📉 Crash of TerraUSD Shakes Crypto

Plus: Has the Milky Way's Black Hole Come to Light?, Elon Musk says Twitter deal 'on hold', and more…

Today’s pick

Crash of TerraUSD Shakes Crypto. 'There Was a Run on the Bank.'. The cryptocurrency TerraUSD had one job: Maintain its value at $1 per coin. Since it launched in 2020, it had mostly done that, rarely straying more than a fraction of a penny from its intended price. That made it an island of stability, a place… (Alexander Osipovich / Wall Street Journal)

Alexander Osipovich @aosipovich

TerraUSD swelled to more than $18 billion in value, yet it crumbled within days. Here’s what happened to the once-hot algorithmic stablecoin—and what it means for crypto. With @ceostroff wsj.com/articles/crash…

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Has the Milky Way's Black Hole Come to Light?. What's going on with our galaxy? Astronomers have long suspected that 26,000 light-years away in the constellation Sagittarius, lurking behind the clouds of dust and gas that shroud the center of the Milky Way, there is a massive black hole. Into… (Dennis Overbye / The New York Times)

The New York Times @nytimes

Breaking News: Astronomers captured the first image of the black hole at the center of our galaxy, using the powerful Event Horizon Telescope. nyti.ms/3yybvXj

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Elon Musk says Twitter deal 'on hold' after spam/fake account report. Elon Musk says his deal to buy Twitter is “temporarily on hold” after the social network reported that false or spam accounts comprised less than 5 percent of its 226 million monetizable daily active users. The Tesla CEO, who offered… (Jon Porter / The Verge)

The Verge @verge

Elon Musk says Twitter deal ‘on hold’ after spam/fake account report theverge.com/2022/5/13/2307…

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The Indian economy is being rewired. The opportunity is immense. OVER THE past three years India has endured more than its share of bad news and suffering. The pandemic has killed between 2.2m and 9.7m people. Lockdowns caused the economy to shrink temporarily by a quarter and triggered the largest internal… (The Economist)

The Economist @TheEconomist

Fate, inher­itance and pragmatic decisions have created a new opportunity in the next decade for India. It is Narendra Modi’s to squander. Our cover this week econ.trib.al/TOa8nx7

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Robinhood shares pop more than 20% after Sam Bankman-Fried buys 7.6% stake. Sam Bankman-Fried, the CEO of crypto exchange FTX, has taken a 7.6% stake in Robinhood, according to a Thursday filing with the Securities and Exchange Commission. Shares of the investing app operator… (Tanaya Macheel / CNBC)

Peggy Mangot @peggymangot

My biggest take here (go on if still reading) Much needed, big stabilizing signal. For crypto, for crypto-exposed public companies, for growth co’s Also hot damn! Putting himself on the map! https://t.co/7DzBknsn16

Techmeme @Techmeme

SEC filing: FTX CEO Sam Bankman-Fried has taken a 7.6% stake, worth $648M, in Robinhood; Robinhood's shares jumped as much as 36% in extended trading (@tanayamac / CNBC) https://t.co/q7ja8pMTdd https://t.co/8e3Ms5k2lC

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