One Terra employee made $100m with $1.4k investment. Korea investigates company-wide scam.
Google translation (source https://youtu.be/1LcFX9hjU2Y)
Kwon Do-hyung, who created the cryptocurrency Terra Luna, reported that there was a situation where he directly ordered the price manipulation, citing the prosecution's investigation yesterday. In addition to CEO Kwon, the prosecution has caught a situation in which 'plain employees' who worked at Terra have made astronomical profits through illegal investments. Prosecutors said that some employees earned 140 billion won by investing 2 million won. This is the exclusive coverage of reporter Lee Do-yoon. [Report] In July 2019, Luna Coin was opened to general investors and entered into trading. Subsequently, 'Terra-related' coins such as Mirror Token at the end of 2020 and Anchor Token in the following year appeared on the market one after another. However, Terra sold these tokens to employees and investors right before the launch. It's similar to how employees buy 'our stocks' in advance before the company goes public. An employee who worked at this time said, "Tera sold various tokens to employees at half price." The pre-purchase was a real 'jackpot'. This is because the related tokens also skyrocketed as Luna rose about 100 times in two and a half years after its release. Terra employees who bought tokens at a low price were sitting on a cushion of money. It was found that some employees realized profits of 140 billion won by investing only 2 million won. 70,000 times the principal. In terms of return, that's 7 million%. With this proceeds, some employees have also confirmed that they have bought luxury imported cars such as Lamborghini and expensive apartments. Prosecutors believe that several employees who worked as blockchain developers and design managers have achieved such astronomical profits, and are investigating the illegality of the process. It is not a normal investment performance, but it is possible that it was an 'organizational fraud' of the executives and employees, including CEO Kwon Do-hyung. Prosecutors believe that they made profits by raising the price as much as possible before disposing of Terra-related coins, and ordinary investors who did not know this suffered losses. Therefore, the prosecution is examining the preservation of additional collections before prosecution by identifying those suspected as 'criminal proceeds' among the assets earned by the employees.
Posted Nov 7, 2022, 2:21 PM UTC
Man, this coin was so shilled here.
I feel so bad for those who FOMOed because many were shilling it.
BTC maxis presents evidence nr.1
More proof that bear markets make more BTC maxis. Its events like this that get people to go BTC only, and for good reason
Bear markets are good for sobering people up
Perhaps I treated BTC maxis too harshly...
Me too!
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say whatever you want about Satoshi, dude never even attempted to rugpull, really was a visionary for his time.
I only said good about him? Why so defensive? Luna Terra collapse is perfect argument why some are "BTC only folks". It proves their point. Satoshi is genius.
Even a broken clock is right twice a day. This is in no way making a case for just Bitcoin. Ethereum is just as solid.
Can anyone call themself a BTC maxi if they’re farming moons? Happy to take them off peoples’ hands.
Good question, maybe ask them?
Yep rip a pretty reasonable chunk of my portfolio. Definitely hurt a bit when it happened ngl
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Some of it felt organised, wonder if it was coming direct from the Terra offices?
Lots of coins got shilled here. Always do the opposite
Except for moons
after your first line, you should have said stay away from moons:P
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No moons are immune to the mojo of this sub
Moons are the mojo of this sub
Needs to be a rule that if you see this sub shilling the same coin, do not buy it.
I'm glad I never touched it. I have a friend who lost his whole investment in luna. luckily he didn't put all his eggs into just luna.
That should say something about Reddit…
I threw some money at it near the end because in the midst of the bear market with everything free falling it was holding like an absolute beast. Now my $50 is in the ether
Makes me grateful to be a shrimp amongst whales and big fish. I still get missed by the troll nets that are projects like Terra and Celsius. I do feel terrible for those that did get caught up and lost it all.
You can find a few posts in my history where I was pointing out just how dumb the architecture/implementation was, and of course there was no shortage of people telling me I didn't know what I was talking about. Sure, I'm anonymous on the internet, but we all know that the 1 star reviews on Google are the only reviews that matter and that principle applies as much to Reddit as anywhere else
Everyone has to go through the rite of passage of listening to advice here and getting rekt before you can truly be one of the community. Nano was my induction, Luna was it for others. What’s next, nobody yet knows.
So was Loopring, if you remember that. So was Solana. So many projects with shady devs and phoney decentralisation.
BTC. ETH. ADA. Seems like almost anything else is a crapshoot.