Crypto fans, fear not. The worst is over. After seven long weeks of declines, prices finally stopped falling. Though how long that will hold is anyone’s guess.
Over on Crypto Twitter this week, Terra CEO Do Kwon stood in the dock as conspiracy theories were hurled at him and the entities he acted under during Terra’s historic collapse. Terraform Labs, the Luna Foundation Guard, and ultimately Kwon himself stand accused of fraud, unscrupulous profiteering, and tax evasion.
To get an idea of the scale of the damage, consider Binance’s once-stately LUNA investment.
2/ Binance received 15,000,000 LUNA (at peak worth $1.6 billion USD, now not much) as part of the original ($3m) invest. 560x return at peak. It still sits on the address we received at 👇. Never moved or sold.
Address:https://t.co/6HwTu6CCuB
— CZ 🔶 Binance (@cz_binance) May 16, 2022
Today the exchange’s total holdings are worth a little under $3,000.
This week, reports made the rounds that Kwon may have used his nonprofit organization, the LUNA Foundation Guard, to bail out whales by moving huge amounts of Bitcoin onto Binance and Gemini, and using it to purchase UST from them for close to face value ($1) at a time when UST was worth approximately $0.60 on secondary markets.
On Tuesday, Twitter user FatMan, who claims to be affiliated with Terra’s Research Forum, accused Kwon of having skimmed off the top of LUNA’s success by cashing out hundreds of millions of dollars “directly out of the LUNA market cap” over the last few years “to…
