Why might free airdrops for Terra 2.0 and LUNA never happen?
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Answer Why might free airdrops for Terra 2.0 and LUNA never happen?
The Terra community has been in a state of anticipation for several days, waiting for Terraform Labs to formulate a plan to help investors mitigate losses after the Luna price crash.
When Do Kwon suggested creating a new Terra network, dubbed Terra 2.0, things seemed to be getting better.
But the announcement and recent revelations have alarmed the community.
Back in South Korea, “Do Kwon” and the “Terra Foundation Guard (TFG)” are facing legal backlash, even as they try to reassure the community that Terra 2.0 is coming.
South Korean police about freezing the assets of “Terra” company:
Apparently, the South Korean police, namely the Seoul Metropolitan Police, have asked all South Korean cryptocurrency exchanges to freeze all assets owned by Terra.Read:The former British chancellor promises to fix the collapsed British economy… How will it affect the crypto market?
This comes after allegations of embezzlement were made against the foundation and its founder, Do Kwon.
Currently there are doubts about the bitcoin reserves that TFG holds to protect UST and LUNA prices from crashing to extreme levels.
While “Do Kwon” and TFG claim that the reserve was used during the meltdown but it was not as effective as expected.
Despite these statements, there are allegations from other parties that this did not happen and that the money was embezzled and transferred to personal accounts.
Terra 2.0 to face obstacles:
Following a 1623 proposal by Do Kwon, the community voted to build a new Terra network and to distribute the new Luna coins to their current owners.
However, creating an entirely new blockchain network requires resources, manpower, and time.
This is the focus of the article and answering the question posed in the title, as things become increasingly difficult, especially after the spread of many legal problems facing “Do Kwon” and his company in South Korea.
This could complicate matters as Terra 2.0 could face financial hurdles that could delay its creation and launch.Read:Binance Labs leads a $12 million investment round for a crypto wallet… Details here
On the other hand, free distribution and airdrops from LUNA may turn into a mirage that will never materialize.
It is not yet clear what Do Kwon and the Terra team are doing to mitigate these potential problems for the Terra 2.0 project.
Currently the discussion surrounding the Terra 2.0 project is still in its infancy, and the community is still searching for solutions for Do Kwon and his team.
Recently, the South Korean Congress demanded that “Do Kwon” be brought to account for the collapse in the price of the digital currency Luna and UST which resulted in 200,000 South Koreans losing their cryptocurrency investments.Read:A man sues Ripple for not being able to become a millionaire yet!
Also, “Do Kwon” and Terra are facing other tax problems.
According to authorities, Do Kwon and Terra owe up to $78 million in tax arrears.
While “Do Kwon” denies the allegations.
Under these circumstances, it may not be possible for the Terra team to continue, especially when all assets are frozen by the trading platforms at the request of the Seoul Metropolitan Police.
Of course, analyzes remain based on visible and recently published data, and it is not possible to be absolutely certain about them and their 100% verification.
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