Blockchain
Crypto NFT Today: Week 2 of June
Welcome to another edition of Crypto-NFT today! The last two weeks have been full of unmissable events that will set the tone for the future of blockchain, cryptocurrency, and NFTs.
With the cryptocurrency market declining despite recent recovery, Terraform Labs paying to resolve conflict with SEC, and more, there is a lot of essential news you should know. So, let’s dive in and see what’s going on!
The cryptocurrency market is declining despite the recent recovery
Despite numerous uncertainties, the cryptocurrency market recorded a good, even bullish, performance until June 12th. After last month’s recovery period and positive US employment data, the market has stabilized. In May, the U.S. government created 272,000 jobs, significantly exceeding expectations and forecasts. However, ongoing political changes and other factors have led to worsening market conditions.
Terraform Labs pays to resolve SEC conflict
The Securities and Exchange Commission did required court approval for a final consent ruling in its lawsuit against Terraform Labs and its former CEO, Do Kwon.
Wednesday’s filing reveals a deal between the U.S. securities regulator and Terraform Labs, mandating a payment of nearly $4.5 billion from the former stablecoin issuer. This includes approximately $3.5 billion in restitution, more than $460 million in prejudicial interest, and $420 million in civil penalties.
Trump shows support for cryptocurrency mining industry
Donald Trump has reaffirmed its support for the Bitcoin mining industry after hosting a meeting with several executives from US cryptocurrency mining companies.
In a June 11 post on the Trump-owned Truth Social, the presidential candidate expressed his desire for “all remaining Bitcoin to be MADE IN THE USA!!!” and said this would help the country become “energy dominant.”
New information on past crypto hacks
Over the past 13 years, the cryptocurrency industry has experienced 785 reported hacks and exploits. According to a Crystal Intelligence Report According to Cointelegraph, nearly $19 billion worth of digital assets have been stolen since the first crypto hack on June 19, 2011.
The greatest single cryptocurrency theft occurred in the 2019 Plus Token fraud, in which attackers stole $2.9 billion worth of Bitcoin and Ether. Over the past two years, the most significant cryptocurrency theft was the $290 million security breach at PlayDapp in February 2024.