Luna CEO summoned by lawmakers | Bitcointalksearch.org

Lanatsa

hero member

Activity: 2786

Merit: 646

Quote from: BitcoinPanther on May 24, 2022, 07:24:25 PM

Quote from: NewRanger on May 24, 2022, 07:03:15 PM

investors faith now gone by several reason, there is no more true investment that made and now only speculation. with problem above , DO kwon have no more reputation in crypto space. investment company will not support him any more if he could not give best solution to this problem. so far there is no significant action from them and luna still steady in limited range.

They must not trust the People behind Terra Luna. After increasing the supply creation of Terra and trader purchases, they decided to make a fork. Isn't this very clear that the plan is to deceived the market? The people behind must be held responsible for this action. Why would they exponentially increase the supply when they have already plan of forking the chain in mind?

Band aid solution or does really have that intent on fooling the public/community once again for them to invest again with that forked one?

People never ever learn with this very obvious concept on how these people do really milk out the market out of those people who do get hyped for this one.As for these possible
law or cases to happen then i wont be surprised and that serves them good for sure.

Vaskiy

legendary

Activity: 2618

Merit: 1105

Tontogether | Save Smart & Win Big

One of the investor and AfreecaTV streamer who goes by “Chancers” have invested huge amount on Luna have experienced a massive loss which have landed him to knock the apartment of Do Kwon and got arrested. Police were in search after Kwon’s wife urged for protective custody. Very next day Chancers voluntarily surrendered himself at the Seoul police station. Chancers have made himself a millionaire entering the cryptomarket by the year 2017. He have invested $800k and the crash have costed him loss $2.4million. Do Kwon was fined heavily along with lawsuits, and I don't know how this gonna help the investors.

Chancers mentioned

Quote

“I felt like I was going to die. I lost a lot of money in a short period of time. Around $2.4m (£1.9m) of my cryptocurrency was wiped out.
Crypto Investor and Influencer Arrested for Visiting Terra Founder Do Kwon’s Apartment

BitcoinPanther

hero member

Activity: 1918

Merit: 564

Quote from: NewRanger on May 24, 2022, 07:03:15 PM

investors faith now gone by several reason, there is no more true investment that made and now only speculation. with problem above , DO kwon have no more reputation in crypto space. investment company will not support him any more if he could not give best solution to this problem. so far there is no significant action from them and luna still steady in limited range.

They must not trust the People behind Terra Luna. After increasing the supply creation of Terra and trader purchases, they decided to make a fork. Isn't this very clear that the plan is to deceived the market? The people behind must be held responsible for this action. Why would they exponentially increase the supply when they have already plan of forking the chain in mind?

NewRanger

sr. member

Activity: 1568

Merit: 333

Quote from: BitcoinPanther on May 24, 2022, 06:47:39 PM

Quote from: Anonylz on May 22, 2022, 10:13:10 AM

It appears Do Kwon already plan this out even before the melt down from this article on telegraph which explains "Initially reported by South Korean news outlet Digital Today, the information obtained from the country’s Supreme Court Registry Office highlight that Do Kwon successfully instigated the liquidation of two branches and an entire company". I think this is a well-laid plan by @stabelkwon only that the terra luna community is just finding out now. There are too many victims for this not to attract the legal bodies.

Yeah, before the Terra market crash, Terra dissolve its Terraform Labs before the collapse of both UST and Luna. Isn't this too much of a coincidence? Aside from that, they give a hint that the problem branches from the embezzlement of fund by their employee. This kind of news is really shady and I think they are trying to make an scapegoat instead of taking responsibility.

investors faith now gone by several reason, there is no more true investment that made and now only speculation. with problem above , DO kwon have no more reputation in crypto space. investment company will not support him any more if he could not give best solution to this problem. so far there is no significant action from them and luna still steady in limited range.

BitcoinPanther

hero member

Activity: 1918

Merit: 564

Quote from: Anonylz on May 22, 2022, 10:13:10 AM

It appears Do Kwon already plan this out even before the melt down from this article on telegraph which explains "Initially reported by South Korean news outlet Digital Today, the information obtained from the country’s Supreme Court Registry Office highlight that Do Kwon successfully instigated the liquidation of two branches and an entire company". I think this is a well-laid plan by @stabelkwon only that the terra luna community is just finding out now. There are too many victims for this not to attract the legal bodies.

Yeah, before the Terra market crash, Terra dissolve its Terraform Labs before the collapse of both UST and Luna. Isn't this too much of a coincidence? Aside from that, they give a hint that the problem branches from the embezzlement of fund by their employee. This kind of news is really shady and I think they are trying to make an scapegoat instead of taking responsibility.

wxa7115

hero member

Activity: 2702

Merit: 704

Quote from: 24Kt on May 18, 2022, 05:50:36 PM

Quote from: wxa7115 on May 18, 2022, 05:34:40 PM

Satoshi knew that he could not avoid the appearance of altcoins in the market, as the code of bitcoin was open source it was trivial for anyone with the right knowledge to fork bitcoin or modify the code and release their own coin.

The lessons that we need to learn here are the same as always, do not invest in something that seems to be too good to be true, avoid centralized coins, avoid coins which promise you to earn money after a period of time and avoid dishonest and mediocre developers, I know that if we were to do this then we will have to avoid more than 99% of the coins in the market, but that is precisely my point.

It is easy to say this kind of piece of advice, however, in actuality, we don't know if a certain project will rug pull or not, even if we say, we have done our research. Like for example, this LUNA, it was seemingly a very solid project, no one knew this crash was coming. Maybe, the dev team themselves as they know what's going on internally. But for their holders, I don't think they have idea that there will be dump like this.

Without a doubt it is difficult to know when a coin that on the surface looked like a legitimate project will turn into a scam, but that is why many forum members recommend to not hold altcoins for the long term.

Holding bitcoin is fine and it is a good move and if you want to trade altcoins then you are free to do it as well, but holding them for the long term is a mistake, and this disaster proves this advice to be right once again, after all if you were trading luna you could have gotten out of your trading position weeks before the crash happened, but if you were a holder then you endured the totality of the crash and you lost whatever you invested in it.

d3nz

sr. member

Activity: 1274

Merit: 264

Quote from: robelneo on May 22, 2022, 12:20:05 PM

Quote from: zasad@ on May 22, 2022, 09:11:52 AM

There is a lot of information about the tax fraud of the founders of Terra
https://economictimes.indiatimes.com/tech/newsletters/ettech-unwrapped/terras-aftershocks-torment-crypto/articleshow/91699298.cms
"South Korea’s National Tax Service has reportedly ordered Terraform Labs, its cofounder Do Kwon, and other executives to pay a 100 billion won ($78 million) fine for tax evasion."

He is in the spotlight now for over two weeks now and he will continue to be in the spotlight, he is in survival mode right now, he once says there's entertainment in watching companies dies, but now we are watching how his so-called great creation is falling and crashing down, something like this never happen if he is not an arrogant and a spoiled brat people will still support him, now he will be one of the people he called poor people.
What happened to Do Kwon teaches us that we should not think we are superior and arrogant and do not despise people who are low in life.

Obviously, most people who invested in Luna and are new to investing are eyes on Do Kwon and waiting for the update. That is why more incoming news about Do Kwon even about the tax and as I check they already paid it in full. (https://cryptopotato.com/terraform-labs-has-paid-in-full-its-taxes-in-south-korea-says-do-kwon/)

And, I think that Terraform will surely recover from this situation, and possibly the value of Luna will go uptrend again and its fork Luna Classic "LUNC" depends if people will invest in it.

robelneo

legendary

Activity: 3192

Merit: 1198

Bons.io Telegram Casino

Quote from: zasad@ on May 22, 2022, 09:11:52 AM

There is a lot of information about the tax fraud of the founders of Terra
https://economictimes.indiatimes.com/tech/newsletters/ettech-unwrapped/terras-aftershocks-torment-crypto/articleshow/91699298.cms
"South Korea’s National Tax Service has reportedly ordered Terraform Labs, its cofounder Do Kwon, and other executives to pay a 100 billion won ($78 million) fine for tax evasion."

He is in the spotlight now for over two weeks now and he will continue to be in the spotlight, he is in survival mode right now, he once says there's entertainment in watching companies dies, but now we are watching how his so-called great creation is falling and crashing down, something like this never happen if he is not an arrogant and a spoiled brat people will still support him, now he will be one of the people he called poor people.
What happened to Do Kwon teaches us that we should not think we are superior and arrogant and do not despise people who are low in life.

diminizio

full member

Activity: 585

Merit: 100

Binance #SWGT and CERTIK Audited

it must be done, although some people think what happened at LUNA was due to an attack that was intended to destroy the Terra LUNA team itself, but as a team let alone the CEO must be able to explain the details and after that, they must hold investors accountable for losses by LUNA to Do Kwon. Currently there is only a proposal for a new LUNA, but for the liability for losses that have already occurred, can it be forgiven?

Flexystar

full member

Activity: 1092

Merit: 227

Hidden games? Come on man, definitely they did something very very spurious to make Luna go down to such worst levels. They definitely planned it, made exit correctly when it was bearish everywhere and secured all the funds they could. It’s nothing but big scam of all times. They just looted people in swiftest way possible and made it look like market crash. If there is anyone here who thinks that this was not accident or conspiracy then definitely they are in the dark side of moon.

Anonylz

hero member

Activity: 2562

Merit: 577

It appears Do Kwon already plan this out even before the melt down from this article on telegraph which explains "Initially reported by South Korean news outlet Digital Today, the information obtained from the country’s Supreme Court Registry Office highlight that Do Kwon successfully instigated the liquidation of two branches and an entire company". I think this is a well-laid plan by @stabelkwon only that the terra luna community is just finding out now. There are too many victims for this not to attract the legal bodies.

zasad@

legendary

Activity: 1736

Merit: 4270

There is a lot of information about the tax fraud of the founders of Terra
https://economictimes.indiatimes.com/tech/newsletters/ettech-unwrapped/terras-aftershocks-torment-crypto/articleshow/91699298.cms
"South Korea’s National Tax Service has reportedly ordered Terraform Labs, its cofounder Do Kwon, and other executives to pay a 100 billion won ($78 million) fine for tax evasion."

mirakal

legendary

Activity: 3108

Merit: 1290

Leading Crypto Sports Betting & Casino Platform

It's just right that there's a legal intervention, he has to take account of what happened, and if it's proven that he did something illegal when running the business, he has to face the sanction. It's fair for the investors to take this case under investigation as they were the ones who lost money from this big mess.

vv181

legendary

Activity: 1932

Merit: 1273

Quote from: asriloni on May 20, 2022, 02:45:56 AM

They are all yelling for the government to help them all. what a pathetic community.

Investors pressuring the government to take an inspection of Luna's fiasco may sound plausible. But the bigger picture is the government taking this chance to furtherly regulate cryptocurrencies, they stated it as willing to protect investors for a future reference but on the other hand, I think it rather will make cryptocurrency will be more tightly regulated, in the name to prevent a scenario like Luna and UST. I'm afraid they are willing to take this chance to fasten limitate cryptocurrenices developments/usages.

leea-1334

hero member

Activity: 2240

Merit: 953

Temporary forum vacation

Quote from: lixer on May 21, 2022, 11:40:30 AM

Quote from: leea-1334 on May 19, 2022, 07:03:10 AM

Then he did this. And people went crazy for the same shit. Do you know why I do not feel sorry for people?

I think I also saw that info somewhere. That means the guy really mean it. It was not an accident or something but they already plan to scam people right at the start. They only get the people's trust and when many people believes on them and think they are trustworthy, that's the time they will pull off their trick.

If only those poor people did a research about this guy if what is his background, they will know that this guy is not trusted because he already did some shady acts on the past but it was too late for them to realize it. I just hope that they won't repeat the same mistake and never underestimate the power of research next time.

Of course. 99% of altcoins,,, do you think the devs and owners really want to change the world? If true,,, why do they need to launch ICOs and IDOs or sell things made out of zero value?

As I said I totally blame the people because scams was obvious.

Quote from: asriloni on May 20, 2022, 02:45:56 AM

They are putting their money into the garbage project and then they got scammed. They are all yelling for the government to help them all. what a pathetic community.

They knew it was a scam but like all buyers think they can get in early before it crashes. Pathetic but that is what you get with altcoin 'communities'.

evilgreed

sr. member

Activity: 728

Merit: 266

Well, the speculation is indeed plausible but I'd rather not judge the guy and his team until proven guilty. Also, being summoned by law makers was inevitable and was bound to happen sooner or later the Terra Luna issue is in no way a small thing. This issue involves a huge amount of investments from lots of people which is something that cannot be easily ignored. I'm pretty skeptical about the fork that he and his team are pushing so hard though. Not that I am saying I am better than them but I just think that the investors should have the right to vote as to how they want this to proceed or what solutions should be used.

lixer

hero member

Activity: 2492

Merit: 586

Quote from: leea-1334 on May 19, 2022, 07:03:10 AM

You know I saw on Coinbase youtube that there are several ex employees of Terra who said this guy Do Kwon actually did a very similar scam in 2021. He launched a stablecoin,,, also tied to us dollar, also using minting/burning of two different coins in a loop and also using a reserve fund to peg. That one was launched anonymously but they said he was one of the devs.

20 million lost or something.

Then he did this. And people went crazy for the same shit. Do you know why I do not feel sorry for people?

I think I also saw that info somewhere. That means the guy really mean it. It was not an accident or something but they already plan to scam people right at the start. They only get the people's trust and when many people believes on them and think they are trustworthy, that's the time they will pull off their trick.

If only those poor people did a research about this guy if what is his background, they will know that this guy is not trusted because he already did some shady acts on the past but it was too late for them to realize it. I just hope that they won't repeat the same mistake and never underestimate the power of research next time.

Dart18

sr. member

Activity: 1400

Merit: 259

Sooner or later this should happen. He should answer all the questions and it's a long line already. Like, "What the f*** happened?" Cheesy

It's like he is already making a new path without answering much about the first problem. And shockingly, it's that fast. Just how many weeks was it?
In my opinion, that ain't solution, he is escaping something. Could be jail time.
A lot of money is gone and investors are still asking and yet he let it come to this.

Tellek Garing

full member

Activity: 854

Merit: 130

I believe the summoned will aim to compensate investors whose losses have amounted to billions of dollars in total, and the small investors and big investors should get their money back, luna crash is the biggest cryptocurrency scam in historians this is bad for the network. This is not the best time for the CEO to play any dull and unsmart moves as their chances of recovering from this is slim, so any mistake in the recovery process may lead to a further crash of the Luna there network.

Swishing chains and making a new coin may amount to surplus supply and that will affect the price of the coin.

roslinpl

legendary

Activity: 2212

Merit: 1199

Luna had his last funeral already, so this can’t be help to bring the investors again to the Luna. My suggestions to the investors will be, better to avoid of wasting huge money on Luna. It’s better to hold the money in the bank itself, instead of making the investments and loss the money again. This will not work at any circumstances, the investors loss the hope on the Luna now.

Topic: Luna CEO summoned by lawmakers (Read 358 times)