terra luna

  • Terra’s LUNA price fails to recover despite Proposal 1299 to rescue over 154.7 million UST stuck in Osmosis and side chains.
  • Anonymous Terra community members have come forward as whistleblowers, revealing facts on the deal with Jump Crypto.
  • Do Kwon told the Terra community that sending LUNA to the burn address is "a loss" and "not a good idea."

Several whistleblowers have contacted Terra community member “FatMan” and revealed details of Terraform Labs co-founder Do Kwon’s monthly payments to quantitative trading firm Jump Crypto and their role in the crash of UST. Proposal 1299 has failed to fuel a recovery in Terra’s LUNA price.

Terra’s LUNA price stuck while whistleblowers call out Do Kwon

Algorithmic stablecoin TerraUSD (UST) witnessed a colossal crash more than a week ago, losing its $1 peg, with Terraform Labs’ tokens LUNA and UST lost a combined market value of $39.1 billion within a week. This event has been marked as the “first crypto bank run” in

Hot Topic - NEAR Protocol! Terra (LUNA) has been seeing a consistent downward price trend, DAI Should Stay Close To $1

Hot Topic - NEAR Protocol! Terra (LUNA) has been seeing a consistent downward price trend, DAI Should Stay Close To $1

Rebecca Duthie Rebecca Duthie 15.04.2022 12:45
Summary: Near - almost 10% fall in the price today DeFi lost almost 20% of their value DAI - in the past month, the price has slightly deviated     Related article: Deutsche Bank Shook DAX! French Election, Inflation And ECB Are Factors Which Shaped DAX (GER 40), CAC40, FTSE 100 And IBEX35 - Top Gainers, Top Losers   Near Protocol Catching Investor Attention. The crypto platform was created in an attempt to eliminate the slow transaction times on current blockchain networks, it is a decentralized platform. The overall price of the coin has been on a general increase over the past month due to increasing investor interest which originally caused the price to double. However, current market sentiment could explain the almost 10% fall in the price today. Near Protocol Price Chart   Moving average has managed to stay above 1.000 - Terra (LUNA) Coin The price of Terra (LUNA) has been seeing a consistent downward price trend over the past month, however the moving average has managed to stay above 1.000. In the first week of April the DeFi lost almost 20% of their value, as Terra (LUNA) crypto is one of the largest of DeFi assets, naturally the value of the token would’ve faced a decline. Terra (LUNA) Price Chart   For you: Forex Rates: British Pound (GBP) Strengthening? Weak (EUR) Euro? GBP, NZD And AUD Supported By Monetary Policy?   DAI Crypto following the USD. The DAI crypto is linked to the USD, so it is expected that the value of the DAI should stay close to $1. Based on the graph below, in the past month, the price has slightly deviated but has remained pretty much around the $1 mark. The deviations could possibly be as a result of the current market sentiment and economic conditions. DAI Price Chart Sources: Finance.yahoo.com, currency.com, fortune.com
KuCoin: Staking Crypto - Cardano (ADA)/Terra (LUNA)/Polkadot (DOT)/Polygon (MATIC)/Cosmos (ATOM)/Tron (TRX) Flexible Promotion, Enjoy an APR up to 6.3%!

KuCoin: Staking Crypto - Cardano (ADA)/Terra (LUNA)/Polkadot (DOT)/Polygon (MATIC)/Cosmos (ATOM)/Tron (TRX) Flexible Promotion, Enjoy an APR up to 6.3%!

Kucoin Blog Kucoin Blog 19.04.2022 11:08
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Terra (LUNA), Uniswap (UNI) And Cronos News | crypto.com: "Weekly DeFi Update (Week 18, 02/05/2022 – 08/05/2022)"

Crypto.com Accelerate the... Crypto.com Accelerate the... 09.05.2022 10:23
UST depegged after US$285M sell-off but quickly regains peg. Uniswap reports deeper liquidity on multiple Ethereum pairs than leading centralised exchanges. Cronos Ecosystem Grants Program announces third batch of grant recipients. Key Takeaways The world’s third largest DeFi protocol by total value locked (TVL), Anchor Protocol (ANC), has lowered the UST earn rate from 19.4% to 18.0% annual percentage yield (APY) since 1 May 2022. Also, a proposal to roll out voting escrow ANC (veANC) has been approved. Terra’s UST depegged after a massive US$285 million sell–off on Curve Finance (CRV) and leading centralised exchange. It was soon stabilised and back to peg. Meanwhile, Luna Foundation Guard (LFG) has added another US$ 1.5 billion of Bitcoin (BTC) to its UST reserves. Uniswap V3 (UNI) is reported to have deeper liquidity in multiple Ethereum (ETH) pairs than leading centralised exchanges by about 2x or more. Cronos Ecosystem Grants Program announced the third batch of grant recipients, which include a few DeFi projects, such as Argo Finance. This week’s price and volume indices were negative at -7.04% and -9.75%, respectively, while the volatility index was positive at +38.89%. Highlights Curve Finance (CRV) integrates with Near’s Aurora Network. Terra’s LUNA declines 10% amid UST depegging concern Hacked crypto platform offers ‘No Questions Asked’ US$10 million bounty for stolen funds Total investment in Syndicate DAO tops US$28 million after latest funding round Jane Street dives into DeFi with US$25 million USDC loan Lido (LDO) briefly becomes top DeFi protocol by TVL with US$20 billion staked Juno’s DAO votes to confiscate US$35 million in tokens from whale in messy dispute ’Revolution’ promised by Tron’s Justin Sun looks like clone of Terra’s algorithmic stablecoin Ribbon Finance (RBN) gives half its protocol revenue to stakers Vector Finance (VTX) TVL hits a record high as the Curve Wars shift to Avalanche Tron DAO buys US$39 million worth of TRX as reserves for its USDD stablecoin whose circulating supply has exceeded US$200 million Polkadex has won the 16th Polkadot’s parachain slot Cardano’s first eUTxO cross-chain decentralised exchange goes live on public testnet Check the latest prices on Crypto.com/Price Top Token Metrics   Metrics Top 20 DeFi tokensmarket cap Top 100 DeFi tokens market cap Current $72.41B $92.35B 7-Day Change -12.73% -11.70% 14-Day Change -20.83% -20.67%       *Top DeFi tokens based on CoinGeckoSource: CoinGecko DeFi Index Tokens   Metrics Price Volume Volatility Top Gainers CRV (+12.63%)UNI (+0.28%)FXS (+0.07%) ANC (+161.57%)FXS (+101.52%)CRV (+22.22%) ANC (+316.91%)FXS (+207.72%)SPELL (+141.28%) Top Losers VVS (-18.62%)MKR (-17.88%)LDO (-14.20%) CAKE (-50.98%)SNX (-41.55%)AAVE (-33.17%) LDO (-89.80%)SNX (-44.24%)CAKE (-43.75%) Benchmark ETH (-10.30%) ETH (+2.43%) ETH (+47.01%)       *DeFI index tokens: AAVE, ANC, BAL, CAKE, COMP, CRV, CVX, FXS, JOE, LDO, LINK, MKR, OSMO, REN, SNX, SPELL, SUSHI, UNI, VVS, YFI Notable Events CRV jumped as institutional capital flows in.     Tags CRYPTO CRYPTO RESEARCH CRYPTOCURRENCIES DEFI Source: crypto.com
(UST) Terra Luna crashes and further shakes confidence in the entire crypto market

(UST) Terra Luna crashes and further shakes confidence in the entire crypto market

Walid Koudmani Walid Koudmani 12.05.2022 15:35
Terra Luna Crashes The recent crash of one of the most well known cryptocurrencies has added to the widespread panic that has been surrounding the risky asset class. The fall started while the company's stable coin, UST, was unable to maintain its parity with the USD and quickly tumbled as more investors opted to save whatever they had left and exit their positions. While Terra Luna is not the only crypto to be dropping significantly in the last few days, with the entire top 100 down around 30-50% and market cap falling to $1,19 Trillion, it is certainly one of the most prominent examples seen to date of a complete collapse. This event has deeply shaken investor confidence in the asset class and has even led to the most prominent stable coin , USDT losing its 1:1 ratio with the USD. As the situation continues to evolve it seems like this could be the beginning of a significant realignment in the crypto industry as investors either exit their positions or re-evaluate them in search of some sort of a safe haven amid a widespread crash. It is important to note though that the majority of risk-on assets have been deeply impacted by worsening global economic conditions and central bank policies so while this situation is not exclusive to crypto's it is certainly most prominent with them. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM UK GDP report disappoints and pressures GBP and FTSE100 The UK GDP report was released at 7:00 am BST and turned out to be a huge disappointment with the report showing a 0.8% QoQ expansion in Q1 2022 while the market expected an expansion of 1% QoQ. However, March's monthly GDP reading was the biggest disappointment with the monthly reading which was expected to show a 0.1% expansion from February levels and instead showing a 0.1% MoM contraction. March was the first full month since the beginning of the Russia-Ukraine conflict and could be seen as a potential sign of economic difficulties to come. Investors reacted negatively to this news with both the British Pound and FTSE100 taking a hit as the global sentiment continues to shift more towards risk-off   Furthermore, the Bank of England warned that tightening and current geopolitical developments are likely to push the UK economy into recession. Investors reacted negatively to this news with both the British Pound and FTSE100 taking a hit as the global sentiment continues to shift more towards risk-off. Read next: Tech Stocks Plunging!? Trade Desk Earnings Announcement Pushes Tech Giant Stock Down, Russian Ruble Strengthening and Ford Motor Co. 
Can Terra’s LUNA recover and reach $120 again?

Can Terra’s LUNA recover and reach $120 again?

FXStreet News FXStreet News 16.05.2022 16:09
LUNA price plummets nearly 38% despite a 200% increase in trade volume. Do Kwon, CEO of Terraform Labs, has written a proposal to fork LUNA to a new chain with a cap of 1 billion coins. Binance CEO CZ believes Do Kwon’s plan to save LUNA will not work as forking does not add value to the new fork. Do Kwon’s proposal to fork Terra’s LUNA to a new chain has received criticism from Binance CEO and cryptocurrency proponents. The Luna Foundation Guard has spent $3 billion stabilizing TerraUSD’s peg, however, UST has failed to recover. Terra’s LUNA struggles to recover despite forking plan The Luna Foundation Guard has spent billions of dollars reinstating TerraUSD’s (UST) peg. However, UST price is struggling to make a comeback. At the time of writing, UST is priced at $0.082, 91.8% lower than its $1 peg. Do Kwon, the CEO of Terraform Labs, came up with a recovery plan for Terra’s tokens. The Luna Foundation Guard Council proposed forking LUNA to a new chain, using a snapshot from before the attack on the blockchain. The recovery plan proposes a cap of 1 billion coins, where 900 million tokens of the new chain are set aside to be returned to LUNA and UST holders from before the de-pegging event and chain hold, and the last 100 million tranche is to be staked at the network genesis state. Proponents criticize Do Kwon’s plan for LUNA recovery Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange, Binance, critiqued Do Kwon’s recovery plans and revealed that he does not believe that LUNA can recover and make a comeback to $120. Zhao stated that, This won’t work. – forking does not give the new fork any value. That’s wishful thinking. – one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges). On behalf of Binance, CZ asked the Terra team to compensate retail users first and supported the prioritization of the smallest wallets with UST deposits on Anchor. Binance has nearly $1.6 billion tied up in LUNA’s collapse. Kwon has requested community members for patience as Terraform Labs works on multiple tasks to stabilize UST, repeg it and drive a recovery in LUNA. Still, the CEO of CryptoQuant revealed that market maker(s), including the ones hired by LFG, sent 84,000 BTC, equivalent to $2.5 billion, to multiple exchanges last week. It is unclear whether the BTC tokens were sold, but it is likely that Coinbase digested a majority of the selling pressure and efforts to recover algorithmic stablecoin UST failed. Larry Cermak, VP of research at IntoTheBlock, pointed out that LFG has gone from $3.1 billion in its reserves a week ago to $87 million now as the non-profit organization spent nearly $3 billion on defending UST’s peg. Despite the efforts, the stablecoin collapsed. VisionPulseTrades evaluated LUNA price trend and revealed that if the bottom is in, LUNA needs to gain confidence among investors to begin a trend reversal. If so, the next bullish target for is capped between $0.00025 and $0.00033. A recovery to $120 is therefore unlikely for LUNA, as VisionPulseTrades emphasizes the demand for the token comes from investors expecting a recovery and a purchase of Terra by the LFG. Terra LUNA's collapse dragged the whole crypto market After Terra LUNA's implosion, most crypto assets suffered heavy losses. What's next for Bitcoin?
Is Do Kwon going to get arrested after Terra's LUNA price collapse?

Is Do Kwon going to get arrested after Terra's LUNA price collapse?

FXStreet News FXStreet News 19.05.2022 16:32
Terra's LUNA price and UST suffered a colossal crash and lost over $39.2 billion in market cap, fueling outrage among holders. A Terra holder filed a police complaint against Do Kwon, revealing thousands of Singapore investors are victims of the death spiral. The Korean National Tax Service has imposed $78.4 million in corporate and income tax on Do Kwon and Terraform Labs. The collapse of Terra's LUNA price and algorithmic stablecoin TerraUSD (UST) has sparked outrage in the crypto community. Institutions and retail investors suffered significant losses when $40 billion in LUNA and UST’s market value was destroyed within a week. Do Kwon, CEO of Terraform Labs, is in the midst of all the anger, and legal issues are starting to surround him. Terra’s LUNA price death spiral The crypto community witnessed the first “crypto bank run” in history when both Terra's LUNA price and UST crashed, wiping out nearly $39.2 billion in market value within a week. UST, Terra’s algorithmic stablecoin, suffered a de-peg, losing its $1 parity, and is trading at $0.08 at the time of writing. Likewise, Terra’s native token LUNA plummeted from $77 to $0.000001 within a week. LUNA and UST three-day chart In a series of tweets, the Luna Foundation Guard revealed that it had transferred 52,189 BTC to “trade with a counterparty” as UST fell below its intended $1 peg. This was an attempt to reestablish the algorithmic stablecoin’s peg. Terra directly sold 33,206 BTC in a last-ditch attempt to defend UST’s peg, to no avail. Terra’s blockchain was halted several times on and thereafter, and LUNA and UST were delisted from multiple cryptocurrency exchanges, including Binance and Coinbase. LUNA and UST holders outrage Cryptocurrency investor forums on Reddit have noted the rising outrage against Do Kwon. A LUNA holder filed a formal complaint with the Singapore Police and referred to Terra's crash as a “cryptocurrency scam,” seeking justice for all affected investors. Meanwhile, another furious investor broke into Kwon’s appartment in South Korea looking for answers after the token spectacularly collapsed. Kwon’s wife has since reportedly been either placed in protective custody or is under police guard at her own request. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM Investors from different backgrounds have urged authorities to arrest Kwon, forcing South Korean lawmakers to summon the co-founder of Terraform Labs. Kwon would have to appear before the South Korean Congress and testify on the subject of the algorithmic stablecoin UST’s and LUNA’s collapse. Rep. Yoon Chang-Hyeon, of the South Korean People’s Power Party, addressed the collapse of Terra’s death spiral at a plenary meeting of the National Assembly's Political Affairs Committee on Tuesday. He said: We should bring related exchange officials, including CEO Kwon Do-hyung of Luna, which has become a recent problem, to the National Assembly to hold a hearing on the cause of the situation and measures to protect investors. Do Kwon under investigation According to the Korean National Tax Service, Kwon is currently under investigation for tax evasion after LUNA and UST collapsed due to a corporate and income tax burden of $78.4 million. Korean media's DigitalToday has obtained documents from the South Korean Supreme Court Registry Office that reveal Kwon decided to dissolve Terra's Seoul and Busan branches during its general shareholders' meeting on April 30. Following Do Kwon's decision, the Busan branch was liquidated on May 4 and Seoul branch on May 5. The documents carry Kwon Do-Hyeong's (official name of Do Kwon) name as the liquidator of Terraform Labs' offices. With the new findings, it has become clear that there is more to Terra's collapse than a coordinated attack or UST's de-peg. Kwon remains under suspicion in the investigation conducted by Korean authorities. Moreover, a specialized financial crimes unit in South Korea, the ‘Yeouido Grim Reaper’, has been tasked with the investigation of Terra’s collapse. The unit consists of 48 people made up of seven prosecutors and other executives from the Financial Services Commission and Financial Supervisory Service that have been called to investigate the methods by which Terraform Labs attracted investors to its tokens. The committee was disbanded two years ago but has been put back together to look into the events surrounding Terra’s demise and the extent of investor damage caused. Some win and others lose US asset management company Pantera Capital turned a $1.7 million investment in LUNA into $170 million by cashing out its investment well ahead of the crash. The institution, creator of the first blockchain hedge and venture funds in the US, did not suffer significant losses from Terra’s collapse as it pulled 80% of its investments out of LUNA over the last year. Apart from their LUNA investment, Pantera Capital had backed Terraform Labs, injecting $25 million in January 2021 and joining a $150 million fund round in July 2021. The firm recovered its investment before LUNA’s freefall to zero. Pantera Capital’s exit from LUNA is considered suspicious. Joey Krug, co-CIO at Pantera Capital, clarified that the institution purchased LUNA in the public market in July 2020, and not in a private financing round. Krug said, We managed that position down over time as it became increasingly profitable/large, in order to maintain a diversified portfolio. We initially invested in LUNA because of the progress we saw in developer adoption, the payments usage, and the broader ecosystem being built on Terra. Galaxy Digital, a US broker-dealer and another Terraform Labs investor, didn’t have the same luck. The firm started investing in LUNA in Q4 of 2020 and reported losses of $300 million for this quarter. In a letter, CEO Mike Novogratz told investors that: With our diversified business lines, Galaxy remains in a strong capital and liquidity position. We are well-positioned for long-term growth. Likewise, Binance had invested $3 million into the Terra ecosystem in 2018, receiving 15 million LUNA tokens. At LUNA’s all-time high, the investment was worth $1.6 billion. Yet due to last week's collapse of Luna, those 15 million LUNA tokens plummeted in value to just $3,400. Read next: Altcoins: What Is PancakeSwap (CAKE)? A Deeper Look Into The PancakeSwap Platform| FXMAG.COM A hard fork to create LUNA Classic and LUNA Core Do Kwon proposed the burning of UST, by increasing LUNA’s minting capacity from $293 million to over $1.2 billion. According to the Terraform Labs CEO, this is the only way to absorb UST’s supply and reestablish its peg. The plan was considered “high cost” for LUNA, UST holders and the Terraform Labs CEO faced criticism for the proposal. Kwon then focused on LUNA’s recovery without the algorithmic stablecoin UST. Since Terra’s ecosystem is not strong enough to build up and drive recovery in both Terraform Lab tokens, Kwon considered a practical and sustainable structure to preserve the developer ecosystem and the community. Kwon’s new and updated proposal suggests a fork in LUNA and the creation of a new Terra chain. The old Terra chain would be called Terra Classic (LUNC), while the new chain would be Terra (LUNA). The new chain would be fully community-owned, and the Terra Foundation wallet would be removed from the whitelist for the airdrop. Validators would reprogram the network ownership to $1 billion, distributing them to affected parties. 40% of the network’s ownership, $400 million would be allocated to LUNA holders (who held the token before UST de-peg). The hard fork offers to allay UST holders’ concerns by offering 25% at the Launch snapshot on May 27, 2022. 10% would be unlocked at genesis and the remainder would be unlocked over a period of two years. 25% would be reserved for the community pool. The co-founder of Terraform Labs believes Terra can recover from the coordinated attack by becoming a fully community-owned chain. Proposal 1623, the revival plan for LUNA without UST, has received 77.96% positive votes from the community. 1.39% of the community members abstained from voting. The whole crypto market bleeds After Terra’s LUNA and UST implosion, most crypto assets suffered heavy losses. Check out in this video what's next for Bitcoin! Follow FXMAG.COM on Google News
Altcoins: Another Terra's LUNA price failed recovery attempt causes uproar in the crypto community

Altcoins: Another Terra's LUNA price failed recovery attempt causes uproar in the crypto community

FXStreet News FXStreet News 23.05.2022 16:44
Terra’s LUNA price fails to recover despite Proposal 1299 to rescue over 154.7 million UST stuck in Osmosis and side chains. Anonymous Terra community members have come forward as whistleblowers, revealing facts on the deal with Jump Crypto. Do Kwon told the Terra community that sending LUNA to the burn address is "a loss" and "not a good idea." Several whistleblowers have contacted Terra community member “FatMan” and revealed details of Terraform Labs co-founder Do Kwon’s monthly payments to quantitative trading firm Jump Crypto and their role in the crash of UST. Proposal 1299 has failed to fuel a recovery in Terra’s LUNA price. Terra’s LUNA price stuck while whistleblowers call out Do Kwon Algorithmic stablecoin TerraUSD (UST) witnessed a colossal crash more than a week ago, losing its $1 peg, with Terraform Labs’ tokens LUNA and UST lost a combined market value of $39.1 billion within a week. This event has been marked as the “first crypto bank run” in history and had a catastrophic impact on Terra’s LUNA price, which crashed from almost $100 to the current levels below $0.0002 in the span of a couple weeks. Also read: LUNA price has turned into a crypto zombie with no revival to come Terra Research forum user “FatMan” has come forward with insights into Terra’s co-founder Do Kwon and the deal with Jump Crypto. @FatManTerra has published his findings in a recent Twitter thread. According to the findings, Do Kwon pays a fixed monthly installment of LUNA to repay his debt to Jump Crypto. @FatManTerra is yet to publish further details of these transactions. This Agora Terra forum user states that Jump Crypto manipulated retail investors into losing billions on LUNA and UST. The community member is yet to furbish evidence of transactions that connect Jump Crypto to the UST crash. Terraform Labs proposal 1299 fails to rescue 154.7 million UST In order to rescue the UST stuck on side chains, proposal 1299 was put forward by Terraform Labs. During the colossal crash, Terra validators disconnected Inter Blockchain Communication (IBC) as a stop gap solution. The proposal was passed, however, today it failed to execute due to technical issues. Among all side chains, Osmosis alone accounts for 154.7 million in LUNA and UST. The Terraform Labs tokens stuck on side chains are not covered in the “Revival Plan” that compensates holders for their losses in the coordinated attack. As a result of this failure, UST and LUNA tokens stuck on side chains will be excluded from the launch snapshot, thereby resulting in losses for community members. The rescue proposal 1299’s execution is key to a potential Terra’s LUNA price successful recovery. Read next: Altcoins: Ripple Crypto - What Is Ripple (XRP)? Price Of XRP | FXMAG.COM LUNA sent to burn addresses "is lost, not a good idea" Do Kwon has been criticized by the Terra community for his plan to leave the algorithmic stablecoin UST out of the final recovery strategy for the Terra ecosystem. Community members have reached out to Kwon on Twitter and informed them that they can aid Terra’s recovery by burning LUNA. Do Kwon answered by telling the Terra community and his 1 million followers on Twitter that LUNA sent to burn addresses is lost and it is not a good idea to burn these tokens. Terra Ecosystem Plan 2, Kwon’s proposal for the rebirth of Terra, has been criticized by the community. Over 52.6 million voters have abstained from voting on Proposal 1623, and 35.2 million have voted “No with Veto.” This puts the count of negative votes at 87.8 million, which accounts for over 33% of the community not having confidence in the plan for the recovery of Terra’s LUNA price. Crypto market trying to bounce back While the prospects for a Terra LUNA price recovery still look grim, the cryptocurrency market is trying to regain its footing, with several coins showing technical bullish setups. Check the following video to see how to trade them. Follow FXMAG.COM on Google News