|All Time High:|
|Market Cap: |
|The price of #LUNA today is $2.20 USD.|
The lowest LUNA price for this period was $0, the highest was $2.20, and the current live price for one LUNA coin is $2.20339.
The all-time high LUNA coin price was $10.11.
Use our custom price calculator to see the hypothetical price of LUNA with market cap of BTC or other crypto coins.
|The code for Luna is also #LUNA. |
Luna is a newer coin by our records, at least 8.4 months in age.
|The current market capitalization for Luna is $463,240,408.|
Luna is ranking downwards to #92 out of all coins, by market cap (and other factors).
|There is a large volume of trading today on #LUNA.|
Today's 24-hour trading volume across all exchanges for Luna is $68,040,123.
|The circulating supply of LUNA is 210,240,063 coins, which is 21% of the total coin supply.|
|LUNA is the native coin for the Terra blockchain.|
View the full list of Terra blockchain tokens.
|LUNA is available on several crypto currency exchanges.|
|A coin that is related to #LUNA is #LUNC.|
Community Update — December 2022
Community Update — December 2022 - 2022 was a turbulent year for almost everyone within the crypto community. Still, as many take time off and wait patiently for the bear market to come to a close, LUNAtics remain focused on building the next generation of Web3 products and services. Let’s dive into the protocol launches, ecosystem developments, governance activity, and media features the Terra community saw in December! 👇 — 🌎 Ecosystem Updates - TFM became the first protocol to integrate DEX aggregation + NFT aggregation services on Terra, with additional features in its V2, Warp Protocol released its roadmap and discussed it on its community AMA, Warp Protocol published a Medium article outlining the protocol’s key functionalities and how they can be used to power the next generation of decentralized applications, Enterprise Protocol published a Medium article breaking down how its DAO management solution enables decentralized communities to organize and manage their DAOs, improving their flexibility, governance, and transparency, Warp and Enterprise released links to their community Discord and Telegram channels, Prism announced Prism V2, a yield-optimized L1 utilizing a hub and spoke model, Hermes Protocol made it possible to explore the blockchain without leaving Discord and introduced a new notifications API, Astroport delayed its $ASTRO unlocks by six months, Genie by Coinhall released a sign...
Terra’s first step towards building the interface to Web3 is complete. We’re thrilled to announce the launch of Station 🛰 — an interchain wallet that simplifies the often complex, cumbersome process of interacting with multiple blockchain networks. With Station, users can easily stake, vote, send and receive tokens, and interact with their favorite dApps across all supported chains. Download Station on Mac, Download Station on Mac — M1 Chip, Download Station on Windows, Download Station on Linux (.rpm), Download Station on Linux (.deb), Download the Station Chrome extension, Download the Station Firefox add-on, Visit the Station web app, Note: If you already have Terra Station downloaded on your desktop, Chrome, or Firefox, reopen the app or refresh the extension, and you will be updated to interchain Station. — Defining the Future of the Interchain - At Terra, we envision a multi-chain future — one in which decentralized blockchain economies can align incentives with one another by creating bilateral, mutually beneficial economic agreements, and creating a new chain takes mere minutes. Station paves the foundation for this vision, providing those that automate chain genesis via Feather with immediate interchain wallet functionality, and supplying those chains that form economic alliances with others via Alliance with an easy-to-use, easy-to-integrate wallet to execute cross-chain transac...
Community Update — November 2022
Community Update — November 2022 - November was a banner month for Terra and the LUNAtic community. Aside from exciting new launches, updates, and governance activity, the future of Terra began to take shape. It’s becoming clear: Terra is soon to position itself as the interface to Web3. When every win matters, we’d be remiss not to call them all out. Onwards with your November community update! — 🌎 Ecosystem Updates - Harbor Protocol announces details around their airdrop, Stader Labs drops a new UI upgrade that enhances their staking experience on Terra, Do Kwon presents a proposal to position Terra at the center of the interchain, unveiling ideas for Feather, Alliance, and cross-chain Station/Finder, Alliance, a Cosmos SDK module that leverages interchain staking to form economic alliances among blockchains, introduces itself to the world, Coinhall’s Seer launches real-time data indexing infrastructure for the Cosmos ecosystem, Enterprise Protocol, a no-code solution to DAO management, launches in beta, Warp Protocol goes live on Terra’s testnet, bringing limitless on-chain automation to the Terra ecosystem, PRISM announces the launch of the prism validator and $PRISM airdrop, Based on the Genesis $LUNA airdrop schedules, vesting $LUNA begins to vest, Soil Protocol releases a video tutorial on how to launch an NFT project on Terra, TERRAN.ONE releases CWSimulate, an online playground and vi...
LFG — Technical Audit Report
LFG — Technical Audit Report - JS Held, an experienced third-party auditing firm, was hired to conduct a technical audit providing full transparency into the trading, blockchain records, and efforts of The Luna Foundation Guard (LFG) and Terraform Labs (TFL) to defend the price of TerraUSD (UST) between May 8th and May 12th, 2022. View the full report here. LFG and TFL engaged with JS Held to bring transparency into the peg defense activity in the May of 2022, and in the process to answer the following allegations posed in social media: Were any LFG funds misappropriated, embezzled or stolen?, Were any LFG funds used to benefit insiders?, Does LFG hold funds other than its publicly declared wallets?, Were any of LFG’s funds frozen?, To aid with the audit, JS Held was given access to on-chain wallets and trading accounts at CEXs used by the peg defense, and worked with primary raw data instead of relying solely on TFL’s representations. No compensation paid to JS Held was conditional on positive findings. The audit report, which can be viewed in its entirety here, concluded that: LFG spent ~$2.8B (80,081 BTC and 49.8M in stablecoins) to defend UST’s peg, consistent with LFG’s tweets on May 16th, 2022, Additionally, TFL went above and beyond and spent $613M of its own capital to defend UST peg, The report shows that all LFG funds were spent to defend UST’s peg parity with the Dollar as declared, and th...
Community Update — October 2022
Community Update — October 2022 - The month of October was an exciting one for the LUNAtic community, as we saw a variety of interesting new developments, including protocol and feature launches, bounty releases, and much more. Let’s get into it! — 🌎 Ecosystem Updates - ampLUNA/USK vault goes live on Black Whale, LNS (Luna Name Service) launches their on-chain profile tool where users can register a .luna domain, Orne.io publishes their September update, Soil Protocol completes phase 2 of their roadmap, launching new Terra NFT tools, Zodiac Protocol goes live on Terra’s testnet, in preparation for mainnet release, Risk management marketplace Risk Harbor announces the release of Ozone V2, Coinhall releases their DEX aggregator, Hallswap v3, Terra Bridge now supports sending ampLUNA to Kujira, Eris Protocol launches their new Amp Compounder, TerRarity launches their NFT aggregator, Sayve Protocol releases their V2 litepaper, Galactic Punks announce Galactic Bounties, Pulsar Finance adds support for Spectrum Protocol and Terra Poker, Eris Protocol launches their Manual Arbitrage GUI to simplify “slow-burn” arbitration on Terra, Metrics DAO launches a new community call series, Metrics DAO launches Terra analytics bounties, Harbor Protocol announces an airdrop to LUNA stakers, Capapult announces an airdrop to LUNA stakers, BlackBone Labs launches their new auto-compounding LUNA liquid staki...
Project Spotlight — Lunar Assistant
Project Spotlight — Lunar Assistant - In our newest issue of Terra’s Project Spotlight, we’re pleased to re-introduce Lunar Assistant — the Discord bot which provided token-gated channels for over 16k users across 200+ projects, now live on Terra mainnet. To many LUNAtics in our community, Lunar Assistant is a familiar face that they would have interacted with. You may have seen it appear in a Discord server when connecting your wallet with the lunar-link command. GraviDAO, the team behind Lunar Assistant, has continued to ship quality products. In this article, we’ll share more about what they’ve been up to and demonstrate how the team has deployed the Emergency Builders’ Allocation, granted by the Terra Community. — Background - The team’s history started in the summer of ’22, when they attended the SpaceCamp Hackathon with the likes of Galactic Punks and Apollo DAO. Not long after, they launched Lunar Assistant, which found product-market-fit in the nascent TerraNFT space and went on to win 1st prize in the NFTerra Hackathon. Continuing their mission to provide community-value, GraviDAO went on to expand Lunar Assistant with new modules over the subsequent months. Some of those were specifically requested by, and tailored to, popular Terra projects: - LP-token integration for Midas’ Space Dollars - Custom API module for Levana - Staked NFT integration for Galactic Punks — Lunar Assi...
Project Spotlight — Kado
Project Spotlight — Kado - In this issue of Terra’s Project Spotlight, we’d like to feature a name that OG Terra users will remember — Kado. In V1 on Classic, Kado was the go-to on-ramp into Terra. Kado changed the game as the easiest, fastest, and cheapest way to natively onboard fiat into Terra. If you’re new to Terra, you’re in for a treat. Terra builders and users will be happy to know Kado is back and better than before, with new and improved features and use cases. — Background - Kado was born during a Terra hackathon in 2021, with the goal of being able to spend stablecoins in the real world and easily buy more of them. Kado saw incredible growth in its first 2 months of Kado Ramp — with 100+ countries, $20m+ on-ramped, and over 10,000 users — with B2B partnerships being built out across most Terra dApps. With V2, Kado aims to not just be another fiat on-ramp, but a full suite of web3 payment infrastructure solutions. Not only will users be able to seamlessly move between fiat and the Terra blockchain, but as Kado develops partnerships with cross-chain platforms — users will be able to onboard to any Terra dApp, regardless of the chain they’re on. Kado enables transactions that send users directly into the applications they wish to use, skipping high fees and unnecessary wait times. They’re steadfast on offering the fastest time-to-wallet and best fees/slippage not jus...
Community Update — August 2022
Community Update — August 2022 - 👋 Hey, LUNAtics! We are excited to be bringing you the first of many monthly community update articles on the Terra ecosystem. These articles will provide you with a concise overview of the latest happenings in the Terra ecosystem, including project updates, integrations, listings, governance proposal outcomes, media features, and more! Follow @terra_money on Twitter and turn on notifications to get updated each month when new articles are published. Okay, enough house-keeping — let’s get into the August update! — 🌎 Ecosystem Updates. — Stader’s stake pools crossed $250k+ in TVL, offering 40%+ APR, Leap wallet integrated TFM’s DEX aggregator as well as Stader’s stake pools, TFM revamped their dashboard for both mobile and desktop with a better UI — new features include responsive design, toggle on/off low liquidity pairs, and toggle to view prices in $axlUSDC or $USD, TerraAliensNFT migrated to Terra from Terra classic, Secondary listings of LUNA Ape Club, TerransNFT, Meta Royals NFT, Skeleton Punks, and Lootopians went live on knowhere.art, Knowhere.art added bulk buy and add to cart functionality, Wicca Money, the permissionless launchpad, added a feature to airdrop minted tokens, along with the ability to add project descriptions, Valkyrie Protocol collaborated with Terra Poker on their IPC, TerRarity shipped a chart system and Discord rar...
How to Claim Your LUNA Airdrop
Overview - If you are an eligible user for the Terra Phoenix airdrop, this post will walk you through how to claim your LUNA using the claim interface, as well as suggest a few ways you can meaningfully use your LUNA after claiming. For details on eligibility, vesting periods, airdrop calculations, and other topics related to the Terra Phoenix Airdrop, check out the proposal on Agora. — Claim Timeframe - Eligible users will have one month, from Sept. 4th, 2022 to Oct. 4th, 2022, to claim their airdrop. LUNA not claimed by Oct. 4th, 2022 will be returned to the Community Pool. This includes any unused gas fees. — How to Claim Your Airdrop - — Step 1: Visit the Claim Interface. — Open your browser and visit the claim interface at phoenix-airdrop.terra.money. Upon navigating to the site, you will see the screen below.Image 1: phoenix-airdrop.terra.money Landing Page IMPORTANT: To avoid phishing attacks, make sure that the URL you’re visiting is phoenix-airdrop.terra.money — Step 2: Connect Your Wallet and Select Your Origin Chain. — Next, click the ‘Select Wallet’ dropdown menu and choose which wallet you would like to connect. Eligible wallet providers include Terra Station, Terra Station Mobile, Keplr, and Metamask.Image 2: Connecting Your Wallet If you’re connecting with Metamask or Keplr, select the origin chain that you held your USTC, LUNC, or aUST on during the pre- and po...
Terra 2.0 — LUNA Airdrop Calculation Logic
Terra 2.0 — LUNA Airdrop Calculation Logic - As part of the transition to Terra 2.0, new LUNA coins will be airdropped to LUNA (now called LUNC), UST (now called USTC), and aUST holders based on the two snapshots outlined in the Terra Ecosystem Revival Plan. Full details of the LUNA airdrop can be found in our previous Medium article. The calculation logic for the LUNA airdrop will be the subject of this post. — Airdrop Information - Total Supply of LUNA: 1 Billion Pre-Attack Snapshot Height: 7544910 (2022–05–07 14:59:37 UTC) Post-Attack Snapshot Height: 7790000 (2022–05–26 16:38:08 UTC) — LUNA Token Distribution. — Table 1: LUNA Token Distribution — Airdrop Calculation Logic - — LUNA Airdrop Ratios. — Below are the airdrop ratios to determine the LUNA to be airdropped to a wallet on Terra 2.0 if the wallet held aUST, LUNA (now called LUNC), or UST (now called USTC) during the Pre- and Post-Attack snapshots. For example, if a user held 1 LUNA (now called LUNC) during the Pre-Attack snapshot, the user would be entitled to an airdrop of 1.034735071 LUNA on the new chain.Table 2: LUNA Airdrop Ratios — Exchange Rates to LUNC. — Below are the exchange rates for each liquid staking derivative of LUNC for both the Pre- and Post-Attack snapshots. For example, if a user held 1 cLUNA during the Pre-Attack snapshot, the user’s wallet would be considered to have held...
More Luna (#LUNA) News
|Terra Luna Classic Skyrockets 15% Daily, Bitcoin Aimed at $17K (Market W...
Over the past 24 hours, the cryptocurrency market remained relatively calm - perhaps somewhat expectedly, given the Christmas holidays. This is also reflected in the diminishing daily trading volume. However, some cryptocurrencies managed to chart notable gains.
Bitcoin Aims at $17K
Bitcoin's price is trading more or less than it was yesterday at this time. It appears that the cryptocurrency is consolidating closely below the important resistance level of $17K.
Data from CoinGecko shows that the BTC dominance continues increasing, albeit slightly. This is the most common means of gauging its growing share relative to that of the rest of the market and also suggests that altcoins are failing to catch up.
Ripple is up 5%, LUNC Soars 14%
Speaking of altcoins, the majority of the market remained relatively calm, with slight exceptions.
The best performer from the top 10 was Ripple's XRP. It managed to increase by a considerable 5.6% in the past 24 hours and is currently trading at around $0.37.
Source: Quantify Crypto
ETH, BNB, DOGE, Cardano, and Polygon are all charting smaller differences - nothing too considerable.
Elsewhere, the best performer of the top 100 coins by means of total market cap is Terra Luna Classic (LUNC) - it's up almost 15% in the past 24 hours. QNT and LDO are also charting notable gains of around 8%.
On the other end of the spectrum, Chain's XCN is down 5% - making it the worst performer today. NEXO is down 3.5%.
The post Terra Luna Cla...
|Terra Luna Classic Up 6% On Rumor That Coinbase Is Buying LUNC
The collapse of Terra Luna and algorithmic stablecoin TerraUSD in May was one of the biggest setbacks for the broader crypto market this year. The previously thriving Terra ecosystem was completely wiped out in a matter of days, except for the Terra Luna token, which was resurrected as Terra Luna Classic (LUNC) by the community.
Despite losing more than 99% of its value, the cryptocurrency still has one of the most active crypto communities on social media. And from it springs a rumor today that has pumped the price of LUNC by 6%. The rumor says that the second largest exchange in the world by trading volume, Coinbase, might buy the LUNC token in large quantities.
Will Coinbase Buy Terra Luna Classic? Within the LUNC community, the news that Coinbase has authorized the purchase of $245 million in LUNC is currently spreading like wildfire. The speculation also indicates that the American exchange will make the news public on January 3, 2023, and provide information about additional LUNC burns.
Coinbase has just authorized the purchase of 245 million dollars in $LUNC. Internal source says that on the 3rd to announce publicly listing more off-chain burns.
— WSB Trader Rocko (@traderrocko) December 22, 2022
However, it is important to note that Coinbase has not yet issued an official statement on the matter. The various tweets also do not indicate a source, but merely make the claim based on a supposed source. Who this source of information is, whether it is...
|Bear Market, Luna Crash, FTX Meltdown: How it Impacted Crypto's Public P...
A recent study conducted by CNBC estimated that only 8% of American participants currently have a favorable view of cryptocurrencies.
Those who supported the asset class in March 2022 were 19%. The market has been through a lot since then - the prices plummeted, the Terra ecosystem crashed, and FTX filed for bankruptcy.
Change of Trends
43% of the US participants in CNBC's 'All-America Economic Survey' said they have a negative view of digital currencies, while this figure was 25% nine months ago. The proponents of the asset class have shrunk to 8%, down from 19%, and 18% feel neutral.
Despite the results, 24% of the respondents admitted having invested, traded, or used crypto in the past (up 6% from the March results).
17% of those who have allocated some of their wealth in bitcoin or altcoins have a 'very negative' stance, while 47% of the non-investors showed such an attitude.
The increased criticism could be a result of the numerous adverse events that the world of crypto endured throughout the ongoing year, with Terra's collapse and the crash of FTX being some of them. Former giants like Celsius, Three Arrows Capital, BlockFi, and many others filed for bankruptcy, while the global crypto market capitalization has slipped below $1 trillion.
The rise of negativity toward cryptocurrencies coincides with record-low confidence in stocks. Only 26% of the participants believe now is the right moment to invest in equities which is the most pessimistic l...
|Luna Classic (LUNC) Price Under Bearish Pull Despite New Developments
The LUNA Classic (LUNC) price has noted a fresh decline in the last 24 hours. In that time frame, the altcoin depreciated by 1%. In the past week, LUNC logged gains worth 2.5%. Much of the weekly gains have been lost due to losses on the daily chart.
At the moment, LUNC depicts consolidation beneath its immediate resistance mark. With the FTX collapse, LUNC has been teetering under a bearish influence for quite some time. Over the last month, the coin has lost more than 10% of its market value.
On the development front, there is a new update. This is the introduction of the new Alpha package for TerraDart. TerraDart is a Dart SDK that is used for writing applications that would be interacting with the Terra blockchain, which has launched a new package called Alpha. The altcoin just fell from $0.000170 due to intra-day losses. Even with developments in the ecosystem, the LUNC price remains largely unaltered. The rigid price ceiling was at $0.000175, but demand for the coin was too low for bulls to take charge. Once the altcoin topples above the $0.000175 mark, it will be an easy path to the psychological level of $0.00019.
On the flip side, with lesser accumulation, LUNC would eye its closest support line of $0.000148. Falling through the $0.000148 mark will bring LUNC to $0.00012. The amount of LUNC traded in the last session was low, indicating bearish strength.
In the past month, the coin displayed a bullish divergence, after which LUNC noted a slight in...
|Analysis of FTX and Alameda Collapse Points to Terra LUNA Fallout Starti...
An analysis of the FTX and Alameda Research collapse has been published by the blockchain and crypto analytics firm Nansen and the report notes that the Terra stablecoin collapse, and the liquidity crunch that ensued, likely started the domino effect that led to the company’s implosion. The study from Nansen further details that “FTX and Alameda have had close ties since the very beginning.”Report Shows Terra LUNA Collapse and Intermingled Relationships May Have Initiated FTX's and Alameda's Demise
On Nov. 17, 2022, five researchers from the Nansen team published a blockchain analysis and comprehensive look at the “The Collapse of Alameda and FTX.” The report notes that FTX and Alameda had “close ties,” and blockchain records confirm this fact. FTX’s and Alameda’s rise to the top started with the FTT token launch and the “two of them shared the majority of the total FTT supply which did not really enter into circulation,” Nansen researchers detailed.
FTX and FTT’s meteoric scaling led to Alameda’s swelling balance sheet which “was likely used as collateral by Alameda to borrow against.” Nansen researchers detail that if the borrowed funds were leveraged to make illiquid investments, then “FTT would become a central weakness for Alameda.” Nansen researchers say weaknesses began to show when Terra’s once-stable coin UST depegged and caused a massive liquidity crunch. This...
|Terra's $2.8B Defense System — Luna Foundation Guard Audit Says Gr...
Months after the collapse of Terra's U.S. dollar-pegged token UST, the organization created to protect the once-stable coin, the Luna Foundation Guard (LFG), published an audit report audited by the New York-based consultancy company JS Held. According to the report, LFG claims to have spent 80,081 bitcoin and 49.8 million stablecoins, which add up to roughly $2.8 billion to defend UST's peg.LFG Audit by JS Held Claims Group Defended UST Peg With $2.8 Billion in Crypto Assets
On Nov. 16, 2022, months after the mid-May Terra stablecoin depegging event, the Luna Foundation Guard (LFG) published a blog post concerning an audited transparency report that claims the organization spent $2.8 billion in crypto assets defending UST. The once stable coin UST is now called terrausd classic (USTC), and it's currently trading for $0.02 per unit on Nov. 16, 2022.
Terraform Labs co-founder Do Kwon also tweeted about the audit on Wednesday. 'A third-party audit of LFG and TFL's peg defense activity during May 2022 has been published,' Kwon tweeted. Terra's co-creator further added:
Many of you lost a lot of money in UST - for this I am sorry. While the system was transparent and open source, I as its creator should have understood and communicated its risks better.
In the report published by the LFG, it says that the technical audit was done by the New York firm JS Held. It defends both LFG's and Terraform Labs' (TFL) actions during the UST depegging event. 'LFG spent ~$2.8B (80,081 BTC and ...
|Luna Foundation Guard, TFL Spent $3.4 Billion to Defend UST Peg: Report
A new audit report revealed that the two entities behind the Terra ecosystem, LFG and TFL - collectively spent more than $3.4 billion between May 8th-12th, 2022, to defend the peg of the fallen stablecoin.
The main objective of the audit was to bring 'transparency' into the peg defense activity and dispel reports of fund misappropriation, embezzlement, and theft.
Technical Audit Report
Luna Foundation Guard (LFG) - a fund focused on the Terra ecosystem, revealed spending $2.8 billion (80,081 BTC and 49.8 million stablecoins) to defend the UST peg. A newly published technical audit was conducted by a third-party auditing firm, JS Held.
The report further stated the Terra developer - Terraform Labs (TFL), spent over $613 million of its proprietary capital on TerraUSD's peg defense. The paper also noted that LFG was 100% funded by donations from the former to develop 'exogenous' reserves for Terra stablecoins.
However, those reserves failed to help extreme market volatility. As a result of the exposure to the Terra ecosystem, several entities in the crypto industry, including lenders, brokers, and exchanges, had to file for bankruptcy protection.
Terra's Collapse Different From Other Failures
Do Kwon, the controversial founder of TFL, however, believes Terra's collapse is very different from the 'recent failures in crypto.' The exec, who was issued Interpol's red notice, said both TFL and LFG did everything within their resources to prevent that outcome, while this isn't the cas...
|Report: Deleted Files Indicate Crypto Lender Hodlnaut's Execs Gave Littl...
According to a report, the embattled crypto lender Hodlnaut saw a significant loss from the Terra blockchain collapse last May. The report notes that Hodlnaut downplayed the company's exposure to the Terra ecosystem and allegedly lost $190 million from the incident. Report Says Hodlnaut Downplayed Terra Exposure Following the Collapse
More than 1,000 deleted documents from the crypto lender Hodlnaut's Google workspace have shown discrepancies, according to a judicial report discovered by Bloomberg on Oct. 31. The judicial report confirms the court filings published at the end of August that said Hodlnaut suffered a significant financial shortfall from the Terra collapse.
Bloomberg's Suvashree Ghosh and Sidhartha Shukla explain that the judicial report shows the crypto lender 'suffered a near $190 million loss from the wipeout.' The newly discovered deleted documents show Hodlnaut executives allegedly downplayed the exposure to Terra. Hodlnaut also tweeted on May 11 that it was not all-in on the now-depegged stablecoin terrausd (UST).
'Hodlnaut is NOT all-in on UST as one particular rumour on Reddit has mentioned. This is a false claim,' the crypto lender tweeted during the collapse. 'Yields on USDC/USDT/DAI are generated in-kind and paid by our loans to institutions and a small amount to defi protocols like Compound Finance,' Hodlnaut insisted.
'It appears that the directors had downplayed the extent of the group's exposure to Terra/Luna both during the period leading up to a...
|Terra Coin Price Balloons 30% – But Can LUNA Reach Higher Terrain?
Terra (LUNA) woke up to a good day on Wednesday as the token made an impressive 30% jump in its price on the way to tallying a high of $3.08.
Terra accounted for 25.06% of the entire token holdings among the top 100 ETH whales
LUNA price surged by 30% today and hit $3.08
Bullish momentum is possible and trading price might reach $3.25
The crypto, though, immediately experienced price correction as it is trading at $2.69 at press time according to tracking from Coingecko.
Still, Terra is looking at a 5.5% increase for the past seven days and a higher jump of 7.4% for the past two weeks.
It is still miles away from its all-time high of $18.87 attained in March 28 of this year, losing 85.6% of that value.
The good news is that it is currently up by 77.6% of from its all-time low of $1.53 hit on August 29, 2022.
Terra Surges As It Flips Lido Staked ETH Tokens
According to online crypto information source WhaleStats, Terra became the top holding by dollars of the top 100 Ethereum whales, accounting for 25.06% of all token holdings.
In doing so, LUNA was able to edge out Lido staked ETH (stETH) tokens and even surpassed USDC and USDT holdings of the whales.
In total, Ethereum whales included in the top 100 held around $820 million worth of Terra digital coin.
The wormhole interoperability protocol asset was then leveraged by the Ethereum whales to exit liquidity, causing the unprecedented rally that pushed LUNA price to grow by 30%.
Terra also witnessed a 150% increase in its tr...
|South Korea Reportedly Freezes Do Kwon's Crypto Worth $40M — Luna ...
South Korean authorities have reportedly frozen $40 million in crypto assets, including bitcoin, allegedly belonging to Luna founder Do Kwon. However, Kwon denied that any funds of his have been frozen. 'I don't even use Kucoin and Okex, have no time to trade, no funds have been frozen,' he insisted.Prosecutors Say They've Frozen Do Kwon's Crypto, Including Bitcoin
South Korean prosecutors have reportedly frozen nearly $40 million in crypto assets allegedly belonging to Terraform Labs co-founder Kwon Do-hyeong (also known as Do Kwon). Citing Korean publication News1, journalist Colin Wu tweeted Wednesday:
South Korean prosecutors have frozen $39.66 million of crypto assets, including BTC, owned by Do Kwon through two exchanges. Do Kwon and LFG previously denied trying to transfer their 3,313 BTC after being issued an arrest warrant.
The coins were frozen at cryptocurrency exchanges Kucoin and Okx, the publication noted, adding that the two trading platforms have agreed to freeze Kwon's crypto at the request of the prosecution.
South Korean prosecutors revealed last month that they were seeking to freeze 3,313 bitcoins tied to Kwon that were transferred to Kucoin and Okx from a wallet allegedly linked to Luna Foundation Guard (LFG). However, the organization denied the allegation, insisting that it 'hasn't created any new wallets or moved BTC or other tokens held by LFG since May 2022.'
Following the news of the prosecutors freezing $39.66 million in crypto belonging to him, K...
|South Korea Seeks to Freeze 3,313 Bitcoin Allegedly Linked to Luna Found...
South Korean prosecutors are seeking to freeze 3,313 bitcoins at two cryptocurrency exchanges allegedly tied to luna founder Do Kwon. The coins were moved soon after a South Korean court issued an arrest warrant for the Terraform Labs co-founder. Luna Foundation Guard has denied transferring the coins.Korean Authorities Ask Crypto Exchanges to Freeze Bitcoin
South Korean authorities have reportedly asked cryptocurrency exchanges Kucoin and Okx to freeze 3,313 bitcoins allegedly tied to Terraform Labs co-founder Kwon Do-hyung, also known as Do Kwon. The coins were transferred to the trading platforms soon after a warrant was issued for Kwon's arrest in South Korea.
On Tuesday, an official at the Seoul Southern District Prosecutors' Office confirmed to Bloomberg that requests have been sent to the two cryptocurrency exchanges to freeze the 3,313 BTC.
The coins were transferred to the trading platforms from a wallet allegedly linked to Luna Foundation Guard (LFG) that was created on Sept. 15, according to crypto researcher Cryptoquant. The researcher told the publication:
Cryptoquant specified new bitcoin addresses owned by LFG based on transaction patterns, adjacent flows and material non-public information.
However, Luna Foundation Guard denied the allegation Tuesday evening. The group tweeted its treasury's bitcoin address, adding: 'LFG hasn't created any new wallets or moved BTC or other tokens held by LFG since May 2022.'
Do Kwon Says: 'I'm Making Zero Effort to Hide'
|Global Manhunt for Terra Luna Founder Do Kwon After Interpol Issues Red ...
The global law enforcement agency the International Criminal Police Organization (Interpol), issued a notice for Terraform Labs co-founder Do Kwon just a few weeks after a warrant for his arrest was issued by South Korean authorities. The red notice enables South Korea to receive help from global law enforcement bodies in locating and 'provisionally arrest[ing] a person pending extradition, surrender, or similar legal action.' Global Manhunt for Terraform Labs CEO
Just a few weeks after South Korean authorities issued an arrest warrant for Do Kwon and his associates, the global law enforcement agency the International Criminal Police Organization (Interpol) has reportedly issued a red notice for the Terraform Labs co-founder. The issuing of the notice follows reports that Kwon is not residing in Singapore as Korean authorities initially thought.
According to Interpol, red notices are 'issued for fugitives wanted either for prosecution or to serve a sentence.' The red notice enables South Korea to receive help from global law enforcement bodies in locating and 'provisionally arrest[ing] a person pending extradition, surrender, or similar legal action.'
Do Kwon's Silence
As reported by Bitcoin.com News, South Korean prosecutors accuse Kwon and five other Terraform Labs affiliates of violating the country's capital markets law. Kwon also faces other charges that prosecutors have not divulged.
In his initial response to reports that Korean authorities had issued an arrest warran...
|Luna Classic Adds Over 50% In 24H After Interpol's Red Notice Slammed It...
Early hours of Monday, September 26, Interpol issued a Red Notice against the founder of Luna Classic, DO Kwon. This issuance resulted from Do Kwon losing more than $60 billion in investors’ wealth.
The prosecutors in South Korea explained that Kwon is facing charges for the erosion of investors’ money. This article details events surrounding Do Kwon and how he made it into Interpol’s most wanted List.
Earlier Developments Leading To Kwon’s Red Notice
Earlier this year, the Terra ecosystem collapsed, unheard of in an evolving Defi space. The crash hurt the crypto market, with other financial markets feeling its effects. Crypto Analysts believe that investors lost over $45 billion in wealth.
After the crash, he relocated Terra Headquarters from South Korea to Singapore due to being under investigation for tax evasion charges in South Korea. In an interview, the Terra founder said he would cooperate with investigative agencies in the Terra crash and has nothing to hide. Further, Do Kwon acclaimed that he is a man with an “extremely high bar of integrity.”
However, South Korean prosecutors explicitly refute Do Kwon’s statement claiming he was not cooperating and was obviously on the run. As a result, Interpol has issued a Red Notice on the Terra founder in over 196 countries.
LUNC's price is currently hovering around $0.00031. | Source: LUNCUSD price chart from TradingView.com
Terra Classic Price Crash And Reversa...
|Luna Founder Do Kwon Isn't in Singapore, Police Say After South Korean C...
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 not in Singapore. SPF will assist the Korean National Police Agency (KNPA) within the ambit of our domestic legislation and international obligations.
Kwon has repeatedly indicated on Twitter that he has been in Singapore. According to Singapore's Straits Times newspaper, his work permit in the city-state was due to expire on Dec. 7.
Last week, a spokesperson for South Korean prosecutors said arrest warrants have been issued for six people, including Kwon, noting that the Terraform Labs founder resides in Singapore. Kwon is accused of fraud after the collapse of the cryptocurrency luna (now called luna classic (LUNC)) and stablecoin terrausd (UST). In addition, the country's ministry of foreign affairs is reportedly planning to revoke his passport.
In the U.S., the Securities and Exchange Commission (SEC) is also reportedly investigating Terraform Labs and the collapse of stablecoin UST. In a few recent interviews, Kwon said he w...
|LUNA Dumps 20% as Korean Court Issues Arrest Warrant Against Do Kwon (Re...
Just a day after reports emerged that the South Korean authorities had started yet another investigation against Terraform Labs, Bloomberg said a local court had issued an arrest warrant against Do Kwon and five others.
The price of the two current native assets - LUNA and LUNC - dumped hard, as the former is down by over 20% on a daily scale.
Citing a note from a Seoul court, Bloomberg outlined the arrest warrant issued against Do Kwon and five other individuals due to a violation of capital market rules.
Another local report claimed that Interpol will have to intervene since Kwon is currently residing in Singapore.
It also named two of the other five Terra-related individuals - Nicholas Platias (founding member of TFL) and Han Mo - an employee.
This latest development comes just a day after South Korean prosecutors launched another investigation against Terraform Labs to determine whether its native tokens were securities.
As reported before, LUNA and UST were once among the ten largest cryptocurrencies in terms of market cap.
Their demise not only wiped out roughly $50-60 billion of their own capitalization but brought down multiple companies, such as 3AC, Voyager, Celsius, and others.
Interestingly, LUNC and LUNA performed rather well in the past few weeks, as the former gained over 200% in days at one point.
However, both have tumbled in the past 24 hours, perhaps prompted by the all-out market crash as well as the news regarding Kwon's arrest warrant.
The post LUNA Du...
|Terra Dries Up As LUNA Sheds 40% From Recent High
LUNA has increased by about 300% just these past days, making it appear as if it had risen from the ashes. The feat began on September 9 and ended within a couple of hours.
This is a result of a proposal to put a 1.2% token burn tax on all transactions, which will allow LUNC to become a deflationary cryptocurrency, according to a recent tweet from Haily LUNC.
Unquestionably, the May-June LUNA crash has influenced the whole crypto community. There is a correlation between LUNA and other crypto stalwarts such as Ethereum if we compare the two. It may not be a price correlation, but rather investor sentiment.
Following the latest market crisis, the market as a whole declined even worse. In the past few months, Bitcoin and the other leading currencies in the market have experienced severe bear markets.
Given the issue surrounding LUNA, this rebirth is due to TERRA's latest request for a 1.2 percent transaction fee. According to TERRA, this would consume 1.2% of the total LUNA in circulation per transaction.
According to a recent analysis, the current surge in price poses a risk of reversal. After its unexpected price increase, TERRA declined by 30 percent, proving the validity of my analysis.
StakingRewards estimates a yearly return of 38 percent on LUNA stakes. If TERRA keeps rising, the expected profits might be quite lucrative. But the state of things for TERRA as it is right now is not promising.
Recent growth stems from expectations that LUNA will bounce back from a devast...
|LUNA 2.0 Token Jumps 200% Higher Against the US Dollar in 24 Hours
While digital currencies jumped in value during the early morning trading sessions on Friday (ET), the new Terra token, LUNA 2.0, jumped more than 200% in value against the U.S. dollar. LUNA jumped from a low of $1.90 per unit to a high of $6.87, but the token's value has slipped to the $5.41 per unit range following the high.Terra's Phoenix Blockchain Token LUNA Rallies by 200%
Bitcoin managed to jump 9.4% higher today, rallying above the $21K zone while ethereum increased 4.9%, surpassing the $1,700 per unit range. Amid these jumps, Terra's LUNA, the new luna token issued by the Phoenix blockchain, increased more than 200% on Friday against the USD.
Presently, LUNA is up 175.2% after dropping from the 24-hour high on Friday. 14-day stats indicate LUNA has increased 224.1% against the dollar and the coin has an overall market valuation of around $978 million.
Since the spike LUNA has seen $2.55 billion in global trade volume on Friday as it's the seventh largest volume out of all the coins in existence today. Luna classic (LUNC) is the sixth largest token in terms of 24-hour trade volume as LUNC has printed $2.81 billion in global trades.
LUNC is up 69.5% during the last seven days, but it lost 13.6% during the past 24 hours. The once-stable coin UST (now known as USTC) is close to a U.S. nickel in value at $0.047 and has increased by 4% against the dollar on Friday.
USTC jumped 27.3% during the last seven days and two-week statistics show USTC is up 55.9%. Terra's forme...
|Bitcoin Volatility, LUNA and LUNC Rollercoaster, Ethereum Merge Hype: Th...
The past seven days were action-packed, and it's safe to say those interesting developments took place on all fronts. Bitcoin went through considerable volatility, and Terra's ecosystem in the face of both LUNC and LUNA went on a massive rollercoaster while the Ethereum Merge countdown officially kicked off with the Bellatrix upgrade. Let's unpack.
Starting with Bitcoin, it got off on the wrong footing. For the first few days of the last week, BTC was rangebound around $20K - a trend that we saw for quite some time before that. On Tuesday, though, the sellers took control and pushed the price towards $18,000.
This level turned out to be pivotal, as it had previously supported the price on three different occasions. Once again, the bulls managed to hold the line and initiated a rebound earlier today. In less than 24 hours, buyers managed to send BTC towards $21K, charting a whopping increase of almost 10%. In doing so, they were able to turn the past seven days green as BTC charted gains close to 5%.
Elsewhere, the Bellatrix upgrade went live on Ethereum's Beacon chain. This is the last upgrade to take place before the coveted Paris hard fork (more commonly referred to as 'the Merge'). Its purpose is to enable validators to start producing updated Beacon Blocks that will contain the codebase for the merging of the two layers - the consensus and the execution layers.
This puts the Merge just right around the corner. According to the latest estimates, it should take place on Sep...
|LUNA Explodes 150% in an Hour as Volatility Ramps Up
LUNA - the cryptocurrency behind the Terra ecosystem - is going through major volatility at the time of this writing.
In the past hour alone, LUNA's price skyrocketed by a whopping 150% and almost touched $5. The move happened with significant volume relative to that of previous days.
LUNA's price exploded by a stunning 150% in about an hour and is currently trading at around $4.7, as seen in the chart below.
Source: Binance via TradingView
It's also evident that the volatility has picked up tremendously, as the subsequent candle also had an amplitude of about 20%.
This resulted in a considerable number of liquidations for that particular cryptocurrency. In less than an hour, almost $7 million in leveraged positions were wiped off the market.
It's also worth noting that the move comes shortly after LUNC - the cryptocurrency that powers the classic version of Terra's ecosystem - skyrocketed by about 100% weekly.
The latter happened because major exchanges such as KuCoin and GateIO extended support for the protocol's tax-burn mechanism.
The post LUNA Explodes 150% in an Hour as Volatility Ramps Up appeared first on CryptoPotato.
|Terra Luna Classic (LUNC) Soars 100% Weekly as KuCoin, Gate Io Extend Ta...
Despite the dramatic sell-off of Terra ecosystem tokens, LUNC has managed to rally along with the crypto market favoring the upside.
While the plan continues to revive the chain and attract investors back, the latest surge of more than 100% over the past week after its tax burn confirmation.
At the time of writing, LUNC was trading at $0.00056, recording a daily rise of almost 55%.
LUNCUSDT. Source: TradingView
As per the new 1.2% Tax Parameter Change proposal, taxes will be charged and burned for on-chain activities, including transfers of LUNC and USTC between wallets and smart contracts.
The proposal essentially seeks to carry out a 1.2% token burn tax on all transactions in a bid to transform LUNC into a deflationary asset.
If passed by Terraform Labs (TFL), the 1.2% tax burn will be activated by September 20.
On the other hand, if the proposal fails to see the light of the day, the new dev team of the ecosystem - Terra Rebels - will offer an unofficial website, desktop app, and mobile app to facilitate tax burns.
KuCoin, in the latest announcement, stated that its services related to LUNC and USTC will remain unaffected if the community chooses not to approve the proposal.
The Seychelles-based crypto exchange has suggested users to deposit all Terra Classic tokens to avoid increased deposit fee costs.
'KuCoin will support the 1.2% tax burn when the proposal is officially approved and implemented on Terra Classic (LUNC) mainnet. Services on KuCoin will remain unc...
|Investor Sues Korean Crypto Exchange for Delaying Coin Transfer Before L...
A cryptocurrency investor has reportedly sued South Korean crypto exchange Upbit after the trading platform delayed processing his luna coin transfer prior to its crash. The Korean crypto exchange is investigating the details of the lawsuit.Upbit Sued by Crypto Investor
Dunamu Inc., the company that operates the South Korean cryptocurrency exchange Upbit, has been sued by a crypto investor, a man in his 50s, Korea Joongang Daily reported Monday.
The investor alleged that Upbit delayed processing his coin transfer off the exchange prior to the coin crashing, resulting in a monetary loss of 156 million won ($112,477). Upbit is one of the largest crypto exchanges in South Korea.
The lawsuit filed with the Seoul Central District Court last week explains that the investor attempted to transfer 1,310 luna coins (LUNA) on March 24 from his Upbit crypto wallet to a wallet he owns at Binance in order to exchange the coins for Vietnamese dong. On that date, the price of LUNA, now called luna classic (LUNC), was around $92.79 per coin. It crashed to near zero in early May.
Binance notified the investor the following day that his coins had been returned due to a problem with the transfer process. However, the coins were not showing up in his Upbit wallet either. After enquiring, Upbit told him that his coins had been accidentally deposited in Upbit's own crypto wallet and that their return was held up by account verification procedures as mandated by law.
In South Korea, the Act on Repo...
|Not-So-Diamond-Hands: Bitcoin Long-Term Holders Have Shed 150k BTC Since...
Data shows the total supply held by the Bitcoin long-term holders has decreased by 150k BTC since the LUNA crash.
Bitcoin Long-Term Holders Have Dumped A Noticeable Amount In The Last Few Months
According to the latest weekly report from Glassnode, the BTC LTHs have observed a sustained decrease of 150k BTC since the crash in May.
The 'long-term holder' (or LTH in brief) group is the Bitcoin cohort that includes all those investors who have been holding onto their coins since at least 155 days ago, without selling or moving them. The holders who sell earlier than this threshold are called the short-term holders (STHs).
LTHs are generally the most resolute investors in the market and thus large selling from them doesn't happen too often.
|US and South Korea to Share Data on Crypto Cases, Including LUNA and UST...
The U.S. and South Korean governments have reportedly agreed to share data on ongoing crypto cases, including the case surrounding Terraform Labs CEO Do Kwon and the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).U.S. and South Korea to Share Data on Crypto Investigations
South Korea's Justice Minister Han Dong-hoon met with U.S. prosecution officials during a visit to New York this week, Yonhap News Agency reported Wednesday.
The U.S. officials present at the meeting included Andrea Griswold, chief counsel to the United States Attorney, and Scott Hartman, co-chief of the Securities and Commodities Fraud Task Force of the U.S. Attorney's Office for the Southern District of New York.
The officials from the two countries examined ways to enhance cooperation in the investigation of major securities fraud and financial crimes, including those involving cryptocurrency. Specifically, they discussed information exchange between the Seoul Southern District Prosecutors Office and the Southern District of New York office.
The two sides agreed to share their latest investigation data on ongoing crypto cases, including the case surrounding the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST), the publication conveyed.
Both the U.S. and South Korea are investigating Terraform Labs founder Do Kwon and the implosion of LUNA and UST.
South Korean prosecutors are looking into possible fraud charges. In addition, the Korean government is...
|CoinLoan Reduces Withdrawal Limits but Claims No Exposure to Luna, Celsi...
CoinLoan - a company that offers crypto-backed loans and interest-earning accounts - said it will balance the flow of funds on its platform by reducing the account withdrawal limits. The firm assured that the amendment is temporary as each user would be able to withdraw up to $5,000 per 24-hour rolling period.
CoinLoan's Steps Amidst the Market Pullback
The Estonia-based cryptocurrency lending platform - CoinLoan - became the latest firm in the field to announce some changes due to the adverse market conditions. Its temporary measures include the reduction of withdrawal limits.
The company said a suspension of all withdrawals is not on the agenda since some customers have stored their life savings on CoinLoan. The procedure will allow the platform to conduct stable operations in the future as sometimes 'prevention is better than cure.'
The crypto lender also stated that it has no exposure to distressed protocols such as Terra, Three Arrows Capital, and Celsius. 'The reason is simple - our strategy bars risky activities that could endanger CoinLoaners' funds,' the entity explained.
The team also assured its users that their assets were safe. Being one of the oldest CeFi platforms in the field, CoinLoan has seen numerous negative events and is confident that its expertise will guide it through the current chaos:
'Since 2017, we have seen multiple adverse situations, but each of them gave CoinLoan strength and contributed to its growth. We understand how to handle difficulties, ...
|KuCoin CEO Denies Insolvency Rumors and Exposure to LUNA, 3AC
The past few weeks have been particularly detrimental for the cryptocurrency industry as major market participants experienced massive challenges. One of the largest centralized lending platforms - Celsius - still hasn't unpaused withdrawals, whereas leading cryptocurrency hedge fund - Three Arrows Capital - filed for bankruptcy.
Amid all this, rumors are running rampant on a daily basis and the latest to get under the radar was crypto exchange KuCoi.
An anonymous Twitter account that's gaining a lot of attention lately has recently urged users to withdraw funds from KuCoin immediately. Within hours, the tweet received hundreds of retweets and thousands of likes.
On the other hand, CryptoPotato recently reported that the CEO of FTX - Sam Bankman-Fried - argued that there are 'some third-tier exchanges that are already secretly insolvent.'
Many industry participants started spreading the rumors and even though KuCoin is unlikely to be considered a 'third-tier exchange,' people were speculating rampantly.
The CEO of the exchange, Johny Lyu, took the opportunity to quickly dismiss those rumors and reiterate that KuCoin is operating as usual and even hiring more people.
Be aware of FUDs!
Not sure who's spreading these sheer rumors, and what their intentions are, but KuCoin does not have any exposure to LUNA, 3AC, Babel, etc.
No 'immense suffer' from any 'coin collapse', no plan to halt withdrawal, everything on Kucoin is operating well.
The CEO also reiterated that t...
|Terra's Crypto Tokens UST and Luna Classic Mysteriously Pumped Thi...
After the downfall of the two most popular crypto assets on the Terra blockchain, the digital currencies terrausd (UST) and luna classic (LUNC) increased a great deal in value against the U.S. dollar in recent times. During the last seven days, LUNC has risen 96.3% and the once-stable coin UST has increased 472.4% this week.Luna Classic and the Once-Stable Coin UST Rise Significantly Against the US Dollar
It's pretty well known in the world of digital currencies that some crypto assets never die. That seems to be the case with the two notorious crypto assets luna classic (LUNC) and terrausd (UST), a former stablecoin that is sometimes referred to as terraclassicusd (USTC).
LUNC took the name luna classic because Terra's new token is now referred to as LUNA. UST was once stable and held the $1 parity from October 2020 up until May 9, 2022. When UST depegged it dropped below a U.S. penny, and tapped a low of $0.006 per unit on June 18, 2022.
However, since the $0.006 per unit low, UST has jumped 617.5% from that range. UST swelled by 472.4% this week to $0.0926 per unit on June 29. While UST dropped in value after that rise, it still held a 24-hour trading range of around $0.04217516 to $0.081822 on Thursday, June 30.
When UST depegged on May 9, LUNC was already dropping in value, but four days prior, LUNC was exchanging hands for $82 per unit. The day UST depegged, LUNC changed hands at a high that day at $61 per unit, but by the following day, it was trading for $27 per LUNC...
|Do Kwon Interview Explains He's 'Devastated' by LUNA C...
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, and its the first interview Kwon has done since the Terra collapse. Kwon told the reporters that he lost most of his wealth after the crash but that doesn't bother him that much. 'This doesn't bother me,' Kwon told the reporters. 'I live a fairly frugal life,' the Terra co-founder said.
Kwon, however, said he was sorry about the losses investors took from the fallout. 'I've been devastated by recent events and hope that all the families who've been impacted are taking care of themselves and those that they love,' Kwon stated in the interview. He also discussed his confidence that many called cocky, and noted that it was because he was a big believer in the Terra ecosystem. Kwon said:
I made confident bets and made confident statements on behalf of UST because I believed in its resilience and its value proposition.' Adding he said, 'I've since lost these bets, but my actions 100% match my words. There is a d...
|Report: South Korean Crypto Exchanges to Create Body to Preempt Another ...
Five South Korean cryptocurrency exchanges said they intend to create a consultative organization which will help prevent a repeat of a Terra LUNA-style token collapse. The organization is expected to achieve its objectives by applying standards that are endorsed by the crypto exchanges. Screening Guidelines
Five of South Korea's leading domestic cryptocurrency exchanges have said they plan to create a consultative body whose mandate is to prevent the recurrence of a token collapse similar to that of the first iteration of Terra's LUNA. The consultative body will achieve this by applying agreed upon standards, the exchanges said.
According to a Yonhap News report, this plan by the exchanges was revealed at the party-government meeting held at the National Assembly recently.
The decision by the five exchanges, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, comes just a few weeks after they were criticized for their seeming indifference to the collapse of the former terra (LUNA) cryptocurrency and the terrausd (UST) stablecoin.
As per the report, the five exchanges will initially take different preparatory steps prior to the launch of the screening guidelines, and some of these steps include the signing of a business agreement as well as improving listing-related standards.
Reviewing Tokens for Signs of a Ponzi Scheme
Meanwhile, the Korean language report also revealed that the consultative body will comprise the CEOs of five exchanges and related working groups. In additi...
|Do Kwon Turns Twitter Account To Private After LUNA Slumps
In less than a month after the deployment of the new blockchain, LUNA 2.0, the token's price has declined by over 77%. Early this year, the Terra blockchain was hailed to be the future of cryptocurrencies, as it seemed to promise several developmental advances. Then the protocol encountered a great shocker when its UST stablecoin and LUNA crypto token crashed drastically.
The Terra Blockchain
Launched in 2018 by the Terraform Labs and founded by Co-founders Do Kwon and Daniel Shin, Terra was a cryptocurrency protocol used to provide access to stablecoins.
Recently, Kwon set his official Twitter account private, raising further suspicion that the token price may not be appreciated.
According to market capitalization, the Terra protocol initially rose to become one of the ten leading blockchains in the world. It provided two unique tokens; the TerraUSD UST stablecoin and the LUNA utility coin, used for governance and to facilitate payments in the network.
LUNA price follows an uptrend | Source: LUNAUSD on TradingView.com
Since its inception in 2018, the Terra blockchain had been performing very well until mid-May 2022, when the blockchain saw a massive sell-off of the LUNA. The new token promised to enable users to regain their lost funds and replace its predecessor, the LUNA original coin.
According to data from Coingecko, the token has been experiencing a steady decline in price since its inception. As of press time, the token had encountered a 77% decline and is currently t...
|Did Celsius' Withdrawal Trigger The Terra/ LUNA Collapse? Claim & ...
Did Celsius set off the domino effect? Almost a month ago, The Block Crypto reported that Celsius pulled at least $500M from the Anchor protocol before the collapse. Two weeks ago, blockchain analytics firm Nansen identified Celsius among the seven big wallets that allegedly triggered the bank run on Anchor. Recently, Celsius responded.
Is this the explanation for the Terra/ LUNA collapse? Was this whole situation not a deliberate attack? Were natural market forces responsible instead? The estimation is that 75% of all UST in existence was locked in the Anchor Protocol, a service that offered a suspiciously high 19.5% yield. That number was one of the main drivers behind UST and LUNA’s success. It’s only logical that the bleeding started there.
According to this theory, how did all of this happen? Let’s explore the facts and explanations provided by all parties involved.
Nansen Identifies Celsius
When the Terra/ LUNA crash happened, a deliberate attack on a perceived vulnerability was the first and main theory. According to Nansen’s “On-Chain Forensics: Demystifying TerraUSD De-peg” report, “This on-chain study refutes the narrative of one “attacker” or “hacker” working to destabilize UST.” How did it happen, then? Well, the natural market forces unraveled the poorly designed algorithmic stablecoin. Back to Nansen:
“Our analysis leveraged on-chain data to demystify what happened before a...