Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
Report claims Terraform scammed over 1000 Singaporeans.
A “concerned” Singaporean citizen has reported Do Kwon, creator of the ravaged LUNA coin to the police. According to a post made on Reddit, the reporter claims to have filed the complaint on behalf of all Singaporeans affected by the crash of Terra’s Luna.
The post made in the early hours of today, contained a picture of the said report. In it, the complainant claimed that they knew over 1000 of their countrymen who had invested in the beleaguered coin. The compliant termed its report “The Luna Cryptocurrency scam” claiming that UST tokens were falsely sold to them as stablecoins. They also want justice meted out by the police against Do Kwon. It is useful to know that Kwon’s company Terraform Labs is based in Singapore.
What About Do Kwon?
Just before the complaint filed the report, Do Kwon had expressed his “heartbreak” regarding the unfortunate turn of events on Twitter. The Korean entrepreneur said he was deeply sorry that his creation had hurt so many people. He also made it clear that he did not trade or sell any Terra coins throughout the crash.
However, affected crypto holders on Twitter seemed to have none of it as they littered Do Kwon’s thread with slanders and threats. In fact, Wu Blockchain tweeted that Kwon’s wife was nearly attacked at their home in Korea. She reportedly made an emergency call to the police after an angry stranger barged into their apartment. Even offline, it appears, furious investors continue to clamor for the detention of Do Kwon.
According to Korea media, the wife of Terra founder Do Kwon called the police for emergency personal protection after a stranger entered the apartment. Angry investors demand the arrest of Do Kwon. Do Kwon previously traveled between Singapore and Korea. https://t.co/p2AKcbNAji
— Wu Blockchain (@WuBlockchain) May 14, 2022
More Lawsuits to Come?
The Singapore complaint may only mark the beginning of different lawsuits against Terra’s Do Kwon, as some claim. However, there is no guarantee that the law will back them since cryptocurrency is fundamentally independent of centralized interferences. One reddit user Kyono commented on the police report:
Dealing with crypto is high risk. the police won’t get your money neither will they do anything to Do Kwon.”
Still, some Reddit users believe people should have expected this crash. According to them, there is no way that crypto could totally dissociate from fiat money without crashes like Terra’s happening.
A Kwon interview made months ago might also be haunting the entrepreneur, prompting investors under his tweet to show little to no sympathy to Kwon’s promises. In response to Kwon’s dated interview and latest thread, as furious user tweeted:
You freaking egotistical troglodyte told people to hold steady giving them hope that a fix was coming while the price kept nuking and went radio silent afterwards.
The joy I had watching your project crash is nothing compared to the joy your members will have when they sue you.
— Devchart 👨🏻💻 (@devchart) May 13, 2022
If UST fails to repeg soon or LUNA fails to make any significant gains, then more lawsuits will likely come. If they will hold any water is up to anybody’s guess.