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LUNA Holders May Fall in Deep Trouble, if This Happens, What Will Do-Kwon Do Now?

Written by: Sahana Vibhute

May 24, 2022

As soon as Do-Kwon came up with the recovery plan, the criticism followed strongly. Moreover, some went a step ahead and filed a lawsuit in the wake of heavy losses incurred by the investors due to UST de-peg. Investors have filed a lawsuit against the founder Do-Kwon and Daniel Shin. On the other hand, the South Korean Regulators have rolled out a mandate to the exchanges to freeze the assets linked to LUNA Foundation Guard (LFG). 

The exchanges include Upbit, Bithumb, Coinone, Korbit and Gopax, where-in the authorities will meet these exchanges on May 25, 2022. Moreover, South Korea’s ruling party have also picked up this de-peg for further discussion and may decide on the accountability for losses. However, the exchanges have no legal obligations and only can consider Police’s mandate and request and may comply. 

On the other hand, LUNA price faces a huge rejection at the moment, while the projects running on Terra blockchain thrive

The LUNA price since the monstrous spike a couple of days after the crash dropped hard into a steep bearish well. Moreover, despite the recent events of a significant spike, the price failed to break through the downtrend line. However, from the early trading hours, the bears appear to have regained a significant dominance that may eventually restrict the price below $0.0002 for quite a long time. 

On the other hand, UST has gained a notable bullish momentum which has bought the price a step closer to $0.1. Despite a strong upswing, the price is still within the reach of bears as bulls may have kept themselves refrained at the moment. And as an icing on the cake, if exchanges freeze the Terra’a assets, then it may be extremely difficult for the price to find a rebound and may also end up getting rug-pulled. 

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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