After the destruction, the LUNA 2.0 price is rebounding as Korean officials disclosed that Do Kwon’s imprisonment was doubtful. Because of the massive UST and LUNC (formerly LUNA) disaster, the Terraform Labs CEO might face fines and penalties from regulators, as well as lawsuits from investors.
After the destruction, the price of LUNA 2.0 rebounded as Korean officials revealed that Do Kwon’s imprisonment was questionable. Due to the massive UST and LUNC (formerly LUNA) disaster, the CEO of Terraform Labs could face fines and penalties from regulators, as well as legal action from investors.
LUNA 2.0 Price Recovers
The price of LUNA 2.0 has risen by almost 3% in the last 24 hours. Since its launch on May 28, the price of LUNA has fluctuated dramatically among exchange platforms like Kraken, OKX, and Binance. Given the price fluctuation of LUNA 2.0, the new Terra token is on the way to recovery.
The price of LUNA was dragged lower by the instability of the new Terra coin and low liquidity. LUNA 2.0, on the other hand, is on the way to rebound.
A Terra community forum spy, @FatManTerra, just notified his 62,600 followers. He says, “You can now profit from LUNA 2 – I have a lot of them – I’m not restricting you – I will just provide data about the Terra project that I feel the public (and investigators) ought to understand.”
While expressing questions and concerns regarding the massive downfall of TerraUSD (UST) and LUNC, the whistleblower keeps the new Terra coin and believes in LUNA 2.0. (formerly LUNA).
Do Kwon To Pay Huge Penalty
Well, after the de-peg of UST and the fall of LUNA, the Terra community requested Do Kwon be imprisoned. LUNC and UST holders expressed their disgust on Discord and Reddit boards, demanding justice and prison time for Do Kwon.
The investigation into Do Kwon’s actions is still ongoing by South Korean authorities. The 30-year-old South Korean was the mastermind behind the collapsed algorithmic stablecoin project, wiping out over $40 billion in market capitalization.
Do Kwon, on the other hand, is likely to see civil huge penalties from authorities, and investment lawsuits. The failure of UST was Kwon’s second effort at creating an algorithmic stablecoin; his previous attempt, in Basis Cash, ended in losses of tens of millions of dollars.
Do Kwon will face injunctions, refunds (return of winnings) and fines depending on the cost of damages. This means Kwon is paying tens of billions of dollars in fines. These were all lost in the de-peg and subsequent market crisis.
