Binance announced updates to the deposit and withdrawal fees for LUNC and USTC on the Terra Classic network. This comes after the community passed proposal 5234, first presented by Akujiro, to lower the tax burn from 1.2% to 0.2% and take 10% of the collected seigniorage and add it to the community pool at the...Read More
Terra’s collapse is one of the most high-profile events in the crypto industry in recent times. With South Korean authorities and Interpol involved, the once crypto titan, Do Kwon, has opened up about the allegations against him. The Terraform Labs co-founder maintained that Terra was never really about money or fame, or success. However, Kwon...Read More
The field of algorithmic stablecoins has taken a massive hit after the infamous collapse of the entire Terra ecosystem (including UST). Following the crash, the community got split into two – those who support the new version of Terra, which retained the name, and those who support the old version of it – Terra Classic....Read More
South Korean prosecutors continue their pressure on Terraform Labs following the fiasco that took place earlier this year. This time, the authorities have managed to freeze a whopping 56 billion won (worth around $39.4 million) in assets that are tied to Do Kwon. According to the South Korean media outlet News1, prosecutors have managed to...Read More
Singapore-based company Terraform Labs has stated that South Korean prosecutors exceeded the limits of their authority regarding the arrest warrant against the firm’s co-founder, Do Kwon. Terraform Labs also said that the Luna token is not a security, arguing that public pressure could have caused the prosecutors to amplify the definition of securities. South Korean...Read More
The Luna Foundation Guard (LFG) denied moving bitcoins after a trail of coin movement led South Korean authorities to initiate steps to freeze assets. Kwon also denied these claims moving Bitcoin from LFG wallets to KuCoin and OKX. While addressing “misinformation” against him, the founder added that he hasn’t used the two crypto exchanges for...Read More
The collapse of Terra ecosystem’s two tokens propelled a great deal of turmoil for the crypto market, the effects of which have continued to haunt the space. However, Terra Classic (LUNC), the rebranded token of the original Terra chain, spiked by more than 36% over the past 24 hours. The unexpected retreat of the bulls follows...Read More
South Korean prosecutors have asked the country’s foreign ministry to revoke Do Kwon’s passport. They’ve also initiated the process to get Interpol to issue a red notice for Kwon, media reports said on Monday. These developments come close on the heels of Do Kown on Sunday claiming in a tweet that he was not on the run,...Read More
After reports emerged indicating that South Korean authorities have issued an arrest warrant for Terra’s co-founder, he finally broke the silence, claiming he is cooperating with several global watchdogs. At the same time, Singaporean police said Kwon is not in the city-state despite multi previous suggestions that he was hiding there. CryptoPotato reported earlier this...Read More
Just a day after reports emerged that the South Korean authorities had started yet another investigation against Terraform Labs, Bloomberg said a local court had issued an arrest warrant against Do Kwon and five others. The price of the two current native assets – LUNA and LUNC – dumped hard, as the former is down...Read More
While the Terra/UST $60 billion fiasco appears to be gradually dying down, South Korean prosecutors have revealed plans to launch a fresh investigation into the firm and its executives. According to a recent report by the Korean Herald, the Financial and Securities Crime Joint Investigation Team of the Seoul Southern District Prosecutors Office has met...Read More
The past couple of weeks has been particularly turbulent within the cryptocurrency industry, filled with tremendous volatility across the board. And the established market leaders in the face of Bitcoin and Ethereum chart mild gains, Terra Classic’s native coin – LUNC – is up a whopping 200%. As a matter of fact, the entire Terra...Read More
The fall of the fourth largest cryptocurrency began with an unannounced transfer of funds between trading pools on the night of May 7. It left the Curve pool with an imbalance on the side of Luna. This anomaly could have been set right as it’s not an entirely uncommon phenomenon. But in this case, the...Read More
South Korean blockchain venture capital firm Hashed has revealed that it plans to raise more funds to support GameFi projects after losing more than $3.5 billion to the Terra LUNA crash in May. Hashed CEO Simon Seojoon Kim told Bloomberg in an interview that he is still bullish on crypto assets and will continue backing...Read More
Coinshares – the largest digital asset investment group in Europe – has published its quarterly financial report. In it, the company laid out its performance during the past 3 months and its anticipated ventures for the next quarter. One-Off Loss Due to Terra Collapse Kept in Check Unsurprisingly, the asset management firm announced a significant...Read More
The South Korean Ministry of Justice reportedly approved the prosecutors’ request that the notorious Co-Founder of Terraform Labs – Do Kwon – be ordered to notify authorities when he returns to his country. He is believed to be currently residing in Singapore. The Prosecution Wants to Hold Kwon Accountable The collapse of Terra’s native token...Read More
In a recent Twitter thread, Arcane Research analyst Vetle Lunde revealed how many Bitcoin institutional investors had sold since Terra’s carnage kicked in, thus tanking the whole crypto market. In his estimate, Tesla sold 29,060 BTC at an average price of $32,209 in May. Forced Selling In Lunde’s view, massive institutional blow-ups in the past...Read More
As part of the broader investigation of fraud, South Korean prosecutors have raided the house of Terraform Labs’ co-founder, Daniel Shin. Bloomberg confirmed a series of raids conducted by the Korean Joint Financial and Securities Crime Investigation Team on crypto exchanges and offices, including the Terra co-founder’s residence and his payment app Chai Corp. over...Read More
A plethora of NFT projects, devs, and their ecosystems were left stranded in the Terra wreckage. Two months later, almost 50 crypto projects and their coders based on the fallen network have now found a new home in Polygon. The projects include P2E metaverse, Lunaverse, the A.I. generated NFT universe, DystopAI, and Terra’s more successful...Read More
DappRadar published the latest edition of its quarterly report, focusing on how the fall of Terra, Celsius, and 3AC have changed the blockchain landscape as the liquidity crisis deepened, impacting major CeFi players. In addition, the document dives into the fierce competition among NFT marketplaces, stating that OpenSea’s dominance continued to shrink in Q2. CeFi...Read More
In the aftermath of Terra’s historic debacle, regulatory scrutiny targetting the stablecoin industry through cooperative measures across borders has become urgent to authorities worldwide. According to a recent report, South Korean Justice Minister Han Dong-hoon has discussed with US officials potentially enhancing cooperation in fighting against security fraud and financial crimes. Strengthening Ties on Crypto...Read More
Uprise Investment Fund became the latest cryptocurrency company to be affected by the LUNA crash, with over $20 million worth of funds getting liquidated while short-trading the asset during its crash in May. According to a local news report on Tuesday (July 6, 2022), Uprise suffered huge losses after entering a short sell position for...Read More
CoinLoan – a company that offers crypto-backed loans and interest-earning accounts – said it will balance the flow of funds on its platform by reducing the account withdrawal limits. The firm assured that the amendment is temporary as each user would be able to withdraw up to $5,000 per 24-hour rolling period. CoinLoan’s Steps Amidst...Read More
The notorious hacker collective – Anonymous – said it will join numerous governments that are conducting investigations against Terra’s Co-Founder – Do Kwon. The native token of the cryptocurrency project – LUNA – and its algorithmic stablecoin – UST – crashed to zero last month, resulting in painful investors’ losses. As such, Anonymous vowed to...Read More
Do Kwon has come up with a new coin. But the new LUNA appears to be following the old story. Amidst the broader wobbling market, LUNA has been trading near its all-time lows. While Kwon is in the middle of multiple active lawsuits and investigations from the US and South Korea, some still believe that...Read More
According to South Korean media Money Today, the US Securities and Exchange Commission is expanding the scope of its investigations into the Mirror Protocol to add LUNA. SEC Vs. Terra In the latest development in legal tensions, the SEC has sought LUNA-related documents from Terraform Labs as well. In a parallel investigation launched last month,...Read More
Without divulging any names, a South Korean media agency reported that the Seoul Southern District Prosecutor’s Office’s Joint Financial and Securities Crime Investigation Team has banned a key Terra designer from leaving the country. The team has been investigating Terraform Labs, its employees, and founding members after the stunning collapse of TerraUSD (UST) and its...Read More
In a lawsuit filled with promises from Do Kwon, the Luna Foundation Guard, and other Terra-related entities, an Illinois-based plaintiff has alleged that all parties involved misled investors about whether all Terra tokens (including UST and LUNA) are actually securities, among other allegations. The lawsuit, filed on Friday in US District Court in Northern California...Read More
Founder and CEO at Terra – Do Kwon – posted for the first time in the past week following a massive market downturn where major cryptocurrencies are all down double-digits. Do Kwon is the man behind the Terra Ecosystem – once a multi-billion dollar project that was run to $0 because of an algorithmic exploit...Read More
In the latest example of global authorities going after Terraform Labs, the organization’s co-founder, Do Kwon, will reportedly be investigated for tax evasion in South Korea. According to local reports, prosecutors carried out a search and seizure from the Seoul Regional Tax Office and were able to secure data from a special investigation by the...Read More
