Manvel

Zimbabwe introduces gold-backed currency to combat inflation

Zimbabwe has taken a significant step in addressing its ongoing currency challenges by introducing a new foreign exchange and gold-backed “structured currency.”
The move, announced in the first monetary policy statement by new Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu, comes as the bank strives to stabilize the country’s monetary system amidst high inflation rates.
The new structured currency, known as Zimbabwe Gold (ZiG), is backed by a combination of foreign exchange reserves and precious metals held by the central bank. This backing aims to ensure the stability and value of the new currency in the market.
The

OKX shuts down mining pools after five years of operation

Cryptocurrency exchange OKX said it will discontinue mining pool and related services due to “business adjustments” as Bitcoin halving looms.
In a press release on Jan. 26, crypto exchange OKX announced the shutdown of its mining pool services, effective immediately for new-user registrations, with existing users permitted to use the service until Feb 25. Following the deadline, all mining pool-related services will be discontinued.According to data from Mining Pools, OKX secure

Terra developer Terraform Labs files for Chapter 11 bankruptcy

Terraform Labs, the blockchain firm behind the notorious Terra ecosystem, has filed for bankruptcy in the U.S. a month after a court ruled that the firm violated the U.S. laws.
In court documents filed on Jan. 21, the Singapore-based blockchain firm Terraform Labs disclosed liabilities ranging from $100 million to $500 million. Among the creditors holding the largest unsecured claims are Nansen CEO Alexander Svanevik of Standard Crypto and Ashley Swaren, a commercial lead at TokenTerminal Rasmus Savander.
The filing will reportedly allow the firm to execute on its business plan while navigating ongoing legal proceedings, inclu

Judge considers Terraform Labs’ LUNA and MIR as securities

A U.S. federal judge has ruled in favor of the Securities and Exchange Commission (SEC) in a case against Terraform Labs and its former CEO Do Kwon.
According to a U.S. court’s decision, Terraform Labs and Do Kwon sold two unregistered securities, referring to the LUNA, UST, and MIR tokens. District Court Judge Jed Rakoff made the decision on Dec. 28.
The court cited Kwon’s previous commentary, which stated that LUNA holders simply need to “[s]it back and watch [him] kick-ass” to conclude that LUNA meets the Howey test.
Concerning the MIR token, the court held that the defendants could not seriously dispute that they caused MIR h