Unfortunately for their customers, it turned out that Stablegains was heavily invested in the Terra project's Anchor protocol, which collapsed along with the rest of the Terra ecosystem last week. Stablegains' website had stated they primarily generated yields through the asset-backed stablecoin USDC. However, after the collapse of Terra, Stablegains admitted that "All users' holdings are in UST" — which lost over 90% of its value.
Users threaten to sue after yield generation project Stablegains loses $44 million in Terra collapse
"Quantum-resistant" blockchain QAN suffers bridge attack
QAN describes itself as a blockchain that helps "resist quantum attacks", though apparently not the types of bridge attacks that have become fairly common in the past year or so.
Class action lawsuits filed against Terra founders after crypto collapse
Another Korean group, calling themselves "Victims of Luna, UST coins", has amassed 1,500 members and reportedly plans to file a lawsuit against Kwon and Terraform Labs' other cofounder, Shin Hyun-Seong (who is also known as Daniel Shin, and is no longer with Terraform Labs).
This development may be particularly inconvenient for Kwon and Shin, given Terra's legal team quit the company the previous day.
On June 17, another investor filed a separate lawsuit against Terraform Labs, Kwon, and various others in a US court.
"Feminist Metaverse" token exploited for $533,000
The project advertised on its website its plans to "Create Feminist economics in the form of a DAO to balance the male-dominated world." The project's whitepaper explains how the metaverse will apparently "greatly reduce the impacts on women's normal work and inequality in wages brought by their physiological differences and pregnancy. As a consequence, it helps eliminating a number of unresolved problems in the real world like gender discrimination, inequality in wages, sexual harassments, sexual assaults, trafficking of women and child marriage." It's not clear what specifically the "Feminist Metaverse" project was hoping to achieve.
Fake minting links distributed after several large NFT Discord servers are compromised
Bot compromises have emerged as a wide attack vector in crypto and web3 communities, as widely-used bots can have elevated permissions across Discord channels used as official information sources across many communities.
Terraform Labs' legal team resigns
Four pricey NFTs stolen from actor Seth Green, complicating his plans for an animated series
The theft occurred on May 8, though Green only seemed to notice on May 17 when he tweeted, "Well frens it happened to me. Got phished and had 4NFT stolen."
The loss of the Bored Ape was later revealed to have put Green in a bit of a pickle, when he released the trailer for a new animated series he was developing that starred his pilfered primate. Given that BAYC ownership grants commercial usage rights (which are presumably transferred to the new owners when the NFT changes hands), the person who bought the NFT flipped by the phisher could have possibly brought a lawsuit against Green if he moved forward with the series.
Green ultimately spent about $300,000 to buy his ape back from the hacker.
American running "untraceable" service "designed to evade US sanctions" is charged after being traced
Though the country is as yet unnamed, the limited number of countries sanctioned in the way described in the decision allow us to deduce that it was either Cuba, Iran, North Korea, Syria, or Russia. This case marked the D.O.J.'s first criminal prosecution involving alleged use of crypto to evade sanctions.
U.S. Magistrate Judge Zia M. Faruqui wrote in the opinion: "Virtual currency is traceable. Yet like Jason Voorhees the myth of virtual currency's anonymity refuses to die. See Friday the 13th (Paramount Pictures 1980)."
Scream lending protocol racks up $35 million in bad debt after hardcoding not-so-stablecoin prices to $1
CZ admits Binance held Luna and UST in bizarre tweet threads
The following day, CZ tweeted, "Binance received 15,000,000 LUNA (at peak worth $1.6 billion USD, now not much) as part of the original ($3m) invest. 560x return at peak." In this tweet, "not much" glossed over the fact that these LUNA, obtained in return for a $3 million investment and at one point nominally worth $1.6 billion, are now worth $2,900.
He also wrote that Binance had 12,000,000 UST — worth $12 million when UST was properly pegged, and now worth $1.16 million (assuming liquidity exists to sell it at all).