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Terra community seems dead set against Do Kwon’s fork proposal

The majority of the Terra community is against the idea of forking the blockchain after its collapse last week, according to a preliminary poll on the network’s research and governance forum.  As of 6:45 a.m. ET on Tuesday, 90% of the more than 1,000 votes in the online poll reject a fork, which would create a new, parallel version of the Terra blockchain. The ballot is open to anyone who logs into the Terra forum, whether or not they hold …

South Korean politician calls for hearing on Terra crisis

Yun Chang-Hyun, a representative from South Korea’s ruling People Power Party, has called for a parliamentary hearing on TerraUSD (UST) after the stablecoin’s sudden collapse last week, local news outlet Newspim reported on Tuesday. “We should bring related exchange officials, including CEO Do Kwon of Terra, which has become a recent problem, to the National Assembly to hold a hearing on the cause of the situation and measures to protect investors,” Chang-Hyun reportedly said today at a plenary meeting of the …

Do Kwon wants to fork the Terra blockchain as part of revival plan

Terraform Labs CEO and co-founder Do Kwon has formally proposed forking the Terra network into a new chain.  Kwon circulated a new proposal today in a post on a forum for Terra discussion in the wake of the collapse of Terra-based assets. It adds to his initial revival plan, posted last week, which amounted to a restart of the Terra blockchain. That initial proposal would create one billion tokens to distribute among stakeholders to incentivize them to remain and rebuild. …

Do Kwon says he is ‘heartbroken’ in new statement, claims no UST or LUNA sold during crisis

Terraform Labs co-founder and CEO Do Kwon broke his social media silence early Friday evening with a trio of tweets about the collapse of Terra’s LUNA token and associated stablecoin, UST. 1/ I’ve spent the last few days on the phone calling Terra community members – builders, community members, employees, friends and family, that have been devastated by UST depegging. I am heartbroken about the pain my invention has brought on all of you. — Do Kwon 🌕 (@stablekwon) May …

Over $1.2 billion in bitcoin reserves remains unaccounted for by Luna Foundation Guard

Luna Foundation Guard (LFG), a non-profit organization formed to support the growth of the Terra ecosystem, has yet to answer a crucial question about its bitcoin reserves after Terra’s collapse. LFG accumulated a total of 70,736 bitcoins (worth over $2 billion) as “forex reserve” for Terra’s algorithmic stablecoin UST, which has recently severely depegged and created havoc in the crypto market.  While LFG acquired those bitcoins to save UST, it couldn’t. UST, supposed to be worth $1 at all times being a stablecoin, …

After Terra’s stablecoin implosion, battered investors ask ‘where is Do Kwon?’

With angry investors facing heavy losses following TerraUSD’s dramatic de-pegging this week, users on the Terra Research Forum and Reddit are now asking where Terraform Labs CEO Do Kwon is and even calling for his arrest. The Terra crypto ecosystem was thrown into chaos this week when its TerraUSD (UST) algorithmic stablecoin de-pegged sharply from the US dollar. The crisis has seen both the price of UST and its related Luna token tumble, resulting in billions of dollars of losses …

Luna supply soared to 6.5 trillion coins before Terra’s latest halt

The circulating supply of Luna (LUNA) surged to more than 6.5 trillion by the time the Terra blockchain was halted for a second time in an attempt to salvage the collapsing ecosystem.  For the last few weeks — up until just three days ago — the supply of Luna was only around 340,000, according to data from Terra Analytics. That was until TerraUSD (UST) lost its peg to the dollar on Monday, kickstarting a downward spiral for Luna, a related token …

Terra blockchain halted to protect against possible attack

Quick Take Terraform Labs has said the Terra blockchain has been halted. This is due to concerns that the network could be attacked for a relatively low cost. The Terra blockchain has been halted to protect against a possible attack, according to a statement by Terraform Labs. “Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack,” said the official Terra account on Twitter. This comes …

Billions of Luna minted as supply grows 20-fold in four days

The supply of Luna (LUNA) has increased by more than 20 times over the last few days, as the effect of TerraUSD (UST) losing its peg to the US dollar continues to take its toll. This massive supply increase has accelerated the fall in Luna’s price, which is down 99% in the last two days. And if the price of Luna continues to fall, its supply will also continue to increase.  Why is this happening? To understand what is going …

Terra outlines stablecoin support measures as Luna slides below 10 cents

Terraform Labs published extra measures on Thursday to help restore the TerraUSD (UST) peg with the US dollar and support Luna’s cratering price. Chief among them is proposal 1164, as Terraform Labs CEO Do Kwon highlighted yesterday. This is designed to increase the amount of UST that can be swapped for Luna by four times. The goal is to allow UST holders to cash out, with the hope of improving its peg to the dollar. The move, however, puts significant …