NFTs
Crypto NFT Today: Week 2 June
Welcome to another edition of NFT Crypto Today! The last two weeks have been full of unmissable events that will define points for the future of blockchain, cryptocurrency and NFTs.
With the crypto market declining despite a recent recovery, Terraform Labs paying to settle its SEC dispute, and more, there’s a lot of essential news you should know about. So let’s dive in and see what’s going on!
Crypto Market Decline Despite Recent Recovery
Despite numerous uncertainties, the crypto market performed well, even bullishly, until June 12th. After a period of recovery last month and positive US employment data, the market has stabilized. The US government created 272 thousand jobs in May, significantly exceeding expectations and forecasts. However, ongoing political changes and other factors have led to a decline in market conditions.
Terraform Labs pays to resolve conflict with SEC
The Securities and Exchange Commission requested judicial approval for a final consent judgment in its case against Terraform Labs and its former CEO, Do Kwon.
Wednesday’s document reveals an agreement between the US securities regulator and Terraform Labs, requiring a payment of nearly $4.5 billion by the former stablecoin issuer. This includes approximately $3.5 billion in restitution, more than $460 million in prejudgment interest, and $420 million as a civil penalty.
Trump Shows Support for Crypto Mining Industry
donald trump has reaffirmed its support for the Bitcoin mining industry after organizing a meeting with several executives from US crypto mining companies.
In a June 11 post on the Trump-owned Truth Social, the presidential candidate expressed his desire for “all remaining Bitcoins to be MADE IN THE USA!!!” and stated that this would contribute to the country becoming “dominant in energy terms”.
New information about previous crypto hacks
The cryptocurrency industry has suffered 785 reported hacks and exploits over the past 13 years. According to a Crystal Intelligence Report shared with Cointelegraph, nearly $19 billion worth of digital assets have been stolen since the first known crypto hack on June 19, 2011.
The biggest single crypto theft occurred in the 2019 Plus Token scam, where attackers stole $2.9 billion worth of Bitcoin and Ether. Over the past two years, the most significant crypto theft was the $290 million PlayDapp security breach in February 2024.