Terra News: Terra Clears Air on Tax Issue in Korea, Do Kwon Warns Against Burning LUNA and more
In the aftermath of Terra’s breakdown, the native LUNA token is swinging near zero in value, and UST is trading nothing close to its 1:1 peg with the US dollar. A lot is happening, but Terraform Labs CEO Do Kwon remains convinced that he can still yet give the Terra blockchain, and deservedly so its community, a new era by birth away from the current Terra blockchain (to become Terra Classic). While Do Kwon’s updated proposal succeeded in a scheduled vote, opposing parties have insisted on taking the token burn approach to deflating the supply of LUNA in circulation. Succumbing to the pressure, Kwon published a burn address in a Twitter thread last Saturday in which he addressed a number of matters to do with transparency and information around the fall of LUNA. He insisted that holders will only lose their token as it’s not assured that anything will happen, adding that he only published the address for “information purposes.
Kwon is, however, opposed to the burn and advised caution for the uninitiated before starting a burn. With speculations around Terra spiking in recent days, part of the talk was that Terra owed the South Korean government up to $78 million in unpaid taxes. Over the weekend, Do Kwon refuted such claims, clarifying that the firm had cleared its tax liabilities in Korea. It is a long way back to recovery for Terra, but the current environment hampering efforts to rise again is making the task uphill. Last Friday, Coinbase Cloud announced its halting support for the Terra ecosystem following conversations with the customers and the community.
Mid last week, independent crypto research firm Delphi Digital published a post-mortem assessment on the Terra disaster, in which it took all the blame for making a huge bet that turned sour. Under the Delphi Digital umbrella, Delphi Ventures was involved with Terra via the Delphi Ventures Master Fund, which kicked off with an investment of 0. Delphi Digital did not specify how much it has since lost but says it made “a big bet on it, and it didn’t turn out as expected.
Read full article at Securities.io
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