Crypto News, May 18: Terra’s Legal Team Quits, Vote Underway

The Terra thriller continues with news breaking that its legal team resigned shortly after LUNA collapsed. Do Kwon’s hard fork proposal is currently being voted on.

Crypto News, May 18: Terra’s Legal Team Quits, Vote Underway

Terra’s Legal Team Quits — What’s Next? 🤥

Terra continues to dominate headlines. Today, reports confirmed that its legal team quit after the collapse of UST. That sparked speculation about legal liability of Terra for the collapse of LUNA and UST and first reports suggest Do Kwon could be sued and summoned to a parliamentary hearing over his involvement in the crash. Voting on his proposal is still underway and those in favor of a hard fork are currently in the lead.

a16z State of Crypto Report: We Are Still Early 🌅

Andreessen Horowitz published its annual State of Crypto report. The 2022 edition had several major takeaways, one being that we are still early and that the adoption of crypto was equal to that of the internet in 1995. Another takeaway was that Ethereum is the clear leader in layer-one chains, although it does face competition from other chains. Overall, a16z struck a positive note and sees web3 as a high-potential sector in the years to come.

Nayib Bukele Bangs the Drum for Bitcoin Adoption 🥁

El Salvador’s Nayib Bukele is hosting the annual meeting of the Alliance for Financial Inclusion and used that opportunity to promote the adoption of Bitcoin — at least on social media. El Salvador hosts 44 countries at the meeting focused on financial inclusion, but Bukele made sure to please his fans on Twitter by referencing the country’s Bitcoin adoption.

Robinhood to Launch Non-Custodial Crypto Wallet 👝

Trading app Robinhood is taking another step into the crypto game and announced a non-custodial crypto wallet to come out in 2022. The company said the wallet would follow its no-fee model and allow all standard functionality known from wallets like MetaMask and Coinbase. The announcement comes just a week after Sam Bankman-Fried acquired a 7.6% stake in the company.

Cloudflare to Support Ethereum by Launching Validator Nodes ☁️

Cybersecurity firm Cloudflare announced the launch of Ethereum validator nodes as part of Ethereum’s switch to proof-of-stake. The company is committed to support the Ethereum network throughout its upcoming “Merge,” although it did not specify a launch date for its nodes. Cloudflare is already involved in the blockchain space through a gateway to the InterPlanetary File System (IPFS).