Several memes and insults were created at a time when Terra was positioning itself as a juggernaut of DeFi. But after the coin crashed, many speculated that the market may have finally humiliated Kwon. For the most part, it was.
- Now that the rebranded LUNA has lost more than 77% of its value since its inception, the remaining investor confidence is rapidly evaporating.
- In the last 24 hours alone, the token has lost 20%, which means that the tension is noticeable.
- Amid all this, CEO and founder Do Kwon closed his account, restricting access to his tweets to only selected followers.
- The reason for this move is unclear, but the serious harassment of the founder over the past couple of weeks may have forced him to withdraw into private life.
- The legal troubles for Terraform Labs continued, with many predicting that Kwon could face jail time for destroying the cryptocurrency last month.
- The South Korean police also reportedly uncovered investigation Terraform Labs employee for embezzling corporate funds.
- The Seoul Police received information about the suspect’s alleged fraud and launched a full-scale investigation. The authorities asked the exchanges to freeze the employee’s accounts.
- The development comes a month after the first cracks began to appear in the now worthless TerraUSD (UST).
- Only time will tell if Terra Luna 2.0 escapes the fate of its predecessor, but with Kwon in hiding, the chances of a significant resurgence seem less and less.
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Credit : cryptopotato.com