Keep an eye on the latest updates in the crypto industry with U.Today’s news digest!
U.Today has prepared the top four news stories over the past day.
Terra blockchain halted
Yesterday, developers halted the Terra blockchain at a block height of 7603700, stopping all transactions on the network. The action was aimed at preventing governance attacks following severe LUNA inflation. After the token’s circulating supply increased to 3.45 billion tokens, it became cheaper for bad actors to set up an attack; they can potentially scoop up a large number of tokens in order to gain control of the network.
Later that day, at 6:00 p.m. UTC, Terra resumed block production.
This might be something to watch for on Ethereum price as ETH dips under $2K
Santiment data shows increased whales activity in ETH transactions at a pace last seen in January. On May 11, large investors reported making a total of 2,956 transactions, each valued at $1 million or more. Per Santiment, this kind of whale transaction might be something to watch as Ethereum dropped beneath the $2,000 mark. However, the second largest cryptocurrency managed to recover and is changing hands at $2,102 at press time.
Ripple CTO defends Elon Musk against Associated Press criticism about Twitter acquisition
In a recent article published by Associated Press (AP), the authors stated that Elon Musk, although saying that he wants to buy Twitter to defend freedom of speech, he in fact harshly verbally attacks those who disagree with him. Despite criticizing Elon Musk’s decision to buy Twitter in the past, Ripple CTO David Schwartz has taken the side of the Tesla boss this time. He tweeted that attacking those who disagree with you does not contradict struggling to defend freedom of speech, adding that it is exactly what needs to be defended.
Coinbase says some customers are having issues accessing accounts
According to a tweet by Coinbase’s official account, the company is aware of the problems with trading and accessing accounts that some users have encountered. The trading platform stated that its developers are working to fix the issues, reassuring its users that their funds are safe. In its message to customers, Coinbase added that its business is healthy and the company is committed to crypto for the long haul. Meanwhile, Coinbase shares plunged to a new all-time low of $40.83 yesterday, but at the time of writing, the price has added 11.07%, spiking to $69.87, per Nasdaq.