Terraform Labs co-founder has been charged with eight counts of fraud, including securities fraud and conspiracy.

Earlier on March 23, Do Kwon was reported to be arrested at the Podgorica airport in Montenegro.

LUNA price, following the news of Do Kwon’s arrest, crashed to January lows before climbing back to trade at $1.348.

Terraform Labs co-founder Do Kwon is set to face more charges in the United States in addition to the ones that already exist against him. The arrest of the former Chief Executive Officer (CEO) of Terra will finally allow the fraud proceedings to begin.

Do Kwon faces the music in New York

According to an indictment on March 23, Do Kwon was charged with eight counts of fraud. A federal grand jury accused Kwon of securities fraud, commodities fraud, wire fraud, as well as conspiracy, along with other charges. The indictment noted that Kwon allegedly deceived investors about the Terra blockchain and also falsified its adoption figures in television interviews and on social media.

Another charge accused Do Kwon of allegedly engaging in market manipulation with a United States-based trading firm in regard to the stablecoin TerraUSD (UST).

Earlier in the day, Do Kwon was arrested by the Montenegrin police at the Podogirca airport along with Terra’s CFO, Hon Chang Joon. The two were detained for attempting to travel to Dubai using falsified documents and were also held for using falsified Belgian travel papers, according to the Interior Minister.

The charges from the New York prosecutors have been added to the charges from the Securities and Exchange Commission. Last month, the regulatory body charged Do Kwon with orchestrating a multi-billion dollar fraud where the founder misled and deceived customers with its marketing.

LUNA price rises back up

LUNA price was quick to react to the news of Do Kwon’s arrest as the altcoin dipped by more than 9.79% within hours, falling to a two-month low. However, the cryptocurrency recovered soon after to climb back up, trading at $1.348 at the time of writing. 

LUNA price is currently stuck under the downtrend since January this year, failing to recover in the first two weeks of March when most of the market did. The altcoin not only has to breach this downtrend line but also flip the barrier at $1.475 into support to initiate a recovery rally toward $1.754.

On the flip side, the cryptocurrency faces a potential drop in value that would push LUNA price to $1.229. Testing this level would bring the altcoin to the December 2022 lows at $XXX, and falling through the same would result in LUNA declining to a ten-month low.

#luna #terra #koinmilyoner #Launchpad #GPT-4

The CEO of Terra, Do Kwon, has been arrested, resulting in a significant drop in the company's stock price. This news has sent shockwaves throughout the business world, as investors scramble to assess the impact of this development on the company's future prospects.

To provide some context, Terra is a blockchain-based payment platform that has been gaining traction in recent years. With a focus on providing fast, secure, and low-cost transactions, Terra has been seen as a promising player in the fintech space.

However, the arrest of its CEO has raised serious concerns about the company's leadership and governance. Investors are worried that this could lead to a loss of confidence in the company, which could ultimately harm its long-term growth prospects.

Despite these challenges, Terra's management team has expressed confidence in the company's ability to weather this storm. They have emphasized their commitment to transparency and accountability, and have pledged to work closely with regulators to ensure that the company remains in compliance with all relevant laws and regulations.

Overall, the situation at Terra is a reminder of the importance of strong leadership and effective governance in the business world. As investors continue to monitor the situation, it remains to be seen how this will impact the company's future trajectory.

#coingabbar #crypto2023 #terra #crypto #luna

Terra Classic Could 10x at a $6B Market Cap If Staked Amount Doubled. The asset’s market capitalization is currently at $711 million.

The Terra Classic (LUNC) community remains committed to the asset’s revitalization movement, with renewed optimism hitting the camp lately. Most recently, Rex “Rexyz” Harrison asserted that LUNC has the potential to increase by 10x if its market cap reaches Shiba Inu’s valuation of $6 billion and the current amount of staked tokens doubles.

Comparison of SHIB & LUNC Supplies

Rexyz’s theory came after a recent comparison between Shiba Inu and Terra Classic. Cryptomane, a LUNC community influencer, took to Twitter to assess the possibility of both assets reaching the shared goal of mitigating their extensive supplies.

Let us compare the 2 #DeFi that aim to burn as many tokens as possible to mitigate the problem of too much circulating supply:$LUNC > 6.8 Trillion tokens🔥$SHIB > 589 Trillion tokens🔥#terraport will burn 49% of tokens weekly between 27% $LUNC and 22% $TERRA of its treasury.… pic.twitter.com/8KdS7rFHnT

— Cryptomane (@cryptomaneitaly) March 27, 2023

Terra Classic has a total supply of 6.8 trillion tokens, whereas Shiba Inu has a supply of 589 trillion tokens, which is over 86.6 times greater than LUNC’s. Both tokens share a common goal of significantly reducing their respective supplies to support their price actions.

Terraport, the upcoming DeFi platform for Terra Classic, intends to burn LUNC tokens using 27% of its treasury. Similarly, Shibarium, Shiba Inu’s layer-2 solution, aims to burn SHIB tokens using 70% of every base transaction fee.

Cryptomane believes that LUNC will likely achieve its supply reduction goal faster than SHIB, owing to its significantly lower supply. However, this is merely speculative, as the rate of token burns for both assets will be subject to various factors, including the volume of transactions processed by Shibarium and Terraport’s volume.

Could LUNC Surge by 10x?

Responding to the comparison, Rexyz pointed out that Shiba Inu’s market capitalization of $6.12 billion is much higher than Terra Classic’s, which currently stands at $711 million, indicating that SHIB’s valuation is 86 times the valuation of LUNC. However, SHIB is currently trading for $0.00001038 while LUNC has a price of $0.0001208.

Interesting comparison 🙏 Also:#SHIB = $6bn mkt cap#LUNC = $700m mkt cap

🤔 If LUNC was $6bn and staking doubled each LUNC could in theory x10 in value, and ⬇️

To burn 75% of: SHIB = $4.5bn LUNC = $530m

If burnings your thing, which is the meme to back? 🤔@_Terraport_ 🔥 https://t.co/eSYqx6Ig9t

— Rexyz (@RexYellerBelly) March 27, 2023

Rexyz suggests that if LUNC were to achieve SHIB’s market cap of $6 billion, and the current amount of staked LUNC tokens were to double, it could potentially result in a price surge 10 times the current value of LUNC. However, he notes this is a theoretical scenario, as various factors could influence the outcome. Currently, the total amount of staked LUNC stands at 961 billion tokens.

#terra #luna #crypto2023 #crypto #SHIB

Do Kwon, the man behind the Terra LUNA ecosystem, was reportedly arrested in Montenegro, Southern Europe. The 31-year-old man has long been a police target after his company Terraform collapsed.

Do Kwon was secured at the Podgorica airport, said Montenegro’s Interior Minister, Filip Adzic. According to Business Insider, he allegedly provided documents under a false identity.

After Luna’s value plummeted in the market, Do Kwon had to face several problems throughout the year. Including having to face a number of lawsuits in several countries, not only about the company but also related to his passport.

Here are 5 lawsuits that Do Kwon may be charged with:

Lawsuits in the US In June and July last year, US law firms Scott+Scott and Bragger Eagle & Squire filed a lawsuit against Do Wkon and a number of related parties. The lawsuit was filed on behalf of Terra investors.

The defendants are said to have participated in the sale of unregistered securities. Terraform Labs is even said to have defrauded investors and encouraged them to buy tokens. In the end, the price was artificially inflated.

Do Kwon must also face a lawsuit filed by Matthew Albright in New York. The lawsuit dated August 25, 2022 calls UST a Ponzi scheme and is backed by high yields derived from the Anchor Protocol.

Violating South Korea’s Capital Market Law

Apart from the US, Do Kwon also had to face the law in South Korea. Local prosecutors have issued arrest warrants for him and a number of company employees in relation to Luna’s collapse.

They, including head of research Nicholas Platias and staff member Han Mo, are said to have violated capital market laws.

Arrest warrant from Interpol In late September, Interpol also issued an arrest warrant for Do Kwon and this has also been confirmed by the Seoul Southern District Prosecutor’s Office.

Passport Cancellation in South Korea Do Kwon’s passport has been requested to be returned since last October by the South Korean foreign ministry. Otherwise, the validity period of his passport will expire and Do Kwon will have difficulty traveling to the country.

Terra lawsuit in Singapore In Singapore, 369 investors filed a lawsuit against Do Kwon. The collapse of TerraUSD is said to have affected them who had to suffer losses of up to US$57 million.

#terra #luna #BTC

Terra LUNA Classic price already tanked over 30% for March.

LUNC is not in a good spot as stablecoins are being questioned as the fallout of SVB starts to fade.

Expect to see an uptick short term, while the downtrend is still very much at play in the longer term.

Terra LUNA Classic (LUNC) price is starting to open up some room for more bullish moves after the bears showed their hand again at the beginning of March. With an overall performance of -30% for the month of March, it is quite clear that bears are still very much present and active in the price action. Meanwhile, room is opening up for bulls as they are offered some narrow room for a 15% rally.

Terra LUNA Classic (LUNC) price sees the hand of bulls this Thursday morning after a firm downtrend these past few days as March is often a negative month in the markets. With over a 30% loss, salvaging the month will be near impossible, but that does not mean that bulls cannot bank some profits in the meantime.

LUNC sees bulls slowly but surely grinding higher as bears are letting go of their stance for the moment. This means some room to the upside with the ideal candidate at the topside near $0.000014000 at the monthly S1 support level. Between now and that level, a 15% gain could be booked, and bulls can trade it with a trailing stop-loss to keep their positions safe.

The bigger risk to the downside hangs with the Relative Strength Index (RSI), which is below 50 and could see bears not taking any profit until that “oversold” label has been reached. That would mean that LUNC needs to tank another 14% toward $0.000011000 before activating that. Support could come in and offer a window of entry for bulls there, depending on the events in the market at that moment.

#luna #terra #lunc #BullRun #koinmilyoner

The arrest of Do Kwon, co-founder and CEO of Terraform Labs, in Montenegro has caused a significant drop in the value of the LUNA tokens of Terra. LUNA is the native token of the Terra blockchain, which is a decentralized platform designed to provide a stablecoin solution for global payments.

Following the news of Kwon's arrest, LUNA's value dropped sharply, leading to concerns among investors and traders. This drop is likely due to the uncertainty surrounding Kwon's future with the company, as he is a key figure in the development and success of Terraform Labs.

Kwon's arrest came as a shock to the cryptocurrency community, as he is a well-respected figure in the industry. He was arrested in Montenegro on charges of illegal activities related to a property development project. Kwon has denied the charges, and Terraform Labs has stated that the arrest is not related to the company's operations.

Despite these assurances, the news of Kwon's arrest has had a significant impact on the value of LUNA tokens. The tokens have experienced a sharp decline, with some estimates suggesting a drop of up to 30%. This drop has caused concern among investors, who fear that the value of LUNA tokens may continue to decline in the coming weeks and months.

The decline in the value of LUNA tokens highlights the potential risks associated with investing in cryptocurrency. The industry is still largely unregulated, and events like Kwon's arrest can have a significant impact on the value of tokens. This volatility makes it important for investors to conduct thorough research and due diligence before investing in any cryptocurrency.

In conclusion, the arrest of Do Kwon in Montenegro has caused a significant drop in the value of LUNA tokens. While Terraform Labs has stated that the arrest is not related to the company's operations, the uncertainty surrounding Kwon's future has led to concerns among investors. This incident highlights the potential risks associated with investing in cryptocurrency, and serves as a reminder of the need for caution and thorough research before investing in any digital asset.

#luna #terra #BTC #crypto

Cremation Coin, Terra Gaming, LUNC DAO, and Luna Station each contributed to this week’s Terra classic burns.

The Terra Classic (LUNC) community has not neglected the ongoing burn initiative despite a reduction in its social engagements, as several projects and validators have collectively incinerated nearly 33 million LUNC so far this week.

As of press time, the total burns for the week currently stand at 32,929,066, with four entities accounting for 99.6% of these burns. These include projects such as Cremation Coin and Terra Gaming and validators LUNC DAO and Luna Station.

Cremation Coin

The Cremation Coin burn was the largest and the most recent of this week’s transactions. The project incinerated 18.3 million Terra Classic tokens today at 02:12 (UTC). Its burn accounts for 55.6% of the total burns for this week at the time of reporting.

Despite the magnitude of Cremation Coin’s latest burn, it is still the project’s lowest single burn for March, as its past three burns involved 77 million tokens on March 21, 106 million LUNC on March 14, and 51 million tokens on March 7. This brings its total burns for this month to 252.3 million LUNC.

Terra Gaming

Terra Gaming, the LUNC-based online bookie launched last November, has silently incinerated hundreds of thousands of LUNC tokens daily for the past 7 days, on-chain data reveals. This week alone, the project has incinerated 1.99 million LUNC tokens in two transactions.

Upon its launch, the betting platform promised to incinerate LUNC with a portion of its betting volume, and it has kept to that pledge since then. In the past 7 days, Terra Gaming has carried out 7 burn transactions, each amounting to at least 990K LUNC tokens. As a result, its cumulative burn in the past 7 days currently stands at 6.9 million Terra Classic.

Luna Station & LUNC DAO

Validators Luna Station and LUNC DAO also made their respective marks in this week’s burns. LUNC DAO incinerated 1.6 million LUNC tokens as part of its weekly commitment to the Terra Classic burn campaign. The validator continues championing the initiative, one of the first entities to jump on it.

Luna Station conducted its burn transaction on Monday at 12:29 (UTC). The transaction involved 10.8 million tokens, making the validator the second-largest burner for this week so far.

Following the latest burns, total cumulative burns now amount to 50.8 billion LUNC. The community recently crossed the 50 billion burn threshold, as previously reported. At this point, they are looking to soar above the 51 billion mark.

#lunc #luna #terra #crypto2023 #Binance

Terra LUNA Classic price could flip sentiment after a bullish ASIA-PAC trading session.

LUNC is set to drop another leg lower as the US trading week begins.

Expect to see volatile moves this Monday with a possible leg lower toward $0.000012000.

Terra LUNA Classic (LUNC) price is all over the place after price action jumped roughly 8% during the ASIA-PAC trading session on Monday as markets are in panic mode. Unfortunately, bulls cannot bank on the early move upwards as bulls are facing a rough technical area. With bears set to kick the bulls in the gut, another slide lower and back to the level from Sunday looks like the most plausible outcome for this Monday.

Terra LUNA Classic opens up the risk with a volatile Monday trading day

Terra LUNA price saw bids coming in hard and heavy as traders seized the bullish momentum during the ASIA-PAC session. Altcoins were able to jump on the back of several reassuring comments that Silicon Valley Bank and Signature Bank depositors are not at risk of losing money. Sentiment changed 180 degrees as the European trading session came into play with contagion risks, which could again mean more troubles for the crypto industry.

LUNC sees bulls taking a step back after hitting that red descending trend line just around the time the ASIA-PAC session was going to sleep and handed over the trading stick to the European trading session. A fade over 2% occurred with support at $0.000012743. Expect to see more volatility with at risk a leg lower toward $0.000012000 and price action to head back to the low of this weekend.

If support at $0.000012743 holds, a squeeze to the upside could happen with a breakout above the red descending trend line. That means that a break above the red descending trend line would trigger a bear trap for short-sellers at that same red descending trend line this early Monday morning. A clean breakout above the red descending trend line could see a sprint by the bulls toward $0.000014771 and make 12% for this Monday. 

#luna #lunc #terra #crypto2023 #koinmilyoner