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Do Kwon, Terraform Labs Face Class-Action Lawsuit for Allegedly Selling Unregistered Securities

While most of the crypto economy’s digital assets have seen significant gains this month, Terra’s luna 2.0 has been stagnant as it has shed 24.37% against bitcoin during the last 30 days. LUNA is down 89.8% from the token’s all-time price high two months ago on May 28. Moreover, the whistleblower Fatman has revealed that victims of the Terra collapse have filed a class-action lawsuit against Terraform Labs, Do Kwon, and Nicholas Platias.

We will be joining the class action lawsuit filed in the U.S. by the international law firm Scott+Scott. We are also preparing actions in another jurisdiction. We demand a fair trial to uncover all of TFL [and] Do Kwon’s wrongdoings and so that justice can take its course.

While the class-action lawsuit participants prep for the case against TFL, the project’s luna 2.0 token called LUNA has not been performing as well as most of the crypto economy. LUNA has lost 24.37% against bitcoin (BTC) since last month and 9.62% against the U.S. dollar in the same time frame. Out of 13,099 crypto coins in existence, LUNA is ranked 148 with its $261.63 million market valuation. Since LUNA’s all-time high on May 28 when it reached $18.87 per unit, LUNA has lost 89.8% in USD value.

LUNA has significant exposure to tether (USDT) pairs as statistics indicate that USDT represents 77% of all LUNA’s trades during the last 24 hours. USDT is followed by USDC (11.43%), TRY (9.57%), USD (0.68%), and EUR (0.37%). Additionally, LUNA’s total value locked (TVL) in the world of decentralized finance (defi) is $26.88 million while just over $12 million is still held in defi protocols on the Terra Classic chain. In addition to the Scott+Scott lawsuit, Terra’s co-founder Daniel Shin is banned from leaving South Korea.

It’s time to take matters into our own hands. I’m sick of seeing our space invaded by scammers who think they can brazenly rob thousands of innocents and get away with it. People like Do Kwon make this industry rotten. It’s time for a purge so crypto can be reborn anew.

What do you think about the class-action lawsuit against the Terra team members? What do you think about the lackluster market performance LUNA 2.0 has seen during the last month? Let us know what you think about this subject in the comments section below.


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