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These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
- JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
- These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
  - JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
    
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    \n
    - South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
      - South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
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        \n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
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        \n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
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        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
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        \n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
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        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
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        \n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
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        December 24, 2022 - Updated on April 10, 2023
        
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        December 19, 2024
        
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        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
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        \n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
        Most Read
        
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        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
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        December 19, 2024
        
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        November 24, 2024
        
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        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
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        ADVERTISEMENT
        
        \n
        Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
        Most Read
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
        Artificial Intelligence
        
        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents
        
        December 19, 2024
        
        Artificial Intelligence
        
        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations
        
        August 15, 2024
        
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        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology
        
        November 24, 2024
        
        Artificial Intelligence
        
        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
        Twitter Instagram Youtube LinkedIn Facebook RSS
        
        ADVERTISEMENT
        
        \n
        The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
        Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
        Most Read
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
        Artificial Intelligence
        
        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents
        
        December 19, 2024
        
        Artificial Intelligence
        
        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations
        
        August 15, 2024
        
        Banking
        
        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology
        
        November 24, 2024
        
        Artificial Intelligence
        
        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
        Twitter Instagram Youtube LinkedIn Facebook RSS
        
        ADVERTISEMENT
        
        \n
        A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
        The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
        Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
        Most Read
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
        Artificial Intelligence
        
        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents
        
        December 19, 2024
        
        Artificial Intelligence
        
        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations
        
        August 15, 2024
        
        Banking
        
        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology
        
        November 24, 2024
        
        Artificial Intelligence
        
        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
        Twitter Instagram Youtube LinkedIn Facebook RSS
        
        ADVERTISEMENT
        
        \n
        See Related: <\/em><\/strong>Do Kwon Cashes Out Almost 10 BTC After Fleeing To Serbia<\/a><\/p>\n","post_title":"LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"luna-investors-have-a-headache-again-after-terra-affiliated-assets-are-frozen","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-10 17:55:43","post_modified_gmt":"2023-04-10 07:55:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
        A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
        The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
        Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
        Most Read
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
        Artificial Intelligence
        
        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents
        
        December 19, 2024
        
        Artificial Intelligence
        
        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations
        
        August 15, 2024
        
        Banking
        
        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology
        
        November 24, 2024
        
        Artificial Intelligence
        
        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
        Twitter Instagram Youtube LinkedIn Facebook RSS
        
        ADVERTISEMENT
        
        \n
        LUNA seems to have completely lost its footing with the Korean market in particular and Asia in general after these two shocking incidents. Binance's CEO Changpeng Zhao<\/a> spoke after the \"disaster\" of UST and LUNA which has now lost its reputation in the eyes of investors, investing in LUNA will carry quite high risks and will not bring long-term benefits.<\/li>\n<\/ul>\n\n\n\n
        See Related: <\/em><\/strong>Do Kwon Cashes Out Almost 10 BTC After Fleeing To Serbia<\/a><\/p>\n","post_title":"LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"luna-investors-have-a-headache-again-after-terra-affiliated-assets-are-frozen","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-10 17:55:43","post_modified_gmt":"2023-04-10 07:55:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
        A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
        The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
        Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
        Most Read
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
        Artificial Intelligence
        
        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents
        
        December 19, 2024
        
        Artificial Intelligence
        
        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations
        
        August 15, 2024
        
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        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology
        
        November 24, 2024
        
        Artificial Intelligence
        
        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
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        ADVERTISEMENT
        
        \n
        \n
        LUNA seems to have completely lost its footing with the Korean market in particular and Asia in general after these two shocking incidents. Binance's CEO Changpeng Zhao<\/a> spoke after the \"disaster\" of UST and LUNA which has now lost its reputation in the eyes of investors, investing in LUNA will carry quite high risks and will not bring long-term benefits.<\/li>\n<\/ul>\n\n\n\n
        See Related: <\/em><\/strong>Do Kwon Cashes Out Almost 10 BTC After Fleeing To Serbia<\/a><\/p>\n","post_title":"LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"luna-investors-have-a-headache-again-after-terra-affiliated-assets-are-frozen","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-10 17:55:43","post_modified_gmt":"2023-04-10 07:55:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
        A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
        The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
        Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
        Most Read
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
        Artificial Intelligence
        
        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents
        
        December 19, 2024
        
        Artificial Intelligence
        
        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations
        
        August 15, 2024
        
        Banking
        
        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology
        
        November 24, 2024
        
        Artificial Intelligence
        
        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
        Twitter Instagram Youtube LinkedIn Facebook RSS
        
        ADVERTISEMENT
        
        \n
        At the time of this writing, the price of new LUNA from $1.31 has dropped to $1.22 or 6.8%, LUNC from $0.00001413 to $0.001298, LUNC has lost 8.1% of its value in just 1 day.<\/li>\n<\/ul>\n\n\n\n
        \n
        LUNA seems to have completely lost its footing with the Korean market in particular and Asia in general after these two shocking incidents. Binance's CEO Changpeng Zhao<\/a> spoke after the \"disaster\" of UST and LUNA which has now lost its reputation in the eyes of investors, investing in LUNA will carry quite high risks and will not bring long-term benefits.<\/li>\n<\/ul>\n\n\n\n
        See Related: <\/em><\/strong>Do Kwon Cashes Out Almost 10 BTC After Fleeing To Serbia<\/a><\/p>\n","post_title":"LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"luna-investors-have-a-headache-again-after-terra-affiliated-assets-are-frozen","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-10 17:55:43","post_modified_gmt":"2023-04-10 07:55:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
        A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
        The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
        Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
        Most Read
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
        Artificial Intelligence
        
        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents
        
        December 19, 2024
        
        Artificial Intelligence
        
        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations
        
        August 15, 2024
        
        Banking
        
        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology
        
        November 24, 2024
        
        Artificial Intelligence
        
        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
        Twitter Instagram Youtube LinkedIn Facebook RSS
        
        ADVERTISEMENT
        
        \n
        \n
        At the time of this writing, the price of new LUNA from $1.31 has dropped to $1.22 or 6.8%, LUNC from $0.00001413 to $0.001298, LUNC has lost 8.1% of its value in just 1 day.<\/li>\n<\/ul>\n\n\n\n
        \n
        LUNA seems to have completely lost its footing with the Korean market in particular and Asia in general after these two shocking incidents. Binance's CEO Changpeng Zhao<\/a> spoke after the \"disaster\" of UST and LUNA which has now lost its reputation in the eyes of investors, investing in LUNA will carry quite high risks and will not bring long-term benefits.<\/li>\n<\/ul>\n\n\n\n
        See Related: <\/em><\/strong>Do Kwon Cashes Out Almost 10 BTC After Fleeing To Serbia<\/a><\/p>\n","post_title":"LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"luna-investors-have-a-headache-again-after-terra-affiliated-assets-are-frozen","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-10 17:55:43","post_modified_gmt":"2023-04-10 07:55:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
        A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
        The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
        Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
        Most Read
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
        Artificial Intelligence
        
        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents
        
        December 19, 2024
        
        Artificial Intelligence
        
        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations
        
        August 15, 2024
        
        Banking
        
        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology
        
        November 24, 2024
        
        Artificial Intelligence
        
        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
        Twitter Instagram Youtube LinkedIn Facebook RSS
        
        ADVERTISEMENT
        
        \n
        For LUNA investors this is a remarkable action, we have interviewed a few LUNA<\/a> and LUNC<\/a> token holders and they said that this action of the government greatly affects their investment strategy, 70% of investors convert LUNA and LUNC from long-term investment into venture capital, they intend to bottom fishing LUNA as an opportunity to make money at this time.<\/li>\n<\/ul>\n\n\n\n
        \n
        At the time of this writing, the price of new LUNA from $1.31 has dropped to $1.22 or 6.8%, LUNC from $0.00001413 to $0.001298, LUNC has lost 8.1% of its value in just 1 day.<\/li>\n<\/ul>\n\n\n\n
        \n
        LUNA seems to have completely lost its footing with the Korean market in particular and Asia in general after these two shocking incidents. Binance's CEO Changpeng Zhao<\/a> spoke after the \"disaster\" of UST and LUNA which has now lost its reputation in the eyes of investors, investing in LUNA will carry quite high risks and will not bring long-term benefits.<\/li>\n<\/ul>\n\n\n\n
        See Related: <\/em><\/strong>Do Kwon Cashes Out Almost 10 BTC After Fleeing To Serbia<\/a><\/p>\n","post_title":"LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"luna-investors-have-a-headache-again-after-terra-affiliated-assets-are-frozen","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-10 17:55:43","post_modified_gmt":"2023-04-10 07:55:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
        A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
        The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
        Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
        Most Read
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
        Artificial Intelligence
        
        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents
        
        December 19, 2024
        
        Artificial Intelligence
        
        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations
        
        August 15, 2024
        
        Banking
        
        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology
        
        November 24, 2024
        
        Artificial Intelligence
        
        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
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        ADVERTISEMENT
        
        \n
        \n
        For LUNA investors this is a remarkable action, we have interviewed a few LUNA<\/a> and LUNC<\/a> token holders and they said that this action of the government greatly affects their investment strategy, 70% of investors convert LUNA and LUNC from long-term investment into venture capital, they intend to bottom fishing LUNA as an opportunity to make money at this time.<\/li>\n<\/ul>\n\n\n\n
        \n
        At the time of this writing, the price of new LUNA from $1.31 has dropped to $1.22 or 6.8%, LUNC from $0.00001413 to $0.001298, LUNC has lost 8.1% of its value in just 1 day.<\/li>\n<\/ul>\n\n\n\n
        \n
        LUNA seems to have completely lost its footing with the Korean market in particular and Asia in general after these two shocking incidents. Binance's CEO Changpeng Zhao<\/a> spoke after the \"disaster\" of UST and LUNA which has now lost its reputation in the eyes of investors, investing in LUNA will carry quite high risks and will not bring long-term benefits.<\/li>\n<\/ul>\n\n\n\n
        See Related: <\/em><\/strong>Do Kwon Cashes Out Almost 10 BTC After Fleeing To Serbia<\/a><\/p>\n","post_title":"LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"luna-investors-have-a-headache-again-after-terra-affiliated-assets-are-frozen","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-10 17:55:43","post_modified_gmt":"2023-04-10 07:55:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
        A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
        The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
        Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
        Most Read
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
        Artificial Intelligence
        
        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents
        
        December 19, 2024
        
        Artificial Intelligence
        
        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations
        
        August 15, 2024
        
        Banking
        
        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology
        
        November 24, 2024
        
        Artificial Intelligence
        
        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
        Twitter Instagram Youtube LinkedIn Facebook RSS
        
        ADVERTISEMENT
        
        \n
        This is one of the actions of the Korean authorities to investigate the collapse of Terra Luna<\/a>, this action is to freeze the assets of both individuals and organizations related to this company and avoid an amount of unethical earnings massive inroads into the country's finances.<\/li>\n<\/ul>\n\n\n\n
        \n
        For LUNA investors this is a remarkable action, we have interviewed a few LUNA<\/a> and LUNC<\/a> token holders and they said that this action of the government greatly affects their investment strategy, 70% of investors convert LUNA and LUNC from long-term investment into venture capital, they intend to bottom fishing LUNA as an opportunity to make money at this time.<\/li>\n<\/ul>\n\n\n\n
        \n
        At the time of this writing, the price of new LUNA from $1.31 has dropped to $1.22 or 6.8%, LUNC from $0.00001413 to $0.001298, LUNC has lost 8.1% of its value in just 1 day.<\/li>\n<\/ul>\n\n\n\n
        \n
        LUNA seems to have completely lost its footing with the Korean market in particular and Asia in general after these two shocking incidents. Binance's CEO Changpeng Zhao<\/a> spoke after the \"disaster\" of UST and LUNA which has now lost its reputation in the eyes of investors, investing in LUNA will carry quite high risks and will not bring long-term benefits.<\/li>\n<\/ul>\n\n\n\n
        See Related: <\/em><\/strong>Do Kwon Cashes Out Almost 10 BTC After Fleeing To Serbia<\/a><\/p>\n","post_title":"LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"luna-investors-have-a-headache-again-after-terra-affiliated-assets-are-frozen","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-10 17:55:43","post_modified_gmt":"2023-04-10 07:55:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
        A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
        The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
        Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
        Most Read
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
        Artificial Intelligence
        
        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents
        
        December 19, 2024
        
        Artificial Intelligence
        
        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations
        
        August 15, 2024
        
        Banking
        
        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology
        
        November 24, 2024
        
        Artificial Intelligence
        
        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
        Subscribe To Our Newsletter
        
        By subscribing, you agree with our privacy and terms.
        
        Type your email here
        
        Follow The Distributed
        
        Twitter Instagram Youtube LinkedIn Facebook RSS
        
        ADVERTISEMENT
        
        \n
        \n
        This is one of the actions of the Korean authorities to investigate the collapse of Terra Luna<\/a>, this action is to freeze the assets of both individuals and organizations related to this company and avoid an amount of unethical earnings massive inroads into the country's finances.<\/li>\n<\/ul>\n\n\n\n
        \n
        For LUNA investors this is a remarkable action, we have interviewed a few LUNA<\/a> and LUNC<\/a> token holders and they said that this action of the government greatly affects their investment strategy, 70% of investors convert LUNA and LUNC from long-term investment into venture capital, they intend to bottom fishing LUNA as an opportunity to make money at this time.<\/li>\n<\/ul>\n\n\n\n
        \n
        At the time of this writing, the price of new LUNA from $1.31 has dropped to $1.22 or 6.8%, LUNC from $0.00001413 to $0.001298, LUNC has lost 8.1% of its value in just 1 day.<\/li>\n<\/ul>\n\n\n\n
        \n
        LUNA seems to have completely lost its footing with the Korean market in particular and Asia in general after these two shocking incidents. Binance's CEO Changpeng Zhao<\/a> spoke after the \"disaster\" of UST and LUNA which has now lost its reputation in the eyes of investors, investing in LUNA will carry quite high risks and will not bring long-term benefits.<\/li>\n<\/ul>\n\n\n\n
        See Related: <\/em><\/strong>Do Kwon Cashes Out Almost 10 BTC After Fleeing To Serbia<\/a><\/p>\n","post_title":"LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"luna-investors-have-a-headache-again-after-terra-affiliated-assets-are-frozen","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-10 17:55:43","post_modified_gmt":"2023-04-10 07:55:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
        A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
        The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
        Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
        Most Read
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
        Artificial Intelligence
        
        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents
        
        December 19, 2024
        
        Artificial Intelligence
        
        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations
        
        August 15, 2024
        
        Banking
        
        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology
        
        November 24, 2024
        
        Artificial Intelligence
        
        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
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        \n
        The Korean government has frozen 120 billion won, equivalent to US$92 million, of Terra-affiliated company Kernel Labs<\/a>.<\/p>\n\n\n\n
        \n
        This is one of the actions of the Korean authorities to investigate the collapse of Terra Luna<\/a>, this action is to freeze the assets of both individuals and organizations related to this company and avoid an amount of unethical earnings massive inroads into the country's finances.<\/li>\n<\/ul>\n\n\n\n
        \n
        For LUNA investors this is a remarkable action, we have interviewed a few LUNA<\/a> and LUNC<\/a> token holders and they said that this action of the government greatly affects their investment strategy, 70% of investors convert LUNA and LUNC from long-term investment into venture capital, they intend to bottom fishing LUNA as an opportunity to make money at this time.<\/li>\n<\/ul>\n\n\n\n
        \n
        At the time of this writing, the price of new LUNA from $1.31 has dropped to $1.22 or 6.8%, LUNC from $0.00001413 to $0.001298, LUNC has lost 8.1% of its value in just 1 day.<\/li>\n<\/ul>\n\n\n\n
        \n
        LUNA seems to have completely lost its footing with the Korean market in particular and Asia in general after these two shocking incidents. Binance's CEO Changpeng Zhao<\/a> spoke after the \"disaster\" of UST and LUNA which has now lost its reputation in the eyes of investors, investing in LUNA will carry quite high risks and will not bring long-term benefits.<\/li>\n<\/ul>\n\n\n\n
        See Related: <\/em><\/strong>Do Kwon Cashes Out Almost 10 BTC After Fleeing To Serbia<\/a><\/p>\n","post_title":"LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"luna-investors-have-a-headache-again-after-terra-affiliated-assets-are-frozen","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-10 17:55:43","post_modified_gmt":"2023-04-10 07:55:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
        A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
        The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
        Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
        The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
        Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
        South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
        South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
        These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
        JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
        
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        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
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        LUNA
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        The Korean government has frozen 120 billion won, equivalent to US$92 million, of Terra-affiliated company Kernel Labs. This is one ...
        
        by Quân Lee
        December 24, 2022
        
        Regulation
        
        Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill
        
        A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. ...
        
        by Olusegun Adesua
        September 23, 2022
        
        Business
        
        Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse
        
        Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing ...
        
        by The Distributed Team
        June 11, 2022
        
        Most Read
        
        Altcoins
        
        LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen
        
        December 24, 2022 - Updated on April 10, 2023
        
        Artificial Intelligence
        
        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents
        
        December 19, 2024
        
        Artificial Intelligence
        
        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations
        
        August 15, 2024
        
        Banking
        
        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology
        
        November 24, 2024
        
        Artificial Intelligence
        
        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry
        
        November 24, 2024
        
        Subscribe To Our Newsletter
        
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