This Week on Crypto Twitter: Terra Conspiracy Theories Swirl as All Eyes Turn to Do Kwon – Decrypt

Crypto fans, fear not. The worst is over. Later seven long weeks of decline, at the end of prices stopped falling, However, how long this will last, no one has any idea.

This week on Crypto Twitter, Terra CEO Do Kwon stood in the dock as conspiracy theories were thrown at him and the entities he worked under. The Historic Fall of Terra, Terraform Labs, the Luna Foundation Guard, and eventually Kwon himself are accused of fraud, dishonest profiteering, and tax evasion.

To get an idea of ​​the scale of the loss, consider Binance’s one-time LUNA investment.

Today the total holdings of the exchange are a little less than $3,000.

This week, reports It went around that Kwon might have used his non-profit organization, the Luna Foundation Guard, to trick whales into moving large amounts of bitcoin to Binance and Gemini, and using it to buy UST from them at close to face value ($1). used for. The time when the value of UST in secondary markets was around $0.60.

On Tuesday, Twitter user FatMan, who claims to be associated with Terra’s Research PlatformKwon accused him of “capturing the top of LUNA’s success by giving hundreds of millions of dollars in cash”.straight Out of LUNA Market Cap” over the years “to pay the salaries and operating expenses of Terra’s employees.”

Later in the week, FatMan asked Kwon if the report was in Korean. press What’s true: Is Terra currently being cornered by South Korean tax authorities for $78 million? Kwon cleared the air.

Kwon also said that South Korean authorities “constructively charged crypto companies millions” to recover from the pandemic-induced recession, and Terra complied with the last penny.

The Terra Creator then asked the community some important questions, including why isn’t he curious The advice of many people to follow—including the CEO of Binance Changpeng Zhao—and burned through most of the spiraling supply of 6.5 trillion basically worthless tokens after Luna’s death.

After being silent for two days at the height of Terra’s demise, many accused Kwon of an elaborate ragspool, but since then his slightly better accountability and transparency won Fatman back on Saturday.

The heat on Kwon still remains for a while. Doo Wan Nam, chief operating officer of blockchain research and investment firm Stablenode, tweeted that South Korean Terra investors are now filing a criminal and civil lawsuit against Kwon alleging fraud.

The consequences of Terra’s collapse have had massive implications for the entire crypto industry. Now people want to know if other stablecoins like Tether are really backed up to last dollar. After all, it has been disputed many times before this.

FTX CEO Sam Bankman-Fried believes audits and oversight are critical to protecting consumers going forward.

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In addition to the industry-wide Terra Autopsy, a few other notable things happened on Crypto Twitter this week. For a start, Salvadoran dictator Nayib Bukele wants you to know that his government is still bullish on bitcoin. What Bukele neglected to mention is that he is currently worth $34 million. in the hole With your bitcoin investment. Smile in pain, Bukele!

On Friday someone tried to defame world of women nft Alleging that the PFP images in the collection were inspired by images of murdered women. The accuser’s “evidence” is questionable and essentially rests on an alleged and completely unproven romance between WoW Project artist/founder Yama Karkai and sex cult leader Keith Raniere.

Why would this person drag the world of women like this? An account called CryptoRock offered a plausible explanation.

Finally, those who want to know the net worth of Ethereum creator Vitalik Buterin have a little more clarity now. He’s not a billionaire (anymore).

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