The rumor surfaced after a Twitter thread by @FatManTerra shared the alleged details on how Kwon, along with Terra influencers, managed to drain funds while artificially maintaining the liquidity.
The main problem that led to the fall of Terra was that the reserves appeared to be overcollateralized, but in reality, they weren’t.
An improving Tether discount in Asian markets and positive futures premiums for BTC and ETH suggest a slight recovery is in the making.
Interestingly, an AXS technical setup also predicts a 2,500% price rally despite the token facing major headwinds ahead.
Coin Center filed a lawsuit against the Treasury Department in federal district court — challenging the enforcement of Section 6050I’s reporting mandate.
Analyst Michaël van de Poppe said that the Terra founder deserves jail, comparing Kwon to fraudster Bernie Madoff who was jailed after running a Ponzi scheme.
BTC and altcoins are on the verge of falling below critical support levels, and June 10’s higher-than-expected CPI report isn’t helping.
Network outages and decreasing smart contract reserves add further downside pressure to SOL price.