While most digital assets in the crypto economy have seen big gains this month, Terra’s luna 2.0 has stalled, losing 24.37% against bitcoin in the past 30 days. LUNA is down 89.8% from the token’s all-time high two months ago on May 28. Additionally, whistleblower Fatman revealed that victims of the Terra collapse have filed a class action lawsuit against Terraform Labs, Do Kwon, and Nicholas Platias.
Crypto whistleblower Fatman revealed his involvement in the Terra lawsuit for “Justice Can Take Its Course”
On July 26, whistleblower Fatman (@Fatmanterra on Twitter) shared a sign-up link for investors financially damaged by the mid-May Terra collapse. The lawsuit is being handled by litigation firm Scott+Scott, whose defendants include Terraform Labs (TFL), Nicholas Platias, and Do Kwon. In addition, Jump Crypto, Jump Trading, Republic Capital, Republic Maximal LLC, Tribe Capital, Definance Capital, GSR Markets Limited, Three Arrows Capital (3 AC), and Luna Foundation Guard (LFG).
In Fatman’sTwitter thread discussing the lawsuit, a whistleblower praises Do Kwon’s intelligence, but notes that Terra’s co-founder is not using it for good. Fatman, in the thread, said, “Instead of using that genius for good, Do used it to create a convincing scheme that cleverly mixed real utility with outright lies, leading not only to the ruin of thousands of investors, but also several large funds that were duped despite solid research.” remarks, Fatman added,
We will be joining a class action lawsuit filed in the U.S. by the international law firm Scott+Scott. We are also preparing a lawsuit in another jurisdiction. We demand a fair trial to reveal all the wrongdoings of TFL (and) Do Kwon so that justice can have its way.
LUNA 2.0 market slumps, Korean authorities investigate Terra co-founders Do Kwon and Daniel Shin
While class action participants prepare to file suit against TFL, the project’s LUNA 2.0 token, called LUNA, is not doing as well as most of the crypto economy; LUNA has lost 24.37% against bitcoin (BTC) since last month and in the same time frame It has lost 9.62% against the USD. Of the 13,099 cryptocurrencies in existence, LUNA ranks at 148 with a market valuation of $261.63 million; 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 is heavily dependent on a pair of tethers (USDT), which according to cryptocompare.com statistics,USDTaccounts for 77% of all LUNA trades in the past 24 hours; USDT USDTis followed by USDC (11.43%), TRY (9.57%), USD (0.68%), and EUR (0.37%). In addition, LUNA’s total value lock (TVL) in the decentralized financial (defi) world is $26.88 million, while just over $12 million is still held in the defi protocol on the Terra Classic chain. in addition to the Scott+Scott lawsuit, Terra co-founder Daniel Shin, co-founder of Terra, has been banned from leaving South Korea.
South Korean law enforcement agencies are investigating TFL, Shin, and Kwonand Fatman elaborates that a rough translation of the article “raises the possibility that prosecutors will also cooperate with Interpol to issue a red note for Do Kwon’s extradition. “Scott+ Scott’s published class actioncomplaintalleges that all Terra tokens issued by TFL are unregistered securities and that TFL has never registered with the Securities and Exchange Commission (SEC) In Fatman’s Twitter thread, a whistleblowerclaims that some emphasizedthat it is difficult to tell how badly Terra investors were affected by the collapse; Fatman’s Twitter thread concludes by stating,
Now is the time to take matters into our own hands. I’m sick of seeing our space invaded by scammers who think they can get away with taking money from thousands of innocent people with impunity, people like Do Kwon are the ones corrupting this industry. It is time for a purge to give crypto a new lease on life.
What do you think about the class action lawsuit against Terra team members, and what do you think about the lackluster market performance LUNA 2.0 has seen over the past month? Let us know what you think about these topics in the comments section below.
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