A $57 million lawsuit against Terra co-founder Do Kwon has been brought to light by the Wall Street Journal. The lawsuit alleges fraudulent misrepresentation by Kwon.
TerraForm Labs CEO, Do Kwon has suggested a new forking mechanism for the Terra Blockchain Do Kwon’s fork proposal has met with intense criticism across the board with the majority of the community members voting against its implementation. In an interesting turn of events, TerraForm Labs CEO Do Kwon has...
Anchor Protocol DAO has passed a proposal that will implement a semi-dynamic Anchor Rate. UST could reach a market rate of 5–15% according to some analysts. The change comes at a time when UST and LUNA are seeing tremendous growth. The Anchor Protocol DAO has voted on a proposal that...
South Korean law enforcement agencies have asked crypto exchanges to freeze funds that might be linked to the Luna Foundation Guard. The exchanges are not compelled by law to follow through with the request, and the decision can be conducted at their discretion. Terra’s troubles are growing as lawsuits and...
Summary: The Founder of Avalanche and CEO of Ava Labs is bullish on TerraUSD (UST) ‘once the dust settles down’ He explained that only active teams could defend algorithmic stablecoins against destabilizing bank runs Decentralized stablecoins are necessary as fiat-backed stablecoins are subject to legal seizures The markets will eliminate...
Summary: The team from Avalanche has issued a transparency report on the fate of the AVAX reserves that the Luna Foundation Guard and Terraform Labs hold. According to Avalanche, Terraform Labs Purchased 1.09 million AVAX, and the Luna Foundation Guard Purchased 1.97 million AVAX back in April. The Luna Foundation...
Summary: CZ has expressed concerns over a proposal to fork the Terra chain to create new LUNA and UST digital assets Binance CEO states that the new fork will not have value, and one cannot void all transactions after an old snapshot, particularly on crypto exchanges He also questioned where...
Quick take: CZ believes that UST’s depegging and massive LUNA inflation could have been avoided had the LFG deployed its reserves when the de-peg was at 5%. According to CZ, the Terra team was very slow and infrequent in communicating with the community during the crisis. He also stated he...
Summary: Binance has announced that it will relist Terra (LUNA) and TerraUSD (UST) This is after the Terra blockchain was restarted and block production resumed CZ had earlier expressed concerns about the way the Terra team handled the UST depegging and inflation of LUNA The popular crypto exchange of Binance...
Summary: Three Arrows Capital Co-Founder Zhu Su believes Bitcoin might have reentered an accumulation range. According to his analysis, Bitcoin has had a record-breaking seven weeks in the red, signaling possible accumulation. Bitcoin spot and derivatives volumes are also at their one-year highs. Bitcoin is exhibiting some strength against stocks...
Both BlackRock and Citadel Securities have denied the rumors that they were involved in the recent crash of LUNA and UST. Unsubstantiated rumors have been making the rounds on social media, saying that the two firms shorted LUNA, among other actions. The UST token continues to be significantly depegged from...
