The cryptocurrency ecosystem is facing significant losses in 2022, primarily due to the collapse of Terra, causing a market downturn. Even after a year since the collapse, the market has yet to recover.

The creator of Terra, Do Kwon, has been detained in Montenegro. Along with numerous legal accusations in various jurisdictions, Montenegro has charged Kwon with document forgery.

In a recent hearing, both Kwon and his associate Han Chang-Joon (Terra’s former CFO) were ordered to pay up to 400,000 euros, around $437,240 per person.

Kwon said his wife would pay this amount. Additionally, he admitted to owning an apartment in South Korea. However, when questioned by the judge in front of the media, Kwon refused to disclose further details regarding his assets.

More recently, the Southern Seoul District Court has granted prosecutors’ request to freeze Kwon’s assets worth 233 billion won. This amount is about $176 million. Authorities have also denied Kwon access to his apartment in Seoul. All of his valuable assets and deposits have been seized.

Staking LUNC reaches new high

A prominent member of the Terra Classic community, Rex Yeller Belly, has announced that staking of the LUNC Terra Classic native token has reached a new milestone. Currently, there are 970,351,935,248 tokens locked in staking contracts, indicating a significant increase in the amount of staked funds.

The current staking rate is 14.15%. As a result, the LUNC community is eagerly awaiting the milestone of one trillion staked tokens in the near future. This all-time high in the amount of staked LUNC tokens is a sign of optimistic sentiment among investors about the future prospects of the Terra ecosystem.