The crypto domino was falling, triggered by Luna Terra Stablecion.
The creator of Luna Do Kwon was playing innocent.
Now the SEC is after him.
Terraform Labs is the company behind Luna blockchain.
Yes, the crypto company...
How the blockchain automatically transacts money needs a company is really a question behind all these wonderlands of money creation.
Anyhow, the SEC is charging Terraform Labs of fraud.
Luna which is the native token of the Terra blockchain, collapsed within a week in 2022 marked the start of the crypto falling.
The creator was on the run even those he claimed he was not.
$45B of market cap vanished within a week and many later collapsed can all be tracked back to Luna.
A chain reaction of the bankruptcy continued into 2023.
Thanks to its stablecoin UST, an algorithm stablecoin that pegs through an algorithm. And apparently, that is not working out so well.
The rest is the history.
The company has gone, the founders were running and defending in Twitter. Dening anything wrong doing in front of the internet.
Apparently, that is not working either.
The question is why a blockchain needs a company to run anyway?!
It sounds very suspicious...
Photo by Emily Morter on Unsplash
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