Uncovering Terra’s Implosion — Terraform Labs’ Big Name Backers and ‘Zero Exp...
Digital currency markets have continued to slide downward in value as the crypto economy has dropped by 14% during the past 24 hours. Amid the market rout, the native Terra blockchain token LUNA has dropped to fresh new lows, slipping to $0.0156 per unit. Terra’s founder Do Kwon revealed a plan on Wednesday, but after some brief healing, Terra’s native tokens LUNA and UST continued to plummet. Now people are beginning to wonder who backed this popular crypto project, and which crypto firms had a lot of exposure to the failing assets. LUNA Token Value Drops to a US Penny, Do....
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The ongoing rigmarole with Terraform Labs, the blockchain developer behind Terra (LUNA), took a turn after a purported modification in job status for some members of the company’s legal staff. The internal legal team at Terraform Labs resigned shortly after the implosion of Terra’s algorithmic stablecoin caused a significant blow to the broader crypto markets. Suggested […]
After receiving a $1.1B donation last month, the Luna Foundation Guard has received another 10M LUNA tokens from Terraform Labs. Terra (LUNA) blockchain developer Terraform Labs (TFL) has gifted the Luna Foundation Guard 10 million LUNA worth around $820 million at current prices. The Luna Foundation Guard (LFG) is a nonprofit organization attached to Terra that is tasked with collateralizing the network’s algorithmic stablecoin Terra USD (UST) to keep it pegged with the U.S. dollar. Terraform Labs’ latest announcement came via Twitter on April 14, but did not outline what the funds will....
Terra Bridge, the cross-chain bridge protocol now supports Solana, Fantom, Moonbeam, Osmosis, and Avalanche according to Terraform Labs CEO Do Kwon. “Easiest way to move funds in crypto,” the Terraform Labs CEO explained in a tweet.
Terra Bridge Adds 5 New Chains
On April 12, 2022, Terraform Labs co-founder Do Kwon told his 352,800 Twitter followers that Terra Bridge, otherwise known as bridge.terra.money, now supports five new blockchain networks.
Cross-chain bridge technology has come a long way over the last 12 months and in mid-September 2021, there....
Many on social media called for legal action against Do Kwon, while others speculated the potential departure of the legal team could have been over concerns about money. The ongoing saga with Terraform Labs, the blockchain developer behind Terra (LUNA), took a turn following a supposed change in employment status for many on the firm’s legal team.According to their LinkedIn profiles, Terraform Labs general counsel Marc Goldich, chief litigation and regulatory counsel Noah Axler, and chief corporate counsel Lawrence Florio have all stopped working for the blockchain firm as of May 2022.....
HitBTC plans to list Terra's brand new token LUNA on May 27 as the suspended Terra Classic blockchain is expected to revive as Terra 2.0. Crypto trading platforms show initial signs of support for the revival of the collapsed Terra network by listing Terra's brand new token, also named LUNA.The HitBTC exchange took to Twitter on Wednesday to announce that Terra’s new chain token Luna will be available on its platform on May 27.The news comes amid Terraform Labs preparing to relaunch its protocol on May 27 and replace the old chain referred to as Terra Classic with the new chain called just....