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Terra Hits Rock Bottom as LUNA 2.0 Declines 62% in a Week -Breaking


Terra is at rock bottom after LUNA2.0 drops 62% in a single week

Two weeks have passed since (LUNA), relaunched the blockchain under the name LUNA 2.0. Despite the community voting strictly against a hard fork on Twitter (NYSE:), the vote on the project’s official site a few days later reflected the complete opposite results, with 65.5% of the voters (out of 200,403,090 total votes) opting in favor of Luna’s rebirth via hard fork.

Self-Proclaimed Terra Insider Exposes Do Kwon’s Lies

The LUNA2.0 airdrop was initiated in hopes of reviving the once-worthless Terra (LUNA) or Terra (UST) signature tokens. Public trust was the main problem to this plan. This was especially the case after an anonymous insider going by ‘Fatman’ revealed on Twitter that Do Kwon had stated numerous times that the new ecosystem would be “community-owned”. However, in spite of that, “TFL owns 42M LUNA, worth over $200m”, Fatman claimed.

The rapid fall of LUNA 2.0 has caused chaos in the crypto market. However, legal problems surrounding Do Kwon and Do Kwon have also contributed to this turmoil. South Korean authorities are intensifying their probe into Terra. They appear to be preparing to sue Do Kwon as well Terra Labs for $78 million in tax evasion allegations.

Do Kwon is the Yeouido Grim Reaper

As if that wasn’t enough, South Korean authorities have revived the famous “Grim Reaper” task force to investigate the Terra ecosystem’s collapse. While the Yeouido Grim Reaper task force hasn’t been active for two years, Terra’s demise seems to be a grave enough event to call the legendary financial crimes unit back into action.

Huge Sales Results In Another Fiasco

Rumors have been making the rounds that Terra Labs’ CEO Do Kwon utilized a lot of his own Terra (LUNA) tokens to vote for the hard fork, though nothing has yet been proven. At that time, there was a general consensus within the community to torch Terra (LUNA tokens). However, Do Kwon described token burning as “useless”, and elected not to heed the requests. Interestingly enough, the community’s trust in LUNA 2.0 seems to have hit rock bottom now, after Do Kwon set his Twitter profile to private. The absolute lack of trust in the project has resulted in the mass sell-off of the token, and South Korean authorities have issued a warning to investors not to “gamble” on Terra’s comeback.

Terra (LUNA), 2-for-1 Death Spiral

After the fork, the original Terra coin was rebranded Terra Luna Classic (LUNC). The market is currently experiencing severe difficulties and the plan to come back seems increasingly unlikely. CoinGecko reports that Terra Luna Classic (LUNC), which is now trading at $0.00006177 as of press time, has seen a decrease of 14.7% in its price over the last 24 hour, 46.5% during the last seven days, and a shocking 66% drop from the fortnight ago.

Terra (LUNA) coins were released 11 days ago and recorded a $18.87 ATH. Since then the native coin of LUNA 2.0 is flat. Terra (LUNA), which trades at $3.58 as of the writing time, is down 16.9% from 24 hours ago and has plunged 62% compared to a week earlier. LUNA 2.0 was at its lowest point, $3.36 just 4 hours ago. However, it has regained 3.9% since that time.

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