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.
2/ Binance received 15,000,000 LUNA (peaking at USD 1.6 billion, now not much) as part of the original ($3m) investment. 560x return to peak. It still sits at the address we found at . Never transferred or sold.
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.”
Do Kwon and Terraform Labs have defrauded the retail public of millions of dollars *which they still have*. It came out of the pockets of LUNA and UST holders and went into their wallets.
Here’s why you should be mad, and here’s what you can do about it. I
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.
We have no tax liability in Korea
NTS conducted a tax audit on all major crypto companies with a presence in Korea and implemented the Korean tax code for foreign parent companies, and each company ended up paying as a result – we paid in full
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.
understood. Well, thanks for the clarification. I apologize if I misunderstood this, as I take Cointelegraph to be a fairly authoritative source. I have also shared your statement in the interest of accuracy. And for the record, I completely believe in you.
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.
$luna And $UST Korean investors have filed both civil and criminal lawsuits against Do for fraud. He also filed for an order for temporary freeze of his property.
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.
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!
Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, the digital economy, the unbanked. #bitcoin Rollout and its benefits in our country.
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.
A terrible day in NFT land. If we go down like this, I’ll choose to accelerate
here’s a thread proving @worldofwomennft Inspired by images of women murdered in their final days with the artist @YKarkai Connected directly to NXIVM cult leader Keith Raniere
Why would this person drag the world of women like this? An account called CryptoRock offered a plausible explanation.
It’s a Milky Holder who is upset with the Coindesk article exposing the people behind Miladys… so they’re saying if we’re going down like this, I’m choosing to ‘accelerate’… me 95% sure this is purely made up to try to make fun of Milady article.