The crypto community in South Korea has seen a recent surge in the purchase of Terra (LUNA). The infamous case of Terra has been making waves for the past couple of weeks, and the rush to buy LUNA mostly comes from overly optimistic crypto enthusiasts who believe that they have “nothing to lose”.
Terra (LUNA) went from hero to zero in less than a month. The cryptocurrency had peaked at $119 on April 5th, but as of this writing, LUNA is trading at $0.00014158 despite the proposed Terra rescue plan to save UST. The stablecoin, which lost its peg and notoriously fell to as little as $0.044951 on May 13th, has since recovered just a fraction of its value, and is trading at $0.074087 at press time. Despite seemingly gaining momentum for a while, returning to $0.84, UST’s comeback was short-lived.
A lot of South Koreans believe that Terra’s comeback is inevitable, because the company is simply “too big” for such a crash to be allowed. Blockchain analytics firm Elliptic reports that crypto investors lost a whopping cumulative $42 billion in total of both LUNA and UST combined.
South Korean Authorities Concerned About Extra Damage
The Financial Services Commission of South Korea has issued a warning to citizens to abstain from making further investments into Terra after the authorities monitored an unusual boost in purchase transactions being made on Tuesday 17th. Moreover, the commission reported that the increase in the number of LUNA buyers has been more than 50%, and reached a staggering 280,000 this week.
Recently, Terra’s co-founder Do Kwon has attracted the attention of criminal investigators in South Korea, specifically of the Grim Reaper team. He has been accused of tax evasion, among other offenses, and it is clear than an end to Terra leader’s legal troubles is far from close.