After the great collapse it experienced, it was moved to a new blockchain with great discussions. Terra (Luna)started to perform poorly again after the long-awaited airdrop.
LUNA has lost 20% in the last 24 hours alone and is currently trading at $4.15. In addition to this decrease in price, the disclosures shared by a confessor in the Terra team further confuses the agenda. Speculation as to whether founder Do Kwon still has a role to play in Terra 2.0 is a crucial factor behind LUNA’s recent collapse.
Additionally, South Korean police are also reportedly investigating possible embezzlement of Bitcoins by a Terraform Labs (TFL) employee.
Do Kwon Accused of Lying on Terra Form Labs Plan
FatMan, who came to the fore with the disclosures he shared within Terra, stated in a tweet series he shared recently that the claims of Do Kwon and TFL employees that Terra 2.0 will belong entirely to the community are a big lie.
FatMan, who made several claims about Terra and Kwon in his previous posts, claimed that Kwon and TFL hold a total of 42 million LUNA tokens worth about $200 million.
Kwon also allegedly used his own LUNA assets to vote in favor of the Terra 2.0 hard fork and airdrop, despite calls from the community to burn existing tokens.
Although the allegations of the confessor have not yet been officially confirmed, the reaction from the market was quite negative as expected. LUNA has lost 79% after it was released on the new blockchain.
Things Aren’t Going Well For LUNA Classic, Too
Although it lost more than 99% of its value during Terra’s collapse, the original LUNA token Luna Classic (LUNC) depreciated in the last selling pressure.
The LUNC has slumped 16% in the last 24 hours to five decimal places below zero, making any recovery unlikely.
Terra 2.0’s losses have been exacerbated by broader weakness in the crypto market. Bitcoin (BTC) took the market with it, falling by about 7% to below $30,000.
You can follow the current price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.