• About
  • Contact
  • Privacy Policy
  • Terms and Conditions
Sunday, June 22, 2025
The VR Soldier
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
The VR Soldier
No Result
View All Result

Terra Luna’s Founder, Do Kwon, Speaks Out About UST and LUNA

Paul Brabus by Paul Brabus
May 21, 2022
in News
Reading Time: 4 mins read
0
Terra LUNA Cryptocurrency. Bitcoin coin growth chart on the exchange, chart. High quality illustration
Share on TwitterShare on Facebook

After two days of silence, Do Kwon, the founder of Terra Luna, took to Twitter to respond to various questions and accusations from the community, discussing multiple issues regarding his proposal to fork the Luna network and clarifying his whereabouts.

Terra Luna Revival Plan 2

Luna’s second proposed revival plan looks to fork the chain and create a new blockchain without the algorithmic stablecoin. The old chain will be called Luna Classic (LUNC), while the new chain will be called Terra (LUNA).

The new proposal is officially called the Terra Builders Alliance: Rebirth Terra Network and can be found on station.terra.money.

terra revival plan 2

At the time of writing, over 63.28% have voted to pass the proposal, with 20.01% voting to abstain, 0.54% voting no, and 16.16% voting No with a veto.

The proposal ends in 3 days with roughly 133 million votes remaining. At this point, chances are that the proposal will be approved, and Terra Luna will move forward with the network fork and upgrade.

Do Kwon Started Answering Questions

Twitter has been full of outrage and conspiracies regarding the Terra Luna situation, and rightfully so, as the crisis impacted a wide range of investors. One of the trending hashtags on Twitter this weekend was #lunascam, accusing everyone from Do Kwon to Changpeng Zhao (Binance CEO) of having inside knowledge of the crash and profiting from it.

Changpeng Zhao addressed various questions from the community in his Reddit AMA this weekend, receiving over 1600 comments within hours.

In contrast, Do Kwon took to Twitter and posted roughly two dozen tweets clarifying questions from the community and speaking on the new revival plan for Terra.

One question regarding the new fork was whether UST and LUNA holders on decentralized exchanges on the Cosmos (IBC) network will still receive the Airdrop. Do Kwon responded positively that all IBC DEX assets would be indexed.

Yes – IBC transferred assets will be indexed

cc @gadikian

— Do Kwon 🌕 (@stablekwon) May 21, 2022

The assets on the IBC DEXs will be considered in the Airdrop, and any holders will receive their share of the new tokens.

Another common question for Do Kwon from the community was in regards to the tax situation. According to several reports, Do Kwon supposedly owes millions of dollars to Korean authorities. However, Do Kwon clarified that he has no outstanding tax liabilities in Korea. According to Kwon, he did pay his share and has been in Singapore since December.

In addition, regarding accusations of shorting UST or LUNA during the collapse, Do Kwon mentioned that he has never shorted a cryptocurrency in his life, let alone LUNA or UST.

I’ve never shorted a cryptocurrency in my life, let alone luna and ust

— Do Kwon 🌕 (@stablekwon) May 21, 2022

Final Thoughts

Terra Luna has been performing quite well today, bottoming out at $0.0001112 and rising by over 16% in the past 24 hours. The recent price hike is most likely due to Do Kwon’s statements on Twitter and the upcoming approval of the revival proposal.

On the other hand, UST continues its slide downwards, currently trading at $0.054, down over 13% in the past 24 hours. Since the new proposal abandons the stablecoin, we can only assume that UST will eventually end up at $0. Users are still holding the token primarily to claim any potential airdrops or rewards from the new chain.

The Terra Luna situation is undoubtedly tragic in many ways, but it is a learning lesson when it comes to cryptocurrency and investing. Do Kwon and the crypto community is doing everything to provide hope for traders and investors. If the community sticks together, nothing stops LUNA from reaching multi-billion dollar valuations once again.

Now could be an excellent time to purchase LUNA if you’re looking to buy the dip; however, keep in mind that LUNA classic will most likely struggle to survive once the new chain rolls out.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.


Also Read:

Top 3 Metaverse Crypto Coins Below $0.5 to Watch in May 2022

Follow us on Twitter @thevrsoldier to stay updated with the latest Metaverse news!

Image Source: katisa/123RF

Tags: Terra Luna
Previous Post

Top 3 Metaverse Crypto Coins Below $0.5 to Watch in May 2022

Next Post

Top 3 Metaverse Crypto Coins Below $0.05 to Watch in May 2022

Related Posts

BTC Defends $100,000 Support Amid Iran Conflict, Is a Major Rally Coming?
Market Analysis

BTC Defends $100,000 Support Amid Iran Conflict, Is a Major Rally Coming?

June 22, 2025
Bitcoin $103K Support Is Shaking, Will the Bears Get Burned
Market Analysis

Bitcoin $103K Support Is Shaking, Will the Bears Get Burned?

June 21, 2025
Featured

Dogecoin Price Faces Breakdown

June 20, 2025
Featured

CZ Warns of Deepfake Scams

June 20, 2025
Bitcoin Price Survives Israel-Iran Tensions, Hack, and $200B Meltdown
News

Bitcoin Price Survives Israel-Iran Tensions, Hack, and $200B Meltdown

June 19, 2025
Solana ETF Incoming? What Bloomberg’s 90% Prediction Means for Investors
News

Solana ETF Incoming? What Bloomberg’s 90% Prediction Means for Investors

June 17, 2025

Press Releases

Bitcoin Price Survives Israel-Iran Tensions, Hack, and $200B Meltdown
News

Bitcoin Price Survives Israel-Iran Tensions, Hack, and $200B Meltdown

by Alex Mercer
June 19, 2025

Introduction Bitcoin has seen plenty of drama over the years, but this time, even with war looming and a cyberattack...

Read more
What you will get:  Simple steps to start trading cryptocurrencies like Bitcoin and Ethereum How to choose a reliable crypto exchange with low fees and strong security Key tips to read crypto price charts and manage trading risks How to stay updated with market-moving news and practice safely before investing Introduction Cryptocurrency trading has exploded in popularity as an easy way to earn online. With simple guidance you can start trading Bitcoin Ethereum and other altcoins using your phone or computer. This guide gives clear steps for beginners. What Is Crypto Trading and How Does It Work Crypto trading is buying and selling digital currencies like Bitcoin Ethereum Cardano or Solana to make a profit. You buy when prices are low and sell when they go higher. There are two main trading types: Spot trading: You own actual coins. Derivatives trading: You trade based on price movements without owning coins. Spot trading is perfect for beginners because it’s more straightforward and less risky. Step 1 Choose a Reliable Crypto Exchange Select a trusted crypto exchange. Popular beginner-friendly options: Binance: Low fees and many altcoins Coinbase: Easy for beginners with strong security Kraken: Great support and euro compatibility Bybit: Simple interface with spot and futures Look for: Easy sign up and verification Strong security (2FA, cold storage) Low trading fees and fast euro or fiat deposits Wide selection of coins and high volume Step 2 Learn Crypto Chart Reading Reading price charts will improve your crypto trading success. Key concepts: Trend lines: Overall up or down movements Support levels: Prices where value tends to bounce up Resistance levels: Prices where value tends to slow or reverse Start with basic charts like candlestick charts. Many platforms like Binance and Kraken offer built-in guides. Step 3 Manage Risk and Use Stop Losses Crypto prices are very volatile and can change fast. Protect your investment by: Investing only what you can afford to lose Using stop-loss orders to sell automatically at a set lower price Not risking more than 1–2% of your portfolio on any trade This risk management helps you stay in the game long term. Step 4 Stay Updated with Real-Time Crypto News Crypto markets respond instantly to news. Use reliable sources like Vr Soldier, CoinDesk, CoinTelegraph and The Block. Track: Bitcoin ETF decisions New coin listings on exchanges Regulatory changes Major partnerships and developments Following crypto news helps you predict good entry and exit points. Step 5 Use Demo Accounts to Practice Many exchanges like Binance and Bybit offer demo accounts or testnets. Practice trading with virtual money first. This helps you learn: How orders work Chart reading in real time Trading fees and order types Once you feel confident, move to small real trades. Final Simple Tips for New Crypto Traders Start with well-known coins like Bitcoin Ethereum Avoid chasing hype or FOMO (Fear Of Missing Out) Keep a basic trading journal or spreadsheet Learn from both wins and losses Crypto Trading Basics for Long Term Profit

Crypto Trading Basics for Long Term Profit

June 16, 2025
$3 Billion in Bitcoin Options Expire Today — Will BTC Crash or Bounce?

$3 Billion in Bitcoin Options Expire Today — Will BTC Crash or Bounce?

June 14, 2025
Trump vs Elon Musk: Bitcoin Dips as Tesla Crashes

Trump vs Elon Musk: Bitcoin Dips as Tesla Crashes

June 6, 2025
Binance Beats SEC—Crypto Cheers the Legal Victory

Binance Beats SEC—Crypto Cheers the Legal Victory

June 2, 2025
The VR Soldier

© 2024 The VR Soldier

Navigate Site

  • About
  • Contact
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases

© 2024 The VR Soldier