Terraform Labs decided to launch LUNA despite the failed prototype
Terraform Labs is under scrutiny. According to initial information from an employee, despite warning that it might collapse at any time, Do Kwon still decided to launch LUNA.
Terraform Labs began to undergo a full-scale test
On May 28, the Joint Securities and Financial Crimes Investigation Team of the Seoul Southern District Prosecutor’s Office summoned all employees of Terraform Labs, the developers of Luna and Terra, to investigate and file the lawsuits related documents. During the investigation received information from an employee:
“Even at that time, there was an internal warning that it could collapse at any time, but CEO Kwon Do was forced to release the coin.”
At that time, the prosecution secured a statement that there were objections to the launch of Luna and Terra because the test model had failed even within the company at the time.
A virtual currency called “Basis Cash”, which is similar to Luna Terra developed by Terraform Labs also dropped sharply in the two or three months following the initial bull run.
However, CEO Kwon Do pushed for the release, and Luna’s price dropped by 99% within a week of the price drop.
In addition, the prosecution is looking into the whole matter, such as whether there was intentional price manipulation or whether the local cryptocurrency exchange has undergone a proper listing review process.
Investors affected by the accident filed additional complaints with the prosecution of CEO Kwon and co-founder Shin Hyun-seong. The number of victims filing complaints increased to 76, and the number of damages increased to 6.7 billion won.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Terraform Labs decided to launch LUNA despite the failed prototype
Terraform Labs is under scrutiny. According to initial information from an employee, despite warning that it might collapse at any time, Do Kwon still decided to launch LUNA.
Terraform Labs began to undergo a full-scale test
On May 28, the Joint Securities and Financial Crimes Investigation Team of the Seoul Southern District Prosecutor’s Office summoned all employees of Terraform Labs, the developers of Luna and Terra, to investigate and file the lawsuits related documents. During the investigation received information from an employee:
“Even at that time, there was an internal warning that it could collapse at any time, but CEO Kwon Do was forced to release the coin.”
At that time, the prosecution secured a statement that there were objections to the launch of Luna and Terra because the test model had failed even within the company at the time.
A virtual currency called “Basis Cash”, which is similar to Luna Terra developed by Terraform Labs also dropped sharply in the two or three months following the initial bull run.
However, CEO Kwon Do pushed for the release, and Luna’s price dropped by 99% within a week of the price drop.
In addition, the prosecution is looking into the whole matter, such as whether there was intentional price manipulation or whether the local cryptocurrency exchange has undergone a proper listing review process.
Investors affected by the accident filed additional complaints with the prosecution of CEO Kwon and co-founder Shin Hyun-seong. The number of victims filing complaints increased to 76, and the number of damages increased to 6.7 billion won.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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