This development, shared by crypto enthusiast Bleeves Crypto (@BleevesCrypto) on X, has drawn attention due to its potential impact on the market and the broader Terra ecosystem.

The #lunc and #ustc has been removed from the lfg wallet but has not been burned yet… pic.twitter.com/8nr6YD3A3b

— ₿leeves Crypto (@BleevesCrypto) November 1, 2024

Overview of LFG Reserves

Bleeves Crypto shared a screenshot of the LFG Reserves dashboard, showing a notable decline across various assets. The total reserve balance stands at $64.15 million, a 54.3% decrease from the previous day.

Specifically, the reserve balance in Bitcoin (BTC) is $21.69 million, down by 1.9%, while the Terra (LUNA) reserves have dropped by 6.8% to $42.46 million. Other assets such as AVAX and BNB have seen significant reductions, contributing to the overall decrease in reserve values.

The reserve balance breakdown shows that UST constitutes the majority of the reserves at 66.2%, followed by BTC at 33.8%. Although the LUNC and USTC have been removed from the LFG wallet, it is yet to culminate in the anticipated burn.

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Implications for the LUNC Community

Terraform Labs CEO Chris Amani confirmed this burn in June, which excited the community and caused a brief surge for LUNC. However, the removal of the tokens without immediate burning has generated mixed reactions.

Historically, significant burns have reduced supply and potential price increases, providing a bullish signal to the market. When Amani shared the news in June, over 6.5 billion LUNC tokens were burned within 24 hours, largely driven by large wallets and movements on centralized exchanges.

This event caused a significant drop in LUNC’s total supply, impacting its market price. However, LUNC and USTC experienced substantial price volatility following the burn. LUNC’s price dropped by 14%, while USTC saw a 3.17% decline.

However, token burns often fuel price increases, and the burns the community anticipates could help LUNC and USTC. At press time, LUNC traded at 0.0000889, showing a 3.38% decline over the past 24 hours, and USTC traded at $0.02201, down 7.12% in the same period.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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The post LUNC and USTC Removed from LFG Wallet But Not Burned. Here’s the Significance appeared first on Times Tabloid.

The report has it that KuCoin and OKX crypto exchanges have been requested by prosecutors currently investigating the May collapse of the Terra ecosystem to freeze the Bitcoin (BTC) assets sent to their exchanges from a wallet belonging to the Luna Foundation Guard (LFG), which has Do Kwon as the head. 

As revealed by an on-chain analytic platform CryptoQuant, a wallet was created on Binance bearing the identity Luna Foundation Guard on September 15. This account said to be created by Do Kwon came about a few days after the Terra creator was issued an arrest warrant by a court in Korea. 

Read Also: Terra Founder Do Kwon Would Soon Become an Illegal Migrant in Singapore. Here’s Why

This arrest warrant is regarding the crash of the Terra ecosystem in mid-May which resulted in investors losing very big. While many claim Kwon is on-the-run following his relocation to Singapore after the Terra incident, he has denied the fact that he is on the run via Twitter posts. 

According to the report, around mid-September, the 3,313 BTC contained in the LFG Binance wallet was transferred in unequal amounts to Kucoin and OKX. While 1,354 units of BTC were sent to a wallet on KuCoin in different transactions, Bitcoins amounting to 1,959 were transferred to OKX in various transactions as well. 

Read Also: South Korea Issues Terra Founder Do Kwon’s Arrest Warrant

Prosecutors are closely investigating the details of these transfers and they perceive the funds could be for the purpose of hiding, laundering, and/or escaping. In consequence, they were forced to push for the freezing of the assets on both exchanges. Whereas KuCoin obliged and has frozen the 1,354 BTC sent to its exchange, OKX is said to have ignored the request from Korean authorities. 

An ex-Korean prosecutor said, “In a normal criminal investigation if a large amount of money is moved from the suspect’s account after the issuance of an arrest warrant, it is natural to conduct an intensive investigation with suspicion of laundering and concealment.” Similarly, a current Korean prosecutor added, “We must first check whether it will be used as an evacuation fund.”

Therefore, Korean authorities’ request to KuCoin and OKX exchange to freeze these 3,313 BTC linked to Do Kwon, is on the premise that CEO Kwon is a suspect in violation of the Capital Market Act. More so, many criminal charges have been leveled against him regarding the descent of the Terra ecosystem tokens in May.

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The post Terra Investigation: Korean Prosecutors Move to Freeze $67 Million in BTC Linked to Do Kwon appeared first on Times Tabloid.

Claims are that the funds would have been used for money laundering and/or price manipulation on both DeFi platforms and centralized exchanges, during the unusual collapse of the Terra ecosystem tokens – old LUNA (now LUNC) and UST.

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Uppsala Security Investigates Do Kwon’s TerraForm Labs

The Luna Foundation Guard (LFG) and TerraForm Labs have always disclosed the size and operational usage of their virtual assets holdings from time to time. 

Previously, CEO Do Kwon noted that the Luna foundation will utilize its crypto holdings such as BTC to defend the price of UST in any circumstance of depegging. Unexpectedly, when UST lost parity to $1, the foundation’s holdings could not salvage the situation.

The unfortunate occurrence for investors then triggered an investigation of the Luna Foundation Guard, Do Kwon, and TerraForm Labs by Uppsala Security together with CoinDesk Korea.

With the use of on-chain data forensic techniques, the blockchain security firm made shocking discoveries. The first finding which was reported on June 14 revealed that the wallet which caused the fall of UST belonged to Do Kwon’s TerraForm Labs. The investigation team then concluded that it was an insider attack.

The report said;

“It turned out that the wallet that is being pointed out as an ‘attacker’ by causing a transaction that caused a fatal blow to the algorithm-based stablecoin project Terra is actually a wallet managed by Kwon Do-hyung’s Terraform Labs. This means that the Terra collapse, which caused tens of trillions of won in investor damage, was caused by internal actions, not external attacks. It has been confirmed that the prosecution, which is investigating the Terra incident, has also confirmed this situation and is investigating.”

“Uppsala Security and CoinDesk Korea intensively analyzed the transaction history of the wallet (0x8d47f08ebc5554504742f547eb721a43d4947d0a), which is pointed out as an attacker wallet by various analysis companies around the world. (For convenience, this wallet is referred to as ‘Wallet A’,” the report added.

Read Also: More Evidence Reveal that Do Kwon Dumped LUNA Massively On Terra Community before the Crash

Undisclosed Funds Movements by TerraForm Labs

Per another report shared on Tuesday, the blockchain security firm Uppsala Security alongside CoinDesk Korea underwent an additional investigation into the old Terra LUNA crash that happened on May 7. 

Again, a suspicious fund flow worth $3.6 billion in UST and USDT was found in a wallet related to Do Kwon’s Terraform Labs.

Per the report, the funds were moved through Defy service Abracatabra and Curve (0xa046a8660e66d178ee07ec97c585eeb6aa18c26c), Binance Exchange Ethereum Wallet (0x21ec2dbb3bfd2210a84bbc924466a70becddd572), and Binance Exchange Terra Wallet (terra1ncjg4a59x2pgvqy9qjyqprlj8lrwshm0wleht5, memo: 100055002).

Related: Hacktivist group Anonymous Vows to Expose Do Kwon over Terra (LUNA) Collapse: Details

A Case of Insider Attack?

With the available exhibits presented by Uppsala Security, the blockchain security firm holds that the collapse of the Terra ecosystem tokens (UST and LUNC) that landed investors in mega losses was an insider attack, plotted within Do Kwon’s  TerraForm Labs and other accomplices. 

Interestingly, it appears the hacktivist group known as Anonymous holds the same belief. Anonymous recently vowed to bring Do Kwon to justice over the LUNC and UST crash incident.

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The post Uppsala Security Reveals $3.6 Billion Used By Do Kwon’s TFL To Manipulate UST Price: Details appeared first on Times Tabloid.

In a tweet on the 6th of June 2022, FatMan said the claim of Do Kwon and Terraform Labs of not holding any Terra (LUNA 2.0) is certainly untrue. He said the firm and Kwon currently hold at least 42 million LUNA tokens.

Read Also: Here’s How This New DEX Wants to Burn Terra Classic (LUNC) After Do Kwon Failed to Listen to Users

It can be recalled that the firm, on the 25th of May, claimed in an official announcement that “The removal of the wallets from the airdrop whitelist will make Terra a fully community-owned chain. We believe this is an important step to empowering our ecosystem.”

However, the recent FatMan allegation seems to make the declaration untrue. The popular Terra whistleblower also shared a screenshot of the tweet posted by the Terra team, in which the community was assured that wallets associated with Terraform Labs (TFL) and Luna Foundation Guard (LFG) would be excluded from the LUNA airdrop whitelist.

FatMan tweeted, “Do Kwon has stated numerous times that TFL has zero new LUNA tokens, making Terra 2 ‘community owned’. This is an outright lie that nobody seems to be talking about. In fact, TFL owns 42M LUNA, worth over $200m, and they’re lying through their teeth.”

Do Kwon has stated numerous times that TFL has zero new LUNA tokens, making Terra 2 'community owned'. This is an outright lie that nobody seems to be talking about. In fact, TFL owns 42M LUNA, worth over $200m, and they're lying through their teeth. (1/6) pic.twitter.com/D1HIWpAWHG

— FatMan (@FatManTerra) June 6, 2022

Do Kwon and Terraform Labs Have Other Secret Wallets Holding Millions of LUNA Tokens

In the same thread of tweets, FatMan revealed that Do Kwon and Terraform Labs have other secret and shadow wallets holding at least 42 million LUNA tokens. He also shared the links to the wallets. Two of the wallets were associated with Do Kwon, while the remaining three allegedly belong to Terraform Labs.

Read Also: Terraform Labs Employee: Do Kwon Launched Terra (LUNA) Despite Warnings of Possible Collapse

FatMan revealed:

“Do used his shadow wallet to approve *his own proposal* through governance manipulation (TFL is not supposed to vote), told everyone it would be a community-owned chain, and then gave himself a nine-figure score. These are just the verified wallets – there are many others.

“In the investing landscape, it’s important that retail receives symmetric information, so understand the facts and make of this what you will. Exercise caution and know what you are buying. These people have no moral fibre. They will lie for money at every possible turn.

“TFL Dawn (11.28M): https://finder.terra.money/mainnet/address/terra1uza3c9hpnp50np7t8ph5s5vqc0alggvv57q7zu TFL shadow wallet (2.01M): https://finder.terra.money/mainnet/account/terra13n0lynp9s8ks8gm3nzcgakg0dl8athnu8xscde TFL MM (0.72M): https://finder.terra.money/mainnet/address/terra1x04xgtwlw72gtfzrq7nfwmr6eexla8ecljw28z Do Kwon shadow wallet #1 (19.69M): https://finder.terra.money/mainnet/address/terra1wqwfwh797tf77e2xpvy9xx082pwpxxlm9x4xws Do Kwon shadow wallet #2 (9.11M): https://finder.terra.money/mainnet/address/terra1e82da9n6jz4t42eh0wn5hrt6hdmf7jyq8sufkp Total: 42.81M LUNA.”

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The post Exposed: Do Kwon and Terraform Labs Hold 42 Million LUNA in Secret Wallets despite Claims of Holding None appeared first on Times Tabloid.

A whistleblower, identified on Twitter as FatMan, who provides key updates on the Terra situation as it unfolds, has claimed that he was able to know some deeply troubling things about the attack on the ecosystem from several whistleblowers that want to remain anonymous. He also shared the reason why smallholder refunds may not happen.

Read Also: CZ Explains Why Binance Resumes Terra (LUNA) Trading Despite Collapse

In a series of tweets on 23rd May, FatMan claimed that he has lots of genuine information about the involvement of some individuals and firms, including the Terraform founder Do Kwon, in the collapse of the blockchain.

FatMan tweeted, “In the past 48 hours I have been contacted by several whistleblowers. These people would like to and will stay anonymous. I have learned some deeply troubling things and there is a lot more to come – this is just the very beginning. Here is some of what I can tell you.”

In the past 48 hours I have been contacted by several whistleblowers. These people would like to and will stay anonymous. I have learned some deeply troubling things and there is a lot more to come – this is just the very beginning. Here is some of what I can tell you.

— FatMan (@FatManTerra) May 23, 2022

Summarizing what he knows, FatMan wrote further:

“@stablekwon I know about the bailout from Jump in May 2021 and I know exactly how much you owe them every month in LUNA (hint: how many zeroes in a million?).

“@jump_ I know exactly what you did to manipulate retail into losing billions on UST but especially LUNA.

“@KanavKariya I know who controls you behind the scenes (B); I know about your Slack group having a 14 day retention window.

“@SBF_FTX I know about the 30% Serum handshake deal with Jump and what you did to retail investors after.

“There is far more that I cannot say, but know that I know, and know that justice is coming, because this time I think you went too far – this time you killed people – someone has to fight for them. If I go, someone will take my place. This is nothing – just the start. Go time.”

Read Also: Do Kwon Amends Terra 2.0 Proposal When Voting Still in Progress. Aggrieved Members Right All Along?

Do Kwon Doesn’t Want To Relinquish Power

In a separate thread, FatMan said information received from a verified insider says that Do Kwon knows the importance of the builders, but remains adamant because he does not want to relinquish power.

Quoting the whistleblower, he wrote, “Do Kwon knows the builders are important, but it looks like he doesn’t want to relinquish control. Three major protocols were strong-armed into supporting the new fork and many of us don’t like it.

“Build teams negotiated a 25% stake in Terra 2 but were forced to accept a 10% compromise and were cut out if they didn’t support it publicly.”

According to FatMan, the Terra community builders are an amazing and talented set of people that don’t deserve any of what happened.

Read Also: Mike Novogratz Breaks Silence on Terra Collapse, Speaks on Galaxy Digital’s Investment in LUNA

Why Smallholder Refunds May Not Take Place

There’s a report that says the Korean police have found indications that funds were internally embezzled, which brought about an attempt to freeze Luna Foundation Guard (LFG) assets.

According to FatMan, who claimed that this Korean police’s move could be the official confirmation of what his group of whistleblowers has suspected, all LFG funds were entirely controlled by Terraform Labs.

FatMan says further, “If LFG assets are frozen by the police too soon, the small holder refund that they guaranteed may not take place. Let’s hope bureaucracy drags its feet on this one, at least for the time being. I have been contemplating several matters (albeit sleep-deprived) – more to come soon.”

If LFG assets are frozen by the police too soon, the small holder refund that they guaranteed may not take place. Let's hope bureaucracy drags its feet on this one, at least for the time being. I have been contemplating several matters (albeit sleep-deprived) – more to come soon.

— FatMan (@FatManTerra) May 23, 2022

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The post Luna Team Exposed: Why Smallholder Refund May Not Happen appeared first on Times Tabloid.

Terra has been devising a number of means to get the blockchain back on track following the fiasco that led to the crash of its two native tokens, LUNA and UST.

Read Also: Terra Founder Do Kwon Shares Plan to Rescue UST Stablecoin Peg Following Historic Crash

In a series of tweets a few hours ago, Kwon said, “Neither I nor any institutions that I am affiliated with profited in any way from this incident.” He also urged the community to remain patient as teams juggle multiple tasks to bring the blockchain back to normalcy.

Do Kwon tweeted, “I’ve spent the last few days on the phone calling Terra community members – builders, community members, employees, friends and family that have been devastated by UST depegging. I am heartbroken about the pain my invention has brought on all of you.”

1/ I’ve spent the last few days on the phone calling Terra community members – builders, community members, employees, friends and family, that have been devastated by UST depegging.

I am heartbroken about the pain my invention has brought on all of you.

— Do Kwon (@stablekwon) May 13, 2022

Do Kwon further said:

“I still believe that decentralized economies deserve decentralized money – but it is clear that $UST in its current form will not be that money.

“Neither I nor any institutions that I am affiliated with profited in any way from this incident. I sold no luna nor ust during the crisis.

Read Also: I’m Disappointed in Terra Team, Says CZ, As He Explains Why Binance Delists LUNA and UST

“We are currently working on documenting the use of the LFG BTC reserves during the depegging event. Please be patient with us as our teams are juggling multiple tasks at the same time.

“There are multiple proposals on Agora on the best steps to move forward for the community – after having read many of them, I’ve put down my thoughts of what I think the best steps are:

“What we should look to preserve now is the community and developers that make Terra’s blockspace valuable – I’m sure our community will form consensus around the best path forward for itself, and find a way to rise again.”

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The post I Am Heartbroken, Says Do Kwon, As He Reveals That He Sold no LUNA nor UST During the Crisis appeared first on Times Tabloid.

This came about after Kwon made a disrespectful comment about Cardano on Twitter.

Read Also: Cardano: Top 100 Binance Whales Presently Hold 30.8 Million ADA

The issue can be traced back to 8th April 2022, after the Luna Foundation Guard (LFG) took to Twitter to announce that it has purchased $100 million worth of AVAX tokens to expand TerraUSD (UST) stablecoin reserve.

LFG’s announcement says, “Welcoming $AVAX as the second major layer, one crypto asset next to $BTC as part of the $UST Reserve. The inclusion of @avalancheavax’s native token marks the start of a diverse pool of layer one crypto assets helping support the $UST peg.”

The announcement got the larger part of the crypto community confused. Many were asking why the foundation needed to buy another cryptocurrency other than Bitcoin (BTC), which contradicts its initial plan.

Some crypto community members suggested that the foundation is likely planning to burn other cryptocurrencies instead of LUNA. A Twitter user also asked whether all the digital currencies acquired by LFG are correlated.

Another user said if the assets purchased by LFG are really correlated, then Kwon is likely unaware of the Long-Term Capital Management (LTCM) saga, which accrued billions of dollars from investors with the hope of taking advantage of an arbitrage strategy to leverage market trends. Howbeit, it was investors that eventually suffered losses after the strategy failed to go as planned.

Read Also: Charles Hoskinson: Cardano’s TVL Would Have surpassed $19 Billion If Staked Tokens Were Counted

Where Luna CEO Disrespected Cardano (ADA)?

In response to the user’s sensitive opinion, Kwon pointed out that the foundation may need to purchase Cardano (ADA) for negative correlation, an investment strategy that involves the union of two variables where one increases as the other decreases and vice versa.

And all the reserve assets are correlated?
Has the dude not heard of LTCM

— Josh Coversmith (@jcoversmo) April 8, 2022

Charles Hoskinson Responds

The comment is obviously disrespectful. Cardano community and Charles Hoskinson did not find it funny.

As usual, Cardano’s founder did not let it go without a befitting reply.

Replying to Kwon’s tweet, Hoskinson wrote, “Should I buy some Luna for negative correlation?”

Should I buy some Luna for negative correlation? https://t.co/iFeHJTSudM

— Charles Hoskinson (@IOHK_Charles) May 10, 2022

This came a few hours after Hoskinson reacted to Michael Novogratz’s show of love for Luna, asking why VCs love altcoins and hate Cardano (ADA).

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According to Colin Wu, a popular crypto reporter known on Twitter as Wu Blockchain, Luna Foundation has purchased an additional 4,130 BTC, which brings the Bitcoin holdings of the foundation to 39,897.98 BTC.

Read Also: World’s Richest Non-Exchange Bitcoin Whale With 5.5 Billion BTC Holdings Accumulates 3,241 BTC in a Day

Colin Wu tweeted, “According to OKLink, address marked as Luna Foundation (bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q) added a total of 4130BTC, and the current balance of this address is 39,897.98BTC. The last time LFG accumulated BTC was on April 6th.”

According to OKLink, address marked as Luna Foundation (bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q) added a total of 4130BTC, and the current balance of this address is 39,897.98BTC. The last time LFG accumulated BTC was on April 6th https://t.co/3t4x4XVunp

— Wu Blockchain (@WuBlockchain) April 10, 2022

Considering the current price of Bitcoin, the number of BTC currently held by the foundation is worth relatively $1.7 billion.

This implies that Luna Foundation still has to buy more BTC worth $8.3 billion to meet its target of $10 billion and become the second-largest holder of Bitcoin after Satoshi.

Read Also: Billionaire Mike Novogratz Explains Why He Expects Bitcoin to Massively Outperform His Earlier Predictions For 2022

It can be recalled that Terra founder Do Kwon said in a tweet a few days ago that the foundation was on the cusp of purchasing $3 billion worth of Bitcoin after announcing that Terra’s major plan is to accumulate $10 billion in BTC.

Kwon tweeted, “It’s not $10 billion today – as UST money supply grows a portion of the seigniorage will go to build BTC reserves bridged to the Terra chai. We have $3 billion funds ready to seed this reserve, but technical infrastructure (bridges etc) is still not ready yet.”

Kwon also told Udi Wertheimer in an interview that it’s safer to establish reserves in Bitcoin (BTC) than any other crypto asset. According to the CEO, Bitcoin will backstop short-term UST redemptions.

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