Trying to recover after the collapse in May LUNAThe waters do not stop in . Founder of Terraform Labs Do Kwon for, 40 billion dollars Following the investigation into the depreciating crypto ecosystem arrest warrant output.
Arrest warrant issued for Do Kwon, LUNA in decline again
LUNA, which is trying to recover after the big collapse in May, is about to come back after the news. by 50 percent fell. Cryptocurrency is currently recovering, albeit slightly. According to reports, in South Korea LUNA founder There are arrest warrants for 6 people, including Do Kwon.
Binance CEO announced how much he lost from LUNA!
Binance CEO Changpeng Zhao revealed how many LUNAs he bought prior to the historic crash and the extent of his losses.
After the decision that the country violated the capital market rules LUNA founder authorized in the crypto ecosystem, including 6 more people He is expected to be arrested shortly. cryptocurrencies On the other hand, these days when we are in a bear market, it seems to be badly affected by this bad news.
LUNA suffered a massive collapse in May, losing over $40 billion in value. Designed to be fixed at $1 to LUNA’s downfall TerraUSD (UST) caused. Unlike UST, Tether and USDC with US dollar reserves not supported. The stablecoin, instead the native cryptocurrency of the Terra blockchain LUNAHe was getting support.
UST by purchasing through LUNA, for 1 dollar was fixed. For example; if the UST drops to 99 cents, arbitrage traders will be making huge amounts of money. TOP He was buying the cryptocurrency to increase its value to $1 again.
This system 8 May at once in $2 billion USTcollapsed with the removal of . and the sale of hundreds of millions of dollars. While the UST dropped to 98 cents, the mechanism to convert the LUNA to UST couldn’t keep up. After the situation, the confidence of the investors in the system was lost.
Terraform Labs, on the other hand, redesigned the crypto system without a stable token after this collapse. LUNA right now $2.87 trades around. So, you LUNA and its founder Do Kwon What do you think about it? You can share your views with us in the comments section.