Kwon

Do Kwon is accused of cashing out US$2.7 billion in the months leading up to the Luna UST collapse. The cryptocurrency market is a digital casino where some people become millionaires overnight whereas, many lose everything they have. You must be aware of the infamous Terra LUNA crash, where the crypto went from US$118 to US$0.17 within a month and many people who had high hopes for this cryptocurrency saw their dreams shattering into pieces. Since the crash in May 2022, this cryptocurrency has been in the…

Celsius founder and CEO Alex Mashinsky as he appeared in a promotional video for Celsius uploaded to YouTube.Screenshot: Celsius / YouTubeThe Celsius crypto network has halted all trading, including withdrawals, according to a press release from the company released overnight. The unusual move comes as major cryptocurrencies plummeted over the weekend and there are serious questions about whether Celsius will ever allow users to withdraw their money thanks to some rather slipperylanguage in its terms of service.“Due to…

The Terra 2.0 price has since failed to recover and is decreasing continuously. Terra 2.0 (LUNA) price tumbled to an all-time low of US$3.34 on Wednesday, down nearly 70% in a week. The market pressure, ongoing investigations on Terraform Labs and Do Kwon, and poor investors’ confidence seems to be the primary factors driving the prices down. Terra 2.0 (LUNA) prices managed to recover to the US$10 level on May 31, after falling 80% on its listing day on May 28. However, the LUNA price has since failed to recover…

Do Kwon says that cryptos will die, well perhaps, he is overestimating himself again! The crash of Terra has led to the fall of the entire crypto market, bringing back traditional and centralized forms of assets to the spotlight. The decline of the UST stablecoin and its sister token LUNA came crashing down and caused heavy financial losses to its investors. Amid all this chaos in the market, the Terra CEO has been hitting the headlines after the South Korean government charged Do Kwon with tax evasion and several…

Do Kwon, co-founder and chief executive officer of Terraform Labs, leaves the company's office in Seoul, South Korea, on Thursday, April 14, 2022.Woohae Cho | Bloomberg | Getty ImagesDo Kwon, the 30-year-old South Korean founder of a $60 billion stablecoin project that imploded last month, has a knack for convincing people to buy what he's selling. Most recently, Kwon sold his vision of a new kind of payment system that would upend the status quo and replace the world's currencies.TerraUSD (also called UST) and its sister…

Plenty of questions remain whether existing stablecoin issuers like Tether will be able to operate in Japan.Photo: Justin TALLIS / AFP (Getty Images)The Japanese are stepping out in front of the international crowd of hungry crypto-curtailing regulators, becoming the first nation to truly clarify the legal status of stablecoins and setting a precedent for more regulations on the largely-unregulated crypto industry.Bloomberg and the Financial Times reported Japan’s new law passed by the upper house of parliament Friday…

The South Korean authorities are set to dig deep into Terra fall with Terra staffs and documentation Terra (LUNA) has surprised the whole global cryptocurrency market with its drastic fall in its price, despite being the popular stablecoin. The sudden instability in the stablecoin has provided multiple backlashes to Terra including the Founder, Do Kwon, and the entire Terra staff. Meanwhile, South Korea has launched a full investigation for the tax evasion and other regulations for LUNA tokens and the loss…

Do Kwon might be the very reason why the LUNA revival plan could not be a success The big Terra revival plan was initiated by its Co-Founder and Creator, Do Kwon, to save the Terra ecosystem from disintegrating into oblivion, but his efforts have significantly failed. Do Kwon attempt to verify all the faulty mechanisms of the Terra blockchain system, believing that it would eventually be able to resurrect the dying cryptocurrency? But unfortunately, it seems like all his attempts to revive the Terra blockchain has…

Illustration: JLStock (Shutterstock)Luna 2.0, a Frankenstein cryptocurrency resurrected after its predecessor crashed to near-worthlessness, is already looking pretty haggard out of the starting gate. And like Mary Shelley’s monster, there are signs of more misfortune in the near future.Luna 2.0, which launched Saturday to replace the old Luna and Terra cryptocurrency ecosystem (now rebranded as Luna and Terra “Classic”), started at a high of $19.53but then sank to a low of just over $4 over the next few hours, according…