Do Kwon’s Twitter profile went private as LUNA crashed by another 20%, after a month of the Terra Classic freefall so let’s read more today in our latest cryptocurrency news.
A few memes and slurs were made at a time when Terra positioned itself as a DeFi juggernaut but the coin crashed to almost zero and many assumed that the market could have finally humbled its founder and it certainly seemed like it. Now that the rebranded LUNA lost over 77% of its value since its inception, the remaining investor confidence is waning away. In the past 24 hours, the token lost 20% and the tension can be felt right away.
Amid all this, Do Kwon’s Twitter profile went private and allowed only a few select followers to access his tweets. The reason behind the move is unclear but harassment could be one of them. The legal troubles for Terraform Labs continued and most predicted that Kwon could face prison time for the crypto collapse last month. The South Korean police revealed investigating an employee of Terraform Labs for the embezzlement of corporate funds. The police also recieved intel regarding the alleged fraud after which they launched a full-scale investigation so all authorities now asked exchanges to freeze the accounts.
The development came a month after the first cracks in the TerraUSD coin started to appear. Only time will tell now if Terra’s LUNA 2.0 will avoid the fate of the precedessor but with Kwon hiding, the chances of a surge are getting slimmer.
As recently reported, A Terra analyst and source of several whistleblower leaks, FatManTerra spread a market rumor that Mirror Protocol is a fraudulent project designed to make Do Kwon money while manipulating governance and screwing over retail. The analyst identified a wallet via Etherscan which deployed the Mirror Protocol yield farming smart contract and the wallet created the smart contract 0xdb27 which the analyst alleges to be a part of the Terra wormhole infrastrcuture and a liquidity pool for the Mirror Protocol.
FatManTerra alleged that someone with high levels of capital and access to LP Contracts was spreading the MIR tokens on multiple wallets and making the protocol seem more decentralized.
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