Crypto Market Highlights: General News
- Stablecoin MIM Depeg After Rumors Of “Bad Debt”. At around 7 a.m. on July 18, stablecoin MIM started trending away from the $1 zone. Accordingly, at the time of writing, this stablecoin is continuing to fall deeply to the $ 0.94 mark. On March 25, 2022, in an image of the mortgaged assets dashboard – minting MIM, it is easy to see that ~64% of MIM’s collateral is in UST. However, the SPELL team said that the dashboard was “incorrect data” and that the team was “under maintenance”. Accordingly, on the project’s homepage, users cannot access this data sheet at the present time.
- Tether was hit by a massive denial of service attack on June 18. According to a tweet from Paolo Ardoino, Tether’s Chief Technical Officer, the company has received ransom demands from hackers who hacked its systems. He explained that the demand was not unprecedented as they had received it once in the past. As a result of the attack, the stablecoin website saw 8 million requests/5 minutes. This is a far cry from the usual 2k reqs/5 minutes it gets on a normal day.
- Elon Musk says he will continue to support Dogecoin despite the lawsuit. Elon Musk was recently sued because there were suspicions that he was deliberately manipulating the price of Dogecoin, causing the price of the cryptocurrency to rise or fall abnormally. On June 19, Elon Musk tweeted that he would always support Dogecoin…
