luna, which is native to the Terra blockchain, led to the loss of millions in the crypto industry. We touched on how this happened in our article, three reasons why the crypto market crashed and what to do about it.
Many crypto investors had written off the crypto project following its catastrophic crash. Luna had been removed from several crypto exchanges solidifying the downfall of one of the most popularly traded cryptocurrencies in the industry. Terra, the blockchain that houses the cryptocurrency, had experienced an ecosystem meltdown within the past few weeks. Terraform Labs, the company behind Terra USD and Terra Luna, had to halt the blockchain’s activities for two hours in an attempt to contain the total crash of the blockchain. When activities resumed, Terra’s native cryptocurrencies plummeted in price.
It felt like the end of the road for Terra, but the Terra community has been working around the clock to launch a fresh Terra blockchain. The new blockchain was set to go live on Saturday, May 28th, 2022 followed by an airdrop of the new Luna token. The token, which is named LUNAC, was recently announced to join crypto exchange platforms on May 31st.
Holders who lost money in the crypto crash would receive the replacement Luna coins based on their previous holdings. This could, in theory, revitalize the blockchain network.
A fake video featuring Elon Musk and Jack Dorsey floods Youtube.
There has been a growing number of false live videos on Youtube with the CEO of Tesla, Elon Musk and the founder of Twitter, Jack Dorsey. The video entails Musk and Dorsey talking with investment guru Cathy Wood about Bitcoin and the firm’s direction.
Edited text advertising a fake crypto giveaway is seen on the screen. The Tesla logo is seen in nearly every corner of the video, and so are the two-for-one ads. These usually state that you will receive twice the amount of your initial transfer to an unknown wallet.
The video is from a 2021 conference titled the B-word conference. The video has since been obtained and used by scammers to get people to share their cryptocurrencies and lose them.
Many other fake accounts made on various social media platforms preach the same free Bitcoin giveaway scams as those on Youtube. These scams usually require personal information about the sender’s crypto wallet or for the sender to forfeit some of his or her cryptocurrencies.
Bitcoin and Ether move higher in price.
Bitcoin has been hitting record lows for the past few weeks. The coin has been showing positive signs in the market lately, reaching above $30,000. Ether struggles to maintain a price of $1,900.
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