The crypto ecosystem faces major losses in 2022, mainly due to the collapse of Terra, which caused a market downturn. Even after a year has passed since this crash, the market has yet to recover.
Terra’s creator, Do Kwon , has been detained in Montenegro . Along with numerous charges in various jurisdictions, Montenegro accused Kwon of forging documents.
During a recent hearing, both Kwon and his associate, Han Chang-Joon (former chief financial officer of Terra), were ordered to pay up to 400,000 euros, about $437,240 each.
Kwon says his wife will pay this amount. In addition, he admitted to owning an apartment in Korea. However, when questioned by the judge in the presence of the media, Kwon refused to divulge further details regarding his assets.
More recently, the Seoul Southern District Court agreed to prosecutors’ request to freeze Kwon’s 233 billion won worth of assets. This amount amounts to about 176 million USD. In addition, authorities denied Kwon access to his apartment in Seoul. All his valuables and deposits were confiscated.
Staking LUNC hits new high
A prominent member of the Terra Classic community, Rex Yeller Belly, has announced that the staking of the LUNC Terra Classic native token has reached a new milestone. Currently, there are 970,351,935,248 tokens locked in staking contracts, indicating that the number of staking coins has increased significantly.
The current staking ratio is 14.15%. Therefore, the LUNC community is eagerly awaiting the milestone of one trillion tokens to be staked in the near future. The new all-time high in the number of LUNC tokens staked is a sign of optimism among investors about the future prospects of the Terra ecosystem.
