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The LUNAtic community have been thrown into distress in the late hours of Monday when the CEO of the stable coin DO KWONthat faced the biggest attack in cryptocurrency history in the last week when Luna market price crashed below the trench hold resulting in heavy losses to the stable coin holders, the community hope was beginning to see some light when some top cryptocurrency investors and experts e.g CZ CEO binance and the rest made suggestion of a burn and by a back mechanism in other for luna to make a bounce back. But the LUNA community was disappointed this evening when the CEO announced that the coin will change the chain and forking of the coin many see this as a waste of developers' funds and also minting new coin that will result in a loss of the value of Luna.
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Luna 2.0 version will this succeed or it will further destroy the stable coin value I do not think what the CEO (DO KWON) is prescribing will give a lasting solution to the LUNA network.
Source:
https://cryptonews.net/6644139/?utm_source=CryptoNews&utm_medium=app&utm_campaign

Such a big move by the coun owner to do I different direction from the suggestions of the public for the sake of sanity let the project do whatever it can get back investors who lost so much already.

I have doubts on the sincerity of their CEO. Maybe, as of now, he is just saying this revival plan just to save face. But can he really gain the trust again from his holders and investors? Okay, let us give him the benefit of the doubt. But as early as now, if you want to stake your funds on them, better buy bitcoin instead of their forked Luna 2.0. And without his team, I don't think he can carry the burden of his targets here.

As CZ stated, the forking of the Terra Luna isn't the right answer for the existing problem.  It will only deepen the hate of the people and think of the move as another money grab.  I wouldn't buy and stay away from this new fork.  This shows how very dull Kwon is towards Luna's investors and supporters.

Bad news if try upgrade Luna coin on new version as V2 because have bad impact with Kuna old coin holder. I think never waste your time with Luna coin and better leaving dev of this coin because he most scammer developer, How come with coin have good reputation drop drastically and become shit coin? Did you still believing with dev have make many investor losing their money?

I don't know what Do Kwon intentions are, and even if he wants to fix his mistakes, I will definitely avoid all his projects. I am convinced that a large majority of investors will do this same.
If he wanted to fix the errors that were in the LUNA algorithm, he should do it much earlier.
Unfortunately, but after such a huge catastrophe associated with a whole series of mistakes he made, he will never be able to regain confidence in the cryptocurrency market. In my opinion, he should just change the industry.

Yeah and this is the first proposal that already proposed in the agora forum by him. The problem is if LFG has no money left on their wallets. It's so hard to see that if LFG has been dumping 80k bitcoin for nothing right now. That's only still 313 bitcoin remaining on LFG wallet. This company is so stupid. They are only burning their money for nothing. So the new only choice to create the new token and then spread it to old of wallets that hodl UST and luna. So far only small amounts of money remaining on the LFG to be distributed again.

This is why the old crypto projects like Bitcoin will always rule. The stupid LUNA CEO doesn't even want to know what the community thinks about forking the coin. What is the point of "decentralization" then if the decisions are going to be made only by the money grabbing CEO.

Only clueless fools would trust his new LUNA 2.0 let alone continue to follow the LUNA 1.0

So many people already disagreed with the proposal that already introduced by do kwon to forking the terra luna blockchain. I know that this is the only choice as terra foundation has no money to buy back and burn the tokens from the market. It's also very stupid decision. People will not believe with this blockchain again and im sure that others may be agreed with me about this. I strongly disagreed with this proposal even when whole of holders got pro rata airdrop from fork of luna

This coin is full of drama. Lots of ppl are againts the proposal. And the team itself tried if not their best to save ust and also luna, maybe, but still not showing any light of day.
I can't wait to see where this is all going, will it be going in a good direction or the opposite. Not forgetting that Luna and ust already lost its trust from its communities.

This proposal is still having a lot of questions whether the fork token will have the same value like the old token or not. So many fork tokens are worth nothing right now and i think this is enough to be a proof to make sure this proposal is not so effective to recover the lose. The investors are not only the one who have been loosing a lot but the company as well. Im feeling doubt if a miracle can come to this company. It's sad but people must accept their lose and they will never see their money again in the future

I'm sad that I had just read this when I bought Luna off someone in the exchange. It just lost another 27% of its value, and I think the CEO is not planning to make amends by making the initial holders of the coin return their investments. They are just going to be moved and replaced by another currency. Lol. I hope they make it to a point where they will return or somehow incentivize those who have lost a lot.

Same with me I hold some luna in my wallet and since I read this thread some hours ago I have not been myself, the owner is not taking the right step to amend things and this could worsen the situation investor will be in a big loss.

It is nice that even if in the crash of the Luna the CEO are still trying his ways or doing his best to revive or at least survive the price of the Luna, I am not sure if it is too late now as many investors really are lost in investment because of the 99% crash in a week.

That there is always a solution even though it's late in my opinion, but we'll see the highest recovery if they manage to do it, lately I've been actively monitoring Luna progress because they have support from CZ and recently Valitalik also provided a solution for Luna.

It's very difficult to make up for what people expect, that it will be difficult to develop a new coin even if it has the support of the community but it won't do much for the old luna coin holders, but it will be profitable for new traders who just bought Luna at the lowest price.

Bad solution when his coin drop or almost become scam give update for launching with Luna 2.0, look he not care about what happen with old Luna coin and never trying how to recovery and make old Luna coin back to ATH again. He only care with how try get much profit and actually when launching Luna 2.0 have ideas maybe with making pre sale again. He has take profit first with old Luna coin with added supply and sell trough price keep going dump. Maybe he need investigating what happen with Luna coin and need some one report him to police about scammer cryptocurrency.

I see there are still many who do not agree with this proposal. because if this proposal is approved it means luna Founder(do kwon) will be free from responsibility. he only needs to pay compensation to the ust holder and the matter seems to have been resolved. they don't seem to care about Luna's holders, because if new coins are released they will definitely focus on new coins and will leave luna old.

Many people against the fork idea in the telegram group. It seems those who have been loosing their money will never get it back again. The snapshot will actually based on the currenct circulation and i just curious about how many tokens that will be getting by those who bought luna at peak price.
I meant some holders were only having 2 or even 10 luna in their wallet and they have bought these coins when the price was around 100 bucks. Those people will get nothing from this hardfork.
How can those people accept the reality if they have lost all of their money in a week?

poor solution to a problem of this magnitude. do kwon and the entire luna development team should be able to come up with a better solution than this. releasing new coins, is not a good solution. even cz said that new coins will not help in the end the same problem will repeat in the future. I'm also sure when this proposal is passed, and new coins have been distributed. no one will want to hold it.

To upgrade to such a version take longer than we think because this is might just some kind of propaganda to ease the pain of those who lost their wealth due to this ultra volatile project which is not worth it from the start. This is just full trash, if I am one of those guys who lost their investment, I better move on and use the experience I gathered from this event to be careful in my next investment rather than trusting the same CEO who ruined my dreams and suck my savings.

His decision is going to be alike as Ethereum Classic and Ethereum.

The existing and older luna will be named Luna Classic (Terra Classic), correct me if I'm wrong. And the new one will be named the same as Luna (Terra).

I don't know if this is going to be an impressive move and will result to a better economy of the Terra foundation and its stakeholders and as well as the investors and holders.

If you look closely at other algorithmic stablecoins, you will see that they have the same problem as UST. We saw this earlier with the Waves network's stablecoin, when USDN lost its peg to the dollar, and the same thing is observed now, when the price of the DEI stablecoin on the Fantom blockchain also decreased in price to $0.55. So maybe the problem is not in Do Kwan, but in this kind of stablecoin, which is called algorithmic?

Most likely it will happen, the only difference is that a lot of Luna Classic has a lot of holders with an asset of 1M+ Luna which the value might stay at it or might go up in the future. And, I think they will also get benefit if they have two Luna on Terra Foundation since a lot of investors will invest in it.

I think this concept will make things worse than the existing one, it is better to return the UST and LUNA prices to their previous prices, but instead create new problems by replacing the new concept in the network, I am more in favor of improving the existing network, therefore many stakeholders stock run from terra, many cons to LUNA owner's new concept to recover from price drop, he'd better sell 100 percent of his shares to someone else, where the right people in developing LUNA terra, create new problems to cover old problems, if this is crazy concept from LUNA owner, it's not profit, but loss for LUNA asset owner.

Feel curious about what will be the conversion rate since the current total supply of luna is around 7 trillions in the market and how will be 1 billion divided among all of holders in the market? The community disagreed this proposal but since luna doesn't have any money left again and it's so hard to did another refund. The money has gone and people can only hope the new token will have equal price with the old lune when the supply was not so big like this time but yeah im feeling doubt this gonna be happening soon.

it’s more like he’s just taking a lone walk for some useless effort of regaining back its former glory that’s not gonna happening anytime soon.
I mean what really a fork could do if all the money and holders already escaping from this platform, this gonna hardly increase the value of even the newer forked coin at all.
Luna has become a disappointment and I think that anyone should get over with that truth, anything being done by do kwon gonna results in mundane effort and if any it’s just gonna recover a little of its former capitalization back.

When some of the most powerful members of the community, like exchanges, give you some advice you better listen, and the CEO of luna is doing the exact opposite of what he was advised by those people, so it is clear that this is just another money grab before moving on and then inventing some dumb excuse about why the forked coin failed and try to get away with his crimes, I really hope the SEC is already behind him as it is incredible that such a huge scam can take place and that this person will not face some consequences for his actions.

Terra Luna is dead and Do Kwon's imprisonment might become a certainty. If I was Do Kwon I would take every coin I have and keep it in a safe place and save them as payment for legal fees which he will certainly need.

Luna's legal team has also quit the project. Do Kwon's own legal team for the project do not want to defend it themselves once the regulators begin their investigations. I hope none of you lost much of your money in this failure.



The in-house legal team at Terraform Labs resigned shortly after the collapse of Terra’s algorithmic stablecoin wrought havoc on crypto markets.

A person familiar with the matter told The Block that legal operations are now being handled by outside counsel.

The LinkedIn profiles of Terraform Labs’ general counsel Marc Goldich, chief corporate counsel Lawrence Florio, and chief litigation and regulatory counsel Noah Axler show that all three stopped working for the company in May — all after less than a year at the company.

Source https://www.theblockcrypto.com/post/147390/terraform-labs-legal-team-resigns-after-ust-collapse

Even though Luna is considered to have no money anymore, Luna has now released 3 billion US dollars or equivalent to Rp. 44 trillion in bitcoins in order to save the slumping stablecoin TerraUSD (UST) from being destroyed.
And I think Luna will rise again even though it may take a long time.

I don't think that it's value will go up again for now.

People have decided to just get it as an incentive will eventually have to sell to cover their losses. Well, many have said that it's not going to work as expected and it's like a compensation for those that have lost a lot of money.

But will that ever be enough? The truth is not but let's see if this is going to amend the suffering of those people that have lost almost everything from it.

It would be crazy to invest in Luna 2.0. They basically ignoring their community and going ahead with the fork. Even if you still have trust in them, they blew 80K Bitcoins. Why would you invest with this guy?

This idea is a bad one switching chain will lead to more devaluation of the coin and will just end up making multiple coins within circulation is that what the CEO wants,

Their team don't want to keep developing LUNA version 1 and they don't want to use their money to buy back and burn those tokens over minted after the attack.

It looks like they only care about their money and benefit, the community, Lunatics are left behind.

Novogratz - CEO and Founder of Galaxy (https://twitter.com/GalaxyDigitalHQ/status/1526986040514433024) wrote a letter on this. They had a big loss in Terra Luna but his advice contains 4 points that I think makes sense to remind people about a good and safe capital and risk management. Should read.

Luna team is still in trouble but surprisingly they ignore the community for no reason, I think they should collaborate with the community to improve everything but in fact they themselves are very arrogant but don't realize that without the support of the community the luna project will die.

That's more likely the best approach. Despite that the whole incident didn't look intentional, it's currently of minimal importance whether it was on purpose or not. Now, I wouldn't trust a single penny to any of his projects, I seriously doubt that any of his recovery plans will have an effect at all. Thousands of people have lost money, including myself, he's not going to compensate any of the losses, and no matter how unfortunate that is, it's understandable, he's not a bank with insured assets, no one forced us to trust him and his projects.

Not sure about it though, it seems to be something fishy going on as there are a lot of news that this might be their plan and there are companies benefited from the catastrophe like there is connivance and insider trading.

He is trying to compensate but we don't know how he will do it. So yeah, if you think you lost your money here so it's better to move on. And hopefully learn our lessons from this.

It's still not clear how the LUNA v2 ecosystem works, what I want is in the future they really see where the gaps are that their project might get hit again and then fix it as soon as possible. Otherwise, for the second time I'm sure the name do kwon is really missing from crypto or is really being branded a criminal. But CEO luna's good intentions this time must be respected, they are responsible for the attack on LUNA.

               It's nice to see that at least the CEO of Terra Luna is somehow trying to revive the project and didn't leave the investors and supporters. Not that he yas any choice but yeah, some still run because of being overwhelmed with the problem and the negativity of the people which is understandable being an investor. I just wish though that the CEO makes the best decisions from now on. His bravery is great but it would also be nice if he'd be able to support his decisions properly having countermeasures prepared if ever some things go wrong again.

Fortunately, I managed to swap my UST tokens to another stablecoin before it severely crashed, reducing my losses. I'm pretty sure that quite a few people benefited from the incident and wouldn't be surprised if that also included Do Kwon and his team as well. On top of that, a few hours before the second major crash, Do Kwon was tweeting about his so-called recovery plans and to remain calm, without giving out any valid details that could potentially save UST and Luna, probably to just keep the hype going. It seemed extremely fishy, like he actually knew what was about to happen.

There not going too. This is one where you just have to take your losses if you are a small investor.

There will always be a reason but it's being hidden by the luna team. They didn't wanna tell the truth about that. Im sure about this, there are so many coincidences that happened with luna during the dump. They are ignoring the community caused by they believe in what they have created for themselves and not for the community. People can know that easily if there will always be a hidden agenda by the team. Even if this is a speculation but remember it's about a lot of money. Money can change everything in a short time.
people that was running a legit project can rug pull it as well.

CZ and Vitalik already said that forking Terra into Terra Classic will not solve the problem they are facing.
Right now, the project as well as Do Kwon is doomed, and I just don't know how they will solve these problems.

Many are already against the forking base on the poll. Overall, they can do anything about the project, but I don't think that investors will invest into it, especially to those investors who saw what happened to the project.

On the other hand though, it's good to see the developers trying to revive the project because if this is a different project, they might just run away alongside the money that they got. I think the best option right now is to just not invest into this project unless you only want quick profit through shorting, and avoid future projects that include Do Kwon as the developer or partner whatsoever.

He is going to be trying his best to keep the few followers he has and try to make it into something much bigger. I have to say, it's going to be quite difficult to do it, and we are going to face what could be crashing of a person along with the coin as well.

Do Kwon will not go down easily, he is not just going to go "oh I used to have a coin that topped at top 10 and then it crashed so hard that I am just a crypto worker nowadays earning a salary and not famous at all", people do not go from those highs to suddenly lows. So, he will try his best until he can't anymore until he is totally gone, and that will hurt him, and all of his followers.

He isn't going down that easy, however, his reputation has been destroyed, unless there was an actual way to reimburse even partially all investors who lost their funds, which is impossible of course. On the other hand, I'm curious whether or not he could be arrested for fraud or market manipulation, since cryptocurrencies are not regulated, because it's something that has been trending the past few weeks.

It would not surprise me if he actually knew what was happening and he decided to take actions that benefit himself and no one else, however it is also possible that this was just an attempt to try to control the markets and diminish the impact the FUD was having and he was as surprised as everyone else for what was happening to his project, but regardless of the truth I think luna is never going to recover and people should accept the fact they are never going to recover the money they lost.

LTC, BTC and Doge, these three crypto projects deserves investors' attention than all other altcoins in the market today, there are some coins that will never get hurt or vanish in a period of time just like the list of coins I have talked about, use your sense to support projects that are well built only.

Let me ask you one very simple question, in the last year ago would you have thought Luna will dive down the way it deeds, as long as it is a cryptocurrency project any currency can suffer an attack. You are right with the selection of coins to invest in for long periods of Bitcoin BNB but I can't trust dogecoin for long-term investment.

Is this for real? I thought that if people shall leave the coin like litecoin which has no utility. The value was coming from the speculation only. This has no utility like another token that exist in the market right now. This coin is not deserved billions valuation which was over rated and over valued.

Lune was pure the developer's fault. The algorithmic stable token that something must be blamed in this case. Any token or coin have the same chance to collapse like luna.

Luna can't make it now because LUNA has nothing to sell in its Business model last time UST was there and for now nothing looks intrective my suggestion if you get the Airdrop sell on a reasonable price and get aside and vesting is too long so cant say anything

So help me understand this. They are going to create a brand new LUNA, hand out mountains of free coins to any bag holders who got destroyed on their prior investment - which they should have understood was an exceptionally high risk and potentially unstable algorithmic coin - and then expect the marketplace to come in and make all those bag holders whole again?

Excuse me while I die laughing. You would have to be a complete idiot to purchase the new coin on an exchange at anything above a few satoshis. You're basically handing your money over to a massive premine.

I don't fully understand the Luna incident, but as an average investor, I find it amusing to see their failure to build investor confidence. Who minted them and dumped them to almost no value and pumped them back like shitcoins, I don't believe in their Luna 2.0 creation, and of course there will be some trick to entice newbies to join or the team wants to bet on the opportunity from it in the near future. Indeed, it is not an exaggeration to say that it is the biggest hoax in the history of the crypto market.

Terra Classic has already been launched/rebranded. From what I've understood, the procedure was similar to Ethereum's Classic creation a few years ago. To be honest, I don't see what has actually changed, apart from its name, nor do I believe that it has any chance of even a partial recovery anytime in the distant future. I feel like they're just messing with people.