LUNA 2.0 Now Drops Over 70% When Do Kwon’s Twitter Account Went Private

LUNA 2.0 Now Drops Over 70% When Do Kwon’s Twitter Account Went Private

Terra’s ecosystem was relaunched two weeks ago with the LUNA 2.0 airdrop, but the token’s value has plummeted to new lows, with its price decreasing over 70%. The token is now trading at $3.41, according to Coingecko data.

Because of rumors regarding Do Kwon’s participation in the creation of the new Terra network, trust in the new ecosystem is low.

The rumors surfaced after FatMan, a self-proclaimed Terra insider, claimed that Kwon and Terraform Labs lied about the new network being community-owned. “TFL owns 42M LUNA, worth over $200m,” he alleged.

He further alleged that Kwon was involved in the relaunch and utilized his LUNA holdings to vote in favor of the hard fork, despite community demands that he burn the tokens.

Although none of these allegations have been proven, they have created enough doubt to induce a large sell-off of the token. Do Kwon’s choice to make his Twitter account private may have contributed to the ecosystem’s anxieties.

FatMan wasn’t the first to make accusations against Do Kwon. He recently claimed that Kwon’s climb to the top was based on nepotism.

He claimed that Kwon rose to prominence when his first firm, Annify, earned a $550,000 Infobank grant. However, he questioned how he received the grant when the company had no product at the time. According to him, Kwon received the funds as a result of his ties to Infobank.

Meanwhile, law enforcement officials in South Korea are apparently investigating a Terraform Labs employee for suspected misappropriation of the company’s Bitcoin. Aside from that, officials want to determine if Do Kwon was aware of the crash.

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

Hazel

CoinCu New

Victor

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

1 hour ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

2 hours ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

2 hours ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

4 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

5 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

5 hours ago

This website uses cookies.