Terra cofounder Do Kwon is the one who is pumping Bitcoin - page 5.

pooya87

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Quote from: bbc.reporter on May 19, 2022, 09:45:05 PM

Do Kwon will certainly go to prison for this.

I don't think there is any law against creating shitcoins otherwise there would be thousands of shitcoin creators from ethereum founders to AKIHIKO (that's the shitcoin at the bottom of CMC list LOL) would have been in jail.
Basically they created a useless garbage, idiots who refused to listed to the rest of us bought it and they ended up losing money as we predicted.

bbc.reporter

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Quote from: btc_angela on May 28, 2022, 05:22:02 PM

Quote from: bbc.reporter on May 28, 2022, 12:16:40 AM

I am not quite certain why many investors would go back there and invest in Luna again. It will be something similar to discovering being cheated by your girlfriend, you separate from her and go back to her again despite of the knowledge she cheated on you hehehe.

I mean we investors are not going to be fooled twice by Do Kwon, if we think rationally, yeah we shouldn't reinvest on this project.

Quote from: bbc.reporter on May 28, 2022, 12:16:40 AM

However, it cannot be underestimated how many projects in the cryptospace survive after a hack, a theft or an emergency fork because of an exploit. In any case, Do Kwon might buy bitcoin for Terra's treasury again. I will lock this if I have confirmation that he will not be buying.

The only difference though is that we are in a bear market, and we have a lot of noise in the background like war and inflation. So now sure how new alt coin projects are going to survived in this scenario unless they are going to used the old but effective tactics "pump and dump" scheme.

Agreed. There appears to be cryptofunds that continue to support it, however. There are also centralized exchanges that have listed the token of Luna's fork with the original chain being called Luna Classic. This sounds very familiar heheheheheee.

I disagree that many altcoin projects will be pump and dump schemes. They are only good for bull markets where they can make easy money. The bear market is a time for building and a time where only the best development teams will survive and enter the bull market. Will it be Luna? We cannot be certain.

Quidat

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Quote from: Frengki_cisco on May 29, 2022, 05:00:01 AM

Quote from: bbc.reporter on March 24, 2022, 10:40:21 PM

It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe.

No Do Kwon, can't beat them, Do Kwon's wealth is not comparable to them, the founder of Terra Luna, now the trust of the crypto community has lost, it's all his own doing,

if Do Kwon is the newest celebrity, what's happening right now is the worst thing he's ever done.

Would really be his first and would really be his last because once the community had been fooled by someone or somebody then expect that you wont really be getting any attention or recognition on the next
time you would tend to advertise or recommend something even if he tries to revive that Luna which have now that fork which is lunac as i know which it do plummets its price before it would hit up
on binance this friday. Do the community would really be fooled twice? I dont think so thats why they should really be wise on what are the things that they've been doing.
Community is the main player of this market even though these big fellas could give out big effects on the market but doesnt mean that they could handle everything.

Frengki_cisco

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Quote from: bbc.reporter on March 24, 2022, 10:40:21 PM

It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe.

No Do Kwon, can't beat them, Do Kwon's wealth is not comparable to them, the founder of Terra Luna, now the trust of the crypto community has lost, it's all his own doing,

if Do Kwon is the newest celebrity, what's happening right now is the worst thing he's ever done.

AmoreJaz

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Quote from: btc_angela on May 28, 2022, 05:22:02 PM

Quote from: bbc.reporter on May 28, 2022, 12:16:40 AM

I am not quite certain why many investors would go back there and invest in Luna again. It will be something similar to discovering being cheated by your girlfriend, you separate from her and go back to her again despite of the knowledge she cheated on you hehehe.

I mean we investors are not going to be fooled twice by Do Kwon, if we think rationally, yeah we shouldn't reinvest on this project.

Quote from: bbc.reporter on May 28, 2022, 12:16:40 AM

However, it cannot be underestimated how many projects in the cryptospace survive after a hack, a theft or an emergency fork because of an exploit. In any case, Do Kwon might buy bitcoin for Terra's treasury again. I will lock this if I have confirmation that he will not be buying.

The only difference though is that we are in a bear market, and we have a lot of noise in the background like war and inflation. So now sure how new alt coin projects are going to survived in this scenario unless they are going to used the old but effective tactics "pump and dump" scheme.

maybe some of these investors are just hoping that they will get back their lost funds. now, i am thinking that do kwon's team knew that this crashed was coming as based from the OP's post last march, they were buying more btc, so they were just making their investors believe that there's bright future for terra. but at the back of their minds, they are about to cash out their bitcoin and now, crashing their UST stablecoin. and then, claiming that they did not benefit on this crash? i don't think so. they already secure their pockets before this crash.
you are right, i hope these investors are thinking smart, do kwon's team is here again for another scamming stunt.

btc_angela

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Quote from: bbc.reporter on May 28, 2022, 12:16:40 AM

I am not quite certain why many investors would go back there and invest in Luna again. It will be something similar to discovering being cheated by your girlfriend, you separate from her and go back to her again despite of the knowledge she cheated on you hehehe.

I mean we investors are not going to be fooled twice by Do Kwon, if we think rationally, yeah we shouldn't reinvest on this project.

Quote from: bbc.reporter on May 28, 2022, 12:16:40 AM

However, it cannot be underestimated how many projects in the cryptospace survive after a hack, a theft or an emergency fork because of an exploit. In any case, Do Kwon might buy bitcoin for Terra's treasury again. I will lock this if I have confirmation that he will not be buying.

The only difference though is that we are in a bear market, and we have a lot of noise in the background like war and inflation. So now sure how new alt coin projects are going to survived in this scenario unless they are going to used the old but effective tactics "pump and dump" scheme.

bbc.reporter

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Quote from: Daltonik on May 22, 2022, 06:03:51 AM

Meanwhile, the vote on the Terra blockchain hard fork passed the quorum mark, although Do Kwon made changes to the distribution of tokens of the new network after the start of the vote, as he put it "taking into account the opinion of the community", which of course contradicts the principle of decentralization, let's see what they get in the end.

I am not quite certain why many investors would go back there and invest in Luna again. It will be something similar to discovering being cheated by your girlfriend, you separate from her and go back to her again despite of the knowledge she cheated on you hehehe.

However, it cannot be underestimated how many projects in the cryptospace survive after a hack, a theft or an emergency fork because of an exploit. In any case, Do Kwon might buy bitcoin for Terra's treasury again. I will lock this if I have confirmation that he will not be buying.

Daltonik

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The list of CEX who supported airdrop Luna 2.0, as well as details about the distribution among holders before and after the attack can be read here: https://agora.terra.money/t/terra-ecosystem-revival-plan-2-passed-gov/18498

Daltonik

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Meanwhile, the vote on the Terra blockchain hard fork passed the quorum mark, although Do Kwon made changes to the distribution of tokens of the new network after the start of the vote, as he put it "taking into account the opinion of the community", which of course contradicts the principle of decentralization, let's see what they get in the end.

Wind_FURY

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Tin-foil hats on. Do Kwon was planted by the CIA to build/set up Luna/UST for a massive failure that will open an opportunity for the government to start FUD, immediate regulations on stablecoins, and make way for a fast release and execution of the Fed's CBDC.

fzkto

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LOL. It's very relevant to see this thread now, after scammer Do Kwon dropped the whole crypto market and stymied people's faith in the bright future of altcoins, which can turn to zero in a few days. What happens next is not quite clear either. It is possible that all stablecoins will start to be regulated and then bitcoin will be difficult to pump up again just by turning on the printing press.

tygeade

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Quote from: bbc.reporter on May 16, 2022, 09:55:07 PM

@Kemarit. This is much more different, however. Terra Luna and UST were supported as part of the cryptospace's bluechip ecosystem. The concept of algorithmic stablecoins was something that was going to bring everything more independent from fiat currencies. I reckon as an idea it is something the cryptospace very much needs, however, the implementation is clearly much harder to make.

In any case, the intruder who went to Do Kwon's home talked to news reporters and said that he lost $2.3 million in Luna and UST. This might be clickbait. The reporters should ask if $2.3 million is being valued when Luna was more than $100 per token or if is investment started with $2.3 million.

Algorithmic Stablecoins were tried and tested way before UST and people decided to ignore all of them because they were low ranked. Just last year during spring months we had like 10 of them crashing all at the same times give or take. People ignored that about UST, why? Because, they were low ranked terrible projects that went down because they were terrible and low ranked and UST wasn't.

Now that we are looking at it, we know there is no difference. You need to realize that we should be focusing a bit more wards something that is a bit realistic and realize that if one thing is bad then the other one is bad as well and there is nothing we can do about that.

bbc.reporter

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From the founder who was pumping bitcoin to the scammer who has dumped everything he pumped hehe. Do Kwon will certainly go to prison for this. He is trying to fix the project by proposing a fork, however, the damage has been done. This cannot be fixed. It can only be fixed in the eyes for those investors who lost money if Do Kwon is convicted and to be banned from making new projects.

The collapse of the tokens linked to the Terra ecosystem, stablecoin terraUSD (UST) and Luna (LUNA), has led to some major investors coming clean and detailing their losses. Two more backers of Terra are disclosing exactly how their balance sheets have been affected.

Publicly, Hashed has said that it is “financially sound” and Hashed Ventures hasn't been affected by the crisis.

All in all, Hashed’s losses amount to over $3.5 billion using pricing data from early April.
Local media in South Korea report that more than 200,000 investors in the country hold Terra-related tokens.

Source https://www.coindesk.com/markets/2022/05/19/terra-backers-delphi-digital-and-hashed-lick-their-wounds-after-ust-and-luna-collapse/

There are also startups that have began scamming their own customers for UST yields in Anchor hehehe.

Yikes. @stablegains
took USDC and USD via wire from customers promising them 15%, put it all into Anchor without telling them, and skimmed 4% off the top. They have now changed the denominations in their app from USD to UST and are nuking the landing page & old terms.

These guys are in deep trouble - they lost about $42m in funds from 4,878 customers and probably have no way to pay it back (they're a small startup) because they went all in on Anchor's invincibility. Conviction bets are great, but not when toying with people's savings.

Source https://mobile.twitter.com/fatmanterra/status/1527153694218797058?s=12&t=i0uLuE5dnP0wxx9wTxDuew

The government of South Korea has brought back their special financial crimes unit to investigate Terra. This financial crimes unit were also used to investigate IPO scams in the stock market.

A specialized financial crimes unit has been tasked with investigating last week’s collapse of the Terra blockchain’s main cryptocurrencies while founder Do Kwon faces hefty tax fines, according to South Korean media reports.

Source https://www.theblockcrypto.com/post/147606/south-korea-investigates-financial-crimes-crypto-terra-luna-kwon-crash

South Korean lawmakers want Do Kwon for questioning. It appears that the proposed Luna fork might only be something for Do Kwon to make it appear that he is trying to fix the damage.

Earlier today, the de-pegging of UST was taken all the way to the National Assembly’s Political Affairs Committee at a plenary meeting. During the meeting, discussing the damage the network had caused to several individuals, Rep. Yoon Chang-hyeon, a member of the ruling party urged the government to bring in Do Kwon for questioning.

Source https://watcher.guru/news/heres-how-much-trouble-terra-do-kwon-is-in-following-usts-demise

takuma sato

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I was never too convinced that this algorithmic approach to keep a stablecoin stable would work, not only because trusting some algorithm to buy and sell without human supervision involved can end up in a problem but the fact that all these tokens are based on centralized (non-Bitcoin) blockchains, in this case LUNA is an ERC20 token and you can't even sync a full ETH node, should be enough to not trust this.

bbc.reporter

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@Kemarit. This is much more different, however. Terra Luna and UST were supported as part of the cryptospace's bluechip ecosystem. The concept of algorithmic stablecoins was something that was going to bring everything more independent from fiat currencies. I reckon as an idea it is something the cryptospace very much needs, however, the implementation is clearly much harder to make.

In any case, the intruder who went to Do Kwon's home talked to news reporters and said that he lost $2.3 million in Luna and UST. This might be clickbait. The reporters should ask if $2.3 million is being valued when Luna was more than $100 per token or if is investment started with $2.3 million.

“I have lost about 2 to 3 billion won (US$2.3 million)
Suspect told reporters

He spoke to the reporters following the Seongdong police station investigation. The suspect also urged Kwon to take up full responsibility for the downfall. He used to operate an online broadcasting channel. The suspect claimed that many had taken their own lives amidst the fall of the stabelcoin.

Source https://watcher.guru/news/suspect-who-invaded-terra-founder-do-kwons-home-reveals-his-motive

Kemarit

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^^ Sounds very familiar to me, I mean years ago, literally decades when we have a pyramiding scheme here in our country. So lots of people started to put their money on it including high ranking police officers. And when it the scheme was about to crumble, there were reports that this general is sending policemen to the house of the leader of the scheme and harassing the family.

Anyhow, this is scary for Do Kwon and his family but not sure if the police are going to investigate or protect him because a lot of people have lost money investing on Terra, just saying.

bbc.reporter

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This might only be the beginning unless investors are given their money back. There is a report that 2 people have started going to Do Kwon's apartment to break in and to harrass his family. This is scary for Do Kwon, I only hope for the safety of his family and some compensation for the investors.

Police are investigating a report that an unknown person visited the home of Terraform Labs CEO Kwon Do-hyung and rang the doorbell. CEO Kwon's spouse requested the police to designate a person for emergency personal protection.

According to the police on the 13th, the Seongdong Police Station in Seoul received a report that an unidentified person broke into an apartment in Seongsu-dong, Seongdong-gu, and rang the doorbell at around 6:23 pm the day before.

Source https://m.mt.co.kr/renew/view.html?no=2022051308574726920&type=outlink&ref=%3A%2F%2F

Don Pedro Dinero

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Quote from: Wind_FURY on May 10, 2022, 07:47:25 AM

Shower thought. Why didn't Do Kwon keep their reserves in the U.S. Dollar to maintain the peg? Use Bitcoin in their reserves they bought last month, to sell them less than the buying price to defend the peg this month doesn't make logical sense. They should keep their reserves in cash.

I was thinking the same thing, but we realise it now. I saw the news a while ago and didn't think about it. But it is logical that in view of what has happened it would have been better to have had dollars.

I guess the underlying idea was that the dollar is devaluing, and by leaps and bounds lately, while bitcoin is a good hedge against inflation.

STT

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Not a black swan, more like Murphy's Law where the nature of the market is to test everything to destruction something I would guess Satoshi kept in mind.
Thats a heck of a drop, seems to be a bit of a mess. Does this resemble the crypto equal to the LTCM blowup of the late nineties where some Noble prize winners trying to arbitrage the market with various trades that unfortunately unfolded dramatically. I didnt realize the wider implications but some people rely on the stable coin thing way too much where as I always regarded it as a bit wobbly and opaque

Thats about a negative a headline as they can muster:
https://www.coindesk.com/layer2/2022/05/11/do-kwon-is-the-elizabeth-holmes-of-crypto/

Paul Pogba

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A few days Terra dropped more than 90% and now the price of Terra is only 33 cents, it seems that investors don't believe anything with the Terra project and create a big panic, is it because the Terra drop then has an impact on the market in general? I'm still wondering if Terra can get up again.

Topic: Terra cofounder Do Kwon is the one who is pumping Bitcoin - page 5. (Read 2455 times)