Terra Luna: Latest News. Let’s find out what happened in the meantime.
The Terra Luna coin scandal is an ongoing investigation into the possible misuse of funds by the developers of the Terra Luna cryptocurrency.
But first a small recap of the Terra Luna coin history.
Terra Luna is a cryptocurrency that was created in 2018. The team behind the coin believes that it has the potential to become the leading digital currency for cross-border payments. The coin is based on the Litecoin protocol and uses a proof-of-work consensus algorithm. Terra Luna has a total supply of 21 million coins and a block reward of 25 coins. The coin is listed on exchanges such as Bittrex and Upbit.
Terra Luna was created by a team of developers who are based in the United States. The team includes Dan Taylor, who is the CEO, and Michael Dawson, who is the CTO. The team is also advised by Litecoin creator Charlie Lee.
Terra Luna has a number of features that make it unique among cryptocurrencies. Firstly, the coin uses a hybrid proof-of-work/proof-of-stake consensus algorithm. This means that miners can earn rewards for both verifying transactions and holding coins in their wallets. Secondly, the coin has a fast block time of 2.5 minutes, which is much faster than most other cryptocurrencies. Finally, the coin has a low transaction fee of just 0.0001 TLN.
Terra Luna is aiming to become the leading digital currency for cross-border payments. The team is working on making the coin more accessible to users in different countries. They are also working on developing partnerships with businesses that will allow them to accept Terra Luna as a payment method.
The Terra Luna team is confident that the coin has the potential to become the leading cryptocurrency for cross-border payments. The team is working hard to make the coin more accessible and easy to use for everyone. With its fast block time, low transaction fees, and hybrid proof-of-work/proof-of-stake consensus algorithm, Terra Luna is well on its way to becoming the top choice for digital currency users around the world.
- 1 The beginning of the scandal of Terra Luna
- 2 Terra Luna: Latest News Who is “Do Kwon” ?
- 4 The Time Line of Terra Luna
- 6 Terra Luna 2.0 complete the community-owned chain.
- 7 Terra Luna: Latest News
- 8 The 9th and 10th of September
The beginning of the scandal of Terra Luna
The Terra Luna coin scandal is an ongoing investigation into the possible misuse of funds by the developers of the Terra Luna cryptocurrency. The scandal came to light after several people who had invested in the project came forward with complaints. While looking into the matter, prosecutors say they discovered that Do Kwon had falsified documents and used the money he received from investors for personal gain.
It was revealed that Do Kwon, one of the co-founders of Terra Luna, was under investigation by South Korean authorities for his involvement in the project. It is alleged that Do Kwon misused funds that were raised through the sale of Terra and Luna tokens.
Do Kwon is accused by investors of fraud following the $45 billion collapse of his cryptocurrencies Luna and TerraUSD. Do Kwon is reportedly evading the South Korean authorities and has been issued an international arrest warrant by Interpol. The incident happened in May 2022, when the prices of both Luna and TerraUSD crashed suddenly. Many people lost their investments overnight as a result.
Terra Luna: Latest News Who is “Do Kwon” ?
Do Kwon is a South Korean entrepreneur who is best known for his involvement in the development of the Terra/Luna cryptocurrency. Do Kwon has a background in electrical engineering and has worked on a number of projects related to blockchain technology and cryptocurrencies. In 2018, Do Kwon co-founded the Terra/Luna project with Dan Taylor and Michael Dawson. The goal of the project was to create a digital currency that could be used for cross-border payments. Do Kwon served as the CEO of the company until 2018, when he stepped down from his role. Do Kwon is currently under investigation by South Korean authorities for his involvement in the Terra/Luna scandal. It is alleged that Do Kwon misused funds that were raised through the sale of Terra and Luna tokens.
Since the news of the scandal broke, the value of Terra Luna has plummeted. The coin is currently trading at less than $0.01. It is doubtful that the coin will ever regain its previous value.
The Terra Luna scandal has cast a shadow over the entire cryptocurrency industry. The incident has highlighted the risks associated with investing in digital currencies. It is important to remember that investments in cryptocurrencies are highly volatile and risky. Before investing, be sure to do your research and understand the risks involved.
Singapore’s authorities declared that he flew out of state and is believed to be hiding somewhere in the Southeast, but the news is not confirmed as he disappeared. He is wanted by the authorities in South Korea and many other countries. It is still unclear what exactly happened that led to the collapse of his system. However, it is clear that many people lost a lot of money because of it.
The Time Line of Terra Luna
In January, Do Kwon and Daniel Shin launched the Terra network with the intention of it becoming a next-generation payments platform.
In January, Luna was sold to investors via an initial coin offering. In April, the TerraMoney white paper was published.
Across the year were the Luna stacking product, Anchor protocol, the blockchain on Ethereum, and Solana, plus the synthetic stock protocol.
Do Know was summoned by the Securities and Exchange Commission due to concerns that he may be violating several federal securities laws. At the end of the year, Terra Luna almost doubled.
In the early part of the year, Luna hit the all-time highest price.
May 8: Do Kwon jokes about his way out.
May 11: Luna hit the highest price again.
May 12: Luna crushed 96% of its price in one day, and Terra blockchain was stopped.
May 19: Terra-backers lose over 3.5 billion on the Terra collapse.
May 24: South Korean authorities start to persecute Do Kwon for fraud.
May 25: Do Kwon approved the launch of the new project Terra 2.0
May 28: Terra 2.0 is launched.
The prices of both Luna and TerraUSD plummet abruptly, causing many people to lose their investments overnight.
Terra Luna 2.0 complete the community-owned chain.
Despite its recent price drop The Terra Luna Foundation has been working hard to improve the coin’s technology and keep it up to date with the latest trends in the industry. Recently, the team released a new version of the wallet that includes a number of improvements and enhancements. Terra 2.0 is a new blockchain project that is being developed by the Terra Luna foundation. The goal of the project is to create a new blockchain that is community-owned and operated. The team is currently in the process of raising funds for the project. If successful, Terra 2.0 could be a major step forward for the coin. One of the key features of Terra 2.0 is its governance model. The blockchain will be controlled by the community, and all decisions will be made through a voting system. This will help ensure that the blockchain remains fair and democratic. Another important feature of Terra 2.0 is its scalability. The team plans to use sharding to achieve scalability, allowing the blockchain to handle large volumes of transactions. This could make Terra 2.0 one of the most scalable blockchains in existence. The team has also been working on developing a strong ecosystem around the coin. This will include a variety of dApps, services, and merchants that will accept Terra 2.0 as payment. The team hopes that this will help make Terra 2.0 one of the most widely used cryptocurrencies in the world.
Luna 2.0 is a stablecoin that is pegged to the price of the US dollar. The team plans to launch the coin on a number of exchanges in the coming months. Luna 2.0 is a successor to the original Luna coin, which was launched in 2017. The original Luna coin was based on the Ethereum blockchain, but the team has since switched to the Stellar blockchain for Luna 2.0.
The Stellar blockchain is a distributed ledger that allows for fast and cheap transactions. It is also more scalable than Ethereum, making it a better choice for a stablecoin. The team plans to use Lumens (XLM) as the underlying asset for Luna 2.0.
Luna 2.0 will be available on a number of exchanges, including Binance, OKEx, and Huobi. The team is also in talks with other exchanges and plans to list Luna 2.0 on as many exchanges as possible.
The Terra Luna scandal has caused many people to lose faith in the Terra Luna cryptocurrency. However, the team behind Terra Luna is working hard to improve the coin’s technology and keep it up to date with the latest trends in the industry. The future of Terra Luna is still uncertain, but the team is committed to making the coin a success.
” A chance to rise up anew from the ashes”
According to the Washington Post article, those are Do Kwon’s words that he wrote to announce the new cryptocurrency Terra and Luna 2.0.
We don’t know for sure if Do Kwon is implicated again in the new coin or not, or what his role is in the Terraform Labs start up.
Terra Luna: Latest News
The 9th and 10th of September
From the coingecko chart, it’s visible that the price had a parabolic movement, almost hitting the 7$ mark but falling back at the same speed, settling the price around 2,50$-ish.
Is this a big speculation movement or an attempt to rise from the ashes?
Will this be enough for Terra Luna to reconquer the investors after what happened before?
It is yet to be seen if the new Terra Luna will have the same success as the old one, and if they will manage to restore the ecosystem. The team seems to be committed to making the coin a success, and time will tell if they manage to do so.
Will you trust them again?
Let us know in the comments or on our official social media platforms.
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