Several memes and slurs were made at a time when Terra was positioning itself as a DeFi juggernaut. But after the coin crashed to nothing, many assumed that the market may have finally humbled Kwon. For the most part, it did seem like it.
- Now that the rebranded LUNA lost over 77% of its value since its inception, the remaining investor confidence is evaporating quickly.
- Over the past 24-hours alone, the token has lost 20%, and hence, tension is palpable.
- Amid all this, CEO and Founder Do Kwon took his account private, allowing only select followers access to his tweets.
- The reason behind the move is unclear, but substantial harassment that the founder has been receiving over the past couple of weeks could have driven him to go private.
- Legal troubles for the Terraform Labs continued, and many predicted that Kwon may face prison time for the crypto wipeout last month.
- The South Korean police also reportedly revealed investigating an employee of Terraform Labs for embezzlement of corporate funds.
- The Seoul police received intel regarding the suspect’s alleged fraud, following which they launched a full-scale investigation. The authorities have asked exchanges to freeze the employee’s accounts.
- The development comes a month after the first cracks in the now worthless TerraUSD (UST) began to appear.
- Only time will tell if Terra’s Luna 2.0 will avoid the fate of its predecessor, but with Kwon going into hiding, chances of a meaningful surge appear slimmer.
