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South Korean Regulators Subpoena All Terraform Labs Employees for Criminal Investigation

Daily Market Wrap

  • Crypto market cap: 1.31 trillion, up 4.71%

  • BTC price stands at USD 31,639, up 4.95%

  • ETH price stands at USD 1,992, up 6.34%

  • Top gainer: Waves (WAVES), up 109.00%

  • Top loser: XDC Network (XDC), down 6.38%

News of the Day

Why it matters:

  • South Korean authorities have subpoenaed all Terraform Labs employees as part of the investigation into the TerraUSD (UST) and LUNA token collapse, a JTBC report said Saturday

  • Currently, 76 victims have filed complaints against co-founder Do Kwon and Shin Hyun-seong

  • South Korean investors of the two troubled tokens have suffered a combined KRW$ 8.1 billion (USD $6.4 million) in losses

Crypto daily spotlight

Brief introduction: Terra is a decentralised stablecoin blockchain that uses fiat-pegged stablecoins to power price-stable global payments systems. Terra’s native token LUNA is used to stabilise the price of the protocol’s UST stablecoins. Starting on May 9, LUNA collapsed, losing more than 99 percent of its value due to its link to UST, a stablecoin that was pegged to the US dollar.

Why it matters:

  • The new Terra (LUNA) blockchain went live on Saturday and dropped 70% with extremely volatile trading volume

  • On Bybit, the first exchange to list the new token, the price of the $LUNA opened at USD$ 0.5, reaching a peak of USD$ 30 within the first hour of trading

  • Kraken Exchange CEO, Jesse Powell, said that he does not necessarily see the two tokens, the new $LUNA and the old $LUNC tokens, as “related”

Daily sector tracker

Daily News Roundup

  • Bitcoin Stops Bleeding After 9 Weeks of Losses

  • DeFi Savings Protocol PoolTogether Raises Over $830,000 in 5 days

  • Crypto Payments Firm Merge Raises $9.5M Led by Octopus Ventures

  • The LUNA Community Votes to Burn One Billion UST

  • Goblin Town NFT Project Flips BAYC to Become The Top Collection

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