Do Kwon charged with crypto fraud for multibillion-dollar Terra LUNA collapse

Former cryptocurrency kingpin Do Kwon has been charged with orchestrating a multibillion-dollar crypto asset securities fraud by the US Securities and Exchange Commission (SEC). South Korean native Kwon spearheaded Terraform Labs, the Singapore-based developer of failed stablecoin Terra USD and sister coin LUNA, both of which saw a stunning US$40bn collapse in May 2022.

Timeline of Terra-luna-v2

The terra luna classic price has dropped by 3.5% in the past 24 hours, as part of a marketwide fall caused by speculation regarding the SEC acting against Paxos and the BUSD stablecoin. At $0.00016228, LUNC is also down by 10% in a week and by 8.5% in the last 30 days, with the altcoin seeing its market cap fall below $1 billion over the weekend.

The terra luna classic price has dropped by 4.5% in the past 24 hours, amid a day of losses for the cryptocurrency market as a whole. At $0.00017485, it has gained by 2% in a week and by 3% in the last 30 days, held back from further gains by delays to LUNC burning and in-fighting within the Terra Luna Classic community.

Terra Luna Classic price pumped hard on Thursday and Friday this week following news that USTC was going to be repegged. The community has been seeking validation following the collapse of UST last May.

Terra Luna (LUNA) has been struggling to keep above the $2.0 price mark for the past week, and even fell below this level within the period. However, at press time, its price surged to reach $2.21.

Although 2022 was a tough year for Terra Luna Classic (LUNC), the token has been surging as of late. At press time, LUNC was trading at $0.00019904, showing a surge of over 30% since last month.

The Terra Luna Classic price has dropped by 3% in the past 24 hours, dipping to $0.00016896 as the wider cryptocurrency market suffers a 0.5% fall. Its current level marks a 7% decline in a week, yet LUNC remains up by 18% in the last 30 days, helped in part by the market's mini-recovery and by ongoing efforts to reduce the altcoin's supply.

LUNC, a token worth roughly over $1 billion on the Terra Classic protocol, is edging closer to a 17.54% move that could propel it to $0.00021. Meanwhile, the 50th largest cryptocurrency's value increased by 6.5% in 24 hours and is trading at $0.0001775 at the time of writing.

The Terra Luna Classic price has dropped by 1.5% in the past 24 hours, sinking to $0.00017113 as the market as a whole dips by around 0.5%. Its fall comes as its 24-hour trading volume reads at just over $60 million, with the altcoin also down by 1.5% in a week but up by 1.5% in the last 14 days.

The Terra Luna Classic price has dropped by 4.5% in the past 24 hours, falling to $0.00017108 as the wider cryptocurrency market declines by 3% within the same timeframe. Despite this slip, it remains up by just over 16% in the last 30 days, helped along by ongoing token burns and an overall market recovery. 

The collapse of Terra Luna wiped off $60 billion from the cryptocurrency market. Fast forward, platforms like Mars Protocol reignited while others like the Pylon protocol dwindled.