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LUNA 2.0 falls by 77% in 14 days as Do Kwon takes Twitter account private

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Two weeks after the restart of the Terra ecosystem through the LUNA 2.0 giveaway, the value of the coin fell to a new low after its price dropped by 77%. According to Koingeko dataThe coin is currently trading at $4.33.

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While the overall performance of the crypto market played a role in the decline, the level of FUD around the new coin also deserves attention.

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Confidence in the new ecosystem is low as there has been speculation about Do Kwon’s role in building the new Terra network.

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The speculation came after self-proclaimed insider Terra FatMan supposed that Kwon and Terraform Labs lied about the new network being owned by the community. He claimed that “TFL owns 42 million LUNA worth over $200 million.”

He also claimed that Kwon was heavily involved in the restart and used his LUNA assets to vote in support of the hard fork, which went against the community’s calls to burn the tokens.

However, all of these claims are yet to be verified, but they have generated enough uncertainty to trigger a massive token sale. Do Kwona solution that his Twitter account went private may also have added to the fears surrounding the ecosystem.

Source: Twitter

These accusations were not Fat Man’s first statements about Do Kwon. A few days ago he stated that Kwon’s rise to the top was due to nepotism.

He mentioned that Kwon became popular after winning a $550,000 Infobank grant for his first startup, Annify. But he wondered how he got the grant, as the startup didn’t have a product at the time. According to him, Kwon received funding through connections with Infobank.

Meanwhile, South Korean law enforcement is reportedly investigation an employee of Terraform Labs about the possible theft of bitcoins belonging to the company. In addition, the authorities also tried to find out if Do Kwon knew that the crash was coming.

LUNA 2.0 is not the only token associated with the Terra project that has fallen due to these speculations. Bye LUNA Classic has already lost 100% of its value, the price of the coin has fallen further by 11.3% in the last 24 hours, as hope for a recovery grows weaker.





Credit : cryptoslate.com

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