Loading
Welcome at World Crypto Global. This portal is packed with useful content and resources to built out your own crypto skills. WorldCrypto is a site member of Gabriel Vega Network.
Terra Luna (LUNA) price could display a positive correction after a recent development in the network. The token dipped almost 50% between January and March [...]
In a surprising turn of events, Terraform Labs founder Do Kwon is back in custody after a Montenegrin high court annulled a lower court’s decision to allow Kwon to be released on bail.
LUNA price is looking forward to a colossal 220% climb in the coming days, weeks or months, but first, bulls are facing the daunting task [...]
Since the debate between CZ and SBF began, the price of FTT has been dropping sharply. FTT is trading at about $4, down 80.29% in the last 24 hours, per data from
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
Analysts say the prospects of LUNC in the last quarter of the year look great due to improved tokenomics.
Following an ongoing investigation into the meltdown of the Terra ecosystem, South Korean authorities have captured the first person.
Binance has announced the successful completion of its first-ever token burn on LUNC, raising the prospects of the Terra-based cryptocurrency pulling a parabolic run.
South Korea has issued a warrant of arrest for Kwon Do-Hyung “Do Kwon”, founder and CEO of the now defunct Terraform Labs.
While several inquests have been carried out into de-pegging TerraUSD (UST) from the U.S dollar, the project’s founder believes that a mole might be responsible for triggering the chain reaction.
Do Kwon now admits to his losses, maintaining that Terra was a big gamble that failed.
In a shocking twist, the U.S. Securities and Exchange Commission (SEC) has reportedly uncovered evidence that shows Terraform Labs CEO Do Kwon was withdrawing $80 million worth of LUNA (now called Luna Classic) and TerraUSD every month in the lead-up to the collapse of the Terra ecosystem in May.
After launching on May 28 at a trading price of $19.54, LUNA 2.0 plunged by over 70% within hours to hit $3.9. Terra has since rallied and currently trades at $7.13, up over 17% on the day based on data by CoinMarketCap.
Legal troubles are mounting for the co-creator of the fallen Terra ecosystem, Do Kwon, as Binance launches inquiries into the allegations made by a Terra insider.
The Terra (LUNA) crash will go down in crypto history as one of its most catastrophic events. Billions of people lost their life savings and investments. In the meantime, a small group of insiders benefited. Related Reading | LUNA Classic Jumps 90% Following Support From Crypto Exchanges According to a report from Arcane Research analyst Anders Helseth, the Terra (LUNA) ecosystem, now known as Terra Classic, operated as a long-term “pump and dump” scheme. The analyst looked into on-chain activity to support his claims and found revealing information on the distribution of LUNC and its value inflows, how the token supply moved from one group of addresses to another, from exchange platforms from 2020 to a few days before the crash. The analyst called the Terra Classic ecosystem the “perfect exit liquidity” for early LUNA holders. This scheme was supported by the high popularity in the Anchor Protocol, the UST (Terra Classic’s algorithmic stablecoin) and LUNA mint mechanism, and this token’s supply. As seen below, the LUNA supply was “highly concentrated” by Terraform Labs (TFL), Terra Classic’s developing company co-founded by Do-Kwon. Excluding exchange platforms, TFL controlled over 537 million LUNA tokens as of October 3, 2020. The analyst claims unidentified wallets founded by Terraform Labs, the largest LUNC holder, moved their funds to “bridges and centralized exchanges”. The funds began moving in late 2020 and “frequently” saw transactions from TFL to as many as 3,000 unidentified wallets. A total of $6 billion in net outflows were recorded between Terraform Labs to these wallets to bridges/exchanges. As seen below, these funds were later transferred to the “others” group of wallets. In other words, according to the analyst’s research, Terraform Labs seemed to have moved their LUNA supply to exchanges where they were bought by retail investors. The “others” wallets saw $6.5 billion in net inflows. Did The LUNA Crash Made Billions To Early Investors? In theory, $6.5 billion is the profit scored by TFL and early LUNC investors, but the analyst believes the number could be much higher. The report claims the following: Therefore, we have reason to believe that the potential for creating outside profits was larger than the $6 billion net flow that’s calculated based on the assumption that portions of the early deposits of LUNAto exchanges were not sold. Thus, the report claims the Terra Classic ecosystem, levering the popularity and the upside volatility on the price of LUNA (LUNC), created “exit liquidity” for these investors. The analyst concluded the following on the alleged mechanism that enabled early LUNC investors to transfer value to retail investors: By pumping the LUNA token, the burn/mint mechanism, and creating a sustained demand for the UST token through Anchor, the perfect exit liquidity for large LUNA bags was created (…). At best, the profits can be described as collateral winnings in a failed bootstrapping attempt. Related Reading | Daily Pump & Dump | May 31, 2022 Crypto Market Report At the time of writing, LUNA trades at $9 with a 3% loss on the 4-hour chart.
Other competing blockchains with interesting offers for Terra’s devs are waiting to pick the diamonds from the rubble.
One of these employees supposedly disclosed that the team had concerns about the design of the TerraUSD (UST) stablecoin from the word go.
As Terra sold off 80,081 BTC, wallets with a bitcoin balance of less than 100 took the opportunity to stack up.
After debuting on Saturday, May 28, the new LUNA token plunged by over 75% within hours of tapping $30 based on data by CoinGecko, provoking yet another bushel of criticism from the crypto community.
Stablecoins are having the roughest patch in their entire existence with investors viewing the asset class with skepticism. Amid the uproar, Vitalik Buterin has proffered two thought experiments to help investors gauge the risks associated with algorithmic stablecoins.
World Crypto Global opens the door to digital freedom for everyone.
Manage your free WCG Coins securely—where simplicity meets global accessibility.
FREE CRYPTO COINS
AVAILABLE FOR RESERVATION
ALREADY ALLOCATED
No fees. No catch. Your crypto journey starts here.
World Crypto Global
