Renowned crypto-based Youtube channel Crypto Rover recently tweeted his disgrace and said that LUNA & LUNC will keep bleeding, which basically means crashing because people know DoKwon is one filthy thief who caused the ultimate crash.
— Crypto Rover (@rovercrc) June 10, 2022
Why is DoKwon blamed for the LUNA crash?
Luna and TerraUSD, Mr. Kwon’s digital currencies, crashed spectacularly last week. Because of their collapses, the cryptocurrency market as a whole has lost $300 billion in value. This also sunk the price of Bitcoin. In this week’s trading, Luna’s value stayed near zero, while TerraUSD’s fell more in value.
Respected financiers were ready to fund extremely speculative investment products that allowed Mr. Kwon to climb to prominence. Early investors who sold their coins made a lot of money, while regular investors now have to deal with huge losses.
According to Terraform Labs employees, Do Kwon, the company’s co-founder, and CEO, was paying out $80 million a month prior to the UST and Luna token crashes, according to reports from the SEC.
BREAKING: Terra employees reportedly confirmed to the SEC that Do Kwon cashed out $80 million a month prior to the $LUNA and $UST crash.
— Watcher.Guru (@WatcherGuru) June 9, 2022
Meanwhile, Bloomberg reports that the SEC is looking into whether federal investor protection requirements were violated in the marketing of UST before its fall.