Tron Community Shaken By 12,000 BTC Withdrawal From USDD Reserves The Tron community is disgruntled with an abrupt withdrawal of 12,000 BTC ($729 million) from the reserves backing the USDD stablecoin. While USDD still boasts a 200% collateralization ratio, onlookers are comparing the token to Terra’s failed UST stablecoin due to 98% of USDD’s backing now comprising TRX.

Liquidators of Three Arrows Capital Say TerraForm Labs Owes It $1.3 Billion for Alleged Market Manipulation Liquidators of Three Arrows Capital (3AC) are seeking $1.3 billion from TerraForm Labs Pte. The claim alleges that TerraForm Labs manipulated the market for Luna and UST tokens, causing 3AC to suffer significant losses. Three Arrows Capital collapsed after the crash of Luna and TerraUSD, leading to the appointment of liquidators to recover assets for creditors.

In the seven days to May 12, Russia's crude oil shipments fell to an eight-week low, and fewer ships departed from major ports such as Primorsk and Ust-Luga on the Baltic Sea coast, as well as Murmansk in the Arctic. The four-week average also saw its biggest big dump in 10 weeks. Dumps from Baltic terminals are in line with the agency's partial loading plan for May, which may reflect further production cuts promised by Moscow to OPEC+ partners. Falling exports, combined with consecutive fall in oil prices in the period ending May 12, hit Russia's total crude oil exports, with the four-week average total export shipments falling by the most since November last year.

PANews reported on March 28 that more than $1 billion of U.S. Treasury bonds (UST) have been tokenized on the public blockchain, according to CoinDesk. This market has grown almost 10-fold since January 2023, thanks to high interest rates around the world. Earlier today, it was reported that the inflow of BlackRock's tokenized investment fund BUIDL has increased to $245 million.

The U.S. SEC Corporation (SEC) has expressed strong dissatisfaction with the $166 million upfront payment made by Terraform Labs to law firm Dentons, claiming that Terraform Labs transferred the money into an "opaque bribery fund for its lawyers" and said that the Rekt Crypto Assets company should not be allowed to hire the law firm or pay for litigation for employees during the Rekt. Terraform Labs, the developer of the LUNA and TerraUSD (UST) Crypto Assets, has voluntarily filed for Chapter 11 Rekt protection in Delaware. In its Jan. 21 filing with the state's Rekt court, the company listed $100 million to $500 million in assets and liabilities, as well as 100 to 199 creditors. Terraform Labs' Rekt filing is designed to enable companies to continue executing their business plans in the face of legal proceedings in securities fraud cases brought by the SEC. （Decrypt）

👓 A Satoshi Ming Qian has bought a total of 202 WBTC in the past two weeks, and currently has a floating profit of $1.36 million According to on-chain analysts, in the past two weeks, Short BTC earned $5.16 million in Satoshi money Address when the LUNA/UST crashed, and accurately bought at the bottom of the $64,000 pullback on BTC last night, buying 66.16 WBTC at an average price of $60,268. In the past two weeks, the Address has bought a total of 202 WBTC at an average cost of $54,479, and currently has a floating profit of $1.36 million, all Token of which are deposited in Aave.

PANews reported on February 29 that according to on-chain analyst ai9684xtpa monitoring, in the past two weeks, Short BTC earned $5.16 million in Satoshi money when LUNA/UST crashed, and accurately bought at the bottom of the $64,000 pullback BTC last night, buying 66.16 WBTC at an average price of $60,268. In the past two weeks, the Address has bought a total of 202 WBTC at an average cost of $54,479, and currently has a floating profit of $1.36 million, all Token of which are deposited in Aave.

Presiding Judge Jed Rakoff for the Southern District of New York approved a protective order that requires Terraform Labs and the SEC to keep certain documents confidential during the trial. The likelihood of requesting approval to unseal these documents is low. Previously, Terraform Labs asked the judge to let the jury decide whether UST and LUNA tokens are securities.

Gauntlet and Chaos are proposing the following conservative and aggressive parameter changes to frozen assets on Aave v2 Ethereum, Gold Finance reported. The conservative proposal aims to liquidate no assets, while the aggressive proposal aims to limit the maximum liquidation amount to $3,000 per asset. Of the 25 frozen assets, 5 assets (BUSD, FIL, RAI, AMPL and UST) have an LT of 0, and 5 assets (1INCH, SUSHI, BAT, FEI and KNC) have an LT of 0.01. Under these proposals, the collateral liquidation amount will be less than $3,000 per asset. This will affect a total of 55 assets, resulting in a cumulative liquidation of $145,50.00 in collateral value.

Economists and analysts at the Bank for International Settlements (BIS) said in a report released Wednesday that stablecoins are not a safe store of value, according to Golden Finance. Stablecoins are typically pegged to assets such as the U.S. dollar, and the report says: "None of the stablecoins evaluated in this article were able to maintain their closing price at the level pegged to them." The paper examines stablecoins such as Pax Gold, USD Coin, Tether, and others, and also mentions the collapse of the Terra algorithmic stablecoin UST, which sent shockwaves through the entire cryptocurrency market and led to losses for the industry last year. "The lack of transparency about the availability and quality of these reserves could undermine trust in the credibility of stablecoins and their ability to maintain a peg exchange rate," the report said.

Billionaire Ken Griffin's trading firm Citadel Securities has denied Terraform Labs' claim that Citadel Securities was behind the UST crash last May. Citadel Securities said in court filings Thursday that Terraform Labs' move was used to divert attention from its allegations, forcing people to pursue absurd conspiracy theories that not only did the time period requested irrelevant, but the theory was also baseless. Citadel asked the court to dismiss Terraform's motion for injunction and said it had only participated in two test transactions involving UST, with a total value of about $0.13, and therefore did not lead to UST de-anchoring. （CoinDesk） Earlier, Terraform Labs filed a motion with the court to require market maker Citadel Securities to "provide certain data pursuant to a third-party subpoena," saying it was "critical" to defend itself in a lawsuit filed by the SEC. The motion said Terraform Labs issued subpoenas to Citadel Securities and Citadel Enterprise Americas for transaction data "related to the May 2022 (UST) de-anchoring." Terraform noted: "Public evidence suggests that Ken Griffin, head of the Citadel entity, intends to short the token before and after the UST de-anchor in May 2022. Relevant evidence suggests that a Citadel Securities may actually be associated with the May 2022 de-anchor, although Citadel Securities publicly denied trading UST during that de-anchoring event. ” Terraform also said Nansen's data helped them find "seven so-called 'whale' traders who have the ability and determination to go long or short on an asset or financial instrument." In addition, the data also shows that "a small number of participants discovered vulnerabilities early in the UST de-anchoring".

PANews News on October 27, according to Blockworks, Citadel Securities said in response to court documents filed by Terraform Labs earlier this month that it has nothing to do with the 2022 stablecoin UST de-anchoring.   In rebutting Terra's coercive motion filing, Citadel said Terra sought to "deflect" allegations of conspiracy with Jump Trading to "drive up asset prices." Claiming that Citadel played a role in UST de-anchoring is a ridiculous conspiracy theory, Citadel asked the court to dismiss Terraform's motion for coercion and said it had only participated in two test transactions with a total value of about $0.13 and therefore did not result in UST de-anchoring. Earlier this month, Terraform Labs filed a motion with the court asking Citadel Securities to "provide certain data pursuant to a third-party subpoena." Terraform noted that public evidence suggests that Ken Griffin, head of the Citadel entity, intends to short UST before and after the de-anchor in May 2022.

In response to court filings filed by Terraform Labs earlier this month, Citadel Securities said it had nothing to do with the 2022 stablecoin UST decoupling. In rebuttal to Terra's coercive motion filing, Citadel stated that Terra sought to "deflect" allegations of "driving up asset prices" against Jump Trading to enforce an absurd conspiracy theory, and Citadel asked the court to dismiss Terraform's coercive motion, claiming that it had only participated in two test transactions with a total value of about $0.13 and therefore did not lead to decoupling.

Crypto analyst Phyrex said in a post on the X platform: "First of all, it needs to be clear that this rejection was filed by the SEC with the consent of both parties, that is, the SEC rejected its own application... It's not true to think that this is Ripple's overall victory, and that this is just that the SEC dropped the prosecution of the two executives, and the fine is still fined. ” Phyrex further stated that the SEC is still likely to appeal: "Because Judge Torres has rejected the SEC's application for expedited appeal, the SEC can only wait until after approval, that is, after April 2024, and before the SEC appeal fails, it cannot be considered that the sale on the exchange is not a security, and from the current prosecution of Terra Luna (UST) incident, there is no distinction between whether the sale was made on the exchange. All of them are deemed to be securities acts. ”

Terraform Labs filed a motion with the court requiring market maker Citadel Securities to "provide certain data pursuant to a third-party subpoena," saying it was "critical" to defend itself in a lawsuit filed by the SEC. The motion said Terraform Labs issued subpoenas to Citadel Securities and Citadel Enterprise Americas for transaction data "related to the May 2022 (UST) de-anchoring." Terraform noted: "Public evidence suggests that Ken Griffin, head of the Citadel entity, intends to short the token before and after the UST de-anchor in May 2022. Relevant evidence suggests that a Citadel Securities may actually be associated with the May 2022 de-anchor, although Citadel Securities publicly denied trading UST during that de-anchoring event. ” Terraform also said Nansen's data helped them find "seven so-called 'whale' traders who have the ability and determination to go long or short on an asset or financial instrument." In addition, the data also shows that "a small number of participants discovered vulnerabilities early in the UST de-anchoring". （Blockworks）

Terraform Labs filed a motion with the court to "provide certain data pursuant to a third-party subpoena," Blockworks reported, saying it was "critical" to defend itself in a lawsuit filed by the SEC. The motion said Terraform Labs issued subpoenas to Citadel Securities and Citadel Enterprise Americas for deal data "related to the May 2022 de-anchoring." Terraform noted that public evidence suggests that Ken Griffin, head of the Citadel entity, intends to short UST before and after the de-anchor in May 2022. Terraform said Nansen's data helped them find "seven so-called 'whales' who have the ability and determination to go long or short on an asset or financial instrument." In addition, the data also shows that "a small number of participants discovered vulnerabilities early in the UST de-anchoring".