To be fair, Bitcoin is already crashing even before the Luna drama occur, It was already going down below 30K to 35K that time and Luna issue just intensifies the looming bear market signal. Same with the other issue listed below and also the Celcius network event occur because of this market dip since they are afraid of the liquidations of there loans so they stop the withdrawal so technically, they are the victim of the crypto crashing and not the reason.
About the loss in crypto question, is this about Luna investor that loss funds on there Luna UST investment because there is no way to recover there loss especially if they purchased there tokens at the top. The total circulating supply of Lunc is massive while Lunav2 is just an escape goat token. Whatever Do Kwon building right now, this is bullshit and no one will gonna buy it unless he fake pump it to an astronomical level to let people become hype again.
Topic: Reasons why Cryptocurrency is crashing - page 3. (Read 395 times)
Will there be still a chance now for the users to recover their losses after what happened to this bad circumstances in LUNA or in the collapses of the cryptocurrency in the market?
I do not think that there will be any chance to recover their losses on this two projects. Luna is already doomed. It losses its investors trust and the founder is on verge of getting jailed. While Celsius, have incompetend financial managers, I am afraid to say that it will take a very long time before the holder of this projects recover their losses but that is in a condition that Celsius developers find a capable financial manager that can lead the project to financial recovery.
That being said, I don't think that this two is the reason why cryptocurrency is crashing . The market is already in bear trend, so cryptocurrency prices going down is a normal thing or maybe this event make things worst.
instead of worrying this kind of things, I believe we should put our effort on researching which project can give us the most profit when the crypto market transitioned to Bull trend.
On this topic we will talk a lot, first why did the crypto market collapse? what are the factors here? and let's also talk about the topic of Do Kwon terra luna issue in binance. And what was also the problem with celcius crypto lending? those are the things we will discuss one by one.
Do Kwon of Terra Luna So far, LUNA does not seem to be in a good position, especially since there are reports of some investigations saying that the founder, Do Kwon, cashed out a lot of money even before the big drop in its price in the market. Around 80M $ in 33 months and in total of 2.7B $ and according to Do Kwon it is not true and he did not get such a large amount, besides that he is also under investigation in Korea even in the U.S. SEC, and another problem is the dissolution of Terra form branch branches in Korea before the cash out happens, supposedly an exit scam allegedly.
But according to Do Kwon, it was just a coincidence and it had been planned for a long time. And they are now relocated to Singapore. And it also seems that Do Kwon's plan for the revival plan in LUNA did not succeed. Because it still does not return to its previous value. If we look, there are so many problems in space. And another of these is the problem of Celsius Network users, and this is that they prevent customer withdrawals and transfers to stabilize liquidity in the network. They did this since many users withdrew their crypto because of the situation that crypto is collapsing and also because of other markets. And because of this, their native token CEL dropped quickly by 50%, and because of its rapid collapse, many also played here and that FOMO for a while and pumped for a while, But it is also undeniable that the factor is also big its the collapse of the crypto market because many users are unable to release their assets. These 10B worth of customer crypto assets in this company could go into bankruptcy because of the action they took. Now for those of you who don't understand the Celsius Network what has been its big impact on what's happening now, It's like a bank where you can put your crypto assets and you can lock them in, and eventually, it will grow, same with a traditional bank which always has a higher interest here in celsius. And at some point with a high APY versus its competitors, it’s a way for investors to be safe possibly just by holding their crypto assets here in celsius. But right now we can't say it's safe because it's not accessible because users can't release their crypto assets. And the collapse of space also had a big impact on the Celsius Network. Although celsius guarantees high rates for stablecoins like UST. So when it crashed (LUNA) and also affected Celsius. and also one of the falls in celsius is due to LIDO finance.
Cashing out 2.7B$ from LUNA
Refference: https://cointelegraph.com/news/do-kwon-dismisses-allegation-of-cashing-out-2-7b-from-terra-luna-ust
Luna Investigation under South Korea
Referrence: https://www.fool.com/the-ascent/cryptocurrency/articles/south-korea-launches-investigation-into-lunas-parent-company/
Terra Luna Investigation under by U.S at SEC
Referrence: https://www.benzinga.com/markets/cryptocurrency/22/05/27155124/sec-is-already-investigating-terras-stablecoin-ust-report
One of the reason of crashing Celsius Network is Lido Finance
Referrence: https://www.theblock.co/post/148642/lido-finance-refuses-to-support-terras-new-blockchain
Will there be still a chance now for the users to recover their losses after what happened to this bad circumstances in LUNA or in the collapses of the cryptocurrency in the market?
Do Kwon of Terra Luna So far, LUNA does not seem to be in a good position, especially since there are reports of some investigations saying that the founder, Do Kwon, cashed out a lot of money even before the big drop in its price in the market. Around 80M $ in 33 months and in total of 2.7B $ and according to Do Kwon it is not true and he did not get such a large amount, besides that he is also under investigation in Korea even in the U.S. SEC, and another problem is the dissolution of Terra form branch branches in Korea before the cash out happens, supposedly an exit scam allegedly.
But according to Do Kwon, it was just a coincidence and it had been planned for a long time. And they are now relocated to Singapore. And it also seems that Do Kwon's plan for the revival plan in LUNA did not succeed. Because it still does not return to its previous value. If we look, there are so many problems in space. And another of these is the problem of Celsius Network users, and this is that they prevent customer withdrawals and transfers to stabilize liquidity in the network. They did this since many users withdrew their crypto because of the situation that crypto is collapsing and also because of other markets. And because of this, their native token CEL dropped quickly by 50%, and because of its rapid collapse, many also played here and that FOMO for a while and pumped for a while, But it is also undeniable that the factor is also big its the collapse of the crypto market because many users are unable to release their assets. These 10B worth of customer crypto assets in this company could go into bankruptcy because of the action they took. Now for those of you who don't understand the Celsius Network what has been its big impact on what's happening now, It's like a bank where you can put your crypto assets and you can lock them in, and eventually, it will grow, same with a traditional bank which always has a higher interest here in celsius. And at some point with a high APY versus its competitors, it’s a way for investors to be safe possibly just by holding their crypto assets here in celsius. But right now we can't say it's safe because it's not accessible because users can't release their crypto assets. And the collapse of space also had a big impact on the Celsius Network. Although celsius guarantees high rates for stablecoins like UST. So when it crashed (LUNA) and also affected Celsius. and also one of the falls in celsius is due to LIDO finance.
Cashing out 2.7B$ from LUNA
Refference: https://cointelegraph.com/news/do-kwon-dismisses-allegation-of-cashing-out-2-7b-from-terra-luna-ust
Luna Investigation under South Korea
Referrence: https://www.fool.com/the-ascent/cryptocurrency/articles/south-korea-launches-investigation-into-lunas-parent-company/
Terra Luna Investigation under by U.S at SEC
Referrence: https://www.benzinga.com/markets/cryptocurrency/22/05/27155124/sec-is-already-investigating-terras-stablecoin-ust-report
One of the reason of crashing Celsius Network is Lido Finance
Referrence: https://www.theblock.co/post/148642/lido-finance-refuses-to-support-terras-new-blockchain
Will there be still a chance now for the users to recover their losses after what happened to this bad circumstances in LUNA or in the collapses of the cryptocurrency in the market?
Jump to: