LUNC Goes Up as ‘Anonymous’ Commits to Bring Down Do Kwon

Published on:

29 Jun 2022, 1:45 am

LUNC price is soaring high as "Anonymous" declares Do Kwon a criminal.

Hacktivist group Anonymous has pledged to "make sure" Terra co-founder Do Kwon is "brought to justice as soon as possible" regarding the collapse of the Terra (LUNA) and TerraUSD (UST) ecosystems in May. On Sunday, a video purportedly coming from the Anonymous hacker group rehashed a laundry list of Kwon's alleged wrongdoings, including cashing out $80 million each month from LUNA and UST prior to its collapse, as well as his role in the fall of stable coin Basis Cash, for which Do Kwon allegedly co-created under the pseudonym "Rick Sanchez" in late 2020.

How Does It Benefit LUNC?

The hacker activism organization now intends to probe Terra's creator in connection with the LUNA and UST crashes. This statement, however, generated the next real treat for LUNA and LUNC holders. LUNC was selling at $0.0000932 at the time of writing, up 20.94% in the previous 24 hours. After the Terra blockchain fork, the LUNC has clearly failed to retain considerable appreciation. Now, though Terra Classic's solid gain was supported by substantial acquisition, the MFI rose from 23 to 75.72. The currency did not encounter substantial resistance till the price surpassed the 50% RSI mark.

It is difficult to predict whether the recent upswing is a temporary craze or it will contribute to brighter days for its investors. However, though Anonymous has committed to finding justice for LUNA holders who have been harmed by Do Kwon's conduct, the activist organization has also cautioned that investors may not be compensated for their damages. Terra 2.0, on the other hand, is operating, and investors are optimistic about Terra Classic's potential. Nevertheless, LUNC's most recent rally had the second greatest bullish volume from its re-launch. It has also been highlighted by a notable increase in its market capitalization. This represents significant inflows during the previous 24 hours.

Who is "Anonymous"?

Originating in 2003 on 4chan, Anonymous is a decentralized international activist collective known for orchestrating cyber-attacks against government institutions, agencies, private corporations, and even the Church of Scientology. In June 2021, the same YouTube channel took aim at Tesla CEO Elon Musk for allegedly "destroying lives" using his clout and influence on Twitter to play with the crypto markets. The video has around 3.4 million views as of Monday. It is worth noting that there are multiple YouTube channels that either claim to be affiliated with the hacker group Anonymous. However, there is a general consensus that there is no official YouTube channel for the group, given its inherent decentralized and anonymous nature.

The Commoner's Opinions

Commenters of the YouTube video and the community on Twitter appeared to be broadly supportive of the hacker group's pledge to go after Kwon, with one commenter calling Anonymous the "Robinhood of today." However, the video message garnered more skepticism on the r/CryptoCurrency subreddit, with users criticizing the hacker group for issuing an empty threat against Kwon and providing no new information to the public, with one commenter saying, "Anonymous is so teen bop now […] This anon video is so non-threatening it's almost bizarre." While another said, "would expect them to have uncovered something but it's nothing more than, well nothing." It appears that, for now, Kwon will likely have bigger, more tangible threats to worry about.

Do Kwon is In Deep Trouble

Terraform Labs, for which Do Kwon is the co-founder, is currently under multiple investigations from the South Korean authorities, including the alleged embezzlement of Bitcoin (BTC) from the company's treasury. In May, a famous financial crimes investigation unit dubbed the "Grim Reapers of Yeouido" was revived by South Korea to investigate the collapse of Terra. The team consists of various regulators and will focus on prosecuting fraud and illegal trading schemes. Later that month, Korean authorities subpoenaed all Terraform Labs employees to investigate any internal role in market manipulation. The company has also been fined $78 million by South Korea's national tax agency for tax evasion charges.