Do Kwon, the founder of Terra Luna, pleads not guilty to fraud and market manipulation charges related to the collapse of
Terra LUNA, in what is being described as the largest crypto scam in history with losses of up to $40 billion and over a million victims worldwide. The crypto market has nevertheless shown resilience, with community members upgrading the Terra (LUNA) network and burning Terra Luna Classic tokens in anticipation of a price surge, while Luna's circulating supply continues to rise from 2019 to 2024.
Kwon, who was recently extradited to the United States from Montenegro, faces a trial set for in January 2026, with a significant trove of evidence to be examined. His extradition represents a new phase in a lengthy and complex case, wherein the Jump Crypto subsidiary is also charged with manipulating Terra Luna's UST peg, leading to a fine of 123 million dollars.
The
Terra Luna Community remains active, despite ongoing debates over proposals to raise the burn tax and pursuits for stronger security measures. There's even a prediction that LUNA 2.0 could hit $1 in 2025. While the scandal has certainly left a scar in the crypto industry, Terra Luna's story could be symbolic of the survival, resilience, and potential for recovery in the volatile world of cryptocurrencies.
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