Terra’s new LUNA Rallies more than 50 % after a shaky start

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Binance distributed its first batch of tokens to LUNC and USTC holders, propelling LUNA to a 53 percent gain today. The LUNA token was launched with an airdrop as Terra’s new blockchain went online on Saturday, and after briefly reaching $18 on certain platforms, it sank below $5 and spent the weekend hovering between $5 and $7.

While several exchanges, notably Bybit and OKC, were quick to support the new LUNA coin on its first day, Binance chose to wait. It reported early Tuesday that the first part of the airdrop had been finished and that withdrawals would begin on Wednesday.

The Exchange said in its announcement

“Binance Staking has completed the first phase of the Terra 2.0 (LUNA) airdrop to LUNA (old) and UST (old) Locked Staking users on Binance. 30% of the total airdrop amount for LUNA (old) and UST (old) Locked Staking users have been distributed. From December 2022 onward, a monthly distribution of the remaining 70% will be distributed over 24 months. Users can confirm the receipt of Terra 2.0 (LUNA) in their spot wallets via the Distribution page in the User Center.”

Terra’s new blockchain and token launch attempts to keep the blockchain network from disappearing after its spectacular obliteration earlier this month. Terra lost almost $40 billion in value as its UST stablecoin de-pegged, bringing LUNA tumbling to near-zero value in a week that was one of the worst in crypto history. Hundreds of thousands of innocent Terra investors saw their assets vanish in days. The events had repercussions throughout the industry, as Tether’s USDT momentarily de-pegged and Bitcoin fell below $30,000.

Terraform Labs Makes a Comeback

In the aftermath of the Terra scandal, Binance CEO Changpeng Zhao has been one of the harshest opponents of Terraform Labs. He called Terra’s dual token mechanism and Terraform Labs’ response to the crisis “dumb” in a May 20 blog post. Regardless, he stated that Binance would assist the Terra community in whatever direction it chose to go.

Although Terra fell a few weeks ago, the incidents have continued to cause turmoil in the crypto industry. According to reports released on Monday, the Terra-based Mirror Protocol was hacked for $90 million in October 2021, though the team did not publicly reveal the incident. Hours after the news broke, the project was hacked again for almost $2 million, thanks to an oracle bug that confused the pricing difference between LUNA and LUNC.

 

South Korean authorities on a hot pursuit of Terraform Labs

According to local media, South Korean authorities have launched a detailed investigation into Do Kwon and Terraform Lab personnel. Employees of the companies were summoned by the Seoul Southern District Prosecutors’ Office’s joint financial and securities criminal investigation team to see if they were aware of a potential collapse.

According to the newspaper, the prosecutors obtained a statement expressing misgivings about “the introduction of Luna and Terra because the pilot model failed within the company.” Despite this, the asset was launched and marketed, according to the prosecution. They are said to have served subpoenas on all Terraform Labs personnel to undertake a thorough investigation.

Prosecutors are also investigating whether Do Kwon manipulated prices and properly reviewed the asset before being listed. Employee interrogation could provide a complete picture of what happened behind the scenes and whether those at the top were aware that things were about to come apart.

The amount of complaints filed against Terraform and Do Kwon is increasing. There have been many lawsuits brought against persons involved in the Terra project. Lawmakers have joined the debate, requesting that Kwon testifies before Congress, while law enforcement has requested local exchanges to freeze the Luna Foundation Guard’s assets.

LUNA is presently trading at around $9.75, up 54 percent on the day, according to CoinGecko data.

 

Terra 2.0 vs USD chart: Source – coingecko.com



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