Tag Archives: Terra (LUNA)

The unknown person visiting Terraform Labs’ founder, Do Kwon, has been identified and later arrested. According to a BBC News report, an AfreecaTV streamer who goes by “Chancers” was the desperate man who knocked on the controversial exec’s home earlier this month. The social media personality made quite a fortune after entering the digital asset space in 2017. Chancers had invested $800,000 in LUNA. Following the latest crash, he lost approximately $2.4 million. He was...

Crypto exchange Bybit collaborated with blockchain analytics platform Nansen to publish another monthly report on the state of the crypto industry. It focused on the broader market condition, DeFi activities, and NFT markets. The paper regarded Terra’s notorious collapse as fundamentally destructive to the nascent crypto community but beneficial to other Layer-one competitors since they have attracted the outflow capital derived from the fallen community. Investors Adopting a...

South Korean police are reportedly looking to freeze assets associated with the non-profit organization Luna Foundation Guard (LFG) following the eventful collapse of Terra (LUNA). According to South Korea’s national broadcaster Korean Broadcasting System (KBS), on Monday (May 23, 2022), the Seoul Metropolitan Police Agency asked several exchanges in the country to prevent LFG from withdrawing funds. Although such platforms are not mandated by law to carry out the police...

According to Kristalina Georgieva – the Managing Director of the International Monetary Fund (IMF) – the recent fiasco with LUNA and UST should not become a reason for people to turn their backs on the cryptocurrency industry entirely. Unlike her previous statements, she praised the “faster service, much lower costs, and more inclusion” that the asset class provides. Not all Digital Assets are the Same Terra’s native token – LUNA – and its algorithmic stablecoin – UST – were...

Earlier this month, the crypto industry suffered a huge setback after Terra’s algorithmic stablecoin UST depegged from the US dollar and caused LUNA to lose 99.9% of its value. Shortly after the crash, Terraform Labs’ CEO Do Kwon proposed a revival plan for the Terra ecosystem. It centered on forking the current chain, abandoning UST, and creating a new token that will be distributed to investors based on the losses they incurred during the catastrophic event. Do Kwon Shares...

The Chairman of the United States Securities and Exchange Commission (SEC) – Gary Gensler – opined the turbulence in the digital asset market has not ceased with Terra’s fiasco. He predicted that a lot more coins will “fail,” which will harm an additional number of investors. The Turmoil is Not Over Yet The cryptocurrency market has significantly declined in the last few weeks. Bitcoin, for one, is down by over 25% in the past 14 days. However, all eyes were on Terra’s native...

South Korea’s National Tax Service has reportedly ordered Terraform Labs, its co-founder Do Kwon, and other executives to pay a 100 billion won ($78 million) fine for tax evasion penalties. The Genesis According to local reports, the tax agency first launched an investigation into Terraform Labs and its subsidiaries in June last year on suspicion of corporate and income tax evasion. The investigation found that two of the company’s subsidiaries were registered abroad in the...

Reports suggest that the Singapore-based company’s legal functions are now being managed by outside counsel. Shortly after the collapse of its flagship stablecoin UST, the legal team behind handling the Terraform Labs abandoned what many consider a sinking ship. As per their LinkedIn profiles, Terraform’s Chief corporate counsel Lawrence Florio, general counsel Marc Goldich, and regulatory counsel Noah Axler have all quit as of May 2022. The past few weeks have been extremely...

Mike Novogratz – billionaire investor and CEO of Galaxy Digital – has issued a statement addressing the recent meltdown of the Terra ecosystem. He highlights lessons he’s learned from the situation but reinforces his faith in the crypto economy as a whole. The Idea That Failed In a letter to shareholders and the crypto community, Novogratz lamented the loss of over $40 billion in wealth suffered by LUNA and UST investors alike. The UST stabilization mechanism meant to...

Kryptowährungen haben in den vergangenen Wochen deutlich an Wert verloren. Noch einmal beschleunigt hat diese Entwicklung der Zusammenbruch des Kryptowerts Luna, ein Coin, der mit dem Stablecoin TerraUS (UST) gekoppelt ist. „Das Geschäftsmodell der Terra-Blockchain, eine Basis für algorithmische Stablecoins anzubieten, ist gescheitert“ sagt Hartmut Giesen. „Viele Anleger haben hier investiert, ohne den Coin und sein Geschäftsmodell wirklich verstanden zu haben.“ Eine Grundregel für...