It’s been two days since the Terra development team launched the new Phoenix-1 blockchain with the network’s native token LUNA. The value of the token fell significantly during its first trading day. However, the value for the new LUNA increased 8.8% during the previous 24 hours. Amid the token’s 24-hour rise, controversy continues to plague Do Kwon and Terraform Labs. Luna classic (LUNC), an old token that was worth more than 70% over the course of the cryptocurrency asset’s rise, has also been rising in value.
The New LUNA Coin is 8% higher on Monday. However, the Token remains below 64% of its recent price high.
It’s been roughly more than 48 hours since the birth of the new Terra blockchain and crypto asset LUNA. During the initial hours of trading the new LUNA reached an all-time high at $18.87 per token. Presently, the price is 64% lower than the ATH, even with today’s gains. According to coinmarketcap.com stats, there’s 210,000,000 LUNA tokens in circulation, but the web portal notes the number is not 100% verified.
The number of coins in circulation times LUNA’s current value shows that the coin’s market capitalization is around $1.35 billion today. The coin’s 24-hour trading range has been between $5.51 and $6.74 per unit on May 30, 2022. Currently, LUNA has around $145 million in global trade volume over the last 24 hours, but that’s down 48.6% since yesterday. Gate.io is trading LUNA’s most active exchanges today. Okx, Bybit and Mexc are also trading LUNA today.
The majority of LUNA was vested. This information was made clear before the airdrop. While many people were airdropped the new LUNA, a majority of people’s stake was airdropped bonded and the coins cannot be spentYou can find out more about a specified amount of time. The Terra chain no longer has an algorithmic stablecoin and many defi protocols which were previously operational have been abandoned. In reality, it is unclear what the Terra coin serves as because there are arguably few applications for the new LUNA without UST.
Terraform Labs Summoned Company K and Accusations Of Funneling a Mine Through CHAI
Do Kwon, co-founder of Terraform Labs and company were also criticized for launching the Phoenix-1 blockchain. Bitcoin.com News, May 17, reported that South Korean authorities were investigating Terra Labs and its Terra blockchain project. South Korean officials have summoned the entire Terraform Labs staff, according to local media. Bitcoin.com News also reported on Do Kwon dissolving Terraform Labs before the UST de-pegging incident and LUNC’s death spiral.
This tweet is not old.
Who wrote it? This was the guy who wrote it. https://t.co/NaFDvYnUZo https://t.co/wdjMUtZZC3
— FatMan (@FatManTerra) May 29, 2022
Furthermore, there’s the Twitter account called “@fatmanterra (Fatman)” that has explainedA lawsuit is currently being prepared to help Terra victims. Fatman also accuses Terra’s team of manipulating Mirror Protocol, which is a synthetic and decentralized stock exchange. Fatman detailed that the application was “really just a farce designed to enrich Do Kwon/VCs.” Just recently, Fatman published another thread that discusses a Terra-related organization called “company K.” Fatman claims that company K was a “’blockchain consultancy firm’ they spun up in order to launder money and evade taxes.”
KBS, a South Korean news station, also reported on Company K. “Employees from company K had great overlap with employees from Terra and often shared the same spaces,” Fatman wroteFollow us on Twitter. “Both were incorporated in 2018. Most in company K’s employ were straight-up Terra developers. Company K’s CEO, Mo Kim, vehemently denied any major affiliations.” Fatman added:
This is why it’s so interesting. Well, Korea’s tax authorities reported that last year, Terra sent 6 billion won ($4.8m) to company K’s CEO. This was reported on the books as ‘other expenses.’
Fatman also published a thread about Do Kwon being involved in a premine project that allegedly worked in unison with Daniel Shin’s CHAI. According to Fatman’s claims, Do Kwon and Terrform Labs (TFL) premined a coin called SDT and the team was reportedly able to cash out the coin using Terra’s KRW stablecoin.
I am puzzled by this chart. Terra and CHAI formed a partnership to settle real-world transactions via blockchain. $KRTThe 2020 deadline was reached, and there’s no other hiccup. $KRT transaction volumes. Why? pic.twitter.com/iLaVr27OsU
— FreddieRaynolds (@FreddieRaynolds) May 28, 2022
“A cheeky little system was set up: when SDT is burned, Terra’s KRT (a KRW stablecoin) can then be issued to stores through CHAI,” Fatman said. “This can now be cashed out off-platform via an exchange. As long as there’s enough retail volume to mask it, it’ll go unnoticed.” Fatman continued:
Although there were some legitimate CHAI uses, most of it was just TFL caching out tens to millions of dollars through SDT/KRT, in the hope that nobody would notice. It was a way of turning their printed internet money into real money – retail demand.
LUNC Pumps 70%. Supporters Hop It Will Reach $1
Apart from the controversy and accusations surrounding Do Kwon’s team, luna classic has risen 70% in the past 24 hours. Vertical trends on Twitter show a lot of people trying to shill and pump the classic coin, and a few of them seem to believe the token — that trades well below a U.S. penny — will someday be $1 per unit. LUNC Trading has been extremely active over the last 24hrs as several crypto exchanges have resumed luna classical trading after having suspended the coin in May’s second week.
Are you happy with the new LUNA token or recent LUNC gains, and what do your thoughts be? What do you think about the accusations concerning Do Kwon’s Terraform Labs? Comment below and let us know how you feel about the subject.
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