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The audit asserts that the Luna Foundation Guard spent approximately $2.8 billion to defend USTs peg. LFG Releases Audit The Luna Foundation Guard is trying to clear its name. The...
This is the Do Kwon interview everyone was waiting for. In the latest episode of Laura Shin’s Unchained Podcast, titled ‘It Was Never Really About Money or Fame or Success’, the Terra creator faces serious scrutiny. Do Kwon denounces media misinformation, denies several serious charges and gives a play-by-play explanation of the organization’s movements during the crash. And he sweats bullets. Related Reading: Terra Reacts To Case Against Do Kwon, Claims Matter Is Highly Politicized Laura Shin did her homework, and relentlessly puts forward the questions most Terra investors have. She does this in a non-threatening, extremely professional way. Do Kwon answers all of her questions. Some better than others, but the man does show his face and answers, which is a lot. Compassionately, Laura Shin also gives Do Kwon a second opportunity to say sorry to Terra’s affected investors and their families. He would’ve come across much worse if she hadn’t offered that second chance. The episode’s intro says: “Do Kwon, cofounder of Terraform Labs, discusses the charges against him, gives a message to Terra victims, answers allegations about potential fraud and non-transparent business practices.” This is the video: This Do Kwon interview is one for the books, everybody interested in the subject should watch it. Let’s bring out the bullet points and analyze this phenomenal piece of media. Do Kwon On His Location And “On The Run” Status He claims he doesn’t live in South Korea anymore and he’s not planning to return to face the alleged charges. He plans to appeal, though. Do Kwon hasn’t seen a copy of the arrest warrant. Apparently, cryptocurrencies are securities in South Korea. His team has been cooperating with South Korean authorities, fulfilling the court requests for different documents. Do Kwon refuses to reveal his current location because of the difficulties it brings to his living situation. He denies he’s on the run. He denied frozen funds at the KuCoin and OKX exchanges belong to him, Terraform Labs, or the LFG foundation. The most important news Do Kwon reveals, though, is that the organization is working with a chain analysis firm to produce a paper on their trading activities. “They should be publishing a report shortly, which I think is going to provide a lot more clarity,” he said. Do Kwon promised the report in “the next couple of weeks.” LUNA price chart on Kraken | Source: LUNA/USD on TradingView.com Terra Was a Failure But It Was Not A Scam Do Kwon claims that his online persona was an alter ego and confesses that he got carried away with the “sh*tposting.” Terra’s failure was caused by the protocol’s “weakness to respond to the cruelty of the markets.” He admits to a lot of technical and theoretical mistakes but denies Terra was a scam. Do Kwon claims that the Anchor developers/ whistleblowers that came forward denouncing the protocol were only interns. Not a line of their code appears in the final product, and this is apparent in GitHub. Admits to the SDT premine of $1.4B. This was a second stablecoin that the Terra organization used to maintain the UST peg to the dollar. This stablecoin wasn’t even mentioned in the Terra whitepaper. According to Do Kwon, this was because they hadn’t conceived SDT when they wrote it. He claims Terra’s is an “academic whitepaper” and wasn’t supposed to cover all of the technologies’ use cases. Do Kwon admits they were using market operations to maintain the UST peg to the dollar. In fact, he says this was always the idea. The burning and minting of LUNA was not the only procedure that was supposed to maintain the peg. Do Kwon And The Other Admissions Apparently, Terra and Chai haven’t been working together for a long time. When asked about faking Chai’s numbers and interactions registered in the Terra blockchain, Do Kwon said that the numbers came from Chai. According to him, they were probably “distancing themselves” from the Terra situation but still using the blockchain. Related Reading: Do Kwon Statement: A Possible Trigger For Terra Tokens Price Surge When asked about his participation in Basis Cash, a failed algorithmic stablecoin, Do Kwon distanced himself from the situation. He was just founding the team, but had nothing to do with the actual project. “Basis Cash is not something that I designed or operated. It’s something that I encouraged,” Do Kwon said. When asked about if he was planning to compensate Terra investors from his own pocket, Do Kwon said, “my personal funds are not significant enough to make a difference.” He still believes the world needs to work towards a decentralized future and that we need censorship-resistant money. As for his future plans, Do Kwon says he plans to continue building “highly experimental” projects in the crypto space. Featured Image: Do Kwon and Laura Shin, screenshot from the video interview | Charts by TradingView
The plans to compensate affected Terra users is still far from reality. (Read More)
The fund cited “ongoing and threatened litigation” in its reasons for being unable to distribute its remaining assets to UST users starting with the smallest HODLers.
Luna Foundation Guard (LFG) tweeted October 7 that its effort to distribute the remaining assets of the failed Terra ecosystem to the token holders has been frozen due to ongoing litigations.
The post Luna Foundation blames litigations for non-distribution of assets to Terra holders appeared first on CryptoSlate.
In a bid to salvage the LUNA and UST crash, the Luna Foundation Guard (LFG) liquidated 80,081 BTC, but these coins were received with open arms by entities holding less than 10,000 Bitcoins. (Read More)
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 […]
Yield generation app Stablegains is facing a lawsuit after losing around $44 million worth of user funds in the Terra collapse when it previously said it allocated funds “across a number of stablecoins”.
After a supposed change in job status for several employees of Terraform Labs’ legal team, the ongoing saga with Terraform Labs, the blockchain developer behind Terra (LUNA), took a turn. Terraform Labs’ internal legal staff resigned shortly after Terra’s algorithmic stablecoin imploded, causing a massive blow to the broader crypto markets. Terraform Lab’s general lawyer […]
As yet another altcoin nears zero, the event reminds the community why Bitcoin is the only authentic cryptocurrency.
The Luna Foundation Guard (LFG) has been fighting to save its embattled UST stablecoin, which has yet again fallen out of favor with the dollar. If the enormous crypto market crash wasn’t horrible enough, the collapse of the world’s third-largest stablecoin ecosystem has just added to the flames. The Luna Foundation Guard, a Singapore-based non-profit […]
The Luna Foundation Guard was forced to send a majority of its holdings to exchanges as it tried to hold the dollar peg for its Terra stablecoin.
Luna Foundation Guard is emptying its crypto reserves to bring its stablecoin back to its $1-peg, risking a massive AVAX selloff.
The TerraUSD stablecoin (UST) is now valued at close to $0.95 as the asset’s market value continues to decline. TerraUSD Falls by Five Cents Terra’s UST stablecoin has fallen 5%...
Terras LUNA is approaching a crucial support level that could define its future price action. As the macroeconomic outlook worsens, LUNA is at risk of a steep decline. Terras LUNA...
The Luna Foundation Guard (LFG) has purchased an additional $1.5 billion in its move to accumulate Bitcoin worth $10 billion.
Summary: The Luna Foundation Guard has bought an additional 37,863 Bitcoin worth $1.5 billion The purchase is in line with Do Kwon’s goal of backing UST with digital asset reserves worth $10 billion The Luna Foundation Guard now holds 80,394 BTC The Luna Foundation Guard has acquired an additional 37,863 Bitcoin worth $1.5 billion to further back its popular stablecoin of UST. The recent purchase of Bitcoin was carried out in two transactions: $1 billion with Genesis Trading and $500 […]
In Q1, Do Kwon, the founder of Terra, outlined plans to purchase $10 million worth of Bitcoin.
The Luna Foundation still needs to purchase another $8.2 billion in Bitcoin to reach its goal, but their holdings are already quite impressive.
In addition to their stash of Bitcoin, the foundation also holds $563 million in USDC and USDT stablecoins, and earlier this week announced a planned $100 million purchase of avalanche (AVAX) to continue to diversify their reserves.
Market Reaction... Missing.
However, the Luna Foundation's purchase of 4,130 Bitcoin had no effect on the cryptocurrency markets.
The reason is most likely a deal conducted outside of exchanges, which allows them to avoid slippage (raising the price on themselves), which also means not filling any sell orders - in short, everything is done in such a way that it is impossible to move the price, except for how other traders react to the news.
At the time of writing, BTC is hovering around the $43k support level.
Where Do We Go From Here?
Indicators are now in a neutral zone, none are screaming 'buy' or 'sell' at the moment.
This could result in lower prices before another rally, but if it manages to hold at this level or higher for the next few days that stability could attract buyers, once again building up momentum. I'm watching for it to break the $48k resistance zone and open the door to $50k or even higher fairly soon.
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Author: Adam Lee
Asia News Desk | Breaking Crypto News
After purchasing 35,767 BTC in its ambitious promise to buy $10 billion Bitcoin to back its UST stablecoin reserves, the Luna Foundation Guard (LFG)
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