- The key distinction is that a branched blockchain shares its whole history with the parent chain, but Terra 2.0 will not. If the proposal (1623) is approved, a new Terra blockchain will be formed from genesis block 0 that will not share Terra Classic’s history.
- Terraform Labs was the subject of an official inquiry by South Korean authorities late last week. The move came after five Korean investors filed a criminal complaint alleging losses of more than $1 million. Kwon was accused of fraud and financial regulation violations by victims of the troubled Luna crypto network.
- Publish the transaction logs that the general public has access to. Explain where the money from Project Dawn went. Explain how you spent $300 million on operations in a single month.
As the UST stablecoin controversy takes another turn, South Korea is starting to tighten the screws on Terraform Labs and Luna CEO Do Kwon. The 30-year-old Korean has been questioned about the $18 billion UST stablecoin network, which he once said was the oldest and most widely utilized algo[rithmic] stablecoin in existence.
Authorities Have Shut Down The Internet
Terraform Labs was the subject of an official inquiry by South Korean authorities late last week. The move came after five Korean investors filed a criminal complaint alleging losses of more than $1 million. Kwon was accused of fraud and financial regulation violations by victims of the troubled Luna crypto network.
Authorities were attempting to accuse the Luna leader of running a Ponzi scheme, according to BeInCrypto at the time. The DeFi platform Anchor Protocol, which promised 20% rewards for staking, was actively used by UST holders.
The saga has taken another turn today, with the Seoul Metropolitan Police Agency intervening. Local media reported on May 23 that South Korean police had contacted the country’s top crypto exchanges, requesting that any monies tied to the Luna Foundation Guard be frozen (LFG).
According to the article, the police stated that there were signs that funds related to the LFG could be linked to embezzlement. However, the request was not a demand, and exchanges retain the authority to act.
The police action this week has nothing to do with the ongoing legal inquiry of the company’s outspoken CEO. FatMan, a self-styled Terra detective, has been digging out the digital dirt, requesting more openness on TerraForm Lab’s monthly spending. Chris Amani, Terra’s head of operations and community, claimed to be working with the media to give factual information, which he denied.
Proposal For The Terra Genesis Chain
Publish the transaction logs that the general public has access to. Explain where the money from Project Dawn went. Explain how you spent $300 million on operations in a single month. More financial evidence, fewer words. Do Kwon was like a successful cult leader, but now he’s the most detested man in Korea, said Donghwan Kim of Blitz Labs, a Seoul-based crypto consultancy firm.
The official Terra Twitter account said on May 24 that the beleaguered ecosystem’s resurrection plan does not include a hard fork, as previously stated, but rather a whole new blockchain. The key distinction is that a branched blockchain shares its whole history with the parent chain, but Terra 2.0 will not. If the proposal (1623) is approved, a new Terra blockchain will be formed from genesis block 0 that will not share Terra Classic’s history.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/05/24/korea-is-turning-against-luna-head-with-the-police-requesting-that-the-lfg-fund-be-frozen/