Having witnessed the biggest decline of recent years, LUNA has inflicted great damage to many investors. On the other hand, accusations against Do Kwon, the founder of the cryptocurrency, are increasing. The scope of the search for the founder, who is said to have been issued an arrest warrant, is expanding.
Red notice request from Interpol on Do Kwon
Trying to recover after the collapse in May LUNAThe waters do not stop in . Founder of Terraform Labs Do Kwon for, 80 billion dollars Recently, following the investigation into the depreciating crypto ecosystem, arrest warrant output.
On the other hand, Do Kwon is looking for ways to come back with LUNA. Claiming that he is not a leak, the founder of LUNA stated that he is looking for ways to return to the old days. However, South Korean prosecutors said there was a search warrant for Kwon. In addition, it was announced that a red notice was requested from Interpol about the LUNA founder, who was stated to be out of the country.
Billion dollar crypto project, pyramid scheme is out!
Cryptocurrency lending platform Celsius has been accused of being a scam firm. According to the investigation, the ponzi scheme was being applied.
What happened at LUNA?
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.
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 fell to 98 cents, the mechanism for converting the LUNA to UST could not keep up. After the situation, the confidence of the investors in the system was lost.