Browsing:Terra Luna

Terra Luna Classic community burns over 90 billion LUNC tokens
3 weeks ago 1 min read

Terra Luna Classic community burns over 90 billion LUNC tokens

The Terra Luna Classic (LUNC) community reached a significant milestone in its ongoing burn campaign, having reached 95 billion LUNC since May 2022. The community’s collaborative efforts to reduce the number of circulating LUNC tokens have reached another significant milestone, with Binance contributing over 51.7% of the total burn, or around 50 billion LUNC. Binance’s commitment to the LUNC burn mechanism entails monthly transfers of billions to the burn address, making it a significant contributor, exceeding the 50 billion LUNC mark. Binance burned 5.57 billion tokens in the most recent round (17th) of the LUNC burn mechanism, bolstering its position

Terraform Labs declares bankruptcy amid legal issues and huge losses from TerraUSD collapse.
1 month ago 1 min read

Terraform Labs, the company known for the failed TerraUSD stablecoin declares bankruptcy

Terraform Labs Pte. filed for Chapter 11 bankruptcy in Delaware on January 21, according to court documents. The company, best known for its involvement in the ill-fated TerraUSD stablecoin, has revealed financial details, including assets and liabilities valued between $100 million and $500 million. The collapse of TerraUSD and Terra’s LUNA token in May 2022 resulted in significant losses for investors, ushering in a difficult period in the crypto world. Terraform Labs’ bankruptcy filing sheds light on the firm’s current financial situation, citing assets and liabilities valued between $100 million and $500 million. The parity of reported values emphasizes the

Do Kwon
10 months ago 1 min read

Terra’s Do Kwon Refuses to Comply with SEC’s Request for Singaporean Records

Do Kwon, the co-founder of Terra, has suffered a setback in his legal battle against the US Securities and Exchange Commission (SEC). United States District Judge Jed Rakoff has denied Kwon’s request to block the SEC from accessing records from the Monetary Authority of Singapore (MAS). Kwon is facing pressure from regulators and legal battles across the world, including his recent arrest in Montenegro. Prosecutors are investigating the source of funding for a Seoul-based law firm, Kim & Chang, which may result in further legal repercussions for Kwon. Additionally, South Korean prosecutors claim that Kwon converted illicit funds from LUNA

do-kwon founder of Terra Luna
1 year ago 1 min read

LUNA’s price was manipulated by Do Kwon and his employee, claim Korean authorities

According to reports, South Korean investigators have discovered proof that Do Kwon and a worker manipulated the price of LUNA, Terra’s native cryptocurrency token. The local media reports that the South Korean investigators believe Kwon is living in Europe. The prosecutors used text conversations sent between the founder of Terra Luna Kwon and his employee as evidence. According to the South Korean prosecutor’s office: “I can’t reveal the details, but it was a conversation history where CEO Kwon specifically ordered the price manipulation.” Until recently, Kwon’s representative rejected these charges in interviews. Kwon previously stated in an interview: “We tended

Terra Luna founder is living illegally in Europe
1 year ago 1 min read

Is Terra Luna founder Kwon living illegally in Europe?

Do Kwon, the CEO of Terra Labs, is believed to be hiding in Europe, according to South Korean authorities. Furthermore, KBS stated that it “understood that [Kwon] is currently in Europe.” Notably, KBS reported that Do Kwon‘s passport had been revoked by South Korean authorities based on their decision. As a result, it states that Kwon “cannot travel legally between countries,” and that if he does, he will be considered an illegal immigrant. Although the authorities have identified the country in which Kwon currently resides, it is unclear whether they know the exact location where Kwon can be apprehended. With

Terra Luna founders under arrest
1 year ago 1 min read

Despite an arrest order, South Korean officials are struggling to assemble a case against Do Kwon

Authorities in South Korea are striving to build a compelling case against Do Kwon, the founder of the defunct Terra (LUNA) ecosystem. According to Bloomberg, there is a debate about whether tokens related to the Terra ecosystem should be regulated like other traditional asset classes like as equities and bonds due to a lack of defined crypto regulatory laws. The prosecution’s case was recently struck a blow when the court denied the prosecutor’s office’s request to detain a person connected to the Terraform Labs ecosystem. According to the judge, the question of whether the individual violated the South Korean Capital

Terraform Labs
1 year ago 1 min read

Business leader of Terraform Labs was arrested by the Seoul Crime Unit

Yoo Mo, the director of business and general affairs at Terraform Lab, is detained by the crime unit of Seoul’s Southern District Prosecutor’s Office. The reports were published by Naver, a South Korean magazine. The incident results in the initial Terra employee’s being detained as part of the ongoing Terra-LUNA investigation. The person was the target of a bench warrant issued by South Korean authorities on Wednesday. At Terraform Labs, Yoo is regarded as Do Kwon’s principal assistant. Yoo was accused by the authorities of breaking the Capital Market Act, betraying his trust, and engaging in fraud. According to the

Terra Founder Do Kwon has 14 days to return his passport,
1 year ago 1 min read

Terra Luna founder Do Kwon has 14 days to return his passport

Terra Founder Do Kwon has 14 days to return his passport, according to a public notice that was posted on the South Korean Ministry of Foreign Affairs’ website on October 5.  The South Korean government threatened to revoke Kwon’s passport if he didn’t comply. It appears that the South Korean Foreign Ministry had been thinking about this for a month before acting.  Moreover, the “inability to deliver” the passport return order was the reason why the announcement was made public. The South Korean government also included a PDF document in addition to the notice, outlining in detail why the Ministry

Terra Luna all time high
2 years ago 1 min read

Terra (LUNA) Hits a New All-Time High at $45 With Its Mainnet Upgrade

Terra (LUNA) reached a new all-time high of over $45 amid the launch of ‘Project Dawn’ and the upcoming Columbus-5 mainnet upgrade. LUNA, a blockchain protocol that concentrates on global payment methods powered by UST stablecoin, hit a new all-time high. Terra’s started in January 2018 but its mainnet was launched in April 2019. Moreover, Terra (LUNA) produced stablecoins tightened to the U.S. Dollar, South Korean Won, Mongolian Tugrik, and the International Monetary Fund’s (IMF) basket of currencies by September 2020. According to data, since the $5.61 dip in mid-July, the price of LUNA is 720% higher and hit $45