Terra

Terra co-founder Do Kwon became an industry hero when he promised to buy $10 billion of Bitcoin back in March. Now, he’s become crypto public enemy number one. Two months after the announcement, his blockchain’s dollar-based stablecoin, TerraUSD (UST), has depegged to just $0.15. Meanwhile, Terra’s governance token LUNA has collapsed to absolute zero, destroying investors who HODL’d through its collapse. Kwon and the Luna Foundation Guard fought to defend the peg by selling their Bitcoin reserves to pump UST’s…

Kwon unveils another plan to revive ebbing Luna.   On Monday, the Terraform founder and CEO unveiled another plan to save Terra’s sinking ship from extinction. This plan, shared on Twitter, includes forking Terra’s governance coin Luna and making the chain community-owned. What Went Down, Literally In spite of the death blow dealt to both Terra coins recently, the cryptocurrencies continue to find ways to stay alive. Last week, Terra's LUNA dropped from $85 value to less than nothing. Its…

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…

Earlier this month, Terra co-founder Do Kwon claimed that there is “entertainment” in watching companies die. In an interview with the chess streamer Alexandra Botez, Kwon stated confidently that 95% of today’s crypto startups are “going to die”. While laughing it off, the co-founder also claimed that there is “entertainment in watching companies die too”. As of today, Do Kwon is under fire due to the de-pegging of TerraUSD – the dollar-pegged stablecoin of the Terra blockchain. The fallout has…

The backlash of the recent abrupt decline of Terra's Luna continues as Binance delists it from its futures trading.  The Binance derivative arm made the announcement earlier this morning. The exchange prompted all traders with currently opened positions to close them no later than 8:30 am (UTC)  today when the delisting officially took place. Once the delisting happened, they would automatically settle all USDT-Margined LUNA perpetual contracts. Furthermore, the exchange reviewed the LUNA perpetual contracts’  leverage and margin tiers. It…

Increased minting capacity leads Terraform CEO's grand plans. In response to Terra’s devastating decline this Monday, co-founder, Do Kwon promised to work alongside users in resolving the crisis.  Since Bitcoin’s accelerated dip began on Monday, UST has dropped to $0.7, then $0.48. Its present price is less than half its originally designated price peg. LUNA in turn has tanked by more than 90% in the past day.  Holders of the beleaguered digital asset hurried en masse to liquidate UST in…

Amid the bloodbath suffered by all of crypto on Monday, one digital asset collapsed hilariously harder than the rest: Terra. Yes, that includes everything – from the Terra (LUNA) governance token, to its so-called “stablecoin” TerraUSD (UST). The former is down over 75% on the week, while the latter collapsed below $0.7 despite intended $1.00 price peg. The token’s absolute meltdown has nearly removed it from the top 20 cryptocurrencies, despite being top 10 mere days ago. The ordeal has…

On Monday, the Luna Foundation Guard (LFG) temporarily emptied its entire Bitcoin wallet of 42,530.82 BTC. Due to crypto market volatility, the foundation says it's trying to preserve TerraUSD (UST)’s peg to the dollar. According to on-chain data, the LFG’s Bitcoin wallet sent out all of its Bitcoin at 14:34 EST, only to recover 28,205 BTC just 2 hours later. Terra co-founder Do Kwon explained yesterday that the Guard voted to deploy $1.5 billion from its reserves to maintain UST’s…

Terra bought yet another $176 million worth of BTCs. The foundation’s BTC stash is just short of 2 billion dollars, as it closes in on its target of $10 billion. Terraform Labs, the development firm behind Terra (LUNA), made its recent purchase over the weekend, according to a tweet by crypto researcher Pompliano. CEO Do Kwon first shared news on Wednesday that the foundation had purchased about $230 million in BTC. Barely half a week later, the foundation made yet…