This Week on Crypto Twitter: Terra Conspiracy Theories Swirl as All Eyes Turn to Do Kwon

Crypto fans, don’t be afraid. The worst is over. Next seven weeks long of decline, prices eventually stopped falling. No matter how long it will take, of course anyone.

On Crypto Twitter this week, CEO Terra Do Kwon stood out on the pier as a conspiracy theory is thrown at him and the entities involved in it collapse of Terra’s history. Terraform Labs, Luna Foundation Guard, and eventually Kwon himself were accused of fraud, dishonest profiteering, and tax evasion.

To understand the scale of the damage, consider investing in LUNA Binance first.

Today the total ownership of the exchange is worth less than $ 3,000.

This week, report making the rounds that Kwon might use the nonprofit organization, LUNA Foundation Guard, to save the whales by transferring large amounts of Bitcoin to Binance and Gemini, and use it to buy UST from them at a close price ($ 1) at a time when UST’s value is estimated -about $ 0.60 in the secondary market.

On Tuesday, Twitter user FatMan, who claimed to have an affiliate Terra Research Forumaccuses Kwon of breaking the peak of LUNA’s success by spending hundreds of millions of dollars “directly out of the LUNA market cap “over the past few years” to pay Terra’s employees’ salaries and operating costs. “

Later in the week, FatMan asked Kwon what the report was on Korea press true: Is Terra currently being hunted by South Korean tax authorities for $ 78 millions? Kwon cleans the air.

Kwon also said that South Korean authorities are “creatively charging millions from crypto companies” to recover from the recession caused by the pandemic, and Terra is keeping the last penny.

The Terra creator then fielded some pressing questions from the public, including why he is not vibrant to follow the advice of many — including the CEO of Binance Changpeng Zhao—And burn most of LUNA’s post-death spiral supply of 6.5 trillion useless tokens.

Many accused Kwon of being a complicated rugpull after he was silent for two days on high. killed Terrabut the responsiveness and transparency that is quite good since now seems to win back FatMan there.

Yet, it’s hot in Kwon for some time. Doo Wan Nam, chief operating officer at blockchain research and investment firm StableNode, tweeted that South Korean investor Terra is now filing criminal and civil lawsuits against Kwon, alleging fraud.

The consequences of the collapse of Terra also had a greater impact on the entire crypto industry. Now people want to know if other stablecoin, like Tether, are actually backed up to the last dollar. After all, it has been a dispute several times previous.

FTX CEO Sam Bankman-Fried believes that audits and oversight are key to protecting consumers in the future.

elsewhere

Outside of Terra autopsies across the industry, a few other important things happened on Crypto Twitter this week. For starters, Salvadoran dictator Nayib Bukele wants you to know his rule is still bullish on Bitcoin. What Bukele has ignored is that it is now $ 34 million in the hole of Bitcoin’s investment. Smile over sick, Bukele!

On Friday, someone tried to break it World of Women NFTs by alleging that his collection PFP the portrait was inspired by a picture of a murdered woman. The accusers ’“ evidence ”is dubious and essentially lies in the alleged and totally unproven romance between WoW project artist / founder Yam Karkai and sex cult leader Keith Raniere.

Why is this guy dragging the World of Women like that? An account called CryptoRock provides a reliable explanation.

Lastly, those who want to know the value of Ethereum creator Vitalik Buterin now have a little more clarity. He’s not a billionaire (anymore).

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