Terra’s new LUNA 2.0 token has lost 54% in value in the last two weeks, after reaching $11.33 per unit on May 30. Meanwhile, the whistleblower Fatman has accused Terra’s co-founder Do Kwon of cashing out $2.7 billion a few months before the UST de-pegging incident. Kwon, however, has been keeping tabs on Fatman’s accusations and he claims the allegations are “categorically false.”
LUNA 2.0 Token Drops 54% in Value During the Last 2 Weeks
The LUNA 2.0 rebirth token has been extremely lackluster in terms of market performance during the past two weeks. However, as Bitcoin.com News reported six days ago, a myriad of decentralized finance (defi) protocols have re-joined the ecosystem.
Terra’s 2.0 chain has roughly $1.32 billion locked in the Stader defi application according to defillama.com stats. The Terra Classic chain still has $10.54 million total value locked in defi today as well, with $3.11 million held on Terraswap and $2.47 million locked into Anchor.
During the past two weeks, after LUNA 2.0 tapped a high of $11.33 per unit, the new LUNA has lost 54% during the last 14 days. It is still down 86% from the all-time high at $18.87 per coin when the 2.0 blockchain was first launched.
At the time of writing, LUNA 2.0 has $135 million in global trade volume, which pales in comparison to the volume luna classic (LUNC) saw prior to the fallout. The top exchanges in terms of trade volume for LUNA 2.0 include Bitrue, Okx, Huobi Global, Kucoin, and Gate.io. LUNA 2.0’s top five trading pairs today include USDT, USD, USDC, EUR, and ETH, respectively.
Terra Co-Founder Do Kwon Continues to Be Accused of Shady Acts — Whistleblower Fatman Claims Kwon Cashed Out $2.7 Billion Before UST Collapse
While LUNA’s market performance has not been so hot, alongside a variety of crypto assets suffering through the bear market, Do Kwon is still being accused of shady acts by the whistleblower Fatman.
Should we start using the term Kwonzi more often? I propose a definition.
Kwonzi: a financial scheme with borrowed elements from and a similar negative-sum nature to a Ponzi but not a Ponzi – cleverly obfuscated by sophisticated manipulation, legitimate technology, and jargon.
— FatMan (@FatManTerra) June 12, 2022
Three days ago, Bitcoin.com News also reported on the U.S. Securities and Exchange Commission (SEC) reportedly investigating the terrausd (UST) collapse and the company Terraform Labs (TFL). On June…
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