LUNA, UST Move Closer to Zero, as Do Kwon Asks Holders to ‘Stay Strong’
Do Kwon has urged holders of LUNA to “stay strong,” as the price moves ever closer to zero. Following the UST stablecoin losing parity with USD, prices have plunged, falling to a new low this morning. LUNA, UST Tumble Toward Zero As of writing, LUNA/USD is trading at $5.45, which is marginally higher than its earlier low of $4.21. To put things in perspective, prices are down nearly 90% from yesterday’s peak of $34.28, and only seven days removed from it trading at a high of $88.40. Following a brief rally in the aftermath of it losing dollar parity, UST also moved....
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After two days of silence, the Terra founder has issued a new governance proposal to keep the community alive and compensate token holders. Terraform Labs co-founder Do Kwon has tabled a proposal to preserve the Terra ecosystem following the historic depegging of its algorithmic stablecoin, UST, and the resulting death spiral that plunged Terra (LUNA) tokens to practically zero. In a Friday post on Terra’s research forum, Kwon said, “The Terra community must reconstitute the chain to preserve the community and the developer ecosystem.” His proposal, which was in response to validator....
Terraform Labs will put the proposal up for a governance vote on May 18 Asia time. On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain's market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA). However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old....
Terraform Labs founder Do Kwon is not in Singapore, local police say. Accused of fraud after the collapse of cryptocurrencies luna and terrausd, he is wanted in South Korea after a court issued an arrest warrant for him. However, Kwon insists that he is not “on the run.”
Police Say Do Kwon Isn’t in Singapore
The Singapore police force (SPF) reportedly said on Saturday that Terraform Labs founder Kwon Do-hyung, also known as Do Kwon, is currently not in the city-state. In an email response to an inquiry by the AFP, the police said:
Do Kwon is currently....
During a recent interview with the Wall Street Journal (WSJ), Terraform Labs (TFL) founder Do Kwon said he was “devastated” by the LUNA and UST implosion that took place in mid-May. He told the WSJ that he was probably a billionaire when LUNA tapped an all-time high before the collapse, but lost a great portion of his net worth following the aftermath. Do Kwon Speaks About the Terra LUNA Collapse Do Kwon has recently discussed the LUNA and UST fallout during an interview with the WSJ contributors Alexander Osipovich and Jiyoung Sohn. The interview was published on June 22,....
According to a report from a local news media, law enforcement agencies in South Korea issued an arrest warrant against LUNA Founder and Terraform Labs CEO Kwon Do-Hyeong also known as Do Kwon. The founder has been under authorities’ radar since the collapse of the Terra ecosystem in May 2022. Related Reading: BitGo Slaps Galaxy […]