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Independent Russian News Site Meduza Raises Over $200,000 in Crypto

Independent Russian News Site Meduza Raises Over $200,000 in Crypto shutterstock 2116103069 6vfgMU | BuyUcoin

Pressure from the Kremlin and sanctions from the West have forced Russian news outlet Meduza to increasingly rely on cryptocurrency donations to fund its independent journalism. As the restrictions imposed over Moscow’s invasion of Ukraine have prevented its Russian readers from contributing in fiat currency, the Riga-based website now accepts several digital coins.

Meduza Pulls Journalists out of Russia, Seeks Crypto Support

The war in Ukraine has affected Russian-language news site Meduza in more than one way, a report by Bloomberg reveals. Soon after the Kremlin launched its “special military operation,” President Vladimir Putin’s administration clamped down on independent reporting on the conflict and the media outlet has sought help to resettle its 25 journalists in Latvia.

The small Baltic nation of around 2 million, which has a large Russian speaking minority, has become a hub for exiled Russian media. Western sanctions, however, do not allow Meduza’s 30,000 Russian readers who supported it before the conflict to send funds through Stripe, after the payment processor suspended services in the Russian Federation to comply with the penalties.

The war and the sanctions have forced Meduza to turn to its international audience and ask for financial help in U.S. dollars, euros, or cryptocurrency. It now accepts card payments, bank wires, Paypal transfers, and multiple coins including bitcoin (BTC), ether (ETH), the stablecoin tether (USDT), and the privacy-oriented monero (XMR). The report notes that the provided BTC and ETH wallets have already accumulated about $230,000 worth of cryptocurrency.

Commenting on the situation, the news portal’s editor-in-chief Ivan Kolpakov pointed out that Meduza is currently raising only around half of what it needs to develop. While declining to reveal the total amount of donations, he noted that the website is soliciting crypto and relying entirely on money from foreigners for the first time and stated:

We couldn’t predict that the sanctions of Western governments will come first and destroy our crowdfunding.

Independent Russian media outlets have faced unprecedented pressure from authorities in Moscow and as a result some have shut down, while others have been blocked by the Russian state. The Novaya Gazeta newspaper suspended publication in March after receiving warnings about its coverage, and the Ekho Moskvy radio station had its FM frequency handed over to the state-run Sputnik.

Meduza, which was founded in the Latvian capital after Russia’s annexation of Crimea in 2014, during another media crackdown, was labeled last year a “foreign agent” by the Russian government. The designation, which targets Russian media receiving funding from abroad, had already hurt its advertising revenue before the new sanctions effectively ended Russian donations.

Do you expect other independent Russian publications to turn to cryptocurrency donations to fund their reporting? Tell us in the comments section below.

Terra Skyrockets 1000% On Bullish Sentiments As Traders Envision LUNA As “The Next Shiba Inu”

After losing over 99% of its total value on Thursday, LUNA’s price surged over 1000% to $0.0005395 on Saturday, igniting bullish sentiments among LUNA investors. This week, LUNA saw its largest sell-off yet, after UST, the algorithmic stablecoin created by Terra fell below the $1 peg, plummeting to $0.22 on Wednesday. The de-peg allegedly came::Listen

Terra (LUNA) Sees Highest Percentage Of Fanfare Activity Since October — Emerges As Best Performer Of The Week

After losing over 99% of its total value on Thursday, LUNA’s price surged over 1000% to $0.0005395 on Saturday, igniting bullish sentiments among LUNA investors.

This week, LUNA saw its largest sell-off yet, after UST, the algorithmic stablecoin created by Terra fell below the $1 peg, plummeting to $0.22 on Wednesday. The de-peg allegedly came as a result of some big crypto investors dumping the stablecoin for “safer assets” fearing that Terra’s plan to back UST using Bitcoin could backfire.

The situation was further worsened by other stablecoins including Tether (USDT) sinking as low as 95 cents on some exchanges Thursday, alleviating the ongoing “speculation driven fear.”

In the process, Bitcoin also fell close to $26,000 on Thursday, bringing along other cryptocurrencies, with the entire crypto market cap plunging by over 18%. However, it’s LUNA’s sudden drop that seemed to have caught the interest of most traders. After tapping an all-time high of $119.18 on April 5th, LUNA embarked on a typical pullback along with other cryptocurrencies before this week’s gargantuan sell-off.

On Friday, LUNA suffered another blow after the Terra team announced the halt of Terra blockchain “with a plan to reconstitute it”, causing Binance to stop the trading of LUNA pairs.

Despite still being significantly below its all-time high, Saturday’s surge has breathed some new air into LUNA. On Friday, Binance, the world’s largest crypto exchange by traded volume changed its mind and re-listed LUNA after the Terra team agreed to fire up block production on the Terra blockchain.

While some investors have flatly remained opportunistic hoping to make a killing off of LUNA’s bounce, others seem to have been stoked by Terraform Lab’s plan to revive the network. This has seen LUNA’s trading volume rise by over 1000% in the past 24 hours with traders now envisioning LUNA to pull off a SHIB-like rally.

Despite being “heartbroken” and “devastated by the UST de-pegging,” on May 14, Do Kwon, Terraform Labs co-founder denied rumors that Terra was involved in orchestrating the UST dump.

Neither I nor any institution that I am affiliated with profited in any way from this incident.” Kwon Tweeted. “I sold no LUNA nor UST during the crisis”

“I still believe that decentralized economies deserve decentralized money-but it is clear that UST in its current form will not be that money,” Kwon added. The Terra team is currently working on a “Terra ecosystem revival plan”, that has obviously appeased a majority of Terra proponents, as can be seen in today’s spike.

As of writing, LUNA is trading at $0.00045, up 1,448.53% in the past day while UST is down to $0.19. The volatility on these assets is, however, “extreme” and investors should “proceed with caution.”

Independent Russian News Site Meduza Raises Over $200,000 in Crypto

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