Comeback ?: LUNA 2.0 again with massive price losses: Can the relaunch of the crypto project succeed? | news

• The price of the LUNA token goes down right after launch
Offset airdrops for current LUNA Classic owners
• Reports of investigations conducted by South Korean prosecutors

A comeback of the Terra LUNA coin has been speculated for a long time. Instead of burying the Terra / LUNA stablecoin project, the developers around Do Kwon have now relaunched the crypto project, which sent shockwaves to Bitcoin & Co. with its crash in the 2nd week of May.

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The LUNA 2.0 token was launched on May 28 with a one-day delay priced at $ 19.98. Within hours, however, the price dropped by 80 percent to $ 4.94. The following day, price movements were significantly smaller, and on May 30, LUNA 2.0 was up at $ 10.71.
The original token now trades as the LUNA Classic and has yet to recover from the crash in early May. With the sheer amount of tokens available alone, it’s hard to imagine a recovery of the LUNA Classic.

Airdrop and circulating amount of LUNA 2.0

Recently, Binance CEO Changpeng “CZ” Zhao called for more “transparency, faster communication and taking responsibility for society” in relation to the events.

This is what the developers have done: The Terra LUNA team must now prove that their ecosystem can also function without UST and has made the next steps transparent in a medium blog post: Investors are divided into two groups, “before” and “after” . “” Attack on the Network “. Compensation depends on how long LUNA or UST was held.Using a calculator, any investor can individually calculate and understand their compensation.

In total, the circulation volume of LUNA 2.0 will be limited to one billion tokens compared to LUNA Classic, and the issue will take place over a period of two years.
Small investors of today’s LUNA Classic must be compensated for their losses – or at least part of them – with so-called airdrops, which means that investors get LUNA 2.0 for free. In total, about 210 million Luna tokens (30 percent) were issued.

Some investors view this critically, the amount is classified as too small or even as fraud. In response, Terra LUNA 2.0 asked investors for patience on Twitter.

It becomes problematic when investors sell their lost coins instead of believing in success. Numerous token holders express their dissatisfaction on social media platforms. One user writes, for example, that he resold all the tokens received via airdrop directly because he no longer sees any meaning in the project. Since he has already written off his investments in the former stablecoin with a total loss, he only considers all profits as a bonus.

In general, investors in the former crypto project LUNA Classic are not very euphoric, especially Do Kwon feels distrust from investors in the development team and the CEO.

Charges against employees and fraud for millions

There are also some allegations against Terra LUNA employees. As “COINCIERGE” writes, the South Korean authorities have launched extensive investigations into employees of the company Terraform Labs. Local media reported an investigation by the Seoul South District Financial and Securities Procuratorate following rising complaints of price manipulation to the regulator.

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