Terra (Luna) official website hacked
The Terra project team warned people & suggested keeping financial activities away from Terra.money website.
Terraform Labs is a South Korean blockchain firm, responsible for the Proof-of-stake Terra blockchain network. In May 2022, Terra Empire collapsed with Luna coin & TerraUSD stablecoin (UST) badly. Later the team left the project & launched a new Luna coin without any stablecoin concept. Following the Terra empire downfall, several other crypto companies faced a financial shock wave & went bankrupt.
On 21 Aug 2023, The Terra project team announced that Terra.money website has been hacked and also suggested people not interact with this website, to remain away from any kind of potential phishing scam.
The project team also said that they will give an update on this matter when everything is fixed, but so far no update came from them.
Luna coin price action
The current trade price of Luna coin is $0.43 & this trade price is 22% down over the last 7 days of trade price.
American Regulator vs Terra
In Feb 2023, the United States Securities Exchange Commission (SEC) sued Terraform Labs, Terra co-founders Do Kwon & Daniel Shin.Â
Just a few days ago, the SEC body secured regulatory approval from the court to work with South Korean enforcement agencies to investigate the Terra crypto fraud.Â
As per SEC’s charges, TerraUSD stablecoin was not integrated with Luna coin via any protocol and also there was a team/company that was manipulating the trade price of Luna as well as TerraUSD.
Also, the American securities regulatory body found that Terraform was distributing Luna coins at a very discounted price to the Kwon’s closed ones & a third-party company, which was helping to control the TerraUSD stablecoin price.
Read also: Glow Token founder sues CryptoCom exchange
