Topic: Luna CEO summoned by lawmakers (Read 405 times)

Quote from: lixer on May 21, 2022, 10:40:30 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

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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.

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

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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

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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

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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

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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

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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.

avikz

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It's indeed great to see that South Korean lawmakers are serious about consumer protection even in crypto market. It certainly send positive vibes across the crypto market at least in South Korea.

I believe the CEO promised that LUNA will be re-pegged in coming weeks. But it is necessary to know the fault so that it can be avoinded in future.

Quintrix

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This idiot has the nerve to relaunch his Luna and tried to rebuild his creation, this is the same idiot who made a viral statement that there is enjoyment watching companies die, now people are laughing at him now he gets the karma that he deserves, he should pay for not taking action when it was recommended to do the right thing.
We all know that it's risky investing in Cryptocurrency but it's riskier investing in a scammer like Do Kwon.

cheezcarls

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Whether we like it or not, he has to pay the price. He was accused for tax evasion around 78 billion. If LUNA goes down along with the forked one, the winners are the ones who shorted LUNA in futures trade despite the big risks in this method.

I never invested a single LUNA token even if it did dipped back then and pumped shortly. Then it goes back to dip mode again, but this time with the ongoing lawsuits and uncertainties, I don’t think there is no way LUNA would become relevant anymore as it already loses trust from investors and enthusiasts.

TravelMug

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Quote from: asriloni on May 18, 2022, 09:12:16 PM

here's some things that must become the main concern

1. Legal action
2. Do kwon avoid to pay the tax
3. Dissolve the company before the crash like he knows what will be happening.

Im sure that this is the biggest fraud in the crypto and it seems like do kwon must be jailed caused by this fraud. He will face another problem. It's not only retail investors but im sure when more legal action come against him and he will be on the difficult position.
He was dealing with so many people in this case.

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?

yeah people are so dumb keep fallen into the same shit over and over again. I will not be surprised to see that if you don't feel sorry for them. Im also thinking the same think like you. They are so stupid and to be honest i prefer to call them as gamblers rather than crypto investors. 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.

Oh well, as much as the market has it's up and down, investors are also cyclical. When we learn our hard lessons in the past, there will be newbies who will repeat the same mistakes over and over again.

I wouldn't call them stupid though, as I have said, most likely inexperienced one who think that the whole crypto sphere can make money for them in round clock without doing due diligence until they fall for this trap.

d3nz

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Quote from: alisonwonder on May 20, 2022, 02:12:11 AM

Quote from: TopT3ns on May 20, 2022, 02:47:27 AM

yeah people are so dumb keep fallen into the same shit over and over again. I will not be surprised to see that if you don't feel sorry for them. Im also thinking the same think like you. They are so stupid and to be honest i prefer to call them as gamblers rather than crypto investors. 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.

Can you say the Luna project was stupid before it crashed, I bet you wouldn't dare argue like that. Luna and Ust have been included in the list of top altcoins due to their rapid development, so stop blaming investors because they also don't expect the worst possible loss of value of their investment.

I agree with @asriloni, don't blame the people they are just taking a risk. As others say "Even they cached the falling knife", it's their decision, and don't take it against them. We don't know what will happen next and it is better to wait for more updates, and the best thing to do now is to recover from the loss and take it as a lesson.

I think this is the end of do kwon's journey, now do kwon should have gone to jail but so far it hasn't happened because there are regulations from various exchanges stating that the exchange has risks and is borne by the traders so that's what making Do Kwon still difficult to put in prison.

It will affect all of the investors of Terra Luna/UST, and I think that there will be a possibility that Luna will be delisted on exchanges since the co-founders have an active lawsuit and didn't follow their law. There would be a lot of trials and we never know if Do Kwon will lose or win the case.

TopT3ns

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I think this is the end of do kwon's journey, now do kwon should have gone to jail but so far it hasn't happened because there are regulations from various exchanges stating that the exchange has risks and is borne by the traders so that's what making Do Kwon still difficult to put in prison.

alisonwonder

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yeah people are so dumb keep fallen into the same shit over and over again. I will not be surprised to see that if you don't feel sorry for them. Im also thinking the same think like you. They are so stupid and to be honest i prefer to call them as gamblers rather than crypto investors. 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.

Can you say the Luna project was stupid before it crashed, I bet you wouldn't dare argue like that. Luna and Ust have been included in the list of top altcoins due to their rapid development, so stop blaming investors because they also don't expect the worst possible loss of value of their investment.

asriloni

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Quote from: asriloni on May 18, 2022, 09:12:16 PM

here's some things that must become the main concern

1. Legal action
2. Do kwon avoid to pay the tax
3. Dissolve the company before the crash like he knows what will be happening.

Im sure that this is the biggest fraud in the crypto and it seems like do kwon must be jailed caused by this fraud. He will face another problem. It's not only retail investors but im sure when more legal action come against him and he will be on the difficult position.
He was dealing with so many people in this case.

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?

yeah people are so dumb keep fallen into the same shit over and over again. I will not be surprised to see that if you don't feel sorry for them. Im also thinking the same think like you. They are so stupid and to be honest i prefer to call them as gamblers rather than crypto investors. 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.

capedbaldy

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Quote from: Maestro75 on May 20, 2022, 12:50:21 AM

He should go in for it if he is found guilty of manipulating Luna to his favour. Look at the hardship he has caused Luna and all those who bought it. There are families who are greatly affected and all their earnings destroyed for investing in Luna and then one man and his associates making away with the cash. Alot of investors believe Luna's crash was planned by Do Kwon and he should be prosecuted.

We need transparency on the worst happenings in crypto and if he is found guilty then it is something heinous to destroy his community's finances, I think we should monitor the facts in the trial because we will know the real facts about the case of the collapse of luna and ust prices.

Maestro75

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Quote from: batang_bitcoin on May 18, 2022, 03:17:11 PM

That's really a possibility that he had played something behind for the two coins to crash into the pit.
The latest news that I've seen is about the possible arrest of him after this summons. So, I think that he shows up there, he's aware that any potential arrest would lead him on jail time if it's proven that he did play shady games with the money of the people. There is no longer help and any solution he proposes, existing investors that have lost money won't believe him.

He should go in for it if he is found guilty of manipulating Luna to his favour. Look at the hardship he has caused Luna and all those who bought it. There are families who are greatly affected and all their earnings destroyed for investing in Luna and then one man and his associates making away with the cash. Alot of investors believe Luna's crash was planned by Do Kwon and he should be prosecuted.

leea-1334

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Quote from: asriloni on May 18, 2022, 09:12:16 PM

here's some things that must become the main concern

1. Legal action
2. Do kwon avoid to pay the tax
3. Dissolve the company before the crash like he knows what will be happening.

Im sure that this is the biggest fraud in the crypto and it seems like do kwon must be jailed caused by this fraud. He will face another problem. It's not only retail investors but im sure when more legal action come against him and he will be on the difficult position.
He was dealing with so many people in this case.

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?

Tellek Garing

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Quote from: Gozie51 on May 18, 2022, 08:51:40 AM

Quote from: drumamat on May 18, 2022, 05:04:04 AM

I think he maybe caught in some hidden games that led Luna to crash because there are many Luna released to the market. How did that come about if not that it was a game played. Will this be more troubles for Kwon?

It is looking that way too for me. The CEO of Terra Luna might have rubbed his hands in oil secretly with the team for such kind of lost on investors. It is good that he will face the legislators maybe something could be squeeze out of him. It however depend on the government to make sure investors are compensated if his having hand in the shady crashing of investors money.

Am beginning to think that the luna ceo work with the hackers who cause the coin to crash, community members drafted out a way to make it out of this situation.

But the luna CEO is putting up a plan that will further decrease the value of the coin by going for a swap.and change of chain which will result into.mre toke minting.

asriloni

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here's some things that must become the main concern

1. Legal action
2. Do kwon avoid to pay the tax
3. Dissolve the company before the crash like he knows what will be happening.

Im sure that this is the biggest fraud in the crypto and it seems like do kwon must be jailed caused by this fraud. He will face another problem. It's not only retail investors but im sure when more legal action come against him and he will be on the difficult position.
He was dealing with so many people in this case.

bitkanu

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It'd be great if this summoning could make out a clear reasoning behind the massive UST collapse.
even better if there is an effort in making LFG reimburse any victims of their UST collapses since UST was supposed to be a coin for reserving wealth not the other way around.
not to mention the massive correction for LUNA that make it almost loses 100% of its value alone should be of concern. after all LUNA is a former of major alts that are ranked 4th so it's not some measly matters that the reasoning for their collapses should be clear.

BitcoinPanther

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Something is hidden or not from the eyes of investors, but in reality the CEO definitely knows the real cause of the crash. (I am very glad that I sold this asset at the time).

Definitely, CEO should know the real cause of the crash. Aside from that, it is questionable why they inflate the supply of Terra instead of using their BTC holdings to support the Terra Market. I don't find it convincing how they spend the Terra BTC because the report was to vague and somehow doesn't tally to the value of the sold BTC fund.

I do hope the Luna CEO will be held responsible for the mismanagement, incompetence or possible fraud activities of the Luna Project.

TelolettOm

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Quote from: aprilnot on May 18, 2022, 09:30:10 AM

Will this be more troubles for Kwon?

If the assembly lawmakers find out the fraud evidence on Do Kwon's explanation, he is probably in big trouble. He can be sentenced to jail and pay a fine with big money. Luna price dropped very unusually, looks like manipulation or played by a group of people. Do Kwon may have a role in this case as he is the CEO of Luna project, he must know what's happening. If there is evidence of his involvement, he could be charged with a severe sanction.

TastyChillySauce00

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Quote from: TastyChillySauce00 on May 18, 2022, 04:59:15 AM

Quote from: wxa7115 on May 18, 2022, 04:34:40 PM

I think he maybe caught in some hidden games that led Luna to crash because there are many Luna released to the market. How did that come about if not that it was a game played. Will this be more troubles for Kwon?

I do believe the hidden story is not yet revealed. How the hell they can stop or halt the blockchain and they were refusing to do that and let people to pay the hyper inflation coin with their money. I do believe if that will be more trouble for kwon. The regulators are taking the action and im sure that even when there are so many US citizens that lost their money and that will make SEC to join in the game and they will be investigating this problem.
I hope that we will see the real story behind it and justice will be there. This is hurting so many people and ruining their lifes

yeah you're right, if he tried to fix it they should be able to stop the network and stop printing luna during yesterday's crash. but in reality they were silent and seemed to let everything happen. and what irritates me even more is CEO luna refusing all suggestions and help from other people. he was too confident that he could solve the problem. but look today luna and UST have become shit coins. I hope this person is prosecuted and gets a severe punishment for this matter.

This project is full with so many shady things. Recently CEO of luna was manipulating the vote by changing it into the token power voting after the first voting the majority of holders said no and the mechanism changed by him to make sure if what already targetted by him to create the new token will be getting yes by the majority of holders. he was doing so many manipulation and i guess that hyper inflation case was also a part of manipulation that already made by him as well.

I fully distrust this project. Its CEO pretty similar with scammer.

Yogee

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Tough road ahead for Kwon and the remaining Terra team. I can't imagine how they will recover from this.

I'm curious why they also summoned the exchanges or their representative just because they earned from the LUNA trades. It's in their discretion to stop trading and they usually do it if they find irregularities or if there are reports of hacks.

24Kt

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Quote from: StarKay on May 18, 2022, 12:34:00 PM

It is sad that cryptocurrency has come to this, Satoshi Nakamoto never imagined a day like this will come where the blockchain he created will now be a tool for scams and Ponzi schemes to thrive.
If we now need government to save crypto investors then I no longer understand what crypto is all about anymore.

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.

Ok, this YouTuber Consider knew what was about to happen. Tongue

Quote from: ryzaadit on May 18, 2022, 04:46:11 PM

The South Korea Assemble should watch this video : https://www.youtube.com/watch?v=y_otSD3LYCA

Great overview and explanation of the prediction of how "LUNA" Ponzi scheme could ended disaster, the great things about this overview. Created 2 month ago before this disaster is happened, so is really worth to be watch.

If people want to know too, freely to watch this video.

He nailed what was about to happen in LUNA + UST. If some holders have watched this, maybe they have cashed out their holdings before this crashed happened.

ryzaadit

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The South Korea Assemble should watch this video : https://www.youtube.com/watch?v=y_otSD3LYCA

Great overview and explanation of the prediction of how "LUNA" Ponzi scheme could ended disaster, the great things about this overview. Created 2 month ago before this disaster is happened, so is really worth to be watch.

If people want to know too, freely to watch this video.

wxa7115

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Quote from: StarKay on May 18, 2022, 12:34:00 PM

It is sad that cryptocurrency has come to this, Satoshi Nakamoto never imagined a day like this will come where the blockchain he created will now be a tool for scams and Ponzi schemes to thrive.
If we now need government to save crypto investors then I no longer understand what crypto is all about anymore.

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.

batang_bitcoin

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That's really a possibility that he had played something behind for the two coins to crash into the pit.
The latest news that I've seen is about the possible arrest of him after this summons. So, I think that he shows up there, he's aware that any potential arrest would lead him on jail time if it's proven that he did play shady games with the money of the people. There is no longer help and any solution he proposes, existing investors that have lost money won't believe him.

MonsterV

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Quote from: StarKay on May 18, 2022, 12:34:00 PM

It is sad that cryptocurrency has come to this, Satoshi Nakamoto never imagined a day like this will come where the blockchain he created will now be a tool for scams and Ponzi schemes to thrive.
If we now need government to save crypto investors then I no longer understand what crypto is all about anymore.

I am sure that the founder of cryptocurrency has never envision for something bad like this to happen, but on contrary, for the crypto world to prosper and be beneficial for all. However, we cannot prevent such event because of people’s intentions, which differ from one another. I believe that government intervention has entered the picture because the welfare of citizens has been affected, that being said, the involvement of large scale complaints and such.

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Quote from: inanilujimi on May 18, 2022, 12:09:29 PM

I hope he solves all the problems first instead of having to come up with something new again.
How could he make Luna again and leave the current luna as a community token only Huh

As if to run away from problems, but in fact new, bigger problems will continue to approach.

I guess he knew that it wouldn't work to ignore the community rather than the pool of support from the project, I was surprised that he prioritized his own desires over CZ suggestion. So they deserve an examination from the authorities to find the core of the problem that has caused investors' losses.

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It is sad that cryptocurrency has come to this, Satoshi Nakamoto never imagined a day like this will come where the blockchain he created will now be a tool for scams and Ponzi schemes to thrive.
If we now need government to save crypto investors then I no longer understand what crypto is all about anymore.

inanilujimi

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I hope he solves all the problems first instead of having to come up with something new again.
How could he make Luna again and leave the current luna as a community token only Huh

As if to run away from problems, but in fact new, bigger problems will continue to approach.

aprilnot

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Quote from: TastyChillySauce00 on May 18, 2022, 04:59:15 AM

I think he maybe caught in some hidden games that led Luna to crash because there are many Luna released to the market. How did that come about if not that it was a game played. Will this be more troubles for Kwon?

I do believe the hidden story is not yet revealed. How the hell they can stop or halt the blockchain and they were refusing to do that and let people to pay the hyper inflation coin with their money. I do believe if that will be more trouble for kwon. The regulators are taking the action and im sure that even when there are so many US citizens that lost their money and that will make SEC to join in the game and they will be investigating this problem.
I hope that we will see the real story behind it and justice will be there. This is hurting so many people and ruining their lifes

yeah you're right, if he tried to fix it they should be able to stop the network and stop printing luna during yesterday's crash. but in reality they were silent and seemed to let everything happen. and what irritates me even more is CEO luna refusing all suggestions and help from other people. he was too confident that he could solve the problem. but look today luna and UST have become shit coins. I hope this person is prosecuted and gets a severe punishment for this matter.

Gozie51

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I think he maybe caught in some hidden games that led Luna to crash because there are many Luna released to the market. How did that come about if not that it was a game played. Will this be more troubles for Kwon?

It is looking that way too for me. The CEO of Terra Luna might have rubbed his hands in oil secretly with the team for such kind of lost on investors. It is good that he will face the legislators maybe something could be squeeze out of him. It however depend on the government to make sure investors are compensated if his having hand in the shady crashing of investors money.

drumamat

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Something is hidden or not from the eyes of investors, but in reality the CEO definitely knows the real cause of the crash. (I am very glad that I sold this asset at the time).

TastyChillySauce00

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I think he maybe caught in some hidden games that led Luna to crash because there are many Luna released to the market. How did that come about if not that it was a game played. Will this be more troubles for Kwon?

I do believe the hidden story is not yet revealed. How the hell they can stop or halt the blockchain and they were refusing to do that and let people to pay the hyper inflation coin with their money. I do believe if that will be more trouble for kwon. The regulators are taking the action and im sure that even when there are so many US citizens that lost their money and that will make SEC to join in the game and they will be investigating this problem.
I hope that we will see the real story behind it and justice will be there. This is hurting so many people and ruining their lifes

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