The story surrounding the collapse of LUNA-UST and Do Kwon has consumed a good deal of press coverage about the planet. As this story unfolds for a extremely extended time, with a lot of particulars surrounding and engaging other industry gamers, it will be tough for individuals who are new to the situation to adhere to.
Therefore, Coinlive summarizes the most essential developments in an picture to adhere to much more very easily!
The Fall of the Earth (MOON) -UST
The Earth (LUNA) and UST crisis occurred in a handful of days, May eight-14, 2022, but wiped out billions of bucks from the cryptocurrency industry. The influence of this crash was terrifying, affecting not only cryptocurrencies but common finance as properly.
And probably a lot of many years later on, we will even now refer to the identify Terra-UST as a extremely uncommon situation in the industry.
– On May five, 2022, Luna Foundation Guard (LFG) obtained an supplemental $ one.five billion in Bitcoin to enhance the collateral for UST to virtually $ three.five billion.
– On May eight, 2022, the rate of LUNA started off to decline, UST stablecoin is depegated for the to start with time Jump Crypto purchased a massive volume of UST to subsidize the rate.
– On May 9, 2022, LFG was forced to promote $ 750 million really worth of BTC to stabilize the rate.
– On May ten, 2022, the 2nd UST depeg The scenario acquired worse, LFG transferred the remaining one.two billion bucks in BTC to the exchange to proceed conserving on the rate.
– On the morning of May eleven, 2022, UST is depeg for the third time, LUNA dropped to USD 13. On the evening of the identical day, the 4th UST depeg, the rate of LUNA split 19 occasions from the morning, falling to $ .68. Do Kwon has announced to release much more LUNAs to invest in UST.
– On May twelve, 2022, Terraform Labs continued to announce a program to burn up UST one.three billion to conserve on stablecoin costs.
– On May 13, 2022, due to the issuance of much more tokens, LUNA’s offer you went from 400 million to six.900 billion in 72 hrs, the rate is “irreparable”, the 5th UST depeg In addition, the Terra blockchain should be stopped by doing work twice for concern of becoming attacked.
– On May 15, 2022, the rate of LUNA and UST dropped 99%, the $ 60 billion ecosystem fully collapsed.
In the following days, a variety of organizations concerned, one particular just after the other, admitted that they have been harmed by LUNA. For instance, Binance misplaced $ one.six billion, Galaxy Digital, Delphi Digital, Pantera Capital, Jump Crypto also did not escape the losses.
Not stopping there, LUNA-UST also triggered a “liquidity crisis” that has spread during the industry, lasting right up until these days, the final months of 2022. You can see much more in the photograph beneath.
Journey to “pump” Earth two.
Although the Earth ecosystem has fully collapsed, Do Kwon does not give up. “Old Bottle of New Wine” Terra two. was launched on May 28, 2022, but with no UST stablecoin, which was the only excellent “product” of the earlier Terra process.
Since then, there are two LUNC (previous coin) and LUNA (new coin) tokens on the industry. The trading volume of the two currencies is large, listed on a lot of preferred exchanges, and has margin and futures pairs. LUNA gets to be a pump dump coin, a playground for traders, industry makers (MM), …
But the query is:
Apart from trading on the floor, what else can LUNA be applied for?
– On September ten, 2022, the rate of LUNA “suddenly” skyrocketed by 200% amid speculative fever.
– On September 24, 2022, the LUNC neighborhood proposed to apply a “coin consumption tax” to slowly minimize the close to-infinite provide of LUNCs and Binance’s place.
– On September 26, 2022, the rate of LUNA dropped deeply due to the information that Do Kwon was desired. But just a handful of hrs later on, it pumped tough as Binance “turned the wheel”, burning all LUNC transaction charges to please everybody.
“Reconnaissance Record” Do Kwon
The identify Do Kwon grew to become incredibly preferred just after the Earth-UST collapse. Kwon’s place is not only “persecuted” by the neighborhood and the press, but also by the authorities of nations like Korea and Singapore.
But right up until now, Do Kwon is even now quiet on Twitter tweeting “everything is safe”, commenting, and so forth., in spite of everybody hunting for his whereabouts.
– On May 18, 2022, Korea re-established the “Death” economic process force to investigate the Terra situation.
– On June twenty, 2022, Korea banned Terraform Labs personnel from leaving the nation. But meanwhile, Do Kwon was in Singapore.
– On September 14, 2022, a Korean court issued an arrest warrant for Do Kwon. At this time, Do Kwon is rumored to be even now in Singapore, but no official information and facts has been confirmed.
– On September 18, 2022, Singapore police claimed Do Kwon was missing from Singapore. People speculated that Kwon had “run away”, but Kwon speedily denied it on Twitter, saying he was even now coding, strolling, purchasing commonly, and so forth.
– On September 26, 2022, the Korean government asked the International Criminal Police Organization (Interpol) to concern a red arrest warrant for Do Kwon.
Giovanna
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