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Terra CEO Do Kwon denies allegations of fraud
In his first interview after the collapse of TerraUSD (UST) and its sister token LUNA in May, CEO Do Kwon dismissed allegations of fraud and told The Wall Street Journal, “There is a difference between failing and running a fraud.” See related article: Winning back the trust of the Terra community a tall order for […]
S.Korea blocks ex-Terra employees from leaving country amid investigation
Prosecutors said they also wish to interview Terraform Labs Chief Executive Officer Kwon Do Hyung as part of an investigation into the multibillion dollar collapse of the company.
A few large trades likely broke UST’s peg: Chainalysis
Analysis by the blockchain data platform found the collapse of TerraUSD (UST) took place in three stages — a few large trades broke UST’s peg triggering a selloff, there were attempts to restore the peg, but continued selloff finally drained all funds. See related article: Run on UST cuts the ground from under Terra’s feet Fast facts […]
Inflation bashes crypto market; South Korea’s new listing rules
Inflation hits crypto markets hard as Bitcoin drops almost 8%. Meanwhile, South Korean exchanges work on new rules to prevent another Terra Luna incident.
Do Kwon loses appeal; India’s crypto pirate warning
As the Terra saga continues to unfold, Do Kwon loses an appeal against the SEC. Meanwhile, Circle’s head of policy slams CBDCs.
Do Kwon and Terra lose appeal to impede SEC investigation
The order said Do Kwon and Terraform Labs had sufficient contact with the US for the Securities and Exchange Commission to investigate it for possible violations of federal securities laws.
Retail investors shouldn’t invest in crypto: Singapore’s deputy PM
Singapore’s Deputy Prime Minister Heng Swee Keat cautioned retail investors to steer clear of investments in cryptocurrencies, saying the nascent asset class “is a highly risky area.” See related article: Singapore wants to bring some adult supervision to crypto Fast facts Many investors suffered losses and even lost their life savings in the recent meltdown […]
Singapore’s digital assets initiative; Shanghai lockdown ends
Singapore announces plans for a digital assets initiative. Meanwhile, Shanghai’s lockdown finally ends, but markets remain hesitant.
Terra’s Mirror Protocol crisis averted; ETH crosses US$2,000 mark
Mirror Protocol’s price match error nearly led to another crisis for Terra. Meanwhile, Ethereum rises back up after nearly a week below US$2,000.
Memo to Crypto World: Wall Street is here to stay
Wall Street did it! At least that is one of the theories about the cause of the nearly US$50 billion meltdown of Terraform Labs stablecoin and LUNA cryptocurrency. How does that stand up?
India’s CBDC plans; Stablecoins vs CBDCs
The Reserve Bank of India explores digital rupee options. Meanwhile, Terra’s new Luna coin drops significantly since launch.
Governments pushing for CBDCs smell blood in Terra Classic’s struggles
Advocates for central bank digital currencies argue their inherent stability supersedes any benefits so-called stablecoins, algorithmic or otherwise, could offer.
Terra 2.0 new LUNA is down 70% since restart
The new LUNA was trading under US$6 on Monday morning Asia time, after peaking at US$18.87 shortly following the launch of the Terra 2.0 blockchain on Saturday, according to data from CoinGecko. See related article: Winning back the trust of the Terra community a tall order for Do Kwon: Experts Fast facts LUNA Classic (LUNC) […]
Terra 2.0 delayed; India’s Non Fungible League
StepN limits their services in China. Meanwhile, Terra 2.0 poses questions relating to investor trust.
Winning back the trust of the Terra community a tall order for Do Kwon: Experts
Do Kwon’s proposal to create a new Terra network chain is set to go live this weekend — what does Terra 2.0 entail and will it successfully win back its following?
Terra to burn leftover UST (USTC) stablecoins in community pool
The Terra governance system has given a 99.39% approval on Friday Asia time to burn about 1.38 billion TerraClassicUSD (USTC), or approximately 11% of the total supply of the stablecoin’s supply. See related article: Terra, LUNA vote ends in favor of Do Kwon’s new chain proposal Fast facts There is a total of about 11.2 […]
E-CNY use widens in Chinese schools; Terra faces audit
A hydropower plant in China has been fined for illegally powering crypto mines. Meanwhile, South Korean auditors plan on auditing Terra and other crypto exchanges.
Terra, LUNA vote ends in favor of Do Kwon’s new chain proposal
Terra’s governance vote closed on Wednesday evening Asia time with 65.50% of governance voters in favor of Terraform Labs CEO Do Kwon’s proposal to create a new blockchain. See related article: Terra raises aUST initial token float to 30% in revival plan amendment Fast facts Kwon’s “Terra Ecosystem Revival Plan 2” ditches the algorithmic stablecoin […]
Tether USDT shaken by stablecoin market storm
Top blockchain and crypto news: Billions cut ties with Tether. Are Terra’s UST troubles just beginning? China’s miners stay one step ahead.
Kerner at Blockchain Coinvestors says Terra was a Ponzi strategy
The crypto community is still dealing with the fallout from the multibillion-dollar collapse of Terra-LUNA. At a Davos event organized by Forkast, we asked what caused the crash and if it was foreseeable.
S. Korea finance regulator to audit Terra and related exchanges
The Financial Supervisory Service (FSS) of South Korea will perform an on-site inspection of Terraform Labs and financial services linked to TerraUSD (UST) or LUNA. See related article: Are we heading for a post-Terra crypto winter? Fast facts The FSS said at an emergency National Assembly meeting on Tuesday that the audit aims to prevent […]
Terra embezzlement alleged; RBI reiterates crypto warning
A Terra employee has been accused of embezzlement. Meanwhile, a crypto mining farm has been found in Russia’s oldest prison.
S.Korean police probe Terra employee for alleged embezzlement
Seoul Metropolitan Police Agency’s Cyber Crimes Investigations Unit revealed on Monday that it has received a report alleging a Terraform Labs employee was involved in embezzling corporate funds, according to local media reports. See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon Fast facts The police are currently investigating the validity of the […]
Terra cofounder Do Kwon’s taxing questions; China’s underground mining
Terra co-founder responds to office closure allegations. Meanwhile, China re-emerges as a crypto mining hub despite 2021 ban.
Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon
Terraform Labs CEO and cofounder Do Kwon claimed on Saturday that the closure of two offices in South Korea was “purely coincidental,” and not a response to the national tax authorities’ investigation. See related article: LKB, 5 clients file lawsuit against Terra, Do Kwon to ‘Grim Reaper’ Fast facts Terraform Labs closed its two offices […]
Tether, USDT market cap has dropped by US$10B since UST collapse
Tether, the operator of the world’s largest stablecoin USDT, has seen US$10 billion of its market capitalization shaved off since TerraUSD’s (UST) collapse. See related article: Nearly half of Tether reserves are now in US Treasury bills Fast facts USDT’s market capitalization was at US$73.35 billion at the time of publishing, following an all-time high […]
G7 calls for regulation; Bored Ape transfer blocked
South Korean LUNA investors file lawsuit against Terra. Meanwhile, Singapore’s High Court blocks sale of a Bored Ape NFT.
LKB, 5 clients file lawsuit against Terra, Do Kwon to ‘Grim Reaper’
Five South Korean Terra (LUNA) investors with an accumulated loss of around 1.4 billion Korean won (US$1.1 million) represented by local law firm LKB & Partners have filed a complaint against Terraform Labs CEO Do Kwon and co-founder Shin Hyun-seung for two charges including fraud, according to local media reports. See related article: Knock, knock […]
Bitcoin correlation continues; Terra vote starts positively
Indian crypto traders may soon be able to pay the crypto tax using foreign exchanges. Meanwhile, the Terra revival plan vote finally goes live.
Knock, knock Do Kwon, investors have quite a lot of questions for you
The man at the center of one of crypto’s biggest flops is trying to resurrect the Terra-LUNA project as his tribe of followers and out-of-pocket investors want to know what went wrong.
Pantera Capital dodged bullet, says exited Terra before crash: report
Terraform Labs backer Pantera Capital gradually withdrew nearly 80% of its Terra LUNA holdings over the past year, saving itself from significant damages from the de-pegging of TerraUSD (UST) and the network’s collapse last week, The Block reported. See related article: LUNA, UST investors in S.Korea want to seize Do Kwon’s properties: report Fast facts […]
LUNA, UST investors in S.Korea want to seize Do Kwon’s properties: report
South Korean investors that have been financially damaged by the TerraUSD (UST) and LUNA fiasco are reportedly seeking legal action and applying for property seizure from Terraform Labs CEO Kwon Do-hyung. See related article: S.Korean lawmaker proposes summoning Do Kwon to the National Assembly Fast facts Local law firm LKB & Partners has made a […]
Terra was a ‘house of cards’: Circle CEO Jeremy Allaire
Jeremy Allaire, CEO of Circle, which issues the second-largest stablecoin USDC, claims to have foreseen Terra and algorithmic stablecoin UST’s collapse six months ago because it was “a house of cards.” See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts “There were two things that […]
Terra commences voting on Do Kwon’s LUNA revival plan
A vote pertaining to Terraform Labs CEO Do Kwon’s “updated and final” Terra revival plan was posted at 7:17 p.m. Wednesday Hong Kong time, with the majority favoring the proposal, while a preliminary vote was rejected in a landslide. See related article: No hard fork, governance vote in Kwon’s updated Terra revival proposal Fast facts […]
LUNA bull Novogratz breaks silence
Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital, broke his weeklong silence on the TerraUSD turmoil, claiming “the global macro backdrop has been brutal for all risk assets this year” and that the UST is “a big idea that failed.” See related article: Blood moon: Terra’s LUNA rescue plan panned by industry, […]
China’s mining re-emergence; Terra community wants answers
China’s nationwide ban on crypto mining has not affected it’s high mining hashrate. Meanwhile, Terra’s community become frustrated as they struggle to find answers.
Blood moon: Terra’s LUNA rescue plan panned by industry, investors
Top blockchain and crypto news: Terra puts down the fork. Bitcoin loses its shine in Singapore. China’s miners dig in.
No hard fork, governance vote in Kwon’s updated Terra revival proposal
Terraform Labs CEO Do Kwon posted an update to his proposal to revive Terra and LUNA at 4:55 p.m. Hong Kong time, which omitted the notice of putting the plan up for a governance vote. See related article: Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’ Fast facts Kwon’s updated “Terra Ecosystem […]
Terra hard fork proposed; Temasek ‘doesn’t own Bitcoin’
As Terra continues to crash, Do Kwon proposes a hard fork solution, Meanwhile, Singapore’s Temasek gets ready for tokenized assets.
S.Korean lawmaker proposes summoning Do Kwon to the National Assembly
South Korea’s ruling party lawmaker Yun Chang-hyun said Terraform Labs founder Do Kwon should be called in for a parliamentary hearing on the collapse of the company’s stablecoin and cryptocurrency. See related article: News of LUNA’s demise greatly exaggerated Fast facts Yun at Tuesday’s National Assembly session said investors had been damaged by the debacle […]
UST, LUNA mess hits S.Korean P2E tokens; stocks bleed red
TerraUSD (UST) and LUNA’s crash is causing tension among South Korean play-to-earn (P2E) projects and their tokens, such as C2X, a blockchain gaming project on the Terra mainnet developed by Com2uS. See related article: Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’ Fast facts Local gaming giant Com2uS’s P2E cryptocurrency C2X saw […]
Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’
Terraform Labs co-founder and CEO Do Kwon proposed a hard fork of the Terra blockchain in the “Terra Ecosystem Revival Plan 2,” which will abandon the algorithmic stablecoin UST. See related article: UST loses dollar peg as Terra market cap slumps Fast facts Under the proposal, the network will be forked with the original chain […]
Chinese report slams LUNA; Terra’s LUNA revival plan response
Authorities in Asia use the LUNA debacle as rationale for oversight. Meanwhile, the LUNA community offers damage control solutions.
South Korean authorities cite LUNA debacle to call for speedier crypto oversight
South Korean financial regulators have reportedly begun an emergency assessment of digital assets, geared toward accelerating the establishment of the “Digital Asset Basic Act” — the country’s upcoming regulation on cryptocurrencies. See related article: LUNA pumps and dumps repeatedly in weekend’s roller coaster run Fast facts The LUNA debacle will likely speed up the enactment […]
Terra halts network; Do Kwon security concerns
Terra shuts down its networks indefinitely. Meanwhile, TerraLabs founder Do Kwon’s whereabouts are in question as his wife requests police protection.
News of LUNA’s demise greatly exaggerated
LUNA, the collateral used by Terraform Labs to back its TerraUSD (UST), has been in a freefall. But experts tell Forkast the crisis is likely to make the pioneering stablecoin stronger, and the community behind stablecoins better.
Do Kwon’s wife seeks police protection
The wife of the CEO of Terraform Labs sought protection after an unidentified individual visited their home in South Korea, local police told Forkast.