From May 9 until now, the situation for terraUSD (UST) and Terra (LUNA) has been extremely uncertain. The debacle that caused it all is still not under control. It has played a huge role in creating a tremendous amount of uncertainty throughout the crypto-verse.
From the moment the problem arose, it had the executives of Terra network on their toes. Among the executives, it was Do Kwon, the CEO of Terraform Labs who came up with several solutions to the problem.
He even came up with a proposal and a strategy for fixing the algorithmic flaw causing the de-pegging to bring it under control. Still, nothing seems to be working in its favor and the issue persists to this day.
South Koreans Supporting LUNA
Due to the UST and LUNA issue, several cryptocurrency exchanges reportedly delisted LUNA and UST, plus their trading pairs. South Korea, which is a major hub for cryptocurrencies, is currently in the spotlight for its involvement with LUNA.
The South Koreans are after strong gains and for them, the huge loss in the value of LUNA was potentially a tremendous gain. On Thursday, it was reported that the South Korean cryptocurrency users are accumulating LUNA on a large scale.
Since the debacle, the South Korean LUNA investors have tripled their holdings of digital assets. Despite many claiming it to be one of the largest rug pulls, the South Koreans have continued buying LUNA. The majority of the LUNA and UST users were also one voice supporting the LUNA network
A Very Concerning News from South Korea
However, news of great concern has come from the same land. The official records surrounding the headquarters of Terraform Labs Korea have come out with a major blow.
The record shows that the headquarters for Terraform Labs Korea was shut down even before the de-pegging disaster had taken place. The local sources have confirmed that the Terraform Labs Korea was dissolved by the very CEO of the company, Do Kwon.
As per the records, it is not just the headquarters in Busan Do Kwon that had dissolved, but the same was done to the Seoul branch. The local news reporting firm in South Korea has revealed that Do Kwon had announced the closure of both the facilities on April 30. He shared the news with the rest of the shareholders during the meeting.
Now, people have no choice but to doubt the authenticity of Terraform Labs and especially, Do Kwon. It was on May 9 when LUNA’s price fell from a high of $80 to $0.00013351 from April 30 to May 9.
Even now, LUNA’s price is experiencing a downtrend exhibiting a trading price of $0.0001369. With the latest update, it is expected that LUNA’s price may fall deeper.