The crash of the former flagship project Terra (LUNA) sent shockwaves into crypto space from which the ecosystem seems to be slow to recover. Meanwhile, the fallen star is in rapid succession. Here are the current developments of the week at a glance.
Do Kwon requests hard fork at Terra
Earlier this week, Terra founder Do Kwon unveiled a second revival plan for his collapsed network. In it, the South Korean called for a hard fork, among other things. Specifically, the “old” chain should be called Terra Classic, while the new chain will continue to operate under Terra. In addition, the focus of the project should shift to DeFi applications and separate from the failed stablecoin UST.
However, the Terra community was far from enthusiastic about the proposal. At the current time, over 7,000 users took part in the poll part. 91 percent of the votes rejected the proposal. The vote among the validators is still ongoing, so far a contrary picture has emerged.
Terra Legal quits
On Wednesday then further negative reports from Terra. Three leaders in the legal department are said to have left the service. That’s from the LinkedIn-Profiles of those responsible emerged.
Do Kwon face legal consequences
Legal support for Terra is now more important than ever. As it became known on Friday, injured South Korean investors are to file a class action lawsuit against the former star project Thu Kwon have submitted. Among other things, the confiscation of the South Korean’s property is in the room. The law firm LKB & Partners is also reviewing lawsuits against Shin Hyun-seung, co-founder of Terraform Labs, who says he left the project in 2020.
In addition, the authorities in the Southeast Asian country are now said to be investigating tax evasion initiated against the founder of the crypto project.
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