While New LUNA Record Gains, Do Kwon’s Terraform Labs Beset By Controversy And Accusations – Bitcoin News

It’s been two days since the Terra development team launched the new Phoenix-1 blockchain using the network’s native token, LUNA. While the coin saw a significant drop in value on the first day of trading, the new LUNA gained 8.8% in value over the past 24 hours. Controversy continues to plague Do Kwon and Terraform Labs amid the coin’s 24-hour rally. Furthermore, the value of the old token luna classic (LUNC) has been climbing as the crypto asset rose by more than 70% on the last day.

New LUNA token up over 8% on Monday, token still down over 64% from recent highs

More than 48 hours have passed since the birth of the new Terra blockchain and crypto asset LUNA. In the first few hours of trading, the new LUNA changed hands at an all-time high (ATH) of $18.87 per coin. Currently, even with today’s increase, the price is 64% lower than ATH. According to coinmarketcap.com, there are 210,000,000 LUNA tokens in circulation, but the portal states that this number is not 100% verified.

While new LUNA record gains, Do Kwon's Terraform Labs is plagued by controversy and accusations

Multiplying the number of coins in circulation by the current value of LUNA shows that the coin has a market capitalization of approximately $1.35 billion today. As of May 30, 2022, the 24-hour trading range for the coin is between $5.51 and $6.74 per unit. Currently, LUNA’s global trading volume over the past 24 hours is around $145 million, but has dropped 48.6% since yesterday. The most active exchanges currently trading LUNA include Gate.io, Okx, Bybit, Mexc and Kucoin.

The majority of LUNA is vested, which was explained before the airdrop.While many were airdropped new LUNA, most of their shares were airdropped bonded, coins can’t spend for a specified time. The new Terra chain no longer has algorithmic stablecoins, and many of the Defi protocols that once worked are now broken. In fact, the purpose of the new Terra coin is unclear, since without defi applications such as UST and Anchor, it can be said that there are few use cases for the new LUNA.

Terraform Labs summoned, K company accused of pooling pre-mining via CHAI

In addition to launching the new Phoenix-1 blockchain, Terraform Labs co-founder Do Kwon and the company have faced significant criticism and controversy. May 17, Bitcoin.com News report On South Korean law enforcement officials investigating the Terra blockchain project and Terraform Labs.Local media are now reporting that the entire Terraform Labs staff has be summoned by South Korean officials. Bitcoin.com News also reports on Do Kwon dissolve Terraform lab before the UST decoupling event and the death spiral of LUNC.

In addition, there is a@fatmanterra (fat man)“Have explain A lawsuit is being planned to compensate Terra victims. Additionally, Fatman has been accusing the team behind Terra of manipulating things like Mirror Protocol, a decentralized synthetic stock exchange.fat man detailed The app is “really just a farce designed to enrich Do Kwon/VC”.Just recently, Fatman published another Wire A Terra-related organization called “Company K” was discussed. Fatman claimed that Company K was a “blockchain consultancy established for money laundering and tax evasion”.

Company K is also cover Reported by local Korean news outlet KBS. “The K’s employees overlap significantly with Terra’s employees and often share the same space,” Fatman wrote on Twitter. “Both were founded in 2018. Most of K’s employees are direct Terra developers. K’s CEO, Mo Kim, vehemently denies any major relationship.” Fat Man Add to:

Why is this funny? Well, the Korean tax authority reported that last year, Terra sent K Corporation’s CEO 6 billion won ($4.8 million). This is listed as “other expenses” on the books.

fat people too posted a topic About Do Kwon’s involvement in a pre-mining project allegedly in cooperation with Daniel Shin’s CHAI. According to Fatman, Do Kwon and Terraform Labs (TFL) pre-mined a token called SDT, which the team was reportedly able to cash out using Terra’s KRW stablecoin.

“A cheeky little system was built: when SDT is burned, Terra’s KRT (a KRW stablecoin) can be issued to stores via CHAI,” Fatman Say“It is now possible to cash out off-platform through exchanges. As long as there is enough retail volume to cover it, it will go unnoticed.” Fatman continued:

While there is some real CHAI usage, the vast majority are just TFL cashing out tens of millions of dollars through the SDT/KRT program, hopefully no one notices. It’s a way to convert their printed internet money into real money – retail demand.

LUNC jumps 70%, backers hope it will hit $1

In addition to the accusations and controversy surrounding Do Kwon and his team, luna classic (LUNC) is up 70% in the past 24 hours. vertical trend A number of people were shown on Twitter trying to defraud the classic coin, some of whom seemed to believe that the coin – trading well below a penny – would one day be $1 per unit. LUNC trading has been very active over the past 24 hours as many cryptocurrency exchanges resumed luna classic trading after suspending the token since the second week of May.

tags in this story

@fatmanterra, accuse, firewood, Company K, dispute, Crypto assets, cryptocurrency exchange, Daniel Shin, do right, Metropolitan Station, fat man, Korea Broadcasting Corporation, Korean tax authorities, KRT coin, won, Luna, Luna Classic, Lunch, mirroring protocol, new token, Pre-mined, SDT, South Korea, summons, Terrain Lab, TFL

What do you think of the new LUNA token and recent LUNC earnings? What do you think of the allegations against Do Kwon’s Terraform Labs? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News at Bitcoin.com News and a fintech reporter living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.

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