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Tag Archives: Terra (LUNA)

3AC Co-Founder Zhu Su Accuses DCG of Being Criminally Fraudulent

Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, became one of the many industry participants that went bankrupt in the bear market. At its peak, 3AC managed more than $10 billion worth of assets. Its undoing was disastrous but wasn’t purely a market-driven phenomenon. In the latest Twitter thread, Zhu Su said the parent firm of Grayscale Investments and Genesis Trading conspired with FTX to bring down Terra’s LUNA token and Staked Ether (stETH). Zhu Su Blasts...

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13 Biggest Crypto Scandals and Controversial Stories of 2022

The crypto market behaving erratically is nothing new, but absolutely no one saw such epic levels of fund mismanagement coming from established giants. The young industry’s turn to a more sordid state of affairs hit everyone by surprise, especially after the heady rush of the bull run last year. 2022 was marred by corruption and fraudulent activity. An industry that claims to have traceable and public transactions saw big bucks being funneled maliciously with much audacity...

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Binance Updates LUNC Burning Model Following Controversial Community Proposals

Leading cryptocurrency exchange Binance has announced that it is changing the burning mechanism for Terra Classic (LUNC) trading fees. According to the exchange, the changes are in response to two controversial proposals – Proposal 10983 and 11111 – where LUNC burn is being re-minted as a development fund. Binance Makes Changes to LUNC Burn Mechanism As part of the changes, Binance said it would reduce its LUNC spot and margin trading fees from 100% to 50% starting December...

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$116 Billion Less: Crypto Investors and Execs Experience Harsh Winter (Report)

2022 will go down in history as one of the most atrocious and shocking for the cryptocurrency industry, which saw several major implosions, countless bankruptcies, fallouts, and everything in between. Apart from the obvious – the massive price declines of cryptocurrency assets, Forbes estimated that several industry participants have lost their billionaire status, while others’ fortunes were wiped out to $0. From Terra to FTX – Crypto Debacles The macroeconomic factors have...

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South Korea Freezes $93M Allegedly Belonging to Company Involved in Terra’s Crash (Report)

The South Korean court has reportedly frozen 120 billion won (over $93 million) in assets belonging to executives of blockchain consultancy firm Kernel Labs.  The entity is speculated to have had a hand in Terra’s collapse earlier this year while its CEO – Kim Hyun-Joong – served as Vice President of Engineering at Terraform Labs.  The Latest Efforts According to a local report, the Korean Authorities froze around $93 million owned by bosses of Terraform Labs’ affiliate...

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Waves Breaks Silence Over DAXA Investigation, USDN Stablecoin Fails to Repeg

It has been a tough year for algorithmic stablecoins. Historically, these pegged tokens have failed to maintain a grip on $1, especially under extreme selling pressure. But the Terra collapse has been disastrous, and the ripple effects have had a decisive impact on the rest of the market. Seven months later, another algorithmic stablecoin is having trouble maintaining its dollar peg. In fact, this is the fifth time that Waves-backed Neutrino Dollar (USDN), currently trading...

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Korean Prosecutors Seek an Arrest Warrant for Terraform’s Daniel Shin (Report)

The Seoul Southern District Prosecutors Office reportedly sought arrest warrants for one of Terraform Labs’ Co-Founders – Shin Hyun-seung (Daniel Shin), claiming he gained illegal profits before the colossal crash of LUNA/UST. The Korean authorities previously issued an arrest warrant against Terraform’s CEO – Do Kwon. His whereabouts remain unknown, while recent sources hinted he could be in Europe.  Daniel Shin on the Spotlight, too The spectacular collapse of Terra’s...

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Crypto Lender Hodlnaut Investigated by Singaporean Authorities (Report)

Law enforcement agents in Singapore have reportedly opened an investigation against the troubled crypto lender Hodlnaut.  The police suspect the company’s executives might have cheated users over the years and committed other crimes. Hodlnaut Takes Another Punch According to a Bloomberg coverage, Singapore’s police force started probing Hodlnaut for its alleged involvement in cheating and fraud offenses. This comes as a result of numerous reports which blamed the firm’s...

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South Korea To Change Its Legal Framework To Better Control Crypto Projects

On the heels of the Terra LUNA meltdown and the bankruptcy of FTX, authorities from South Korea are proposing new amendments to the Digital Assets Bill seeking greater control over cryptocurrency exchanges. Congressman Yoon Chang-Hyun is preparing an amendment to expand financial authorities’ control capabilities to prevent the repetition of events such as the FTX collapse. According to local media outlet News 1, Chang-Hyun is proposing to grant more authority to the...

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