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Crypto

OpenSea Introduces New Security Features, Circle Announces Euro-Backed Stablecoin

Crystal Xue
Crystal Xue

In response to a growing number of NFT scams, OpenSea announced a new feature that automatically hides suspicious NFT transfers from view on its platform. [1] A recent blog post also reveals the company’s plans to invest significantly in theft, scam, and IP infringement prevention across the internet, scaling review and moderation, and cutting down critical response times in high-touch areas. [2]

Celsius freezes all crypto withdrawals and transfers

Crypto lender Celsius found itself in the headlines after it paused all customer withdrawals, swaps, and transfers in an effort to “stabilize liquidity” and “preserve and protect assets.” The move was taken after Lido’s Staked Ether (stETH)–of which Celsius is indicated to be a major holder–lost its peg. [3] At the time of writing, Celsius has not reinstated withdrawals and transfers, leaving many users anxious about what’s happening at Celsius.

Tron’s USDD stablecoin loses dollar peg

Tron’s blockchain Decentralized USD (USDD) lost its peg on June 13, raising concerns of another stablecoin crash. In an effort to “safeguard the overall blockchain industry and crypto market,” Tron DAO Reserve announced that it will withdraw 2.5 billion units of TRX from Binance. [4] This is meant to reduce the circulating supply of TRX in the exchange so short-sellers need to pay more in order to short the asset. Theoretically, the asset's price could increase again if the pressure to sell decreases.

Circle set to launch new euro-backed stablecoin

Amidst the crypto downturn, Circle announced plans to launch Euro Coin (EUROC), a fully-reserved and euro-pegged stablecoin. According to the company, the stablecoin can be used to “easily move euro liquidity on-chain, accept and make euro payments globally that can settle in minutes, and access crypto capital markets for trading, borrowing, lending, and more.” Euro Coin will initially launch on the Ethereum blockchain as an ERC-20 standard token this June 30. [5]

Sources

  1. OpenSea Announces New Security Features to Protect Users From NFT Scams
  2. Our Efforts to Curb Fraud and Plagiarism – and What’s Next
  3. Embattled Celsius CEO Alex Mashinsky Breaks 3-Day Silence
  4. TronDAO pulls 2.1B TRX from Binance to ‘safeguard crypto market’ as USDD depegg continues
  5. Circle Announces a Fully-reserved, Euro-backed Stablecoin, Euro Coin (EUROC)  

Please note that this article is for informational purposes only.Alpaca Crypto LLC does not recommend any specific cryptocurrencies

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Crypto

Crystal Xue

Crystal Xue is a Content Marketing Manager at Alpaca. She's passionate about financial literacy and creating content that helps investors navigate financial concepts and products.