Summary: Terra's Do Kwon has introduced three amendments to proposal 1623 to fork the chain. The amendments were introduced as the Terra community was still voting on the original proposal. Do Kwon states that the amendments were added to accommodate community feedback. The introduction of amendments during an ongoing vote has triggered some Terra community members to question the process. Terra's Do Kwon...
South Korean prosecutors are reportedly weighing whether they could charge Do Kwon for running a Ponzi scheme by promising unsustainably high fixed interest rates on UST deposits via Anchor Protocol....
The multibillion-dollar collapse of Terra Labs' stablecoin and the LUNA token is still ringing across the cryptocurrency industry, and numerous questions for Terra's South Korean founder, Kwon Do-hyung, have emerged from the debris of wasted investments and shattered blockchain ideals. In the midst of the Terra disaster, Do Kwon, the company's founder, is being investigated by the South Korean authorities for possible tax...
Delphi Digital said it was wrong in its analysis of the Terra ecosystem and UST. Delphi Labs was exposed to the Terra ecosystem, developing on the network. The firm will now use a cross-sectional team to prepare long-term plans. Cryptocurrency research firm Delphi Digital, in a blog post published on May 18, said that it was wrong in its analysis of the risks...
Amid the ongoing Terra debacle, founder Do Kwon has now reportedly come under further scrutiny from the South Korean government for alleged tax evasion. South Korea’s Tax Service is charging Kwon and Terraform Labs with over 100 Billion Won ($78.4 Million) in unpaid taxes. Terra (LUNA)’s head Do Kwon has been under scrutiny since the...
Summary: Terra's proposal 1623 to fork the chain has thus far gathered the support of 90% of the community. Voting for the Terra proposal is underway and will continue for the next seven days. 95.4 million votes have been cast, roughly 25% of the potential total voters on Terra. The proposal needs a 50% threshold in terms of votes to pass. The Terra...
After the abrupt crash of Terra’s UST last week, a popular South Korea-based law firm, LKB &...
The South Korean law firm LKB & Partners is reportedly preparing to sue Terraform Labs co-founder and CEO Do Kwon for fraud on behalf of investors financially harmed by Terras...
Major South Korean law firm LKB & Partners has filed a lawsuit on behalf of ordinary investors. The lawsuit alleges fraud by Kwon and demands the provisional seizure of property. The media outlets report that lawsuits from other groups of investors may also be in store. Terraform Labs co-founder Do Kwon is facing more trouble, as local media outlets in South Korea report...
The ongoing rigmarole with Terraform Labs, the blockchain developer behind Terra (LUNA), took a turn after a purported modification in job status for some members of the company's legal staff. The internal legal team at Terraform Labs resigned shortly after the implosion of Terra's algorithmic stablecoin caused a significant blow to the broader crypto markets. Suggested Reading |...
The Luna blockchain found itself in hot water last week following the crash of its LUNA token, which powers the Terra ecosystem. A combination of market volatility, low liquidity, and loopholes within the protocol led to the token crashing almost 100%, leaving the network open to all forms of attack. Terra later announced that it had temporarily paused transactions to prevent a governance...
In a preliminary vote, the Terra community has opposed founder Do Kwon's proposed revival plan to fork the Terra chain into a new chain without the algorithmic stablecoin. Moreover, the Terra community believes burning will be the best option as suggested by Binance CEO Changpeng Zhao. People are blaming the Terra team for not listening...
LUNA debacles causes South Korean lawmakers to ask questions.
Terra's implosion will be remembered as one of the biggest moments in crypto history. Chris Williams tells the story of the blockchain and its controversial founder, Do Kwon. Buying the...
Nic Carter, general partner at Castle Island Venture, Eric Wall, former Chief Investment Officer of Arcane Assets, and Erik Voorhees, founder of ShapeShift, discuss what happened with the TerraUSD (UST) and LUNA fiasco, Do Kwon’s responsibility, the impact on the crypto ecosystem, and much more. Show highlights: how Erik used to...
Terraform Labs CEO Do Kwon has announced a second revival plan for the failing Terra ecosystem in a Twitter thread. Do Kwon Announces Revival Plan Do Kwon is not ready...
Quick summary: Terra's Do Kwon has emerged with a new proposal to fix the Terra blockchain and make UST investors whole Do Kwon suggests forking the current Terra blockchain The new chain will operate without stablecoins and will be named 'Terra', and the old chain will be called 'Terra Classic' Both chains will co-exist New LUNA digital assets will be airdropped to Luna...
Terra founder Do Kwon on Monday proposed to fork the Terra chain into a new chain without the algorithmic stablecoin. The new Luna revival plan comes in the backdrop of stablecoin crash last week following Terra network’s decline. Forking Terra (LUNA) The plan involves renaming the old chain to Luna Classic (LUNC) and new chain...
Summary: The crypto community has begun investigating the flow of the Luna Foundation Guard's Bitcoin reserves during USTs depegging event According to one analysis, 52k Bitcoin was sent to Gemini and another 28k to Binance, but it is not clear if the assets were sold Another analysis by CryptoQuant states that 37k BTC moved from the LFG wallet to Gemini, but there was...
The Terra (LUNA) token and its stablecoin UST crashed down to the ground in a historic dump. Almost every big crypto trading exchange in the world delisted both the tokens from their platforms. LUNA lost 100% of its value in just 7 days. However, the latest price update of the token has raised some suspicion...
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