South Korean prosecutors accuse Do Kwon of manipulating Terra’s price

A local report from South Korea claims that the country’s prosecutors have obtained evidence to suggest Terraform Labs co-founder Do Kwon had onceordered an employee to manipulate the price of Terra Luna Classic (LUNC). A report by Korean Broadcasting System (KBS) on Nov. 3 quotes an official from the South Korean Prosecutors Office, who said […]

Terra fallout: Stablegains lawsuit, Hashed loses billions, Finder wrong and more….

Fallout from the collapse of the Terra ecosystem continues to unfold with the United States-based yield generation app Stablegains facing potential legal action over its losses from the event. Users believe Stablegain has allegedly lost up to $44 million worth of deposited funds based on a post on a Terra forum by co-founder Kamil Ryszkowski […]

Avalanche drops 30% on fears Terra's LFG will dump AVAX next

Avalanche (AVAX) is paying the price for being one of the collateral assets that maintain Terra’s native stablecoin TerraUSD’s (UST) peg with the U.S. dollar. Major AVAX dump ahead? AVAX’s price dropped about 30% to reach  $32.50 on May 11, its lowest level since September 2021. Its massive intraday decline coincided with UST dropping to […]

Terra peg mechanism in doubt as UST crashes to 67 cents

The third-largest stablecoin by market cap Terra USD (UST) appears to be in a catastrophic tailspin which has seen it de-peg from the dollar and drop to as low as $0.67 on May 10. As its price has fallen, so has its market capitalization along with that of Terra (LUNA) which backs the majority of […]

LFG to deploy $1.5 billion to bolster UST peg and build BTC reserves

Amid the sharp pullback across Bitcoin (BTC) and the wider crypto market this week, the Luna Foundation Guard (LFG) is set to deploy $1.5 billion worth of capital to “help protect” Terra USD’s (UST) peg to the United States dollar. The Singapore-based nonprofit LFG is part of the Terra ecosystem and is tasked with collateralizing the […]