Terra’s algorithmic stablecoin TerraUSD (UST) has become the third-largest stablecoin on the market after surpassing Binance USD (BUSD). The stablecoin’s supply now stands at $17.48 billion, below USDC’s $50 billion and USDT’s $82.72 billion.

Ethereum-based stablecoin protocol Beanstalk Farm was exploited for $182 million over the weekend. The attack was flagged by blockchain security firm PeckShield. The market for Beanstalk’s BEAN stablecoin collapsed because of the attack.

The European Commission has received about 10,000 public comments so far on its call for feedback on the potential establishment and launch of a digital version of the euro.

Sponsored: The Invictus suite of funds offered commendable performance in a quarter marked by heightened volatility in the Bitcoin and broader cryptoasset market. All five of the Invictus funds registered positive returns for the quarter, with the vast majority outperforming their benchmarks. 

Top stories in the Crypto Roundup today:

• Terra’s UST Becomes Third-Largest Stablecoin
• Ethereum-based Stablecoin Protocol Suffers $182 Million Exploit
• European Commission Receives Over 10,000 Public Comments on Digital Euro
• Sponsored: Invictus Capital continues to deliver an uninterrupted path of growth across all its funds

Terra’s UST Becomes Third-Largest Stablecoin

Terra’s algorithmic stablecoin TerraUSD (UST) has become the third-largest stablecoin on the market after surpassing Binance USD (BUSD). The stablecoin’s supply now stands at $17.48 billion, below USDC’s $50 billion and USDT’s $82.72 billion.

Despite flipping BUSD in circulating supply – and as a result market capitalization – UST’s trading volumes are well below those of BUSD, a stablecoin supported by leading cryptocurrency exchange Binance.

Terraform Labs, the company responsible for the development of Terra, has been making headlines over the last few weeks as it builds up a BTC reserve for the algorithmic stablecoin.

The Luna Foundation Guard (LFG) a  non-profit mandated to build reserves for Terra’s algorithmic stablecoin, now holds $100 million in AVAX, along with $1.6 billion in BTC, $172 million in LUNA and $398 million in USDC.

Ethereum-based Stablecoin Protocol Suffers $182 Million Exploit

Ethereum-based stablecoin protocol Beanstalk Farm was exploited for $182 million over the weekend. The attack was flagged by blockchain security firm PeckShield. The market for Beanstalk’s BEAN stablecoin collapsed because of the attack.

The security firm initially suggested the attacker made off with at least $80 million in crypto, although the losses the protocol suffered were much larger. The attacker took out a flash loan on lending platform Aave, which enabled them to amass a large amount of Beanstalk’s governance Stalk token.

With the voting power from the Stalk the attacker controlled, they were able to pass a malicious governance proposal that drained all protocol funds into a private Ethereum wallet. BeanStalk’s team wrote in a summary of the attack:

“Beanstalk did not use a flash loan resistant measure to determine the % of Stalk that had voted in favor of the BIP. This was the fault that allowed the hacker to exploit Beanstalk.”

According to PeckShield, the attacker appears to have donated $250,000 of the stolen funds to a Ukrainian relief fund.

European Commission Receives Over 10,000 Public Comments on Digital Euro

The European Commission has received about 10,000 public comments so far on its call for feedback on the potential establishment and launch of a digital version of the euro.

A targeted consultation is also happening, designed to help policymakers consider issues that include users’ needs and expectations for a digital euro, and such a currency’s role in the EU’s retail payments and digital economy.

A working document says the targeted consultation is meant to complement the public call, as it aims to collect information from industry specialists, payment service providers, payment infrastructure providers, merchants, and others.

The European Union hasn’t yet made a decision on whether it will be issuing a digital currency.

Invictus Capital continues to deliver an uninterrupted path of growth across all its funds

The Invictus suite of funds offered commendable performance in a quarter marked by heightened volatility in the Bitcoin and broader cryptoasset market. All five of the Invictus funds registered positive returns for the quarter, with the vast majority outperforming their benchmarks. The simple average return across our suite of funds was 10.7% for the quarter, which is equivalent to an annualized return of 50%.

• The Crypto10 Hedged (C10) fund offered the greatest returns over the quarter at 23.91%, far outstripping its benchmark of 1.66% and Bitcoin at 12.36%. 

• Crypto20, the flagship fund, had a stellar year registering a return of 334.98%, it significantly outperformed its Top 20 equally weighted benchmark, which rose 261.92%.

• The Invictus Bitcoin Alpha (IBA) fund  managed to outperform Bitcoin throughout the fourth quarter, marking a total return of 14.56%, accompanied by significantly less volatility.

• The Hyperion venture capital fund continued on its impressive run, appreciating a further 5.05% off the back of a Quantfury dividend and Syntropy revaluation. The large dividend received by Quantfury will allow for a healthy level of buy-and-burn activity on the IHF token over the coming months.

• Invictus Margin Lending (IML) Fund registered a 2.48% net return for the quarter against its 1.48% benchmark hurdle.

Invictus Capital is now on the cusp of a historic migration into a fully-regulated fund structure that will place us at the forefront of innovation within the asset management space. It should also bring our investors the peace of mind that comes with additional, 3rd-party oversight of our operations.

Disclaimer:

Cryptocurrency trading involves high risk, and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite.

Its content does not constitute financial advice. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice.

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