Dear Readers, 

The Securities and Exchange Commission (SEC) has once again bagged the headlines. There were some dip in the crypto industry when the last time SEC's action on Kraken Exchange and subsequently the halt of staking by Kraken created shock waves in the Crypto Industry and even Kraken's rival Coinbase tanked 14% in a single day after this news was published. 

Yet again this time, SEC come into the main picture and positioned itself in the headlines. This time the Securities charges do Founder of Luna Network- Do Kwon for allegedly misleading the crypto investors. SEC has alleged that Do Kwon and his Terraform Labs which created LUNA coin and the Lunastable coin- Luna USD ran a multi-billion dollar fraud scheme. 

The Luna USD was not backed by the value of US$. The Terraform Labs used clever mechanisms with the set of algorithms using the bitcoin reserves to maintain the peg of UST which was the main reason for the collapse. 

The Luna network made many millionaires in the crypto market with its surge. During its collapse many were also lost their investments and other related services with Luna network as well. 

Similar to Bitcoin and Ethereum, Terra is a blockchain network that was created by Do Kwon and Daniel Shin of Terraform Labs in 2018. During May 2022, it was crashed and an value estimated around $ 60 billion was wiped out of the crypto market. This made the renowned names in the crypto space- Voyager and Celsius filed for bankruptcy. Three Arrows Capital (3AC) was forced to liquidation. This was the first blood bath in the Crypto Industry in the early 2022 which was followed again by the collapse of FTX later in the year which dragged the entire industry into the steep bottom. 

Though the whereabouts of Do Kown is not known to SEC. It was said that he was in South Korea. With the support of the co-ordination police actions, he may be identified. 

There are more answers that are needed from the Crypto Investors from Do Kwon. 

With the unregulated global crypto market, everything is uncertain and made the investors with multiple jerks with the continuous crash which eventually would lose hope!

Hope everything would get answered soon!