While most of the crypto economy’s digital assets have seen significant gains this month, Terra’s luna 2.0 has been stagnant as it has shed 24.37% against bitcoin during the last 30 days. LUNA is down 89.8% from the token’s all-time price high two months ago on May 28. Fatman, a whistleblower, has also revealed that Terraform Labs and Do Kwon have been sued by Terraform Labs and Nicholas Platias as part of a class action lawsuit.
Crypto Whistleblower Fatman Reveals Getting Involved in Terra Lawsuit so ‘Justice Can Take Its Course’
Fatman, a whistleblower on July 26, (@FatmanterraOn Twitter, he shared a link to sign up for investors affected by Terra’s collapse in May. Scott+Scott is handling the case. The defendants are Terraform Labs (TFL), Nicholas Platias and Do Kwon. Jump Crypto, Jump Trading and Tribe Capital are also included.
In Fatman’s Twitter thread that discusses the lawsuit, the whistleblower complimented Do Kwon’s intellect but noted that the Terra co-founder did not use it for good. “Instead of using his genius for good, Do used it to create a scheme so convincing, ingeniously mixing in real utility with sheer lies, that it not only led to the downfall of thousands of investors but also some big funds who had been hoodwinked in spite of solid research,” Fatman remarkedThe thread. Fatman has added:
Scott+Scott has brought us into the U.S. class action lawsuit. Additionally, we have plans to file actions in another place. For all TFL, we want a fair trial [and] Do Kwon’s wrongdoings and so that justice can take its course.
LUNA 2.0 Markets Flounder. South Korean Authorities Investigate the Terra Co-Founders Do Kwon & Daniel Shin
While the class-action lawsuit participants prep for the case against TFL, the project’s luna 2.0 token called LUNA has not been performing as well as most of the crypto economy. LUNA lost 24.37% to bitcoin (BTC), and 9.62% against U.S. dollars in that time period. LUNA, with its market capitalization of $261.63million is ranked 148 out of the 1399 existing crypto coins. Since LUNA’s all-time high on May 28 when it reached $18.87 per unit, LUNA has lost 89.8% in USD value.
LUNA has significant exposure to tether (USDT) pairs as cryptocompare.com statistics indicate that USDT represents 77% of all LUNA’s trades during the last 24 hours. USDT is closely followed by USDC (11.43%), TRY (9.577%), USD (0.688%), EUR (0.377%) and USDC (9.57%). Additionally, LUNA’s total value locked (TVL) in the world of decentralized finance (defi) is $26.88 million while just over $12 million is still held in defi protocols on the Terra Classic chain. In addition to the Scott+Scott lawsuit, Terra’s co-founder Daniel Shin is banned from leaving South Korea.
South Korean law enforcement officials are investigating TFL, Shin, and Kwon and Fatman say a rough translation of the article details that “the prosecutor also brought up the possibility of cooperating with Interpol to issue a Red Notice for Do Kwon’s extradition.” The class-action complaint published by Scott+Scott claims all of the Terra tokens TFL has issued are unregistered securities and TFL never registered with the Securities and Exchange Commission (SEC). In Fatman’s Twitter thread, the whistleblower stressedIt was difficult to express how much Terra investors suffered from the collapse. Fatman’s Twitter thread concluded by noting:
It’s time to take matters into our own hands. I’m sick of seeing our space invaded by scammers who think they can brazenly rob thousands of innocents and get away with it. Do Kwon and others make the industry dangerously ill. It’s time for a purge so crypto can be reborn anew.
Do you have any thoughts on the class-action suit against Terra team members. Do you have any thoughts about the poor performance of LUNA 2.0 in the market over the last month Please comment below to let us know your thoughts on this topic.
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