May 11, 2022, 9:30 AM

Top News

Tim Copeland / The Block:
Luna and the UST stablecoin continue to plummet; Luna drops below $1, a 97% slide in 24 hours, while UST drops as low as $0.27, a ~60% drop in 24 hours  —  Quick Take  — The price of Luna has dropped 82% in the last 24 hours.  — Its related stablecoin UST has retreated even further from its dollar peg, falling to just $0.27.
Frank Chaparro / The Block:
Stacy-Marie Ishmael / Bloomberg:
In an interview, Gary Gensler says crypto exchanges are “commingling” services to the detriment of customers and highlights their ties with popular stablecoins  —  Gary Gensler is ratcheting up his criticism of digital-asset exchanges, arguing that some platforms are shirking rules …
Paul Kiernan / Wall Street Journal:
US Treasury Secretary Janet Yellen: passing legislation in 2022 to create a stablecoin regulatory framework “would be highly appropriate”, after UST's stumble  —  Treasury secretary expresses hope that Congress will pass legislation this year to create regulatory framework for stablecoins
Dave Lee / @daveleeft:
[Thread] In an interview, Musk says Twitter has a “left bias”, he would “literally put” its “algorithm on GitHub”, and he thinks he would reverse Trump's ban  —  Twitter currently the “least bad” public square, @elonmusk says at #FTCar. “In order to be better at that it needs to get rid of the bots, the scams.” Live here:
Leaked proposal: the European Union plans to release a draft law this week that requires tech companies to scan for CSAM and threatens end-to-end encryption  —  Brussels is bracing for one of its biggest and most emotional tech fights yet as companies face stringent new rules to clamp down on sexual abuse material.
Brian Heater / TechCrunch:
Apple discontinues the iPod touch, leaving the device on sale “while supplies last” and ending the product line after debuting the original iPod in October 2001  —  Last October marked 20 years of the iPod.  It's a remarkable run in the cutthroat, always-iterating world of consumer electronics.
MacKenzie Sigalos / CNBC:
Coinbase drops 24%+ after reporting $1.2B net revenue in Q1, down from $1.6B YoY, 9.2M MTUs, up from 6.1M YoY, and $309B trading volume, down from $335B YoY  —  - Coinbase reported first-quarter earnings after the bell on Tuesday.  — The earnings come amid a major sell-off across the crypto market.
Sami Fathi / MacRumors:
Kuo: Apple will switch to USB-C for the iPhone 15 in the second half of 2023, improving transfer and charging speeds  —  Apple will ditch its proprietary Lightning port and switch to USB-C on all or possibly some models of the iPhone 15 lineup destined to launch in the second half of 2023, Apple analyst Ming-Chi Kuo said today.
Olga Kharif / Bloomberg:
BAYC, whose average sales price dropped 29% over the past week, and other bluechip NFT collections, have been hit harder than bitcoin amid the crypto rout  —  Blue-chip NFT collections like Bored Ape Yacht Club, which for a while outperformed the rest of the crypto market …
Rest of World:
A look at Meta's and Google's subsea cable investments in Africa, the least connected continent, as the companies seek the terrestrial links to a billion users  —  One sunny Thursday morning in September 2021, three men gathered at the Multimedia University of Kenya, in Nairobi, for a small ceremony.
Dean Takahashi / VentureBeat:
Unity Software's stock fell 22%+ amid the company's lower than expected sales forecasts for Q2 and lower revenue guidance for the next full-year  —  Unity's stock price fell 28% in after-hours trading after the company reported earnings that met analyst expectations but fell short on the outlook.
Hannah Miller / Bloomberg:
Moralis, which makes tools to build blockchain-based web apps, raises a $40M Series A from Coinbase Ventures and others, sources say at a $215M valuation  —  Despite slumping crypto prices, funding rounds for blockchain startups are still getting done.  Moralis, a platform offering developer tools …
More: The Block

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