Several memes and slurs were made at a time when Terra was positioning itself as a DeFi juggernaut. But after the coin crashed to nothing, many assumed that the market may have finally humbled Kwon. For the most part, it did seem like it.
Now that the rebranded LUNA lost over 77% of its value since its inception, the remaining investor confidence is evaporating quickly.
Over the past 24-hours alone, the token has lost 20%, and hence, tension is palpable.
Amid all this, CEO and Founder Do Kwon took his account private, allowing only select followers access to his tweets.
The reason behind the move is unclear, but substantial harassment that the founder has been receiving over the past couple of weeks could have driven him to go private.
Legal troubles for the Terraform Labs continued, and many predicted that Kwon may face prison time for the crypto wipeout last month.
The South Korean police also reportedly revealed investigating an employee of Terraform Labs for embezzlement of corporate funds.
The Seoul police received intel regarding the suspect’s alleged fraud, following which they launched a full-scale investigation. The authorities have asked exchanges to freeze the employee’s accounts.
The development comes a month after the first cracks in the now worthless TerraUSD (UST) began to appear.
Only time will tell if Terra’s Luna 2.0 will avoid the fate of its predecessor, but with Kwon going into hiding, chances of a meaningful surge appear slimmer.