Luna CEO summoned by lawmakers

[mirakal]

It's just right that there's a legal intervention, he has to take account of what happened, and if it's proven that he did something illegal when running the business, he has to face the sanction. It's fair for the investors to take this case under investigation as they were the ones who lost money from this big mess.

[zasad@]

There is a lot of information about the tax fraud of the founders of Terra
https://economictimes.indiatimes.com/tech/newsletters/ettech-unwrapped/terras-aftershocks-torment-crypto/articleshow/91699298.cms
"South Korea’s National Tax Service has reportedly ordered Terraform Labs, its cofounder Do Kwon, and other executives to pay a 100 billion won ($78 million) fine for tax evasion."

[Anonylz]

It appears Do Kwon already plan this out even before the melt down from this article on telegraph which explains    "Initially reported by South Korean news outlet Digital Today, the information obtained from the country’s Supreme Court Registry Office highlight that Do Kwon successfully instigated the liquidation of two branches and an entire company".  I think this is a well-laid plan by @stabelkwon only that the terra luna community is just finding out now. There are too many victims for this not to attract the legal bodies.

[Flexystar]

Hidden games? Come on man, definitely they did something very very spurious to make Luna go down to such worst levels. They definitely planned it, made exit correctly when it was bearish everywhere and secured all the funds they could. It’s nothing but big scam of all times. They just looted people in swiftest way possible and made it look like market crash. If there is anyone here who thinks that this was not accident or conspiracy then definitely they are in the dark side of moon.

[diminizio]

it must be done, although some people think what happened at LUNA was due to an attack that was intended to destroy the Terra LUNA team itself, but as a team let alone the CEO must be able to explain the details and after that, they must hold investors accountable for losses by LUNA to Do Kwon. Currently there is only a proposal for a new LUNA, but for the liability for losses that have already occurred, can it be forgiven?

[robelneo]

There is a lot of information about the tax fraud of the founders of Terra
https://economictimes.indiatimes.com/tech/newsletters/ettech-unwrapped/terras-aftershocks-torment-crypto/articleshow/91699298.cms
"South Korea’s National Tax Service has reportedly ordered Terraform Labs, its cofounder Do Kwon, and other executives to pay a 100 billion won ($78 million) fine for tax evasion."

He is in the spotlight now for over two weeks now and he will continue to be in the spotlight, he is in survival mode right now, he once says there's entertainment in watching companies dies, but now we are watching how his so-called great creation is falling and crashing down, something like this never happen if he is not an arrogant and a spoiled brat people will still support him, now he will be one of the people he called poor people.
What happened to Do Kwon teaches us that we should not think we are superior and arrogant and do not despise people who are low in life.

[d3nz]

There is a lot of information about the tax fraud of the founders of Terra
https://economictimes.indiatimes.com/tech/newsletters/ettech-unwrapped/terras-aftershocks-torment-crypto/articleshow/91699298.cms
"South Korea’s National Tax Service has reportedly ordered Terraform Labs, its cofounder Do Kwon, and other executives to pay a 100 billion won ($78 million) fine for tax evasion."

He is in the spotlight now for over two weeks now and he will continue to be in the spotlight, he is in survival mode right now, he once says there's entertainment in watching companies dies, but now we are watching how his so-called great creation is falling and crashing down, something like this never happen if he is not an arrogant and a spoiled brat people will still support him, now he will be one of the people he called poor people.
What happened to Do Kwon teaches us that we should not think we are superior and arrogant and do not despise people who are low in life.

Obviously, most people who invested in Luna and are new to investing are eyes on Do Kwon and waiting for the update. That is why more incoming news about Do Kwon even about the tax and as I check they already paid it in full. (https://cryptopotato.com/terraform-labs-has-paid-in-full-its-taxes-in-south-korea-says-do-kwon/)

And, I think that Terraform will surely recover from this situation, and possibly the value of Luna will go uptrend again and its fork Luna Classic "LUNC" depends if people will invest in it.

[wxa7115]

Satoshi knew that he could not avoid the appearance of altcoins in the market, as the code of bitcoin was open source it was trivial for anyone with the right knowledge to fork bitcoin or modify the code and release their own coin.

The lessons that we need to learn here are the same as always, do not invest in something that seems to be too good to be true, avoid centralized coins, avoid coins which promise you to earn money after a period of time and avoid dishonest and mediocre developers, I know that if  we were to do this then we will have to avoid more than 99% of the coins in the market, but that is precisely my point.

It is easy to say this kind of piece of advice, however, in actuality, we don't know if a certain project will rug pull or not, even if we say, we have done our research. Like for example, this LUNA, it was seemingly a very solid project, no one knew this crash was coming. Maybe, the dev team themselves as they know what's going on internally. But for their holders, I don't think they have idea that there will be dump like this.

Without a doubt it is difficult to know when a coin that on the surface looked like a legitimate project will turn into a scam, but that is why many forum members recommend to not hold altcoins for the long term.

Holding bitcoin is fine and it is a good move and if you want to trade altcoins then you are free to do it as well, but holding them for the long term is a mistake, and this disaster proves this advice to be right once again, after all if you were trading luna you could have gotten out of your trading position weeks before the crash happened, but if you were a holder then you endured the totality of the crash and you lost whatever you invested in it.

[BitcoinPanther]

It appears Do Kwon already plan this out even before the melt down from this article on telegraph which explains    "Initially reported by South Korean news outlet Digital Today, the information obtained from the country’s Supreme Court Registry Office highlight that Do Kwon successfully instigated the liquidation of two branches and an entire company".  I think this is a well-laid plan by @stabelkwon only that the terra luna community is just finding out now. There are too many victims for this not to attract the legal bodies.

Yeah, before the Terra market crash,  Terra dissolve its Terraform Labs before the collapse of both UST and Luna.  Isn't  this too much of a coincidence?   Aside from that, they give a hint that the problem branches from the embezzlement of fund by their employee.  This kind of news is really shady and I think they are trying to make an scapegoat instead of taking responsibility.

[NewRanger]

It appears Do Kwon already plan this out even before the melt down from this article on telegraph which explains    "Initially reported by South Korean news outlet Digital Today, the information obtained from the country’s Supreme Court Registry Office highlight that Do Kwon successfully instigated the liquidation of two branches and an entire company".  I think this is a well-laid plan by @stabelkwon only that the terra luna community is just finding out now. There are too many victims for this not to attract the legal bodies.

Yeah, before the Terra market crash,  Terra dissolve its Terraform Labs before the collapse of both UST and Luna.  Isn't  this too much of a coincidence?   Aside from that, they give a hint that the problem branches from the embezzlement of fund by their employee.  This kind of news is really shady and I think they are trying to make an scapegoat instead of taking responsibility.

investors faith now gone by several reason, there is no more true investment that made and now only speculation. with problem above , DO kwon have no more reputation in crypto space. investment company will not support him any more if he could not give best solution to this problem. so far there is no significant action from them and luna still steady in limited range.

[BitcoinPanther]

investors faith now gone by several reason, there is no more true investment that made and now only speculation. with problem above , DO kwon have no more reputation in crypto space. investment company will not support him any more if he could not give best solution to this problem. so far there is no significant action from them and luna still steady in limited range.

They must not trust the People behind Terra Luna.  After increasing the supply creation of Terra and trader purchases, they decided to make a fork.  Isn't this very clear that the plan is to deceived the market?  The people behind must be held responsible for this action.  Why would they exponentially increase the supply when they have already plan of forking the chain in mind?

[Vaskiy]

One of the investor and AfreecaTV streamer who goes by “Chancers” have invested huge amount on Luna have experienced a massive loss which have landed him to knock the apartment of Do Kwon and got arrested. Police were in search after Kwon’s wife urged for protective custody. Very next day Chancers voluntarily surrendered himself at the Seoul police station. Chancers have made himself a millionaire entering the cryptomarket by the year 2017. He have invested $800k and the crash have costed him loss $2.4million. Do Kwon was fined heavily along with lawsuits, and I don't know how this gonna help the investors.

Chancers mentioned

“I felt like I was going to die. I lost a lot of money in a short period of time. Around $2.4m (£1.9m) of my cryptocurrency was wiped out.
Crypto Investor and Influencer Arrested for Visiting Terra Founder Do Kwon’s Apartment

[Lanatsa]

investors faith now gone by several reason, there is no more true investment that made and now only speculation. with problem above , DO kwon have no more reputation in crypto space. investment company will not support him any more if he could not give best solution to this problem. so far there is no significant action from them and luna still steady in limited range.

They must not trust the People behind Terra Luna.  After increasing the supply creation of Terra and trader purchases, they decided to make a fork.  Isn't this very clear that the plan is to deceived the market?  The people behind must be held responsible for this action.  Why would they exponentially increase the supply when they have already plan of forking the chain in mind?

Band aid solution or does really have that intent on fooling the public/community once again for them to invest again with that forked one?

People never ever learn with this very obvious concept on how these people do really milk out the market out of those people who do get hyped for this one.As for these possible
law or cases to happen then i wont be surprised and that serves them good for sure.