News Snapshot:
Chinese state media are using the collapse of Luna, which accompanied the fall of its associated stablecoin TerraUSD (UST), to justify the country’s ban of cryptocurrency trading, as topics related to the crash continued to trend on microblogging platform Weibo . “The bloodbath of cryptocurrencies in the latest incident proves the timely and effective action of our country’s regulators,” trumpeted China’s state-run Economic Daily in a Sunday editorial. Luna, from Seoul-based Terraform Labs, has dominated crypto-related news for the past week after its stablecoin sibling UST fell well below US$1 and halted trading on May 12, with its current value...
