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While the New LUNA Records Gains, Do Kwon’s Terraform Labs Is Plagued by Controversy and Accusations

It’s been two days since the Terra development team launched the new Phoenix-1 blockchain with the network’s native token LUNA. While the token dropped significantly in value during the first day of trading, the new LUNA has jumped 8.8% in value during the last 24 hours. Amid the token’s 24-hour rise, controversy continues to plague Do Kwon and Terraform Labs. Moreover, the old token, luna classic (LUNC), has been climbing in value as the crypto asset has gained more than 70% during the last day.

It’s been roughly more than 48 hours since the birth of the new Terra blockchain and crypto asset LUNA. During the first couple of hours of trading, the new LUNA changed hands at an all-time high (ATH) at $18.87 per coin. Presently, the price is 64% lower than the ATH, even with today’s gains. According to stats, there’s 210,000,000 LUNA tokens in circulation, but the web portal notes the number is not 100% verified.

The number of coins in circulation times LUNA’s current value shows that the coin’s market capitalization is around $1.35 billion today. The coin’s 24-hour trading range has been between $5.51 and $6.74 per unit on May 30, 2022. Currently, LUNA has around $145 million in global trade volume over the last 24 hours, but that’s down 48.6% since yesterday. The most active exchanges trading LUNA today include, Okx, Bybit, Mexc, and Kucoin, respectively.

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Why is this interesting? Well, Korea’s tax authorities reported that last year, Terra sent 6 billion won ($4.8m) to company K’s CEO. This was reported on the books as ‘other expenses.’

While there was some genuine CHAI usage, the vast majority of it was simply TFL cashing out tens of millions of dollars through the SDT/KRT scheme, hoping nobody would notice. It was a way of turning their printed internet money into real money – retail demand.

What do you think about the new LUNA token and recent LUNC gains? What do you think about the accusations concerning Do Kwon’s Terraform Labs? Let us know what you think about this subject in the comments section below.


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