Terra LUNA Shows Highest Weekly Losses Among Top 100 as Do Kwon Comes Under Pressure
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The new Terra LUNA, created after the collapse of the network in May, has shown the biggest weekly losses among the top 100. LUNA is currently trading at $2.72, down 5.81% in the last 24 hours and down 58.85% in the last week.
LUNA rose 200% last week and reached a high of $7.20 on September 10th. However, the token has wiped out most of those gains as it stands now, trading below $3.
The administration of Terra Classic has passed proposal 4661. The interest rates of Treasury parameters have already been updated. When the new era begins (block 9,475,200), the effective tax rate automatically changes to 1.2%.
– Edward Kim (@edk208) September 15, 2022
LUNC, the token of the old Terra Chain, now called Terra Classic, gained 3.21% in the last hour, while slightly decreasing in the last 24 hours to $0.000274. The 1.2 percent tax refund plan The reduction in the supply of LUNCs may come into effect soon.
Terra CEO Do Kwon faces greater pressure
Terra CEO Do Kwon, whose dysfunctional cryptocurrency ecosystem caused a collapse in digital assets, may be forced to return to South Korea after authorities tried to have his passport revoked.
According to the prosecutor, the request to cancel the passport has been sent to the country’s Ministry of Foreign Affairs. Kwon, who prosecutors say is in Singapore, would theoretically have to return to Seoul within 14 days of receiving the cancellation notice if the ministry approves the request.
The ministry said it was reviewing the application and had previously warned that Kwon May was trying to stay in Singapore without a passport.
The latest moves come as a result of an arrest warrant issued by a South Korean court against Kwon and five other individuals for violating the Capital Markets Act, as reported by U.Today.
Kwon found himself at the center of one of the biggest explosions in cryptocurrency after stablecoin TerraUSD (UST) squeezed and crashed the Terra ecosystem. The $60 billion loss followed the collapse of its sister token LUNA (now Terra classic). May’s fall shook confidence in the digital asset market, which has not fully recovered from its losses.