July 23, 2024
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Terra form labs and affiliates accused of insider trading

South Korean prosecutors are looking into Terraform Labs and affiliates’ allegedly pumping Anchor protocol’s number by investing their capital.

The trouble doesn’t seem to end for Luna.

As per the reports by South Korean broadcaster KBS, Terra and its affiliates increased their revenue through insider trading.

Additionally, most of the TerraUSD deposits in Anchor Protocol were managed by TerraForm labs and its overseas investors.

In April, Anchor Protocol held 12 billion UST stablecoins, making it one of the largest DeFi providers at one time.

According to KBS, the business reportedly falsified its stats to attract and win over investors for Terra’s stablecoin and sibling cryptocurrency.

Terra’s terrible fall

In May, Terra Luna collapsed, shocking the crypto world to the core.

No one had expected a purportedly stable coin to crash like this. As a result, many people lost their hard-earned money and faith.

After the crash, the stablecoin was named TerraClassic(USD) USTC.

TerraClassicUSD (USTC), which jumped 400% at the end of June, and TerraClassic (LUNC), which increased by 182% in the same time frame, both saw a brief recovery before crashing once more in July.

My Name is Will. I'm a News/Content Writer and SEO Expert. I have good way of using good English construction to write credible articles ranging from News Articles to Creative Writing all around Cryptocurrency Industry. I have actively worked and still working with Crypto startups and have maintained credibility in the Cryptocurrency space.