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Terra

Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic. Due to limited liquidity, LUNA sell orders will not be accepted from 10:51 PM - 11:11 PM CT. Please submit your orders outside of this window.

On Thurs. May 25, Terraform Labs announced that the Terra community had approved the creation of a new blockchain, Luna 2.0. The creation of this new chain is a response to unprecedented volatility on the Luna 1.0 chain, which caused the price of the original LUNA and UST to collapse almost to zero. 

As part of the migration, the former asset LUNA will become Luna Classic, or LUNC. A portion of LUNA holders will be eligible to receive an airdrop of the new token (LUNA), per the terms outlined by Terraform Labs.

The new Terra blockchain will utilize the new LUNA, and will not include the UST stablecoin. 

On 9 May, after nearly 18 months of steadily holding its value against the US dollar, the so-called stablecoin TerraUSD (UST) became unpegged. The uncoupling triggered a cascade response that ultimately crashed UST and the Terra (LUNA).

TerraUSD (UST) is a stablecoin, which means it is a cryptocurrency pegged to a fiat currency. In this case, it is designed to be pegged to the US dollar. Stablecoins are intended to allow investors to hold crypto assets with less volatility, and trade a dollar equivalent without needing to cash out their positions. 

UST is considered an algorithmic stablecoin because instead of being backed by assets such as cash or cash equivalents, it is supported by on-chain code that facilitates a change in the supply and demand between UST and LUNA.

LUNA is the cryptocurrency that works in unison with UST in an effort to keep UST in 1:1 parity with the US dollar. One dollar of LUNA can always be converted at a 1:1 ratio to 1 UST. 

For example, if LUNA is trading at $10, then it can be redeemed for 10 UST, and 10 UST can be redeemed for 1 LUNA. If UST rises above its $1 peg to $1.01, then traders can swap 1 USD of LUNA for 1 UST. This trade burns 1 LUNA and mints 1 UST, which can then be sold for 1.01 USD. 

If UST rises to $1.02, then traders can sell for a 2 cent profit, and so on. 


In theory, increasing the supply of UST and lowering the supply of LUNA brings the price of UST back down until it reaches $1. Conversely, if UST drops below the $1 peg, then traders will be incentivized to buy 1 UST for 0.99 USD, which can then be swapped for 1 LUNA. 

This move burns UST and mints LUNA, sending UST higher towards the $1 peg.

UST lost its peg to the dollar starting on May 8th following large withdrawals of UST from Terra’s DeFi protocol Anchor. UST fell quickly, and struggled to regain its peg because the burning of UST and minting of LUNA couldn’t keep up. 

UST descended rapidly as the prolonged de-pegging led to uncertainty and a snowball effect of larger withdrawals. 


A significant share of circulating UST was locked on Anchor, a Terra-based lending and borrowing protocol that paid users 19.5% to stake UST. 

The LFG used up about $2.9 billion of its bitcoin reserves in an unsuccessful attempt to revive UST. 

WSJ 
Decrypt 
Bloomberg

*This content is for educational purposes and is not investment advice.

Luna Classic (Former Terra)

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Federal prosecutors in New York have filed charges against Terraform Labs co-founder Do Kwon hours after his arrest at the Podgorica airport in Montenegro on Thursday.

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According to the Montenegro-based newspaper Vijesti, Do Kwon, the co-founder of Terraform Labs, also known as Kwon Do-hyung, is appealing the detention extension ordered by a Montenegrin court. Kwon was arrested on March 23, 2023, after being caught at Podgorica Airport in Montenegro while traveling with fraudulent identification documents.

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Bitcoin

Ethereum

2022 was quite a nightmare for the crypto industry. Its market capitalization shrank by almost 60% over the year, going from $2.2 trillion to $797 billion. The two leading coins by market cap – Bitcoin (BTC) and Ether (ETH) – also went down by 64% and 67%, respectively. Terra (LUNA) crashed in May.

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According to a report published by AFP, Do Kwon, CEO of Terraform Labs, has been charged with document forgery in Montenegro. Kwon was arrested at the Podgorica airport while traveling with fake documentation. South Korean prosecutors have said the Terra co-founder faces extradition to South Korea.

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Lisa Braganca says the Terraform Labs founder and his team knowingly reached out to U.S. investors, despite being based in Singapore.

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Montenegro has charged South Korean fugitive and cryptocurrency entrepreneur Do Kwon with forgery, and he is expected to face extradition proceedings in court. Kwon is accused of fraud following his company's abrupt collapse in 2022, which erased about $40 billion of investor funds and rattled global cryptocurrency markets.

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The Terra co-founder reportedly attempted to leave Montenegro and fly to Dubai using Costa Rican travel documents.

New York Charges Do Kwon with Fraud — Hours After His Arrest

Terraform Labs founder Kwon was arrested in Montenegro on Thursday for document forgery.

Do Kwon Charged, Due in Montenegro Court for Extradition Hearing: AFP

Federal prosecutors charged Terraform Labs CEO Do Kwon with fraud after he was arrested in Montenegro.

Do Kwon Now Faces Criminal Fraud Charges

The disgraced founder of embattled stablecoin issuer Terra (LUNA) has reportedly been arrested in Montenegro after months of being on the run. According to a new report by local Korean media outlet Yonhap News Agency, former Terra chief executive Do Kwon has been apprehended by authorities in the Balkan nation.

Embattled Terra (LUNA) Founder Do Kwon Arrested in Montenegro: Report

According to Montenegro's interior minister Filip Adzic, Terraform Labs co-founder Do Kwon was apprehended at Podgorica airport allegedly bearing falsified documentation. Adzic added that investigators are “waiting for official confirmation of his identity” after Montenegrin police detained the accused suspect.

Terraform Labs Co-Founder Do Kwon Arrested in Montenegro, Says Interior Minister

Minister of the Interior of Montenegro, Filip Adzic, on Thursday, announced the arrest of an individual suspected to be Do Kwon , co-founder of Terra Luna (CRYPTO: LUNA), within the Balkan nation's borders. Local news outlet Vijesti later confirmed the tweet's authenticity and that the arrested person was a South Korean national.

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A person suspected to be Do Kwon, founder of the Terra blockchain that collapsed in spectacular fashion last year, was arrested in Montenegro, Yonhap reported, citing police.

Terraform Labs CEO Do Kwon believed to be arrested in Montenegro, Yonhap says

South Korean authorities had previously issued Terra's co-founder and CEO Do Kwon an arrest warrant last September.

Do Kown Arrested in Montenegro, Says Country's Minister of Interior

Police in Montenegro have detained a person thought to be Do Kwon, an international fugitive accused of defrauding investors in a multibillion-dollar cryptocurrency scheme, the country's interior minister said on Thursday.

Montenegro police arrest suspected former CEO of Terraform labs - interior minister

Terra blockchain's native luna tokens fell 8% amid reports of founder Do Kwon getting arrested in Montenegro, according to a tweet by the country's minister of interior Filip Adzic.

Terra's LUNA Tokens Fall Steeply on Do Kwon's Alleged Arrest

The Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) are reportedly investigating the collapse of the algorithmic stablecoin terra usd (UST) and the firm Terraform Labs. Unnamed sources say that former staff members from Terraform Labs, the company behind the Terra blockchain project, have been questioned by U.S. law enforcement.

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The U.S. Securities and Exchange Commission (SEC) has alleged that Terra founder Do Kwon transferred 10,000 Bitcoin (BTC), currently worth about a quarter of a billion dollars, as the LUNA ecosystem was collapsing in May of last year.

SEC Alleges Do Kwon Relocated 10,000 Bitcoin (BTC) As Terra (LUNA) Ecosystem Imploded Last Year

The U.S. Securities and Exchange Commission (SEC) is charging the founder of embattled stablecoin issuer Terra (LUNA) with defrauding investors in “crypto schemes.

U.S. SEC Officially Charges Disgraced Terra (LUNA) Founder Do Kwon With ‘Defrauding Investors in Crypto Schemes'

South Korean prosecutors have recently requested an arrest warrant for a former CEO of Tmon, a popular e-commerce platform, and a broker, in connection to bribery charges involving Terra, previously known as Luna (CRYPTO: LUNA), and now Terra Classic, (CRYPTO: LUNC). What Happened: The prosecutor's office for the Seoul Southern District, specifically the head of the financial and securities joint investigation team, called for the arrest of former CEO, "Mr.

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