Transaction freezes at Celsius Networks, which we reported on a few days ago, seem to be just the start of another stormy week in cryptocurrency. Binance has been sued over the collapse of the TerraUSD stablecoin, and Coinbase — one of the biggest cryptocurrency platforms — cut over 1,000 jobs ahead of difficult economic conditions. The layoffs were abrupt. Coinbase cut affected employees’ system access at the same time as the announcement, to prevent “rash decision[s]” by outgoing staff.
TerraUSD’s value collapsed in May, causing massive losses for investors, who trusted its classification as a stablecoin that’s supposed to maintain its value of $1 per coin. Unlike other stablecoins backed by real-world assets, though, TerraUSD is an “algorithmic” stablecoin not backed by fiat currency — like the US dollar.
Instead, it’s backed by a cryptocurrency called Luna and has a mechanism to restore its value to $1 if it ever falls. That’s the issue a Utah resident took against Binance, accusing it of falsely advertising as a safe asset, backed by fiat currency.
There’s a “crypto winter” coming, according to Coinbase’s chief Brian Armstrong — it’s just started in the summer.
— Mat Smith
The biggest stories you might have missed
No, the Apple Watch isn’t your only option.
The wearable world is heaving, but a few key players have muscled their way to the front of the pack. Maybe you want to reach for your phone less throughout the day, or maybe you want to stay connected but more discretely. Whatever the reason, we’ve laid out exactly what you need to look for and made several recommendations for your first steps into wearables, across iOS and Android.
‘The government has always been clear the plug-in car grant was temporary.’
The UK government has ended its plug-in car grant program, effective immediately. The scheme launched in 2011, with grants up to £5,000 ($6,089) or 25 percent of the cost of the car, which gradually reduced to £1,500 ($1,827) — until today. The grant ends on future sales but will still be honored for any buyers that already applied for it.
The UK government now plans to focus on charging stations but didn’t say if it planned to boost the £1.6 billion budget it had already set aside.
Many of us can relate.
If the thought of losing all your WhatsApp chat histories has kept you from making the jump to iOS, you no longer have to worry. Today, the app is adding a feature to help you move your content using Apple’s Move to iOS tool. The feature is available as a beta for now, so you may notice a few bugs during the transfer.
The upgraded laptop will reach customers on June 24th.
Apple has announced it’ll start taking orders for the 13-inch MacBook Pro M2 on June 17th for deliveries on June 24th. The system starts at $1,299 ($1,199 for education) with 8GB of RAM and a 256GB SSD. In a sense, its greatest rival will come from Apple: the still-to-be-released MacBook Air M2. You won’t get a cooling fan or the longest possible runtime, but you will get a larger screen, a MagSafe power connection, more free ports and a slimmer, lighter chassis.
It’s the end of an era you probably won’t miss.
Microsoft will no longer support the Internet Explorer 11 desktop app for Windows 10 as of, well, today. You’ll still receive IE11 support if you’re using Windows Server 2022 or an earlier OS release with a long-term service extension, but this marks the effective end of software updates for most of us.
You’ll need a separate subscription to catch every match.
Starting in 2023, Apple TV will be the only place to watch every Major League Soccer game for the next decade. Soccer fans around the world will be able to stream all of the league’s matches through the Apple TV app. Notably, there won’t be any restrictions or regional blackouts.
If you’re planning to watch every match, you masochist, you need to subscribe to a new MLS streaming service, which will only be available through the Apple TV app.
Netflix is creating a real-world competition based on ‘Squid Game’
Just less bleak.
Variety reports that Netflix is creating a reality competition show, Squid Game: The Challenge, based on the Korean series. The 10-episode production will pit 456 people against each other in games both “inspired” by the show as well as new events.