South Korean prosecutors have seized more than $100 million worth of assets belonging to Shin Hyun-Seong (Daniel Shin), the co-founder of Terraform Labs, for his role in the collapse of the Terra ecosystem in May. According to reports from local publication YTN, the court approved the prosecutor’s request to freeze 140 billion won ($104 million)...Read More
A new audit report revealed that the two entities behind the Terra ecosystem, LFG and TFL – collectively spent more than $3.4 billion between May 8th-12th, 2022, to defend the peg of the fallen stablecoin. The main objective of the audit was to bring “transparency” into the peg defense activity and dispel reports of fund...Read More
The notorious Co-Founder of Terraform Labs – Do Kwon – is said to be in Europe. He vowed to organize a conference soon and lift the curtain on his mysterious location. The South Korean, who is a primary target for Interpool, even invited law enforcement agents to participate in the event. Terra’s colossal crash in...Read More
Huobi’s native stablecoin – HUSD – lost its parity with the American dollar and tumbled by nearly 70% after the exchange delisted the asset last week. At one point, its valuation dropped to $0.28, the lowest level in its three-year existence. The leading cryptocurrency platform Huobi announced last week it will no longer support trades...Read More
Hashed CEO and an early backer of the ill-fated LUNC token, Kim Seo-joon, failed to appear before a South Korean congressional inquiry into the crash. He cited “mental conditions” as the reason for his absence from South Korea’s National Assembly’s Political Affairs Committee, which he supposedly developed since the spectacular $40 billion wipeout in May...Read More
Terra creator Do Kwon, who is facing severe scrutiny, recently slammed “misinformation” floating in the media and downplayed serious charges by South Korean authorities as well as Interpol. The famed Terra whistleblower, FatMan, has now weighed in on the controversial figure’s statements made a few days prior on Laura Shin’s Unchained podcast. Kwon said he...Read More
South Korean Prosecutors have confirmed that Do Kwon might have fled Singapore as he was believed to be in hiding there. In a text message on Thursday, reported by Bloomberg, they said reports suggesting that Kown flew to Dubai for a possible stopover before escaping to an unknown destination are “not false.” Hunt for Do...Read More
Binance announced updates to the deposit and withdrawal fees for LUNC and USTC on the Terra Classic network. This comes after the community passed proposal 5234, first presented by Akujiro, to lower the tax burn from 1.2% to 0.2% and take 10% of the collected seigniorage and add it to the community pool at the...Read More
Terra’s collapse is one of the most high-profile events in the crypto industry in recent times. With South Korean authorities and Interpol involved, the once crypto titan, Do Kwon, has opened up about the allegations against him. The Terraform Labs co-founder maintained that Terra was never really about money or fame, or success. However, Kwon...Read More
The field of algorithmic stablecoins has taken a massive hit after the infamous collapse of the entire Terra ecosystem (including UST). Following the crash, the community got split into two – those who support the new version of Terra, which retained the name, and those who support the old version of it – Terra Classic....Read More
South Korean prosecutors continue their pressure on Terraform Labs following the fiasco that took place earlier this year. This time, the authorities have managed to freeze a whopping 56 billion won (worth around $39.4 million) in assets that are tied to Do Kwon. According to the South Korean media outlet News1, prosecutors have managed to...Read More
Singapore-based company Terraform Labs has stated that South Korean prosecutors exceeded the limits of their authority regarding the arrest warrant against the firm’s co-founder, Do Kwon. Terraform Labs also said that the Luna token is not a security, arguing that public pressure could have caused the prosecutors to amplify the definition of securities. South Korean...Read More
The Luna Foundation Guard (LFG) denied moving bitcoins after a trail of coin movement led South Korean authorities to initiate steps to freeze assets. Kwon also denied these claims moving Bitcoin from LFG wallets to KuCoin and OKX. While addressing “misinformation” against him, the founder added that he hasn’t used the two crypto exchanges for...Read More
The collapse of Terra ecosystem’s two tokens propelled a great deal of turmoil for the crypto market, the effects of which have continued to haunt the space. However, Terra Classic (LUNC), the rebranded token of the original Terra chain, spiked by more than 36% over the past 24 hours. The unexpected retreat of the bulls follows...Read More
South Korean prosecutors have asked the country’s foreign ministry to revoke Do Kwon’s passport. They’ve also initiated the process to get Interpol to issue a red notice for Kwon, media reports said on Monday. These developments come close on the heels of Do Kown on Sunday claiming in a tweet that he was not on the run,...Read More
After reports emerged indicating that South Korean authorities have issued an arrest warrant for Terra’s co-founder, he finally broke the silence, claiming he is cooperating with several global watchdogs. At the same time, Singaporean police said Kwon is not in the city-state despite multi previous suggestions that he was hiding there. CryptoPotato reported earlier this...Read More
Just a day after reports emerged that the South Korean authorities had started yet another investigation against Terraform Labs, Bloomberg said a local court had issued an arrest warrant against Do Kwon and five others. The price of the two current native assets – LUNA and LUNC – dumped hard, as the former is down...Read More
While the Terra/UST $60 billion fiasco appears to be gradually dying down, South Korean prosecutors have revealed plans to launch a fresh investigation into the firm and its executives. According to a recent report by the Korean Herald, the Financial and Securities Crime Joint Investigation Team of the Seoul Southern District Prosecutors Office has met...Read More
The past couple of weeks has been particularly turbulent within the cryptocurrency industry, filled with tremendous volatility across the board. And the established market leaders in the face of Bitcoin and Ethereum chart mild gains, Terra Classic’s native coin – LUNC – is up a whopping 200%. As a matter of fact, the entire Terra...Read More
The fall of the fourth largest cryptocurrency began with an unannounced transfer of funds between trading pools on the night of May 7. It left the Curve pool with an imbalance on the side of Luna. This anomaly could have been set right as it’s not an entirely uncommon phenomenon. But in this case, the...Read More
South Korean blockchain venture capital firm Hashed has revealed that it plans to raise more funds to support GameFi projects after losing more than $3.5 billion to the Terra LUNA crash in May. Hashed CEO Simon Seojoon Kim told Bloomberg in an interview that he is still bullish on crypto assets and will continue backing...Read More
Coinshares – the largest digital asset investment group in Europe – has published its quarterly financial report. In it, the company laid out its performance during the past 3 months and its anticipated ventures for the next quarter. One-Off Loss Due to Terra Collapse Kept in Check Unsurprisingly, the asset management firm announced a significant...Read More
The South Korean Ministry of Justice reportedly approved the prosecutors’ request that the notorious Co-Founder of Terraform Labs – Do Kwon – be ordered to notify authorities when he returns to his country. He is believed to be currently residing in Singapore. The Prosecution Wants to Hold Kwon Accountable The collapse of Terra’s native token...Read More
In a recent Twitter thread, Arcane Research analyst Vetle Lunde revealed how many Bitcoin institutional investors had sold since Terra’s carnage kicked in, thus tanking the whole crypto market. In his estimate, Tesla sold 29,060 BTC at an average price of $32,209 in May. Forced Selling In Lunde’s view, massive institutional blow-ups in the past...Read More
As part of the broader investigation of fraud, South Korean prosecutors have raided the house of Terraform Labs’ co-founder, Daniel Shin. Bloomberg confirmed a series of raids conducted by the Korean Joint Financial and Securities Crime Investigation Team on crypto exchanges and offices, including the Terra co-founder’s residence and his payment app Chai Corp. over...Read More
A plethora of NFT projects, devs, and their ecosystems were left stranded in the Terra wreckage. Two months later, almost 50 crypto projects and their coders based on the fallen network have now found a new home in Polygon. The projects include P2E metaverse, Lunaverse, the A.I. generated NFT universe, DystopAI, and Terra’s more successful...Read More
DappRadar published the latest edition of its quarterly report, focusing on how the fall of Terra, Celsius, and 3AC have changed the blockchain landscape as the liquidity crisis deepened, impacting major CeFi players. In addition, the document dives into the fierce competition among NFT marketplaces, stating that OpenSea’s dominance continued to shrink in Q2. CeFi...Read More
In the aftermath of Terra’s historic debacle, regulatory scrutiny targetting the stablecoin industry through cooperative measures across borders has become urgent to authorities worldwide. According to a recent report, South Korean Justice Minister Han Dong-hoon has discussed with US officials potentially enhancing cooperation in fighting against security fraud and financial crimes. Strengthening Ties on Crypto...Read More
Uprise Investment Fund became the latest cryptocurrency company to be affected by the LUNA crash, with over $20 million worth of funds getting liquidated while short-trading the asset during its crash in May. According to a local news report on Tuesday (July 6, 2022), Uprise suffered huge losses after entering a short sell position for...Read More
CoinLoan – a company that offers crypto-backed loans and interest-earning accounts – said it will balance the flow of funds on its platform by reducing the account withdrawal limits. The firm assured that the amendment is temporary as each user would be able to withdraw up to $5,000 per 24-hour rolling period. CoinLoan’s Steps Amidst...Read More
