Terra is a decentralized financial payment network that rebuilds the traditional payment stack on the blockchain. Luna is the reserve currency of the Terra platform. It has three core functions: i) mine Terra transactions through staking, ii) ensure the price stability of Terra stablecoins and iii) provide incentives for the platform’s blockchain validators.
The authorities would be looking for information that would shed light on the case against Terraform Labs. Local Exchanges provided all the documentation documentation is a part of token economies that stores all the details of an asset on the blockchain. requested by the investigative team on Earth and the associated tokens.
- Authorities raided exchanges offices in South Korea.
- They were looking for information about the case against Terraform Labs.
- Investigation against Terraform Labs and managers of Earth sigue su curso.
- Earth 2.0 fails to regain the confidence of investors.
nvestigations by authorities in South Korea are progressing in the aftermath of what happened to Terraform Labs and the project of Earth, Investigators raided the offices of several local exchanges today to continue their investigations into the case.
Authorities move forward in the case against Terraform Labs
This was reported by local and international media, which detail that a group of researchers from the Seoul Southern District Prosecutors’ Office raided a number of South Korean exchanges on July 20, seizing transaction records and material deemed useful to the ongoing investigation into the collapse of the Earth y sus tokens emblema, LUNA (now LUNC) y UST (now USTC).
After the collapse of the Earth and the aforementioned tokens, affected investors turned to local authorities to seek possible solutions to what happened. Several of the complaints alleged that some exchanges had acted badly in the face of the crash, while most of the allegations pointed to the team of Terraform Labs for fraud and opaque handling of the reserves in his possession.
Let us bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” in mind that both Do Kwon, CEO of Terraform Labs and several of his team members were indicted in late May for perpetrating large-scale fraud through the Terra project. They were also indicted for allegedly laundering money through shell companies, as well as for allegedly embezzling Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. during massive sales they conducted in an attempt to save the ecosystem.
Ecosystem of Earth still not recovered
As the authorities in South Korea move forward with the investigations, the ecosystem of Earth is far from regaining its former glory despite moves by Kwon and his team to revive the project.
After the collapse of the Earth, Kwon proposed to launch a new version of the network a network refers to all nodes in the operation of a blockchain at any given moment in time. to do a kind of “clean slate” since in this bifurcation there would not exist UST and all of the new tokens LUNA would be distributed among those affected in accordance with an original plan.
The community came out and approved the plan proposed by Kwon and his team. This led to the birth of Earth 2.0, leaving the old network under the name of Terra Classic . Even though there is a new version of the network, unfortunately the new tokens LUNA have failed to raise investor confidence, as at the time of going to press they are trading at around $1.9 per unit, a far cry from the $14.2 they cost at launch in late May.
In the meantime, Kwon and his team continue to work to try to lift the new ecosystem to some extent. Earth, For which they would be making agreements and alliances that allow projects to operate on the 2.0 network.
- Anonymous anonymity is when something is not known or named. threatens Do Kwon to reveal his “crimes” over Terra collapse (with video)
- Do Kwon is confident he and his team can rebuild Terra’s Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. ecosystem
- South Korea bans Terra core team member from leaving the country
Version by Angel Di Matteo / DiarioBitcoin
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