NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Do Kwon Turns Twitter Account To Private After LUNA Slumps

Denis
Denis
3 years ago
2 mins read
Do Known Turns Twitter Account To Private After LUNA Slumps

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

In less than a month after the deployment of the new blockchain, LUNA 2.0, the token’s price has declined by over 77%. Early this year, the Terra blockchain was hailed to be the future of cryptocurrencies, as it seemed to promise several developmental advances. Then the protocol encountered a great shocker when its UST stablecoin and LUNA crypto token crashed drastically.

The Terra Blockchain

Launched in 2018 by the Terraform Labs and founded by Co-founders Do Kwon and Daniel Shin, Terra was a cryptocurrency protocol used to provide access to stablecoins.

Recently, Kwon set his official Twitter account private, raising further suspicion that the token price may not be appreciated.

According to market capitalization, the Terra protocol initially rose to become one of the ten leading blockchains in the world. It provided two unique tokens; the TerraUSD UST stablecoin and the LUNA utility coin, used for governance and to facilitate payments in the network.

Do Knwon Turns Twitter Account To Private After LUNA Slumps
LUNA price follows an uptrend | Source: LUNAUSD on TradingView.com

Since its inception in 2018, the Terra blockchain had been performing very well until mid-May 2022, when the blockchain saw a massive sell-off of the LUNA. The token’s price dropped from around $120 to about $0.02 between 11th and 12th May.

Related Reading | Bullish: Bitcoin Marks First Green Weekly Close After Two Months In The Red

Some people believe that the collapse was due to institutional investors “short-selling” Bitcoin (BTC) for the UST stablecoins in hopes of profiting from yielding in the Anchor project.

LUNA Decline And Introduction Of Terra 2.0 Solution

After the freefall of Terra’s LUNA and UST coins, the blockchain released the LUNA 2.0 via airdrop. The new token promised to enable users to regain their lost funds and replace its predecessor, the LUNA original coin.

According to data from Coingecko, the token has been experiencing a steady decline in price since its inception. As of press time, the token had encountered a 77% decline and is currently trading at $3.50 per coin. It’s also down by 17% from its 24-hour trading value.

Part of this decline attributes to the impact of the broader bearish market affecting all coins in the DeFi ecosystem.

In addition, Do Kwon, CEO of Terraform Labs, faces challenging legal troubles. And the South Korean police warned that he might get jail time for the massive crash of the blockchain. Besides that, the police are also running investigations on one of Terraform Labs’ staff for theft of funds.

Related Reading | A Look Inside MicroStrategy’s $2.4 Billion Loan Used To Buy Bitcoin

FatMan, a pseudonymous self-acclaimed Terra insider, accused Do Kwon, and his corporation. The Terraform Labs are deceptive and lying about their intention for the new LUNA tokens. According to his Tweet, Terraform Labs (TFL) possesses over 42 million LUNA worth more than $200 million.

While they have yet to verify his claims are valid, they have still rallied enough ruckus to affect investors’ sentiments to sell their tokens.

Featured image from Pexels, chart from TradingView.com
Tweet123Share196ShareSend
Denis
Denis

Denis

Denis is a passionate writer and editor and he's been writing in finance industry for almost 6 years.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Price At $110,000: Why BTC Must Break Out Of This Wedge

Bitcoin is currently trading around the $107,000 region after bouncing off a $99,000 low early in the week, but its...

Scott Matherson 5 days ago
Bitcoin

Bitcoin Bullishness For Q3 Grows: What Happens In Every Post-Halving Year?

As Bitcoin (BTC) enters the third quarter (Q3) of 2025, bullish sentiment is growing, fueled by historical post-halving patterns that...

Scott Matherson 6 days ago
TRUMP

TRUMP Token In Trouble? Over $4 Million Liquidity Exit Sparks Crash Fears

US President Donald Trump’s namesake meme token has tumbled hard, slumping nearly 90% from its all-time high set six months...

Christian Encila 1 week ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin Holds Steady Above $107K As US Senate Clears $4.5T Spending Bill

Christian Encila 2 days ago
Bitcoin

Bitcoin Consolidating Below $108,000 But Eyes $115,000 Target

Scott Matherson 5 days ago
Dogecoin

TD Sequential Flashes Buy: Dogecoin Ready For Rebound To $0.21

Scott Matherson 5 days ago

Premium Sponsors

Press Releases

  • XRP Bulls Are Soaring — FINDMINING Rides the Wave to...

    2 hours ago
  • $AIN Expands to 7 DEXs as AI Network Activates Omnichain AI...

    2 hours ago
  • 仮想通プレセール注目:リップルが米銀行ライセンスを申請、機関投資家の関心が急上昇中

    ...

    20 hours ago
  • 仮想通貨おすすめ:話題の新トークンがプレセール開始直後に15万ドルを調達

    ...

    20 hours ago
  • 新しい仮想通貨:ソラナ系取引ボットが話題のプレセールで150万ドル調達、次の100倍候補か?

    ...

    20 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.