More On: luna 2.0
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As additional claims surface against Do Kwon, who has made his Twitter profile private, confidence in Terra's new environment is eroding.
Two weeks after Terra's ecosystem was reactivated with the LUNA 2.0 airdrop, the coin's value plummeted to a new low after a 77 percent price drop. According to Coingecko data, the current value of the currency is $4.33.
Although the overall performance of the crypto market contributed to the fall, it is also important to monitor the level of FUD surrounding the new coin.
Do Kwon's role in the creation of the new Terra network has sparked rumors regarding the new ecosystem's credibility.
After self-proclaimed Terra insider FatMan stated that Kwon and Terraform Labs lied about making the new network community-owned, rumors began to circulate. He asserted that TFL had 42 million LUNA worth over $200 million.
Do Kwon has stated numerous times that TFL has zero new LUNA tokens, making Terra 2 'community owned'. This is an outright lie that nobody seems to be talking about. In fact, TFL owns 42M LUNA, worth over $200m, and they're lying through their teeth. (1/6) pic.twitter.com/D1HIWpAWHG
— FatMan (@FatManTerra) June 6, 2022
Two weeks after Terra's ecosystem was reactivated with the LUNA 2.0 airdrop, the coin's value plummeted to a new low after a 77 percent price drop. According to Coingecko data, the current value of the currency is $4.33.
Although the overall performance of the crypto market contributed to the fall, it is also important to monitor the level of FUD surrounding the new coin.
Do Kwon's role in the creation of the new Terra network has sparked rumors regarding the new ecosystem's credibility.
After self-proclaimed Terra insider FatMan stated that Kwon and Terraform Labs lied about making the new network community-owned, rumors began to circulate. He asserted that TFL had 42 million LUNA worth over $200 million.
These were not the first claims made by FatMan against Do Kwon. A few days ago, he said that Kwon's rise to prominence was the result of nepotism.
🧵 Do Kwon's dynamic rise to stardom in the VC world has not been without its tricks & shortcuts. Let's have a look at Anify, Do Kwon's first startup - and his first taste of both money and nepotism. (1/8)
— FatMan (@FatManTerra) June 3, 2022
He stated that Kwon gained popularity after receiving a $550,000 funding from Infobank for his first firm, Annify. However, he questioned how he received the grant given that the firm lacked a product at the time. According to him, Kwon received the funds because of his ties to Infobank.
The law enforcement authorities of South Korea are reportedly investigating a Terraform Labs employee for the possible misappropriation of company Bitcoin. In addition, the authorities have inquired as to whether Do Kwon anticipated the crash.
Due to these rumors, LUNA 2.0 is not the only token related with the Terra project that has declined. Despite the fact that LUNA Classic has already lost 100 percent of its value, the coin's price has fallen by an additional 11,3 percent in the past twenty-four hours, diminishing any possibility of a comeback.
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