The market performance of the LUNA 2.0 rebirth token has been incredibly disappointing over the previous two weeks. A multitude of decentralized finance (DeFi) systems has entered the ecosystem.
As per defillama.com, Terra’s 2.0 chain has around $1.32 billion locked in the Stader DeFi application. In addition, the Terra Classic chain has $10.54 million locked in DeFi as of today, with $3.11 million retained on Terraswap and $2.47 million locked on Anchor.
After LUNA 2.0 reached the highest of $11.33 per unit two weeks ago, the new LUNA has lost 54% during the past two weeks. It is still 86% lower than its all-time high of $18.87 per coin, which occurred when the 2.0 blockchain was first introduced.
At the time of writing, LUNA 2.0’s global trade volume is $135 million, which is a fraction of the volume Luna Classic (LUNC) had prior to the meltdown. Bitrue, Okx, Kucoin, Huobi Global, and Gate.io are the main exchanges for LUNA 2.0 in terms of trade volume. The top five trading pairs on LUNA 2.0 are USDT, EUR, USD, USDC, and ETH.
Terra Founder Do Kwon Is Still Being Accused of Shady Acts
Do Kwon is now being suspected of questionable behavior by the whistleblower Fatman, despite the fact that LUNA’s market performance has been lackluster, along with a number of other cryptocurrencies that have been impacted by the bearish trend.
The U.S. Securities and Exchange Commission (SEC) apparently began investigating the sudden collapse of TerraUSD (UST) and Terraform Labs (TFL) three days ago. On June 11, Fatman suspected Kwon of stealing $2.7 billion from the Terra venture a few months before the UST debacle.
Fatman took to Twitter to explain how Do Kwon cashed out $2.7 billion over the span of only months.
He further added that Abracadabra’s Degenbox, a DeFi borrowing protocol, and its tokens such as SPELL and MIM were employed to offer the UST pair additional exit liquidity before the meltdown. The whistleblower claimed that Do Kwon was able to withdraw about $2.71 billion via the MIM/UST pool without adjusting the peg.
Do Kwon Refutes Cash Out Accusations
Do Kwon has rejected allegations that he cashed out $2.7 billion prior to the UST market crash. He remarked that the allegation that he took out $2.7 billion is clearly incorrect. Kwon’s Twitter account is likewise set to private mode, so only those he tags in a tweet can comment.
The Terra co-founder added that there are two distinct and contradictory accusations against him. According to him, there is an allegation that his wallets have been doxxed, but he still has the bulk of his LUNA through the airdrop. Another accusation is that he sold all of his tokens for billions of dollars.
Kwon further remarked that for the past two years, the only thing he has received is a minimum cash income from TFL, and he has avoided taking the majority of his founder’s tokens because he didn’t need them and he didn’t want to generate needless finger-pointing that he had too much.
Kwon, the co-founder of Terra, emphasized on Twitter that none of the rumors about him cashing out are real. He also stated that he lost the majority of his assets in the crash.
In the meantime, Fatman continues to suspect Kwon of dirty tricks, and the whistleblower continues to criticize Kwon’s purported actions, as well as his recent comments and rebuttal.
