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Terra founder Do Kwon pays off money! Luna Community remains hopeful

 


According to on-chain data, Do Kwon, the founder and ex-CEO of Terra Labs, transferred Luna tokens to his Binance wallet while promoting the new Terra blockchain on Twitter.


According to assistant professor Jaewoo Cho of Hansung University's On-chain Data Lab, Do Kwon allegedly sent 523,390 Terra (LUNA) to the address terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033 . After that, the money was transferred to a Binance wallet.


Do Kwon continues to promote Terra

Crypto and financial researcher FatManTerra was the first to reveal Do Kwon's transaction data. Since the crash of the stablecoin TerraUSD (UST) in May 2022, FatManTerra has been keeping a growing Twitter community updated on developments in the Terra Luna ecosystem. This is how FatManTerra brought Cho's information to the public.


Furthermore, according to Cho, the owner of the above-mentioned address also sent 19,506 anchor protocol tokens (ANC) to the ETH address 0x6420a0AD226bfb6ce5eA3021d3D60D86694B6601 . After that, the owner of that ETH address transferred “wrapped ANC” to Korean crypto exchange Coinone. If Coinone can identify the owner of the suspicious address, Cho said, then the exchange can also identify the recipient of Kwon's LUNA 2.0 remittances.


Despite these findings, TerraFormLabs ex-CEO Do Kwon has been promoting the Terra 2.0 blockchain and its developments since its launch on May 27, 2022 . This is how Kwon brought new Terra Luna tokens to some exchanges. Also, he continuously talks about updates appearing on the new blockchain. With this, Do Kwon wants to convey the image to the community that developments on the blockchain are progressing rapidly.


Projects included Phoenix, the first decentralized exchange on the new Terra blockchain , Soil Protocol, an NFT infrastructure layer for the blockchain, and Luna Name Service , a domain name service similar in principle to the Ethereum Name Service and Unstoppable Domains .


However, FatManTerra doubts Do Kwon's statements. The crypto analyst tweeted about the Terra CEO's previous marketing tactics that propelled the cryptocurrency Luna into the top 10 largest cryptocurrencies by market cap.

In addition, FatManTerra urged the Korean government to suspend the Binance account to which Kwon allegedly sent some large amounts of LUNA tokens.


After the collapse of the stablecoin TerraUSD (UST) and the cryptocurrency Terra (LUNA) linked to it, Kwon proposed a hard fork of the Terra blockchain. The coins that existed before the hard fork remained on the old blockchain after the proposal. These have been renamed TerraClassic (USTC) and Terra (LUNC). The two new coins TerraUSD (UST) and Terra (LUNA) were then created on the new chain.


LUNC was once worth a US dollar - now the price is a fraction of a cent. Still, the community is not discouraged.

In order to restore the peg to the US dollar, the developers have to overcome some major challenges. The arbitrage algorithm that used TerraUSD (UST) and Terra (LUNA) to maintain peg to the US Dollar created 6 trillion LUNA during the crash. To put this number in perspective, the total market cap of all cryptocurrencies is currently just under $1 trillion.


Still, there is light on the horizon: Binance recently introduced a burning mechanism, wiping out all paid LUNC fees for spot and margin trading pairs forever. According to a Watcherguru tweet, the exchange (as of October 10, 2022) has already wiped out around $1 million worth of LUNA.


More token burnings could follow. The LUNC community also urged crypto exchanges KuCoin and Coinbase to introduce token burning for the cryptocurrency.


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