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Terra’s Co-Founder Reportedly Sold 70% LUNA Before Price Hike

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Earlier this week, it was revealed that South Korean authorities had summoned former Terra executive Shin Hyun-seong, aka Daniel Shin, to an investigation into allegations that he had unfairly profited by selling LUNA [now LUNC] tokens.

Shin was accused of “holding pre-issued LUNA tokens without informing regular investors and then reportedly generating gains of 140 billion Korean won when he sold the tokens at a high point,” as a result. The same was worth approximately $105.52 million.

Terra Co-Founder Denies Illegitimate Profits Of $100M

Shin testified in front of the prosecution on November 17 that he was in possession of a sizable number of LUNA tokens at the time of the accident. Additionally, he denied selling tokens when LUNA was near its highs. A local media report claims,

“Shin is said to have made a statement to the prosecution to the effect that “more than 70% of the disposed Luna was traded before the price soared, and a significant amount was retained even at the time of the collapse.”

In a recent decision, the prosecution determined that the LUNA cryptocurrency qualifies as a financial investment security. As a result, it is “actively investigating” charging Shin with crimes under the Capital Markets Act, namely engaging in fraudulent illegal activities.

The former Terra executive is also charged with harming the business by promoting LUNA and the native stablecoin of the Terra ecosystem while using customer data and funds held by Chai Corporation, the organization where he currently holds the positions of CEO and Founder.

Nevertheless, a Chai representative recently informed Watcher Guru through email that the organisation has been running independently from Terra since Q1 2020. Shin has “cooperated” with the authorities in the continuing Terra probe and will “continue to do so,” according to the issued statement.

Shin has repeatedly said that he severed connections with Do Kwon and Terraform Labs in 2020. He then went on to found Chai Corporation, a provider of payment technology, where he is presently CEO and founder.

Why Budblockz Is More Stable Than Terra Luna

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The cryptocurrency market is full of ups and downs, coins are always losing value and then appreciating again, often within short timeframes. Although investors are well aware of the massive price swings in the crypto space, they still prefer coins that show more stability in the long run as they are more reliable. BudBlockz is a new crypto project that is proving to be more reliable than older coins such as Terra Luna.

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What Is BudBlockz?

BudBlockz is a cannabis-centric platform seeking to unite cannabis users, businesses, investors, cafes, and dispensaries from every corner of the world.

The BudBlockz team is creating a global marketplace where cannabis lovers can purchase physical wed products within weed-friendly jurisdictions. Those who reside in places where cannabis is still criminalized can participate in the BudBlockz ecosystem by purchasing NFTs to own percentages of cannabis farms, dispensaries, and businesses.

BudBlockz is the first blockchain to allow cannabis lovers to purchase NFTs that are asset-backed by cannabis-based businesses. Because of BudBlockz’s unique approach to the cannabis industry, the platform’s main coin, $BLUNT has received massive attention from investors from the launch of the private sale, and into the pre-sale the token has continued to shine. The growth of the cannabis industry, which is expected to skyrocket in the coming years coupled with the fact that more governments are decriminalizing weed is also playing a major role in the warm reception $BLUNT is receiving.

$BLUNT is expected to remain stable in the coming years and continue appreciating. Since inception the token has already gained over 75% in value, and the signs show it will continue

What Is Terra Luna?

Terra is a community-governed open-source blockchain that hosts an array of applications. Terra allows its users to use already-existing applications and organizations or use the platform’s cutting-edge developer tools tool to create new ones from scratch.

Luna is the native cryptocurrency of the Terra ecosystem. Terra users use Luna to pay for transactions on the Terra network as they interact with different applications on the ecosystem. Luna holders also earn rewards when they stake their coins, participate in the governance of the Terra blockchain and use Luna to purchase their favorite digital art.

Although Terra is a great blockchain that creates space for developers to create crypto apps, it is currently undergoing problems that have destabilized the value of the coin.

In May of 2022, the Terra ecosystem collapsed because of Luna’s connection to TerraUSD, the stablecoin of the Terra network.  The collapse which is the largest crypto crash so far wiped out $60billion from the crypto market.

Shortly after the crash, Do Kwon faced legal charges from the Korean government, which caused investors to lose trust in the blockchain.

Final Word

Although the Terra community is working hard to bring the blockchain back on its feet, it is obvious that Luna is currently unstable and, the situation is likely to continue for some time. Budblockz, on the other hand, has continued to show stellar growth from its private sale and is now in presale. It is expected that the coin will remain stable as it continues to serve the rapidly growing cannabis industry.

Learn more about BudBlockz (BLUNT) at the links below:

Official Website: https://budblockz.io/ 

Presale Registration:: https://app.budblockz.io/sign-up 

Telegram Group: https://t.me/BudBlockz 

Discord Server: https://discord.gg/s7hBFgvTmN 

All BudBlockz Links: https://linktr.ee/budblockz

Terra: The period of resurrection with LUNA’s surge

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Without a question, Terra was at the epicentre of the 2022 crypto market collapse. The project was one of the most prosperous before to the catastrophe, reaching a record high of $119.18 in April. But the soaring climb paved the ground for a legendary fall. The ensuing death spiral sent investors and users into a frenzy. Many people’s lives were completely destroyed, losing all they had saved up for. Since then, the team has created a new Terra Luna token (LUNA) and renamed the existing one Terra Luna Classic (LUNC).

After dramatic collapse earlier this year, the Terra blockchain’s cryptocurrency LUNA was regenerated. On Friday, the price of LUNA tripled, trading close to its all-time high achieved in early June when the token was issued.

According to data from cryptocurrency price tracker CoinGecko, the token’s price surged from less than $2 to roughly $7. At the time of publication, LUNA was trading at about $6, up more than 212% over the previous 24 hours on significantly greater trading activity.

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The native coin of the second iteration of the Terra blockchain, which was revived following the token’s collapse in May, which resulted in the loss of $60 billion in value, is called LUNA. Investigations of fraud against Terraform Labs, the company that developed the blockchain, and its founder Do Kwon followed the implosion. The Luna Classic (LUNC) currency and its stablecoin USTC are hosted on the old blockchain, now known as its Classic version.

Terra’s LUNC surprising surge

Risky investments like cryptocurrencies seem to be broadly rising on Friday in a relief rally as several economic indicators point to a slowing global economy and traders consider the possibility that the Federal Reserve may scale back rate hikes earlier than anticipated or even cut interest rates next year.

Traders became enthusiastic about a new burn program that would reduce the token’s inflated supply, which has caused LUNC to rise as well. Since then, the surge has slightly stagnated, as the coin has dropped 17% in the last day.

Crypto market observers are perplexed by LUNA’s erratic price movement because there hasn’t been any network-specific news or development that would spark excitement among retail traders.

Data from the social asset analytics platform for digital assets LunarCrush indicates a recent surge in social media mentions and engagements is indicative of a retail speculative frenzy.

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The new blockchain for the currency has so far had trouble drawing investors into its ecosystem. According to DeFi data tracker DeFiLlama, the network’s total value locked (TVL), a key metric in decentralised finance (DeFi) that gauges how much value a protocol can amass from investors, stood at a pitiful $51 million at press time. In contrast, the “old” Terra Classic blockchain’s TVL reached more than $20 billion in May before its collapse.

Following the Fall of LUNA, Singapore Watchdog To Lay Down Stablecoin Regulation

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Following the fall of Terra, LUNA, and the entire Do Kwon ecosystem, countries are pushing regulations on crypto and stablecoins.

The main financial watchdog for a city-state, the Monetary Authority of Singapore (MAS), evaluates the benefits of a regulatory framework for stablecoins.

The KYC concerns that are the focus of current regulations do not take into account the unique dangers that stablecoins are subject to.

Regulatory head of Singapore illustrated the high risks that followed LUNA’s fall

On Monday, the MAS official homepage posted a written statement from Tharman Shanmugaratnam, the regulator’s chief, in response to a query from a Singaporean lawmaker.

The inquiry asked whether there was information on how exposed Singaporeans were to the recent decline in the value of the TerraUSD Classic (USTC) stablecoin and the Luna Classic (LUNC) token and if the MAS was actively thinking about ways to address future crises of this nature.

Shanmugaratnam recognized that the Terra collapse serves as an example of the severe dangers associated with investing in cryptocurrencies, but he emphasized that the unrest has not adversely impacted the economy or the mainline financial system.

The majority of the official response described MAS’s existing plans for stablecoins.

The current framework, in which stablecoins, along with other cryptocurrencies, are being deemed digital payment tokens (DPTs), doesn’t address the unique hazards, according to him, thus MAS is actively examining its approach to the regulation of stablecoins.

As a result, MAS “is evaluating the advantages of a regulatory system” particular to the features of stablecoins.

It will concentrate on issues including controlling reserve requirements and peg stability. As stated in the answer, MAS plans to consult the public in the following months regarding the guidelines.

The ties between LUNA’s TerraForm Labs, Three Arrows Capital (a cryptocurrency hedge fund currently facing bankruptcy procedures), and Singaporean crypto regulation were officially denied on July 19 by Ravi Menon, the managing director of MAS.

Menon also stressed the need for the regulatory attention to be shifted away from KYC/AML and onto the more complex threats presented by cryptocurrencies in his address.

Terra Community Makes a Proposal for the Distribution Method for 0.5% Emergency LUNA Allocation

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Cephii1, a Terra community member, proposes on behalf of the Terra community members. The suggestion is for a mechanism of distributing the 0.5 percent emergency LUNA allocation.

According to the user, the suggestion was made on behalf of community members, validators, TFL, and others. The initiative also aims to improve the Ecosystem’s Revival Plan 2.

The rising discussion over how to distribute the 0.5 percent emergency LUNA properly opened the way for the plan to grant a 10% LUNA supply to developers. However, the LUNA team did not specify how the emergency fund would be allocated.

The Terra community lays down the proposal

The user established the criteria for who is qualified to receive the emergency fund after gathering recommendations from community members:

  • Projects in LUNA Classic that achieved product-market fit and TVL.
  • Projects that began on LUNA Classic and achieved product-market fit but have yet to produce verifiable results TVL.
  • Projects in the pre-and post-launch phases that have not yet established product-market fit (pre-PMF)

The plan first focused on smaller initiatives, outlining the minimum amount needed for minor projects as well as the number of projects that should be funded.

According to the poll, the projects would cost $100-300k for six months of runway. In addition, the community chose over 50 projects that would be eligible for it.

The concept called for providing $100,000 to $300,000 in LUNA to eligible pre-PMF teams. The eligibility and allocations would be decided by a council of long-standing Terra community members, including Karma, Panterra0x, Cephii, Seb, and GJ.

In addition, the user proposed that the projects Coinhall, Terrascope, Setten, SCV, Terra One, Random Earth, Knowhere, Leap Wallet, and TFM receive an additional $500k-$1M in LUNA. This is due to the added value of infrastructure and tooling.

To sum up the emergency fund’s total of 5 million LUNA:

  • 2.5 million should be allocated among projects that debuted on Terra Classic and established product-market fit, as well as TVL (PMF and TVL).
  • One million LUNA should be awarded to ventures that debuted on Terra Classic and achieved product-market fit but no demonstrable TVL (PMF but any TVL).
  • 1.5 million LUNA should be spent on pre-and post-launch measures that failed to create product-market fit (pre-PMF).

Fakesters use LUNA 2.0 airdrops to target users

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Scammers are giving fresh Luna 2.0 to cryptocurrency CEOs and influencers’ addresses, according to PeckShield, a major blockchain security business, including Vitalik Buterin’s, Justin Sun’s, and the 3AC Foundation’s wallets.

According to the Ethereum block explorer, the Wrapped LUNA 2.0 contract address issued millions of the new tokens and delivered them to the official addresses of Vitalik Buterin, Three Arrows Capital, Justin Sun, and other influencers. Scammers were sending the wrapped tokens to a real Terra deployer as well as airdropping them to the listed addresses, according to PeckShield.

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Users were led to believe that the “Wrapped Luna 2.0” address was a legitimate Terra 2.0 token deployer, and that they must transfer their previous Luna tokens to those smart contract addresses by the exploiters.

Payments to well-known wallets, such as Justin Sun’s tagged addresses and the ENS address vitalik.eth, give the contract page credibility and attract regular users who will sell their worthless tokens for a new version.

Yet another LUNA scam

HODLers with the token (including staking derivatives) and fewer than 500k aUST (UST placed in Anchor) during the pre-attack snapshot period are eligible for the airdrop. The airdrop was also open to users who had LUNA and UST at the time of the post-attack snapshot.

Many decentralised platforms and exchanges previously resisted the upgrade either to regulatory worries or user reluctance to trade their old Luna tokens for the new one.

Terra’s co-founder, Do Kwon, proposed to “restart” the project without the UST stablecoin and a new token distribution when the UST and Terra tokens failed. Despite the fact that voting on Terra’s governance platform was successful, not all users are happy with Do Kwon’s decision and say that developers should focus on revitalising the current coin rather than creating a new one.

While some exchanges have refused to support the new Terra blockchain, many others have agreed to do so.

Exchanges Show Support in Assisting LUNA’s Revival by Listing the New LUNA 2.0

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For the launch of LUNA 2.0, Huobi, Binance, FTX, Bitrue, HitBTC, and Bybit cryptocurrency exchanges, have expressed interest in working with the Terra team to launch their new chain without an algorithmic stablecoin.

Binance had previously halted trades after validators paused the blockchain, making trades impossible, but in response to Terra’s statement, announced in a tweet, “The Terra community just approved a vote to ‘Rebirth Terra Network.’

” On the recovery plan, we’re collaborating closely with the Terra team in order to provide the best possible service to impacted Binance users. “Stay tuned for more information.” On May 25, 2022, at 2 p.m. UTC, Bybit will cease LUNA and UST withdrawals, renaming LUNA as LUNC and UST as USTC on May 26, 2022, and Bitrue will commence Luna V2 trading on May 27, 2-22.

The exchanges will assist in the LUNA 2.0 airdrop

Terra’s algorithmic stablecoin UST lost its dollar peg earlier this month in a well-documented disaster. LUNA, its companion coin, crashed at the same time. In the aftermath of the Terra crash, founder Do Kwon proposed creating a new blockchain with the previous token rebranded as Classic and a new token, running on a new blockchain without an algorithmic stablecoin. On the Terra Classic blockchain, the original UST will survive.

A community pool regulated by staked LUNA classic tokens will receive 30% of the new tokens as an airdrop. At the same time, 35% will go to “pre-attack holders,” 10% to “pre-attack UST holders,” 10% to “post-attack holders,” and 10% to “post-attack UST holders,” and 15% to “post-attack UST holders.” Terra Classic block 7544910 will be used for a snapshot, whereas block 7790000 will be used for a post-attack snapshot. The airdrop will be co-hosted by Bybit and Bitrue.

Kwon had even encouraged developers to highlight the new blockchain’s support.

Luna Foundation Guard Funds Were Requested to Be Frozen by the South Korean Police

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Police in South Korea has sent warnings to cryptocurrency exchanges, requesting the freezing of funds linked to the Luna Foundation Guard.

On Monday, Korean authorities sent a request to the country’s largest cryptocurrency exchanges, urging that funds not be transferred. The Luna Foundation Guard was specifically asked by the Seoul Metropolitan Police Agency not to take any action. Authorities claim they have acquired evidence linking the group to embezzlement.

The Luna/Terra algorithmic stablecoin debacle earlier this month devastated investor portfolios overnight, with the coin’s value plummeting by nearly 99 percent. This request, on the other hand, is neither a demand nor legally enforceable. Each individual can choose how they wish to answer, but no one knows how they will react.

Luna Foundation Guard might be in trouble

Several large Korean investors have investigated and sued Do Kwon, the CEO of Terraform Labs, following the collapse of the TerraUSD (UST) stablecoin. As a result of this, the “Grim Reaper,” a Korean Financial and Securities Crime Joint Investigation Team, was revived.

Korean lawmakers have met with executives from Upbit, Bithumb, Coinone, Korbit, and Gopax, among other sites. Because the leaders of these exchanges are not obligated to comply, this meeting is most likely a ploy to put pressure on them.

“We will review the exchange’s investor safety procedures,” Yoon Chang-Hyeon, chairman of the People’s Strength Virtual Assets Special Committee, wrote on Facebook, according to Newspim.

According to the publication, it is reasonable to assume that exchange representatives will be held accountable in some way for the losses suffered by investors as a result of the Terra (LUNA) price drop. The Korean National Assembly, according to Newspim, is making moves to limit punishment in this sector.

Coinone has suspended LUNA trading as of May 11th, and Binance has also suspended certain spot trading.

The request to crypto exchanges and the Do Kwon probe are unrelated, despite the fact that this official report is part of a broader story.

Novogratz Breaks His Silence, Speaks About His Tattoo Following the LUNA Collapse

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Mike Novogratz, the billionaire founder of crypto asset management business Galaxy Digital, informed his followers that his Terra (LUNA)-inspired tattoo will serve as a reminder to be humble in the venture capital sector.

Following the recent LUNA/TerraUSD crash, Novogratz wrote an open letter to his followers on Wednesday, saying, “My tattoo will be a continuous reminder that venture investing takes humility.”

Novogratz originally displayed his wolf-themed tattoo to his 461,000 Twitter followers on January 5 in a passionate statement of his support for the now-defunct Terra ecosystem.

Novogratz believes that the crypto business is stronger than ever

Last week, Terra’s TerraUSD (UST) stablecoin failed, driving the price of its sister-token LUNA from $60 to $0 in less than 72 hours. The crash cost the cryptocurrency ecosystem almost $40 billion.

“When money is lost in such a sudden fashion, people expect explanations,” Novogratz wrote in the letter.

Despite last week’s “heart-wrenching” market chaos, he believes the crypto business is stronger than ever and will not disappear anytime soon.

“This does not mean the crypto market will bottom and head straight back up. It will take restructuring, a redemption cycle, consolidation and renewed confidence in crypto.”

According to a May 13 statement from Galaxy Digital, the company expects to lose $300 million in net comprehensive income as of May 11, reducing the partners’ capital to $2.2 billion, down 12% from March 31.

Pantera Capital, one of Terraform Labs’ early investors, announced on Thursday that it had sold out around 80% of its LUNA investment well before the TerraUSD collapse. Pantera partner Paul Veradittakit claims that the firm was able to turn $1.7 million into $170 million.

Crypto-themed tattoos have gained in popularity significantly in recent years, with crypto tattoo-related Google searches increasing by 222 percent in 2021. According to Crypto Head, more than 900 people have tattoos of the Bitcoin (BTC) “B,” while Dogecoin (DOGE) and Ether (ETH) tattoos are also on the rise.

“Burn LUNA” Gains Momentum As Do Kwon Proposes A New Terra 2.0 Chain

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“Burn LUNA” hashtags continue to gather steam on Twitter even as Terraform Labs creator Do Kwon made his intention clear to go ahead with the on-chain governance proposal despite the majority voting ‘No’ in the online poll.

On 16th May, Kwon proposed the hard fork that would split into two chains: Terra and Terra Classic. The new, non-classic chain would abandon the failing UST stablecoin and instead focus on decentralized finance (DeFi) applications building on Terra, as TronWeekly reported. 

Kwon posted a call to action as part of yesterday’s announcement: “We encourage Terra developers to signal support [and] commit to building on the fork on public channels,” he wrote.

Over a dozen validators voted in support of the fork of Terra that focuses on development rather than its stablecoin. However, results from the preliminary poll indicated that many community members were against the idea.

More than 90% of 6,921 voters on a previously held online poll have voted down the change, with the most popular responses calling for “no fork.”

Fork Or Burn. What Do Experts Say?

The most trending crypto hashtags called for burning LUNA as many in the community felt the token can be salvaged by buying up the circulating supply and then burning it down.

Leading fund managers were skeptical saying that Terra’s senior team would push for forking the blockchain irrespective of the community’s sentiment toward the project. Doo Wan Nam, founder of crypto fund Stable Node said,

“It’s a dilemma for Kwon and Terra’s team as they can technically override the community’s consensus by either forking regardless of the decision or using their staked Luna [to prevent the network from being manipulated] to change the voting to support.”

“This will be received very poorly by not only the Terra community but the wider crypto community. However, Do and his team might not have much choice but to do it to better reflect his vision of the Terra ecosystem,” Doo added.

On the other hand, Terra’s woes refuse to end as reports emerged of possible legal action by a South Korean law firm. LKB & Partners will reportedly file the case against Kwon, a Korean national, on behalf of ordinary investors to the Seoul Metropolitan Police Agency, according to a local news outlet.