Skip to main content

Consequences of the Luna Crash: Arrest warrant issued against Do Kwon in South Korea

 


A court in South Korea has issued an arrest warrant for Singapore-based Terraform Labs co-founder Do Kwon and six others. Kwon is accused of violating the Capital Markets Act . This is attributed to the crash of Terraform Labs cryptocurrency LUNA, which occurred four months before the warrant was issued.


Kwon's role in the LUNA crash

LUNA's crash came as a surprise after the 30-year-old South Korean founder managed to bring his vision of a revolutionary token to the mainstream. This USD-pegged stablecoin should have replaced global fiat transactions. Kwon's marketing prowess helped bring LUNA and UST together to near $60 billion in value.


Kwon had gone public in an official interview and explained his view of the situation in a conversation with the YouTube channel Coinage. He defended himself against the accusation that he had put more than 200 million US dollars in company funds into secret crypto wallets. Kwon also confirmed that he wanted to cooperate with the authorities. Terraform Labs CEO faces charges of money laundering and fraud .


South Korean prosecutors raided the home of Terraform Labs co-founder Daniel Shin on suspicion of illegal activities related to the July Terra collapse. Authorities had also said that Kwon must notify them when he returns to the country.


Consequences of the LUNA crash on the crypto market

The demise of the Terra token led to an industry-wide crash, with companies Celsius Network, Voyager Digital, and Three Arrows Capital all filing for bankruptcy. This left a trail of devastation and debt across the crypto industry.


Major crypto exchanges like Binance and Coinbase halted trading on several trading pairs.


The failure of LUNA and the billions lost did not discourage Kwon from re-launching the LUNA token under the Terra Classic name to redeem himself and his previous failure.


Investors seemed eager to get back into LUNA. The rate of the cryptocurrency Terra Classic rose by around 500% within 2 weeks.


DISCLAIMER

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more