DeSpace Newsletter Digest
Huobi Delisting Privacy Coins, Algorand Foundation vs. Hodlnaut, GCR vs. LUNC, And More
Despace Weekly Newsletter #7 - September 12, 2022
Dear Despace community,
We have another amazing newsletter for you to read. This week’s newsletter covers all the most important news from the crypto space from last week as well as recent important updates from DeSpace Protocol.
What happened in the crypto market last week:
Due To Regulatory Pressure, Huobi Will Delist Seven Privacy Coins
One of the most famous cryptocurrency exchanges in the world, Huobi, has announced that it would completely delist seven privacy coins due to regulatory pressure. These seven coins are Dash (DSH), Firo (FIRO), Verge (XVG), Horizen (ZEN), Zcash (ZEC), Monero (XMR), and Decred (DCR). All deposits for the mentioned coins will be stopped on September 12, and they will also be completely delisted on September 19. This news has shocked the crypto community, and they believe privacy-related coins will be targeted even more in the future.
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Algorand Foundation Pursues Legal Remedies Against Holdnaut
The foundation behind Algorand cryptocurrency, The Algorand Foundation, has claimed that they have a $35 million USDC hole in its balance sheet due to its exposure to a troubled cryptocurrency lending firm, Hodlnaut. Previously, Hodlnaut has paused all withdrawals since August 8 due to its liquidity issues. The Algorand Foundation now pursues legal remedies in its attempt to recover its $35 million USDC worth of assets.
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Infamous Trader GCR Decided To Short LUNC Once Again

GCR rose to popularity after he shorted Terra Luna before its crash a few months ago. After Terra Luna’s project crashed, The Terra Foundation decided to create a new Terra 2.0 project. The original Terra was then called Terra Classic or LUNC. Now, the trader GCR has decided to short Terra Classic (LUNC) once again with an $8 million position size.
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Indian Authorities Have Unfrozen WazirX’s Bank Accounts
Previously, Indian authorities have decided to freeze the bank accounts of WazirX, one of the biggest cryptocurrency exchanges in India. However, after WazirX decided to cooperate with the Indian authorities for an anti-money-laundering investigation, the authorities then decided to unfreeze WazirX’s bank accounts. It’s claimed that WazirX now can access its $8.1 million worth of funds in its bank accounts.
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What happened at DeSpace last week:
Despace Is Now The Official Partner Of Altostream
We are proud to announce that Despace Protocol has partnered with a blockchain-based music streaming service called Altostream. Altostream lets users make money by tokenizing the act of listening and provides an infrastructure for a fairer future of music streaming that benefits everyone, from artists to end-listeners.
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Check Our New Article That Explains Soulbound Tokens (SBTs)
Soulbound Tokens or SBTs are getting more popular nowadays. First introduced by Vitalik Buterin himself, now it looks like this type of token will become even more popular soon. Recently, even Binance itself has introduced the concept of the Binance Account Bound (BAB) token, which is the BNB Chain version of SBT. If you don’t understand the importance of SBTs, and why they should matter to you, check out our new article that explains everything about SBTs.
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This is our seventh newsletter, where we bring the latest and most interesting updates from both the crypto world as well as DeSpace directly to your inbox. Make sure you’re following our social channels so that you don’t miss any news the moment it goes live.
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