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Terra (LUNA)

Terra Founder Do Kwon’s Twitter Goes Private as LUNA Plunges 20%

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Almost a month after Terra Classic’s freefall, its founder Do Kwon has turned his Twitter private.

Several memes and slurs were made at a time when Terra was positioning itself as a DeFi juggernaut. But after the coin crashed to nothing, many assumed that the market may have finally humbled Kwon. For the most part, it did seem like it.

  • Now that the rebranded LUNA lost over 77% of its value since its inception, the remaining investor confidence is evaporating quickly.
  • Over the past 24-hours alone, the token has lost 20%, and hence, tension is palpable.
  • Amid all this, CEO and Founder Do Kwon took his account private, allowing only select followers access to his tweets.
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  • The reason behind the move is unclear, but substantial harassment that the founder has been receiving over the past couple of weeks could have driven him to go private.
  • Legal troubles for the Terraform Labs continued, and many predicted that Kwon may face prison time for the crypto wipeout last month.
  • The South Korean police also reportedly revealed investigating an employee of Terraform Labs for embezzlement of corporate funds.
  • The Seoul police received intel regarding the suspect’s alleged fraud, following which they launched a full-scale investigation. The authorities have asked exchanges to freeze the employee’s accounts.
  • The development comes a month after the first cracks in the now worthless TerraUSD (UST) began to appear.
  • Only time will tell if Terra’s Luna 2.0 will avoid the fate of its predecessor, but with Kwon going into hiding, chances of a meaningful surge appear slimmer.

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