The calm crypto-verse had to deal much more than the bears during May. The dramatic decline of the Terra network and its assets Luna Classic [LUNC] and TerraUSD [USTC] caused havoc in the market. With investors posting suicidal messages on social media, the creator of the network Do Kwon was instantly under the purview of regulators. However, he went on to create a whole new network, Terra 2.0, and remained untethered by the crash. Despite all of this, the holder count and the price of the new assets were surging.
Over the last couple of weeks, the market has witnessed the rise of three coins. LUNC, LUNA 2.0, and USTC have been pocketing big gains while the rest of the market sinks in the red sea. At press time, the algorithmic stablecoin that sent shock waves across the globe was up 15 percent. While it remains far from its $1 peg, its latest uptrend has made USTC the talk of the crypto town.
In addition to its price, the holder count of USTC has recorded a drastic increase over the month.
The above chart reflects total addresses hit a high of 43,817 on 4th July. The stablecoin was even trading for $0.0665. While this is still 90 percent below its $1 peg, the sudden surge surprises many.
The latest 974 percent rise from its all-time low of $0.006218 has got some part of the community thinking if the Terra scare had run its course.
South Korean never forget; Terra probe prolonged
While most crypto-verse seemed to be obsessing over their bloody portfolios, South Korea was still investigating the crash. The South Korean government has taken a particular interest in the collapse of Terra. From lawsuits to travel bans, the government is awaiting the arrival of Kwon into the country.
Starting today, the Seoul Southern District Prosecutor’s Office will kick start a full-scale probe. Newly appointed director Dan Seong-han is expected to take over today and will look into the USTC crash. Allegations against Terraform Labs [TFL] include fraud, violation of tax as well as suspicious financial flows.
Additionally, claims made by the media are also said to be investigated.
While confident investors continue to pour their money into the project, the fate of Kwon and Terra remains uncertain.