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📉 Crash of TerraUSD Shakes Crypto

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📉 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…

Jose Montes de Oca
May 13, 2022
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📉 Crash of TerraUSD Shakes Crypto

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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)

Twitter avatar for @aosipovich
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…
4:57 PM ∙ May 12, 2022
21Likes11Retweets

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)

Twitter avatar for @nytimes
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
Image
1:36 PM ∙ May 12, 2022
30,169Likes6,100Retweets

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)

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The Verge @verge
Elon Musk says Twitter deal ‘on hold’ after spam/fake account report theverge.com/2022/5/13/2307…
Image
9:57 AM ∙ May 13, 2022
239Likes25Retweets

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)

Twitter avatar for @TheEconomist
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
Image
11:17 AM ∙ May 12, 2022
164Likes62Retweets

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)

Twitter avatar for @peggymangot
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
Twitter avatar for @Techmeme
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
10:55 PM ∙ May 12, 2022

Thanks for reading to the bottom and soaking in our Newslit fuelled highlights for your morning.

I hope you found it interesting and, needless to say, if you have any questions or feedback let me know by hitting reply or on Twitter.

Take care and see you on Monday!

— Jose Montes de Oca

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📉 Crash of TerraUSD Shakes Crypto

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