LUNA Crypto News: Anonymous Takes Aim at Do Kwon After Terra Collapse

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The Terra (LUNA-USD) network is doing quite well today, up more than 20%. The gains are seemingly out of nowhere and they are causing a stir. But, there’s a piece of LUNA crypto news that’s drumming up even more chatter: Hacktivist group Anonymous is taking on Terra founder Do Kwon.

Do Kwon has found himself at odds with many of his once-devout followers. Since Terra’s collapse in mid-May, many Terra users have fled the project completely. Some of those who have stayed have been at odds with Kwon and Terraform Labs. For example, Kwon pushed forward with a hard fork to solve the issue despite disagreement in the Terra user base.

Lots of these users have come around, embracing the Terra Ecosystem Revival Plan. This plan was similar, creating a new Terra through launching an entirely new chain.

The weeks since launching this chain have been quiet. Terra Classic (LUNC-USD) remains far from its old prices, and its complementary stablecoin, TerraClassicUSD (USTC-USD) is nowhere near its $1 peg. The new network, meanwhile, saw a fast nosedive which brought prices more than 80%.

LUNA Crypto News: Hackers Promise to Uncover Truth

Both Terra and Terra Classic are starting to reverse their bad luck today. Indeed, both the new LUNA crypto and the LUNC coin are big gainers on Monday. LUNA prices are up more than 20% while LUNC prices are up nearly 60%. The price momentum follows a big piece of LUNA crypto news, pitting Do Kwon against one of the internet’s most infamous hacktivist groups.


The group, Anonymous, is well known for taking on Big Tech and the government. In its nearly 20-year history, the group has perpetrated high-profile data leaks targeting the likes of the Koch brothers, Mastercard (NYSE:MA) and even the Russian government.

Today, the group is exciting crypto investors as it identifies Do Kwon himself as its newest target. A YouTube video addressed to Kwon details the reasons behind the new campaign. The video points out unavoidable macroeconomic factors that have driven the recent crypto bear market. Yet, it also puts much of Terra investors’ losses on the shoulders of Kwon himself.

There are a number of rumors about Do Kwon springing up in the face of Terra’s collapse. As mentioned, the Terra revival plan was not very popular among community member at first. As rumors now suggest, Kwon was using his own secret stash of funds to manipulate the governance proposal and pass the plan.

These rumors come alongside allegations that Kwon was secretly behind another failed stablecoin project. Anonymous is now looking to bridge together all of these details. The group says it is working to uncover all details of Kwon’s crypto history which might not yet be public.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.