Showing posts with label luna. Show all posts
Showing posts with label luna. Show all posts

Man CONFRONTS Luna Founder AT HOME After Losing Over $2 Mil in Coins Recent Collapse...

Terraluna Luna founder breakin

A crypto investor was arrested today in Seoul, South Korea for trespassing at the residence of Do Kwon, the co-founder and CEO of Terraform Labs.

The suspect, whose identity has been concealed, allegedly entered the apartment complex in eastern Seoul last week and rang the doorbell when Kwon's wife was at home, looking for him.

Kwon is at the heart of the Terra cryptocurrency's and Luna's digital coin counterparts' huge downfall. Luna's price has dropped to under 1cent, having traded for over $80 at the beginning of the month, while their stablecoin built to always be worth $1 continues to massively miss the mark at $0.09.

"I've lost between 2 and 3 billion won (US$2.3 million)" the suspect told reporters during an inquiry at Seongdong Police Station.

The suspect, who runs an online broadcasting channel, alleges that people have committed suicide as a result of the stablecoins' decline.

Pleading with Kwon to take responsibility for the current catastrophe, the suspect said Kwon should apologize to the over 200,000 investors who have lost money.

Kwon's wife requested police protection after his visit, according to officials.

Terraform Labs says they are working on ways to keep its Terra blockchain and ecosystem running despite the collapse of its cryptocurrency.

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Author: Adam Lee 
Asia News Desk Breaking Crypto News

Luna Foundation Buys Another 4,130 Bitcoin - Surpassing Tesla's Holdings...

Luna foundation bitcoin holdings

The Luna Foundation bought an additional 4,130 Bitcoin, raising the foundation's total holdings to 39,897.98 BTC, as they continue to pursue their goal of purchasing $10 billion worth of Bitcoin and becoming the second-largest holder of BTC behind Satoshi Nakamoto.

The Luna Foundation still needs to purchase another $8.2 billion in Bitcoin to reach its goal, but their holdings are already quite impressive.  

In addition to their stash of Bitcoin, the foundation also holds $563 million in USDC and USDT stablecoins, and earlier this week announced a planned $100 million purchase of avalanche (AVAX) to continue to diversify their reserves.

Market Reaction... Missing.

However, the Luna Foundation's purchase of 4,130 Bitcoin had no effect on the cryptocurrency markets.

The reason is most likely a deal conducted outside of exchanges, which allows them to avoid slippage (raising the price on themselves), which also means not filling any sell orders - in short, everything is done in such a way that it is impossible to move the price, except for how other traders react to the news.

 At the time of writing, BTC is hovering around the $43k support level.

Where Do We Go From Here?

Indicators are now in a neutral zone, none are screaming 'buy' or 'sell' at the moment. 

This could result in lower prices before another rally, but if it manages to hold at this level or higher for the next few days that stability could attract buyers, once again building up momentum.  I'm watching for it to break the $48k resistance zone and open the door to $50k or even higher fairly soon.

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Author: Adam Lee 
Asia News Desk | Breaking Crypto News

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